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LCCI, Defence Export Promotion Organisation to organise exhibition

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Lahore: The Lahore Chamber of Commerce & Industry has invited Defence Export Promotion Organization (DEPO) to organize an exhibition in Lahore on the patron of IDEAS which would help highlight the potential of Pakistan’s defence production industry.

The idea was given at a meeting between Director General Defence Export Promotion Organization (DEPO) Major General Agha Masood Akram, LCCI Senior Vice President Almas Hyder and Vice President Nasir Saeed here at the Lahore Chamber of Commerce & Industry on Monday.

LCCI Executive Committee Members were also present on the occasion.

Major General Agha Masood Akram said that defence production industry of Pakistan has made momentous technological and innovative advancement and a special focus is being given on the export of defence products.

“Pakistan has not only the ability to fulfill its domestic defence requirements but also cater needs of the world,” he said. “International community is surprised over the achievements made by Pakistan in the defence field,” he added.

He informed the participants that as a national platform, DEPO is providing active support to our defence manufacturing/service sector and the export chain through facilitation, coordination and promotion for sustainable growth of defence exports.

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PIA finalizing a business plan: NA told

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ISLAMABAD: Minister for Aviation Division Muhammad Mian Soomro today informed the National Assembly that PIA was in process of finalizing its Strategic Business Plan to improve its performance.
Responding to a question during Question Hour he said, “the plan will be submitted to the federal government in March/April 2019. It defines the objectives and strategies that are to be achieved.”
Sharing the steps taken by the government to improve the performance of PIA, he said several profitable new routes like Sialkot-Sharjah, Lahore-Muscat, Islamabad-Doha and Lahore-Bangkok-Kuala  Lumpur have been added. “These routes are going very strong and are economically viable,” he added. He said, more new routes Sialkot-Paris-Barcelona, Peshawar-Sharjah, Peshawar-Al-Ain, Multan-Sharjah and Jeddah, and Madinah will commence from January and February 2019.
He said that 20-year old and highly expensive software system had been replaced with a new one which was very cost effective, economical and more efficient. The government had terminated about 200 ghost employees, he added. He said that VIP protocols had been abolished and the employees had been deployed on real assignments. He said that 90 percent flight punctuality had been achieved. “Delays of flights have been
cut down significantly by better planning in engineering, flight operation, and ground handling departments,” he informed. To another question, he said currently, PIA leased fleet included 20 aircraft acquired on a dry lease basis.
The minister further said as a result of verification, 700 degrees of employees were found fake and out of which, 402 employees were terminated, and 35 cases were under process for disciplinary proceedings whereas 263 employees approached the court of law and sought stay orders.

 

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VW, Ford confirm alliance

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DETROIT: Volkswagen and Ford announced today that the automakers had agreed to an alliance to jointly develop commercial vans and pickups starting in 2022 in a bid to reduce costs.
The announcement came after more than six months of talks between the car giants which has also included discussions around autonomous and electrification technologies. The companies said they had agreed to “investigate collaboration on autonomous vehicles, mobility services, and electric vehicles and have started to explore those opportunities.”
The deal reached between the American and German automakers to develop commercial vans and medium-sized pickups as early as 2022 does not involve cross-ownership, according to a joint statement.

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Asia

Tokyo’s Nikkei index closes up one percent

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Tokyo stocks gain on bargain-hunting

TOKYO: Tokyo’s benchmark Nikkei index jumped nearly one percent today as investors welcomed a weak yen and a broader rally in Asian shares.
The Nikkei 225 index rose 0.96 percent, or 195.59 points, to close at 20,555.29 while the broader Topix index was up 0.85 percent, or 12.99 points, at 1,542.72.
Tokyo shares opened lower after a public holiday the previous day with the market weighed by fears over a slowdown in the global economy following disappointing Chinese trade data.
Figures released on Monday showed drops in China’s exports and imports, fuelling fears of a global slowdown and sending world stocks slumping.
But shares entered positive territory by noon as the yen gradually declined against the dollar, boosting investor sentiment.
The dollar bought 108.69 yen in afternoon trade against 108.17 yen in New York on Monday afternoon.
Investors were also encouraged by gains in Chinese and other Asian shares, brokers said.
“Investors continued buying back shares which fell sharply recently,” said Daiwa Securities senior technical analyst Hikaru Sato.
“There still is room for buying as the market is recovering from the recent plunge,” Sato told the Media.
In individual stocks trade, Hitachi added 7.08 percent to 3,583 yen after soaring 8.63 percent on Friday as risk-averse investors welcomed a report in the Nikkei business daily that the company had decided to freeze its plan to build a nuclear power plant in Britain.
Olympus, which jumped nearly 10 percent on Friday following the appointment of a new CEO, added 17.47 percent to 4,705 yen.
IT investor SoftBank Group gained 0.14 percent to 7,709 yen, and Nissan edged down 0.19 percent to 903.7 yen.

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