Friday, February 3
Shadow

Day: October 5, 2020

Indus Motor Company Tops Asiamoney’s Most Outstanding Company in Pakistan for the Third Successive Year

Business
Karachi, October 05, 2020 (PPI-OT): Indus Motor Company (IMC) has been honoured once again as the Most Outstanding Company in Pakistan in the category of Automobile and Components during the year 2020 for the third successive year by Asiamoney, a leading business publication. Asiamoney, a specialized business publication with the Euromoney Group, traditionally holds a competition among Asian institutions. The award established by the business publication is one of the most revered awards in the region. Sharing his thoughts, Chief Executive Officer, IMC, Ali Asghar Jamali, stated, “We are grateful to be recognized again by one of the influential business publications in the world. This is an affirmation of our continued commitment and our dedicated efforts that have earned IMC this ho...

Emirates expands its network in Europe to 31 destinations with restart of flights to Budapest, Bologna, Lyon, Dusseldorf and Hamburg

Business
Karachi, October 05, 2020 (PPI-OT): Emirates has announced it will resume flights to Budapest (from 21 October), Bologna (1st November), Dusseldorf (1st November), Hamburg (1st November) and Lyon (4th November), expanding its European network to 31 destinations, and offering customers around the world convenient connections via Dubai. The addition of these five destinations takes Emirates’ global network to 99 destinations, as the airline continues to gradually meet travel demand, while always prioritising the health and safety of its customers, crew and communities. Flights to/from Budapest and Lyon will operate twice a week on Wednesdays and Saturdays while flights to/from Bologna, Dusseldorf and Hamburg will operate twice a week on Fridays and Sundays. All flights to the five cities wil...

Shariq Vohra responds to anti-state audio clip, dissociates KCCI from false claims

Business
Karachi, October 05, 2020 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) M. Shariq Vohra Monday expressed deep concerns over an audio clip circulating in the social media in which an attempt has been made by a particular individual with an only intention to sabotage the reputation of business and industrial community Karachi and trigger rift between institutions and politicians. While totally rejecting the claims, Vohra dissociated the Karachi Chamber from all the fabricated claims in the audio clip by an individual and termed it a ‘conspiracy’ against our beloved country as not a single member of the entire business and industrial community has never ever attended any such brunch on first Sundays of every month which has been falsely claimed. “It is also a matter of g...

UK financing the Production of Breathing Devices in Pakistan through Karandaaz partnership with Meezan Bank

Business
Karachi, October 05, 2020 (PPI-OT): United Kingdom through Karandaaz’s Risk Participation Facility with Meezan Bank, Pakistan’s first and largest Islamic bank is financing the development and production of a High Flow Nasal Oxygen (HFNO) device, which can also be used as a Continuous Positive Airway Pressure (CPAP) device, by Alsons Group, Pakistan’s premier precision engineering company. Karandaaz, funded by United Kingdom’s Office of Foreign, Commonwealth and Development Office (FCDO), has established a USD 50 million financing programme with Meezan Bank, which enables vendors and distributors of participating corporates and other eligible SMEs access to finance. The HFNO device is very important for hospitals to treat Covid-19 patients with lung infections and also other serious respira...

Government must ensure availability of natural gas

Business
Lahore, October 05, 2020 (PPI-OT): Gas is crucial for the major export industries to function and produce, therefore the government must ensure the availability of gas in this coming winter primarily for the pulp and paper, metals, chemicals, petroleum refining, stone, clay and glass, plastic, and food processing industries etc. because these industries account for over 80 percent of all industrial natural gas use. In a Statement issued here on Sunday, The LCCI President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry urged the federal government to resolve the issue of low gas pressure and unavailability of gas to the industrial sector and said that the industry is badly affected by the unavailability of natural gas therefore the author...

PACRA Maintains Entity Ratings of Macpac Films Limited

Business
Lahore, October 05, 2020 (PPI-OT): Macpac operates within the Biaxially Oriented Polypropylene (BOPP) and Cast Polypropylene (CPP) segments of the industry. Both are petrochemical of which price is linked to oil and gas prices, which causes volatility. Its raw material polypropylene (PP) is not manufactured in Pakistan and its demand is met almost entirely by imports. So the key input is dependent on regional supply and demand dynamics as well as strength of PKR. Exchange rate volatility also put pressure on the industry margins. Revenues growth of the players in packaging industry became slow due to increased competition. The assigned ratings reflect Macpac Films relatively stable position in the packaging industry and strong acumen of the sponsors. The Company’s margins showed an i...