December 18, 2018 (MLN): Hira Textile Mills Limited has appointed Mr. Omar Aziz Mian as the Director and Chief Executive Officer of the company, in place of Mr. Muhammad Umar Virk who has resigned.
Mr. Omar Aziz Mian shall be paid a remuneration of Rs 350,000 per month, revealed the notification issued by the company on Tuesday.
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July 19, 2019: Business France and Board of Investment (BOI) of Pakistan signed a Memorandum of Understanding (MOU) to promote bilateral cooperation in trade, investment and business between Pakistan and France, a press release received from Paris said.
The agreement was signed by the Ambassador of Pakistan to France Mr. Moin ul Haque on behalf of Board of Investment (BOI) of Pakistan and Mr. Christophe Lecourtier, Chief Executive Officer of Business France in a special signing ceremony held at the headquarter of Business France in Paris.
The signing of MOU was witnessed by the French government officials, officers of the Business France and Embassy of Pakistan, members of French civil society and media. While speaking on the occasion, the Ambassador congratulated Business France and BOI terming the signature of this important agreement as a testimony of growing business relations between Pakistan and France.
He noted that the new agreement would encourage and facilitate businessmen and investors from both countries to forge closer contacts and partnerships.
The signing parties would also be able to help and support the businessmen from the two countries for organizing exhibitions, seminars and business missions.
Mr. Christophe Lecourtier, Chief Executive Officer of Business France while speaking on the occasion said that after signing of this landmark agreement, Business France will encourage and motivate French companies to invest in Pakistan and forge business alliances with their Pakistani counterparts.
Business France is a French government agency created in 2015 with the merger of French Agency for International Investment and UBIFRANCE. It is responsible for facilitating French small and medium-sized companies for their overseas investments and to promote France as an investment destination.
July 19, 2019 (MLN): The Pakistan International Airlines (PIA) Corporation Limited has released its earnings for the year ended December 31, 2017 and its performance had been quite depressing considering that the national flag carrier observed abysmal loss of Rs.47.7 billion during the year.
This year’s losses were almost 7% higher than the losses suffered last year (Rs.44.8 billion).
Basic expenses like cost fuel expanded by 14% over the year, resulting in a gross loss of Rs.12.6 billion which was 2.5 billion greater than prior year.
While the company’s distribution costs and other provisions narrowed down, the potential positive impact was struck right off due to enhancement in net exchange losses and decrease in non-core income.
To add on, the finance cost (Rs.15.8 billion) jumped up as well (+16%).
Profit and Loss Account for the year ended December 31, 2017 ('000 Rupees) | |||
|---|---|---|---|
| Jun-17 | Jun-16 | % Change |
Revenue - net | 104,198,821 | 102,426,552 | 1.73% |
Cost of services |
|
|
|
Aircraft fuel | (30,940,544) | (27,152,814) | 13.95% |
Others | (85,843,907) | (85,378,710) | 0.54% |
| (116,784,451) | (112,531,524) | 3.78% |
Gross loss | (12,585,630) | (10,104,972) | 24.55% |
Distribution cost | (5,493,562) | (5,599,538) | -1.89% |
Administrative expenses | (9,216,245) | (9,198,376) | 0.19% |
Other provisions and adjustments | (2,096,526) | (6,748,311) | -68.93% |
Exchange loss - net | (2,203,396) | (298,940) | 637.07% |
Other income | 461,148 | 658,786 | -30.00% |
Loss from operations | (31,134,211) | (31,291,351) | -0.50% |
Finance costs | (15,781,979) | (13,585,691) | 16.17% |
Share of loss in an associate | (2,034) | (338) | 501.78% |
Loss before taxation | (46,918,224) | (44,877,380) | 4.55% |
Taxation | (817,948) | 117,916 |
|
Loss for the year | (47,736,172) | (44,759,464) | 6.65% |
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July 19, 2019 (MLN): The State Bank of Pakistan announced that it will conduct a 7 day OMO (Reverse Repo) to inject funds into the market.
Quotes timing is up to 10:30 PST while result will be announced at 11:00 PST
Settlement is same day - July 19, 2019
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July 19, 2019: Prime Minister Imran Khan has directed the authorities concerned to devise an effective strategy for the industrial zoning and town planning.
In a meeting with the representatives of the Lahore Chamber of Commerce and Industry in Lahore, he said the industrial zoning and town planning were ignored in the past that triggered pollution, lack of basic amenities and other societal issues.
The representatives of the LCCI reposed their confidence regarding measures being taken by the government including the documentation of the economy and tax reforms besides assuring their cooperation.
The prime minister also told about the government's measures to bring ease of doing business and the facilitation of the business community.
He said industrial growth is inevitable for the national development.
The prime minister assured the representatives for resolution of their issues and said that he would remain in constant contact with them.
Earlier, at a briefing given to him by secretary industries Imran Khan asked the Punjab government to consider the Khyber Pakhtunkhwa's model of industrial growth that had been very successful in the province.
The prime minister said the provincial government should take benefit from the database of Ehsaas programme for disbursement of the industrial loans.
In another briefing on Lahore Ring Road (South) and other projects, he also called for urgent measures by Punjab government to tackle the challenges of environmental pollution and clean water supply to the residents.
Chairing a meeting about health sector reforms, Imran Khan asked for further expanding the scope of Sehat Insaf Card in the backward areas of Punjab.
July 19, 2019: A Chinese Telecom Company has expressed its interest in establishing a cell phone manufacturing factory in Khyber Pakhtunkhwa.
The Chief Executive Officer of the company in a meeting with Provincial Finance Minister Taimur Saleem Jhagra in Peshawar yesterday, said that the company will also train local youth for their capacity building. He said the establishment of the factory will create more than four hundred jobs for skilled and unskilled labour.
The Provincial Finance Minister welcomed the Chinese company's investment in Telecom Sector in the province.
He assured that the government of Khyber Pakhtunkhwa will fully cooperate with the company in this regard.
