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corporate watch

July 11, 2018

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PTCL, PSEB sign pact

KARACHI: Pakistan Telecommunication Company Ltd (PTCL) on Tuesday signed a strategic agreement with Pakistan Software Export Board (PSEB) for the provision of cloud-based services, said a press release.

Under the agreement, PTCL will be offering cloud-based solutions to all the software companies and call centres. This initiative will help introduce Pakistan based cloud infrastructure to the IT & ITeS companies who can utilise this state-of-the-art infrastructure.

Tesla announces deal for Shanghai factory

BEIJING: Electric car producer Tesla will build its first factory outside the United States in Shanghai under an agreement signed on Tuesday, becoming the first wholly foreign-owned automaker in China.

Tesla Inc.’s announcement comes amid mounting U.S.-Chinese tension over technology and follows Beijing’s April promise to end restrictions that required foreign automakers to work through local partners.

Tesla said construction would begin in the near future, once official permits are obtained. It said production would begin two to three years after that and eventually increase to 500,000 vehicles annually.

No financial details were announced. A city government statement said the factory would be the biggest foreign investment to date in Shanghai, a base for joint ventures between General Motors Co. and Volkswagen AG and a state-owned automaker.—AP

Tata Consultancy profit soars 24pc

MUMBAI: India’s largest IT services firm Tata Consultancy Services (TCS) reported on Tuesday a 24 per cent rise in quarterly earnings thanks to strong growth in its banking and financial services division.

TCS, a subsidiary of the Tata Group conglomerate, gets more than 80pc of its revenue from the United States and Europe.

Net profit for the three months ending June rose to 73.40 billion rupees from 59.5bn rupees for the same period last year, the software giant said in its statement.

“We are starting the new financial year on a strong note, with the growth engine firing on all cylinders,” chief executive Rajesh Gopinathan said.

Published in Dawn, July 11th, 2018

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