Business

PIA Executives Implicated Over Aircraft’s Sale For Less Than Scrap Value

A few months ago, it was reported that PIA sold an airworthy aircraft for a mere 53 lacs (€ 47,500) to a German airline. The matter put the PIA CEO, Mr. Bernd Hildenbrand, on the spotlight as it was purported that he gave that deal the go ahead. The deal concerns the Airbus A310, along with six engines and four auxiliary power units, which were worth millions according to Saleem

China Adds $8 Billion to Funding for Railway Project ML-1

Pakistan Railways’ Mainline 1 (ML-1) will receive additional funding of $8 billion under CPEC, increasing the project’s the total funding to $54 billion. China had originally committed to a $46 billion amount. Previously, Beijing has enhanced funding for upgrading Pakistan Railways by $5.5 billion. Will Be Completed on Priority According to The News, China intends to complete the rail project on priority basis within 3 to 4 years, without involving any

PSO celebrates 40 years in business with new marketing strategy

The Competition Commission of Pakistan (CCP) has fined the Pakistan State Oil (PSO) Rs150 million for a deceptive marketing campaign for some of its products. The state-owned oil marketing company has been penalised for violating Section 10 of the Competition Act of 2010. The order in this regard was passed by a CCP bench comprising chairwoman Vadiyya Khalil and members Dr Shahzad Ansar and Ikramul Haque Qureshi. The order was

Probe against petroleum ministry officials in Rs86bn scam

The Federal Investi­gation Agency (FIA) has launched a probe into the role of some senior officials of the petroleum and natural resources ministry in the alleged embezzlement of billions of rupees by some national and international oil and gas companies. The investigation relates to the embezzlement of Rs86 billion allegedly committed by 40 companies. Referring to the petroleum ministry’s audit reports 2013-15, a complaint (filed in the FIA Lahore) said

State of Pakistan’s Travel and Hospitality Industry in the Last Year

As the law and order situation in the country improves and the ongoing threat of terrorism reduces, it can be said that Pakistan is on the road to development. This is because of a number of reasons which include the growing culture of startups in the country and the huge influx of tourists that are coming to explore the beauty of Pakistan. As facts and figures are an integral part

Uber slashes fare by upto 20 pc with new UberGo prices

Ride-hailing service Uber on Thursday reduced rates on UberGO in Lahore and Karachi by up to 20%. Through the latest offer not only riders will pay less for their trips but driver-partners will earn more through increased demand. Over the years, Uber has learned that the single most effective way to help driver-partners get more trips is to reduce prices for riders. Higher demand means driver-partners will spend more of every hour

6th annual International Halal Conference & Expo to be held on April 10 in Lahore

Punjab Halal Development Agency (PHDA) has announced the 6th International Halal Conference and Expo on April 11-12 at Faletti’s hotel Lahore. According to the PHDA spokesperson, the prime objective of the event is to showcase the potential of the livestock and allied industries among the international community to increase the Halal trade of Pakistan. “The agency has facilitated more than 40 international potential buyers and exhibitors also have registered to

TDAP urges exporters to tap world’s textile markets

Chief Executive, Trade Development Authority of Pakistan (TDAP), S M Muneer has urged the exporters to come forward to tap the international textile markets. He said while addressing a meeting of Sialkot exporters held at Pakistan Sports Goods Manufacturers and Exporters Association (PSGMEA) office here on Saturday. He assured all out efforts to be made for ensuring the early solution to their problems, besides, removing all hurdles in  the way

Govt striving to begin work on IP project soon: Ministry

The government is actively pursuing to start practical work on the much-awaited Iran-Pakistan (IP) gas pipeline project, official sources in the Ministry of Petroleum and Natural Resources said Tuesday. “The practical work on decades old multi-billion dollars Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project has already entered its practical phase in Pakistan, and the government is making efforts to start work on the IP project soon,” they told APP. The sources informed

Govt to establish expo centre in Peshawar

The federal government has decided to establish an expo centre in Peshawar with an estimated cost of Rs5 billion to facilitate the business community. “The government will inaugurate the expo center by the end of the current month,” a brief statement of the Ministry of Commerce stated on Tuesday. The first phase of the project would be completed in 18 months with estimated cost of Rs2.5 billion. The expo center