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corporate watch

October 12, 2017

GIL to launch Isuzu D-Max

KARACHI: Ghandhara Industries Ltd (GIL), which is the assembler of Isuzu buses and trucks, is going to launch Isuzu D-Max pickup by the middle of 2018.

GIL has signed a technical assistance agreement with Isuzu Motors Company, Thailand, according to a stock filing on Wednesday. An official said the company will invest Rs500 million in the D-Max project. The new venture will create 500-1,000 direct and indirect jobs.—Staff Reporter

BlackRock closes in on $6tr in assets

NEW YORK: BlackRock Inc closed in on $6 trillion in assets under management as investors stormed into their index funds and the bull market in US stocks raged on, it said on Wednesday.

BlackRock, the world’s biggest asset manager, reported an 8.2 per cent rise in quarterly profit, beating Wall Street estimates as it attracted $96 billion into its funds. The increase in assets under management to $5.98tr, along with strong investment performance pushed up revenues by 14pc.

Index-tracking ETFs have gained popularity among investors in recent years and are responsible for the lion’s share of the billions in cash that BlackRock pulls in annually.

Published in Dawn, October 12th, 2017