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Pakistan International Airline Corp (PIAa.KA)

PIAa.KA on Karachi Stock Exchange

7.65PKR
2:20am EDT
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₨0.07 (+0.92%)
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₨7.58
Open
₨7.69
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₨7.69
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₨7.60
Volume
1,272,500
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3,643,872
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₨13.55
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₨6.80

Latest Key Developments (Source: Significant Developments)

Pakistan International Airline Corp - Security officials, protesters clash during Pakistan strike - Reuters
Monday, 1 Feb 2016 10:52pm EST 

Pakistan International Airline Corp:Pakistani security personnel on Tuesday clashed with marchers protesting government plans to privatise the ailing national airline, a skirmish that a hospital official said killed at least two protesters and injured eight - RTRS.Protesters said paramilitary forces fired after a confrontation as security forces tried to block the strikers nearing the airport in the southern economic hub of Karachi. - RTRS.But a spokesman for the paramilitary Rangers force and a senior police officer denied that any of their members had fired. - RTRS.The violence came as hundreds of airline employees held the latest of a months-long series of protests against the plans to privatise Pakistan International Airlines (PIA) - RTRS.Despite the strike in Karachi and at PIA offices across Pakistan, flights suffered no major disruption on Tuesday. - RTRS.Once a source of pride for Pakistan, flights of the loss-making carrier are now frequently cancelled and many of its aircraft have been cannibalised to keep others flying. - RTRS.The government has sought to allay fears the move could bring mass layoffs, but sporadic protests have continued. - RTRS.The government expressed "sadness and sympathy" for those killed or injured on Tuesday, but also warned against further protests. - RTRS.  Full Article

Pakistan International Airline Corp - Pakistan privatisation hits snag as airline workers walk out - Reuters
Monday, 14 Dec 2015 10:02pm EST 

Pakistan International Airline Corp:Employees of Pakistan's ailing national airline on Tuesday walked out in protest over its planned privatisation, disrupting flights and undermining a central plank of reforms promised by Prime Minister Nawaz Sharif in return for an IMF bailout - RTRS.In September 2013, the International Monetary Fund saved Pakistan from a possible default by agreeing to lend it $6.7 billion over three years. - RTRS.In return, Pakistan said it would broaden its tax base, cut electricity subsidies and privatise failing state companies that lose taxpayers around $5 billion a year. - RTRS.Soliciting buyer interest in Pakistan International Airlines PIAa.KA, whose accumulated losses stand at $2.29 billion, by Dec. 31 is one of the major steps Islamabad needs to take for the programme to continue - RTRS.But the government is struggling to meet that deadline after a delay of many months in amending a 1956 law that bars PIA from being privately owned. On Dec. 5, the government issued a presidential decree to turn the national flag carrier into a limited company - RTRS.PIA workers are demanding that the ordinance be retracted. Political opponents accuse the government of bypassing parliament by opting for a decree over an amendment that would require lawmakers to vote - RTRS.PIA spokesman Daniyal Gilani said airline offices, including reservation booths, remained closed through Tuesday and pilots had joined the strike - RTRS.  Full Article

More From Around the Web

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Pakistan airline says investigating report of overloaded flight

ISLAMABAD Pakistan International Airlines said on Monday that it was investigating reports that more passengers than the maximum allowed had traveled on an international flight, adding it launched disciplinary measures against the crew.

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