Emirates announces 26th consecutive year of profit
LAHORE (PR): The Emirates Group has announced its 26th consecutive year of profit and company-wide growth, ending the year in a strong position despite competitive pressure and a global economic environment that is only slowly recovering. The financial year ending 31 March 2014 also marked an unprecedented level of investment across the Group, continued expansion of its global footprint, and the achievement of new capacity milestones.
Released in its 2013-14 Annual Report, the Emirates Group posted an AED 4.1 billion (US$ 1.1 billion) profit, up 32% from last year. The Group’s revenue reached AED 87.8 billion (US$ 23.9 billion), an increase of 13% over last year’s results, and the Group’s cash balance remained strong at AED 19.0 billion (US$ 5.2 billion).
“Achieving our 26th consecutive year of profit in a financial year marked by record increases in capacity and significant business investments across the Group, is testimony to the strength of our brands and our business fundamentals,” said His Highness (H.H.) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group.
Union holds protest against price-hike
LAHORE (PR): Hundreds of electricity grid staff took out procession on Friday under the auspices of All Pakistan Wapda Hydro Electric Workers Union CBA from Bakhtiar Labour Hall to protest against price hike of essential commodities, demanding of the PM to increase the wages and salaries as well as the pension of the workers at least 30% of their basic pay in the forth coming Federal Budget.
The procession was led by veteran trade union leader Kurshid Ahmed, general secretary of the Union, along with Ch Muhammad Akram, Malik saeed, Zakir Ali Shah, Sibet-e-Hassan, Osama Tariq and other representatives of the Union.
The workers were carrying banners in support of their demands and raising slogans against price hike and accepting their demands including increase of their wages and grant of danger allowance to the grid staff alike line staff for performing hazardous nature of their official duties at the risk of their lives.
The workers held a Protest Rally at Luxmi Chowk in support of their demands and passed a resolution urging the PEPCO management to up-grade of the pay scale of remaining staff of grid stations.
Meezan Bank signs agreement with Innov8
KARACHI (PR): Pakistan’s first and largest Islamic bank, Meezan Bank (MBL) and one of the region’s fastest growing mobile financial services (MFS) technology company, Inov8 Limited (i8) have entered into an agreement for implementation of a next generation suite of MFS services. Meezan Bank will provide a unique set of multi-channel mobile banking services and smart phone applications with social media integration which is a first in Pakistan, to its fast growing branch and customer base. Commenting on the occasion, Meezan Bank’s Deputy CEO- Ariful Islam said, “The MFS ecosystem, especially with the advent of 3G/4G and proliferation of smart phones, will play an ever increasing role as a dominant delivery channel for banking services. Meezan Bank will, Inshallah, be an industry leader in this domain by offering an array of exciting, value-added services.” Inov8’s Chairman and CEO, Hasnain A. Sheikh said, “We are delighted to be partnering with Meezan, Pakistan’s largest and leading Islamic bank. They will be using our socially integrated next generation mobile financial services platform to offer a new array of products and services.”