Covid-19 pressures US retail sales; manufacturing shines.

The top tycoons of Pakistan find Corporate America's support to President-elect Joe Biden and open hostility towards President Trump perfectly logical as it aligned with shareholders' and customers' interest in defending democracy.

Why the same wise men chose not to side with their shareholders and customer to defend democracy back in the 1980s when Gen Ziaul Haq was sowing seeds of militant extremism in Pakistan?

'What shareholders? All board seats are occupied by siblings, spouses and children. No one cared about the customers' base till the arrival of social media. With limited choices and no easy recourse available, consumers were almost captive. Thanks to protection and collusion, companies can get away with next to anything. Nobody cared about the government and public sentiments as long profits were guaranteed?' commented a cynic.

Corporate America knows the shareholder's interest overrides political preferences

'Bhutto broke the back of the private sector of Pakistan through nationalisation in the 1970s that was already wounded by the secession of East Pakistan. It was not the love for Zia but the hate for Bhutto that decided the positioning of this class back then,' a tycoon reasoned.

'Based on their conduct four decades back (ignoring the background), it is unfair to characterise the business community of Pakistan anti-democratic,' responded a seasoned tycoon who heads a major business empire. Discussing that period, he understated the rewards of supporting Zia and underplayed the US role in nudging the country towards a path that proved to be disastrous.

'Leave politics aside, the private sector of Pakistan is not good enough at its own game. Withdraw the government crutches and many will crumble. For me, their attitude towards competition and innovation is more troubling. The absence of competition has retarded them. They can't be supportive of moves that threaten the status quo and expose them to market risks.'

As the world watches the Jan 6 storming of US Capitol by a violent mob and the events following the attack, the ranks of US companies ditching President Trump have multiplied. He was blocked on digital platforms and many long-term service providers announced that they'd severe commercial ties with him, his family, his supporters and his party. Till the filing of this report, 63 big US brands, including tech giants, hotels, automakers, accounting firms, retailers, textile-makers, banks, chemical giants and energy...

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