Lahore (Nut-Desk)

Shares of General Electric (GE) record significant rose on Tuesday as it scored increased orders in aviation and other key divisions in comparison same period of previous year.

Aviation orders jumped 47 percent compared with the year-ago period when the travel industry was mired in the coronavirus downturn, as the company benefited from a series of new plane acquisition plans by major carriers. GE also garnered increased orders in healthcare, renewable energy and power.

Revenues also rose across GE’s business during the quarter, lifting overall revenues nine percent to $18.3 billion, above analyst expectations, and enabling the company to boost its projections for 2021 industrial free cash flow.

GE Chief Executive Lawrence Culp said that “Momentum is building across our businesses, driven by healthcare and services overall, with aviation showing early signs of recovery. “Based on our encouraging cash results, we are increasing our full-year free cash flow outlook.” Since being named chief executive of GE in 2018, Culp has overseen asset sales and cost-cutting moves after a bumpy stretch for the US giant, which was bumped from the Dow index.

For the quarter, GE reported a loss of $1.2 billion, compared to a loss of $2.2 billion in the 2020 period. Factors behind the loss included interest payments and other costs connected to debt reduction.Shares rose 3.5 percent to $13.37 in pre-market trading.

Lahore – (Nut-Desk)

“Lahore Prime” a project by Lahore Central Business District Development Authority (LCBDDA) also known as Central Business District Punjab (CBD Punjab) contributing to the urbanization of Pakistan and thus have amalgamated their resources to build a business community never seen before in the country. LCBDDA has announced the auction of 5 commercial plots at Main Boulevard Gulberg, Kalma Chowk Ferozepur Road. The project is completely backed by the Punjab Government and is a Mega High-rise development with favorable bylaws.

Talking on the announcement CEO, LCBDDA, Mr. Imran Amin said “The launch of Lahore Prime is not only a symbol of our commitment to the vision of the government but an icon of change in the relevant field. Apart from creating jobs and business opportunities in the region, Lahore Prime will result in bringing foreign investment into the country. The financial impacts of Lahore Prime under CBD include approximately Rs. 250 billion in the form of taxes for the government in its 1st phase, whereas, the generation of more than 1,300 billion revenues are also adding the significance of the project.”

The site spans across 105 hectares situated between Walton Train Station to the South and the Sports Park to the North. It is connected by Gulberg Boulevard Road on the North-west and Ferozepur Road to the South-West. The site is also adequately served by public transport, with the Lahore Metro with multiple stops across Ferozepur Road and Walton Train station at the Southern end which connects it to the countrywide rail network.

The CBD in Lahore aim to play a vital role in economic growth with attracting people seeking business & job opportunities. LCBDDA through its “Smart City Mission” will identify initiatives which can be taken up for the benefit of residents spread across the CBD Punjab. LCBDDA supports ‘smart applications’ or ‘smart solutions’ in routines with services. The technology needs to be encouraged within CBDs for better systems and conducive environment for economic growth in Pakistan to attract more capital.

Lahore (NUT-DESK)

Chinese electronics firm Xiaomi has overtaken Apple as the number two global smartphone maker in a sizzling market with consumers emerging from lockdowns, a new survey showed. Apple dropped to the number three position.

The Canalys survey of second-quarter sales released Thursday showed worldwide smartphone sales up 12 percent, with South Korea’s Samsung holding its top position with a 19 percent market share. Xiaomi meanwhile surged to the number two position for the first time ever with a 17 percent share as sales jumped 83 percent, according to Canalys.

Apple dropped to the number three position with iPhone sales up just one percent, after getting a lift from last year’s new models.“Xiaomi is growing its overseas business rapidly,” said Canalys research manager Ben Stanton, citing gains of 300 percent in Latin America, 150 percent in Africa and 50 percent in Western Europe.

Chinese makers Oppo and Vivo held fourth and fifth place in the global market, each with around 10 percent, according to the Canalys preliminary estimates. Canalys said the smartphone market is extending gains as the global economy emerges from the coronavirus pandemic, lifting overall consumer spending. Xiaomi was recently removed from a US blacklist of Chinese firms subject to sanctions over national security concerns.