The government’s Economic Coordination Committee (ECC) has approved a loan of US$ 142 million to bail out Roosevelt Hotel Corporation (RHC). The Federal Minister for Finance and Revenue, Mr. Miftah Ismail, presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division today. Ministry of Aviation submitted a summary…
Aftab Ahmed Islamabad: The PTI government has approved immediate cash support of US$30 million for Roosevelt Hotel New York through market financing with the government of Pakistan guarantee. Sources told Newztodays.com that Aviation Division had tabled a summary before the economic coordination committee to approve immediate cash support of US$130.3 million. This amount also included…
Aftab Ahmed Islamabad: M/s Fly Jinnah Services Limited has decided to launch a regular public transport airline in Pakistan that will be one of the companies to launch service. The aviation division has recommended allowing it to launch regular operations in Pakistan. The group of businessmen in Pakistan is going to launch an airline. There…
Aftab Ahmed Islamabad: Aviation Division has managed to remove advisor to Prime Minister on Commerce Razak Dawood from a committee working on outsourcing major airports of Pakistan. The new committee has been formed now under the chairmanship of Aviation Minister Ghulam Sarwar Khan that would prepare recommendations to outsource airports. Sources told Newztodays.com that Aviation…
Aftab Ahmed Islamabad: A New York-based Investment firm MSD has dragged PIA-owned Roosevelt Hotel in Manhattan, New York, into a debt trap by design to acquire it. MSD Partners is an SEC-registered investment adviser that utilizes an investment strategy focused on maximizing long-term capital appreciation. Sources told Newztodays.com that Roosevelt Hotel Corporation has obtained a…
Aftab Ahmed Islamabad: A cabinet committee on Privatization (CCoP) has recommended to redevelop the site into a mixed use (Joint Venture) of primary office tower over retail and condominium, said an official statement issued here on Thursday. Adviser to the Prime Minister on Finance and Revenue chaired the meeting of the Cabinet Committee on Privatization…
Aftab Ahmed Islamabad: The Aviation Division is pushing the government for early disposal of the New York Roosevelt Hotel owned by Pakistan International Airlines-Investment Limited (PIA-IL) and a special meeting of the cabinet committee on Privatisation has been called on Wednesday to finalize a plan. Sources told Newztodays.com that Aviation Division had raised the issue…
News Desk The Pakistan International Airlines (PIA) has introduced new measures for stranded nationals in Abu Dhabi and Al Ain to book tickets in a hassle-free manner. The Embassy of Pakistan in Abu Dhabi has said that there is a new policy for issuance of tickets for special repatriation flights to Pakistan from the United…
Atif Abbas The PTI government has removed Muhammad Ali Tabba is the Chief Executive of Lucky Cement Limited from the board of directors of Pakistan International Airlines (PIA) for his non-serious and irresponsible behavior. Tabba has been on the board of directors of PIACL. However, he has been often absent from the board’s meetings and…