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Site update: November 16 2018, at 18:00 PKST
Stock update: November 16 2018.

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Friday, November 16 2018

Ghandhara to assemble Renault trucks
KARACHI: Ghandhara Nissan Limited (GNL) has announced its plans to locally assemble Renault Trucks (RT) by end of 2019 at the manufacturing site in Port Qasim, according to a company release issued on Thursday. Prior to assembly, RT in partnership with GNL had launched full range of Renault trucks. Currently all the vehicles are being imported in built up condition from Lyon, France. GNL is also responsible for the distribution and after sales service of three new ranges, notified the company in a stock filing. Senior Vice President of RT, Olivier De Saint Meleuc said Pakistan is an important market and is developing with large infrastructure projects especially under China-Pakistan Economic Corridor (CPEC) which requires robust and reliable trucks to cater to rising demands.
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: ghnl (news stock)

Thursday, November 15 2018

PIA revenue up by 2.5pc, expenditure by 8.89pc in 10 years
ISLAMABAD: A fresh special audit report on the accounts of the Pakistan International Airlines (PIA) between 2008 and 2017 indicated that the national flag carrier lost its market share drastically both on domestic and international routes during that period as the number of its passengers declined. The report submitted to the Supreme Court suggested that 5.6 million passengers travelled by the PIA in 2008, but this number fell to 5.48m in 2016, while the market grew manifold during this period. The apex court is seized with a case regarding reports that accumulated losses of the airline stood at Rs360 billion, while total liabilities amounted to Rs406bn by the end of last year against its assets of Rs111bn, besides plans were afoot to sell it off at a throwaway price.
Related news categories: business company-news economic-indicators ise kse lse misc psx stock-exchanges transport
Related symbols: piaa (news stock)

Wednesday, November 14 2018

NEPRA seeks report on Karachi power breakdown
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has taken serious notice of a major power breakdown in Karachi, which occurred on November 12, 2018, and directed K-Electric (KE) to provide a detailed report immediately. According to media reports, the city witnessed another major breakdown in the early hours of November 12, caused due to closure of the Bin Qasim Power Plant. It resulted in the tripping of high tension lines and KE’s isolation from the national grid. NEPRA increases power tariff by Rs1.16 per unit The power breakdown caused inconvenience to people, who endured prolonged outages. Furthermore, it was reported that 80% of the city was affected including Gulistan-e-Johar, Gulshan-e-Iqbal, Nazimabad, Bahadurabad, Liaquatabad, Mahmudabad, Saddar and other areas. It was also highlighted that it was the fifth breakdown in two months.
Related news categories: business company-news economic-indicators ise kse lse misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

Nepra asks KE to submit report on latest breakdown
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has taken serious notice of a major power breakdown that hit Karachi on Monday and directed K-Electric to immediately submit a detailed report on the issue. In a statement, Nepra said it had taken notice of media reports that Karachi had witnessed another major breakdown in the early hours of Monday morning due to closure of the Bin Qasim Power Plant which resulted in the tripping of a high-voltage transmission line and KE’s isolation from the national grid. The power breakdown caused great inconvenience to the people of Karachi who suffered hours-long power outage. The breakdown affected 80 per cent areas of the city. Nepra highlighted that it was the fifth major power breakdown within two months.
Related news categories: business company-news economic-indicators ise kse lse misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

Tuesday, November 13 2018

Govt approves Rs17b bailout package to keep PIA afloat
ISLAMABAD: The government on Monday approved a Rs17-billion bailout package for Pakistan International Airlines (PIA) to keep the national flag carrier in the skies for the next two months amid a phenomenal increase in its losses that shot up to Rs360 billion. It is the first bailout package approved by the government of Prime Minister Imran Khan, who is also the minister in charge of the Aviation Division. The Economic Coordination Committee (ECC) of the cabinet, chaired by Finance Minister Asad Umar, approved the Rs17.02-billion ‘dose of oxygen’ – the second in last six months. The Pakistan Tehreek-e-Insaf (PTI) government followed in the footsteps of the last Pakistan Muslim League-Nawaz (PML-N) government that had kept PIA afloat for five years by providing such bailouts.
Related news categories: business company-news economic-indicators ise kse lse misc psx stock-exchanges transport
Related symbols: piaa (news stock)

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