PIA adds five new destinations through code sharing with Etihad

Karachi (Staff Reporter): Pakistan International Airlines (PIA) has added five new destinations, four in Australia and one in Europe, as part of its code sharing arrangement with Etihad Airways. These stations include Sydney, Perth, Melbourne, Brisbane and Zurich. Airlines sign such code sharing agreements for those destinations where they do not operate. A year ago, in June 2015, PIA had signed code sharing agreement with Etihad Airways for several destinations in Europe, North America, Eastern Africa and Middle East, including Rome, Madrid, Athens, Amsterdam, Frankfurt, Washington, Chicago, Dallas, Los Angeles, San Francisco, Nairobi and Amman. With this code share arrangement, passengers travelling to the US would now be able to avail the facility of immigration at Terminal 1 of Abu Dhabi airport, which would spare them the hardships of immigration process usually seen at the US airports. Under the code sharing arrangement, PIA passengers get better connectivity to destinations where the airline does not operate.

PIA already has made such code sharing arrangements with Turkish Airlines, China Southern Airlines and Thai Airways.


Wapda hydel generation registered

5pc increase in May

LAHORE (Staff Reporter): The hydel power stations owned and operated by the Pakistan Water and Power Development Authority (WAPDA) delivered 3459 million units of low-cost hydel electricity to the national grid in May 2016 as compared to 3290 million units generated during the corresponding period last year. This generation registered an increase of 169 million units (5%) at a time when the country is in dire need of electricity.  This increased generation has been achieved due to improved hydrological condition, and efficient operation and maintenance of hydel power stations by WAPDA engineers and technicians. The contribution of hydel generation to the National Grid by WAPDA is expected to increase in the days to come because of high water inflows and enhanced water outflows from the dams on IRSA’s indent in accordance with the provinces’ water requirements for irrigation.

It is worth mentioning that WAPDA delivers more than 31 billion units of hydel electricity to the National Grid every year on the average. Hydel is the cheapest, cleanest and environment-friendly source of electricity generation, which plays a pivotal role to stabilise electricity tariff in the country. According to the data of Central Power Purchasing Agency (CPPA) regarding per unit cost of electricity generated from various sources in March  2016, it is Rs.1.94 for hydel, which is far lower than per unit cost of electricity generated from all other sources. In comparison to hydel electricity, it is Rs. 8.71 per unit for gas, Rs.11.41 for residual furnace oil (RFO), Rs.18.60 for high speed diesel (HSD), Rs. 8.98 from IPPs, Rs.12.13 for coal, Rs.7.27 for nuclear, Rs.16.37 for wind, Rs.11.90 for bagasse, Rs. 22.03 for solar, and Rs. 10.53 per unit for electricity imported from Iran.


GE, Engro sign digital industrial alliance

LAHORE (Staff Reporter): GE (NYSE: GE) and Engro Corporation Limited Thursday initiated a strategic alliance at GE’s Crotonville Global Leadership Institute that will make Engro a key digital industrial partner for GE in Pakistan and the region. Already a major GE customer, Engro will accelerate its transformation into a digital industrial powerhouse by selling GE solutions and becoming a system integrator of GE Power’s digital solutions to the power generation industry. Engro and GE will also jointly develop new software applications on GE’s Predix* platform for the Industrial Internet to address industries not currently served by GE in which Engro has deep domain expertise. “GE and Engro remain committed to bringing transformational solutions to Pakistan and across the region,” stated Azeez Mohammed, President & CEO for GE’s Power Services business in the Middle East & Africa. “We are proud to strengthen our collaboration with Engro under this important agreement through which we will provide advanced digital industrial solutions that will enhance asset life cycles and reliability across multiple industries.”

The initial focus of the alliance will be on providing GE’s Digital Power Plant solutions to electricity generation companies in Pakistan. Engro in collaboration with GE will together acquire the latest cloud technologies that will help enable Pakistan’s power generation sector to leapfrog more mature technologies and become part of a global digital power transformation that is expected to create $1.3 trillion in value between now and 2025.


CFO Conference 2016 held

LAHORE (Staff Reporter): Only the fittest survive in volatile, uncertain, complex and ambiguous (VUCA) environment that is almost always present around the globe.

This was stated by speakers at CFO Conference 2016 organized by the Institute of Chartered Accountants of Pakistan (ICAP) on Thursday in Lahore. The speakers included President ICAP Hafiz Mohammad Yousuf, Dr Jaffrey Stacey, Managing Partner, Geopolicity, USA, CE Funverks Global Farhad Karmally, CEO KAPCO Aftab Mehmood Butt, and among others.

Highlighting the role of finance in VUCA environment, they said traditionally the finance role has been charged with the responsibility of financial management and bookkeeping. “Currently in addition to conventional role, now the finance professionals are getting involved in commercial, projects and diversification functions,” they said, adding that this is a big leap from maintaining/presenting the historic results to financial projections, feasibilities and business developments.

In future the role of finance would that be of business driver and Leadership role in business. Financial leaders should set clear targets based on internal and external expectations,’ they stated.