How Ireland landed in the center of Russia’s $10 billion plane heist.
Following the invasion of Ukraine, international sanctions were imposed on key Russian individuals and industries. One of the big targets was the Kremlin’s aviation sector. This triggered a global scramble by aircraft owners to get their planes out of Russia before the sanctions came into effect. Some 515 leased aircraft worth an estimated $10 billion were stuck in the country, according to data and analytics firm Cirium.
American Airlines agrees to buy 20 supersonic planes from Boom.
The deal is the second firm order in the last two years for Boom. Boom says the Overture jet will fly as fast as Mach 1.7, or 1,304 mph, dramatically cutting trans-Atlantic and trans-Pacific flight times.
LG gets $6.1 bn worth order for EV parts in 1st half of 2022
LG Electronics said on Tuesday it has secured 8 trillion won ($6.1 billion) worth of new orders for electric vehicle (EV) parts and solutions in the first half of this year, a sign that its new growth engine is gaining ground. While the South Korean tech company did not reveal the details of the new orders, it is believed to have added new orders for its in-vehicle infotainment system as well as its telematics solutions used for vehicle communications. LG’s vehicle solutions business is estimated to have an accumulated order backlog of 65 trillion won by the end of the year, up 8 per cent from a year ago. The business has made great strides in recent years. Sales jumped 24 per cent last year from a year ago, despite a drop in car production amid global chip shortages.
High oil prices help Saudi Aramco earn $88 billion in first half
Aramco’s net profits were helped by strong second-quarter earnings ending in June that hit $48.4 billion – a figure higher than all of the first six months of 2021, when profits reached just $47 billion. It sets a new quarterly earnings record for Aramco since it first floated around 5% of the company on the Saudi stock
Pakistan PM Constitutes Committee To Address Problems Faced By Foreign Companies
The committee will present its report and recommendations to the Prime Minister within ten days. The Prime Minister directed that Chinese investment companies should be facilitated on priority basis and directed to remove all the hurdles in the acquisition of visas by the Chinese workers.
There are companies interested to invest ten billion dollars in energy, infrastructure, railway, port infrastructure and other projects. These projects will not provide forty five thousand jobs but will also improve Pakistan’s Ease of Doing Business Index.
Govt to offer 51% stakes in PIA, Roosevelt to Qatar
Government of Pakistan has shelved a plan to sell two LNG-fired power plants to Qatar and instead decided to offer 51% stakes in the Roosevelt Hotel, New York, and the Pakistan International Airlines (PIA). PM has constituted a committee to finalise these proposals and complete all the paperwork before his visit to Qatar in August 2022.
It is decided that Pakistan should offer 10% stakes to Qatar in the government-owned listed companies, in line with the similar offer that it has made to the United Arab Emirates. The UAE is keen to get up to 20% stakes in the Pakistani oil and gas exploration companies. The UAE government showed its intention to invest $1 billion in these companies.
It is also decided that Pakistan should offer 51% stakes in The Roosevelt Hotel, New York, and the PIA along with the management control to Qatar. But the PIA law bars selling more than 49% stakes and giving management control to any other party and therefore, it was decided that the legal process to amend the PIA law should immediately be initiated to do away with the restricting clause.