PIA purchases six air conditioning vehicles

LAHORE(Staff Reporter): Pakistan International Airline (PIA) has purchased six air conditioning vehicles to keep the aircraft cool when parked on the ground, the PIA spokesman said on Wednesday. He said that three of these vehicles would be deployed at Islamabad, two at Lahore and one at Karachi airport. The spokesperson told media persons that training sessions are being conducted at Karachi airport to familiarise relevant staff about the new machinery.He pointed that with the procurement of these machines, the national flag carrier will save millions of rupees per year by keeping the APU (Auxiliary Power Unit) off on the ground, in addition to giving passengers a cool cabin during summer season along with a better flight experience. Online from Islamabad: PIA has announced 20 per cent special discount on all flights to and from Pakistan to London and Birmingham. The spokesperson said that tickets are available for sale till 30th of next month for economy class. This discount offer will stand valid till November 30.

PIAF for early announcement of package for industry

LAHORE (INP): Pakistan Industrial and Traders Associations Front (PIAF) has urged the government to announce the much awaited package for industry at its earliest aimed at reversing the declining trend in exports. PIAF Chairman Irfan Iqbal Sheikh said that this proposed package viz to be announce by Prime Minister Nawaz Sharif is very much needed to the business community amid acceleration in economic activities and to encourage exports who are struggling due to international slump in commodities prices and incentive packages given by neighbouring competing countries like India Bangladesh and Vietnam to their exporters. He said that the expected package could revive both domestic and foreign trade and may boost exports. The PIAF chairman said, “The business community is anxiously waiting for cheap energy announcement and hopes that it (the package) will improve the business climate as it is believed that new trade policy envisages many positive aspects of imports and exports and is expected to promote exports.”

Spanish companies seek investment in Pakistan’s power sector: Carlos

ISLAMABAD (NNI): Ambassador of Spain to Pakistan Carlos Morales called on Federal Minister for Water and Power Khawaja Muhammad Asif here on Wednesday. During meeting, the ambassador said that the Spanish companies are eager to invest in the power sector in Pakistan due to better investment opportunities and good return. Matters related to bi-lateral cooperation in energy sector also came under discussion. The minister said that the bilateral trade between the two countries is expanding. He also asserted that there is a potential for investment in wind and renewable energy sector for the Spanish investors that would provide new vistas to further strengthening the existing relations between the two countries. The ambassador lauded the efforts of Pakistani diaspora in Spain who are playing a constructive role in cementing the social, cultural and economical ties between the two countries.

United Bank posts Rs7.07b profit

 LAHORE (Staff Reporter): United Bank Limited (UBL) has announced its 3Q2016 results, posting consolidated profit after tax (PAT) of Rs7.07bn (EPS: Rs5.77), up 3% YoY. Earnings came higher than expectations as the bank booked reversal under provisioning expenses and accounted lower operating expenses during the quarter. The bank also announced its third interim cash dividend of Rs3 per share, taking 9M2016 DPS to Rs9. During the quarter, UBL managed to post almost similar NII compared to 3Q2015 (-2% YoY), despite of hefty PIB maturity witnessed in the banking sector during 3Q2016. UBL’s relatively longer investment portfolio duration should keep the bank’s NIMs at a premium to most peers. For 9M2016, earnings came in at Rs21.53b (EPS Rs17.59), up 9% YoY. Higher earnings for 9M2016 were backed by 4% YoY growth in net interest income (NII) and 52% YoY decline in provisioning expenses.