New Delhi, April 8 (IANS) Pakistan International Airlines (PIA) has scrapped most passenger discounts and cut flight frequencies as rise in jet fuel prices squeezed the air carrier’s finances, a new report has said.Pakistan-based Dawn cited a PIA spokesperson as saying that concessions are currently limited to children and infants, and all other fare discounts withdrawn.The move followed a high-level review of rising fuel costs and potential losses after Jet fuel (JP‑1) prices jumped signifi…
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New Delhi, Feb 12 (IANS) The privatisation of Pakistan International Airlines (PIA) has been sold as a big reform to end decades of losses, but the opaque deal has turned out to be an example of institutionalised corruption, according to a media report.The Pakistan government has parked around Rs 650 billion of PIA’s historic liabilities into a holding company, which insulates the buyer from huge accumulated losses. A clean operating entity has been sold to a private consortium led by Arif Hab…
New Delhi, Jan 15 (IANS) Poor governance and mismanagement due to political interference are leading to huge losses in Pakistan’s state-owned enterprises, after which they are put up for distress sale at throwaway prices, a Pakistani media report said.An article in Pakistan’s Express Tribune points out that instead of reforming governance early, successive governments postpone difficult decisions. State-owned enterprises are routinely retained despite declining performance, political interfe…
New Delhi, Jan 11 (IANS) The sale of Pakistan International Airlines has actually fetched the Pakistan government only Rs 10 billion, which is a fraction of the Rs 135 billion sale value that it has publicly announced, a Pakistani media report said.”The most misleading economic decisions are not dishonest. They are technically correct, structurally complex and publicly celebrated, yet deliver almost nothing a treasury can use,” according to an article in the Pakistani daily The News Internationa…