Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts
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'Waar' beats 'Chennai Express' in Pakistan, sets record
Karachi: Pakistani film revolving around the theme of terrorism in the country has set new record openings at the box office, beating the takings of Bollywood star Shah Rukh Khan starrer 'Chennai Express' at Eid ul Fitr two months back.
'Waar' which stars Pakistani actor-director Shaan was released on Wednesday and raked in approximately 20 million rupees on its first two days, a record for any film released in the country.
"On the first day it was released across 42 screens in the country and it took in around 11.4 million rupees which is even better than the nine million rupees mustered by 'Chennai Express' on its opening day at Eid," film distributor and owner of the Atrium multiplex cinemas, Nadeem Mandviwalla told PTI.
'Waar' which stars Pakistani actor-director Shaan was released on Wednesday and raked in approximately 20 million rupees on its first two days, a record for any film released in the country.
"On the first day it was released across 42 screens in the country and it took in around 11.4 million rupees which is even better than the nine million rupees mustered by 'Chennai Express' on its opening day at Eid," film distributor and owner of the Atrium multiplex cinemas, Nadeem Mandviwalla told PTI.
'Waar' raked in approximately 20 million rupees in first two days, a record for any film released in the country.
He said it is a healthy sign for Pakistani film industry that 'Waar' did good business with direct competition from Akshay Kumar's 'Boss', which also did well on the opening day.
"I would say going by the first two days 'Waar' should rake in around 50 million rupees in its first week of exhibition across the country," he said.
The film is a debut for director Bilal Lashari and is said to be the most expensive Pakistani film made at a budget of 2.5 million. It has caught the imagination and interest of viewers with its catchy trailer and action sequences.
The film is a debut for director Bilal Lashari and is said to be the most expensive Pakistani film made at a budget of 2.5 million. It has caught the imagination and interest of viewers with its catchy trailer and action sequences.
Mandviwalla said the advance bookings for the film had also been helped by the unusually long Eid holidays and noted the year had been a good one for Pakistani film industry.
"Films like 'Main Hoon Shahid Afridi' which took in 55 million rupees, 'Zinda Bhaag' which has also done well and now 'Waar' have given the Pakistani film industry a new credibility and distributors, exhibitors are willing to bank on them," he said.
As a result of the new wave of Pakistani cinema, 'Boss' was only released in seven cineplexes and cinemas in Karachi on Eid but industry insiders say it also did good business.
'Waar' which also stars TV actors like Shamoon Abbasi, Ayesha Khan and singer Ali Azmat has been given an adults-only certificate by the Sindh Board of Film Censors.
According to Umer Khitab Khan, an SBFC member, this is because of obscene language and violent scenes in the movie.
"Films like 'Main Hoon Shahid Afridi' which took in 55 million rupees, 'Zinda Bhaag' which has also done well and now 'Waar' have given the Pakistani film industry a new credibility and distributors, exhibitors are willing to bank on them," he said.
As a result of the new wave of Pakistani cinema, 'Boss' was only released in seven cineplexes and cinemas in Karachi on Eid but industry insiders say it also did good business.
'Waar' which also stars TV actors like Shamoon Abbasi, Ayesha Khan and singer Ali Azmat has been given an adults-only certificate by the Sindh Board of Film Censors.
According to Umer Khitab Khan, an SBFC member, this is because of obscene language and violent scenes in the movie.
Resources : http://ibnlive.in.com/news//waar-beats-chennai-express-in-pakistan-sets-record/429073-8.html?utm_source=ref_article
Sheraton Hotel To Close Its Business In Karachi
Karachi: Pakistan is yet to face another set back as the Sheraton Hotel would shut down its business the next year, January 2014. It is being said that the deteriorated law and order situation in the country and the announcement by the government to start up operation clean up in the metropole city against the criminal bodies are the prime reasons for such decision.
Unfortunately, the previous government in the past five years had completely failed to maintain peace across the country especially in Karachi, which is the financial hub and the revenue generating city of the country. Being a port city, it remains deprive of enjoying the deserved attention.
Sheraton Hotel is a chain of American hotel chain run by American company, Starwood hotels and and Resorts Worldwide Inc. The Kuwait based owner of Sheraton hotel Karachi, Arabian Sea Enterprises Limited has decided of not renewing its contract with Starwood. Instead, has managed to enter into deal with Movenpick Hotels and Resorts that have their international luxury hotel based in Switzerland.
MA Bawany, Executive Director at Pakistan Services Limited which manages one of the most luxury hotel –Pearl continental expressed his views that being American hotel, Sheraton is likely to face terrorist attack and this might be the reason for switching over to non-American hotel chain. Non-American hotels charge less than $100 per night and hence their recovery margin is less unlike Sheraton which is a royal-branded hotel.
According to the Board of Investment, the foreign investment dropped from $ 5.3 billion in 2007-2008 to $ 1.4 billion in 2012-2013.
Officials say that only 5 % foreign visitors make up the occupance in these royal hotels and after the ‘operation clean-up’ announcement, they have decline to visit Pakistan the following year.
According to the Board of Investment, the foreign investment dropped from $ 5.3 billion in 2007-2008 to $ 1.4 billion in 2012-2013.
Officials say that only 5 % foreign visitors make up the occupance in these royal hotels and after the ‘operation clean-up’ announcement, they have decline to visit Pakistan the following year.
Oil up in Asian trade
New York's main contract, light sweet crude for delivery in June added five cents to $96.67 a barrel and Brent North Sea crude for June delivery gained 18 cents to $104.52.
"Dealers are cheering German industrial production figures that were significantly better than expected," Ric Spooner, chief market analyst at CMC Markets in Sydney, told.
"What we're seeing is an improved outlook for European and global growth."
The upbeat German factory output numbers came a day after China said it recorded an $18.2 billion surplus in April, stoking hopes of improving demand in the world's second biggest economy.
German industrial output saw a surprisingly robust rise in March driven by a sharp increase in the energy sector, official data showed Wednesday.
Industrial production rose by 1.2 percent in March compared with the previous month, beating analysts' expectations of a 0.2 percent decline.
KSE snaps 11 day rally on profit taking
The Karachi Stock Exchange 100-index snapped its elevated profit taking streak when the KSE 100-index shed a gain of 150 points, falling to 20,416.60 points.
Analysts stated that the immense fall of points can be contributed to the investors being extremely reluctant in extracting out enough juice of the market as possible during the index running at the profit taking rally.
Muslim Commercial fell 4.68 percent to Rs275 rupees and Oil and Gas was down 0.22 percent at Rs211.25.
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