Latest news with #PIC
Pink Villa
a day ago
- Entertainment
- Pink Villa
War 2 Hindi Advance Booking Report: Hrithik Roshan and Jr NTR film sells GOOD 50,000 tickets in top chains for Thursday, with 2 days to go
.War 2, directed by Ayan Mukerji, and starring Hrithik Roshan, Jr NTR and Kiara Advani among others, continued its good pace in advance bookings for the Hindi version. The total tickets sold in top national chains like PVRInox and Cinepolis for the opening day, as at 11:30pm on 11th August, 2025, stand at 50,000. A final PIC ticket count of 1,50,000 plus can be expected, making it very eligible for a Rs 30 crore plus net Hindi opening. War 2 (Hindi) Sells 50,000 Tickets In Top Chains For Day 1, Two Days Out War 2's Telugu version bookings should start tomorrow, and the bookings are expected to be heartening. However, considering the fact that it is, at the end of the day, a Bollywood movie and not a conventional Tollywood biggie which gets support from the local diaspora audience without much effort, the bookings are not expected to be bumper. The all India day 1 expectations are pinned at Rs 55 crore net, with day 2 numbers expected to be over Rs 60 crore net. War 2's Bookings Are Good, Though Not Exceptional While the bookings of War 2 can be classified as good, given everything, what was really expected was excellent or bumper. The initial euphoria seen in some of the 2023 Bollywood biggies is not visible here. The masses are not totally on board and it will take some really strong word of mouth to get that section of audience to watch it. Fighter trended well but suffered immensely because of not getting the desired support from the masses. Whether War 2 changes that for Hrithik Roshan is still to be seen. War 2 Targets A Rs 100 Crore Gross Worldwide Start The bookings of War 2 internationally are reasonable. A Rs 100 crore global opening day will be a touch and go for the Hrithik-Jr NTR actioner. Its release rival Coolie is cruising towards a number of around Rs 140 crore on the other hand. Since Hindi films are known to trend better than Tamil films due to less exhaustion of audiences on the opening day, it is expected that War 2 will eventually take the lead provided it lives up to its hype. Stay tuned to Pinkvilla for more updates. ALSO READ: Jr NTR's speech for Hrithik Roshan at War 2 event: 'South Indian actors have a doubt kaise accept karenge ye log but...'
Reuters
3 days ago
- Business
- Reuters
Rolls Royce sells UK pension fund to PIC in 4.3 billion pound deal
Aug 10 (Reuters) - Aircraft engine maker Rolls-Royce (RR.L), opens new tab sold its UK pension fund to Pension Insurance Corporation (PIC) in a 4.3 billion pound ($5.78 billion) deal, PIC said in a statement on Sunday. The deal will cover Rolls-Royce's entire outstanding liabilities to its workers, comprising the pensions of 36,000 people. "This is a win-win for all our stakeholders" Rolls-Royce CFO Helen McCabe said in the statement, adding that it is a step towards simplifying Rolls-Royce. The transaction follows PIC's announced acquisition by Athora, pending regulatory approval. The deal was first reported by Bloomberg News earlier this week. PIC specializes in defined benefit pension schemes, known as bulk annuities. Demand for bulk annuities has surged in the last few years as companies seek to shed defined benefit, or final salary, pension schemes from their balance sheets. ($1 = 0.7435 pounds)
Mint
5 days ago
- Automotive
- Mint
Rolls-Royce Nears Deal to Offload Its £4 Billion UK Pension Pot
Rolls-Royce Holdings Plc is nearing a deal to offload its UK pension pot to an insurer, a move that would take almost £4 billion in liabilities off the aircraft engine maker's balance sheet. The biggest UK manufacturer may announce a deal with pension buyout firm Pension Insurance Corp. as soon as this month, according to people familiar with the negotiations. Talks could still be delayed or fall apart, said the people, asking not be identified discussing private information. Representatives for Rolls-Royce and PIC declined to comment. Rolls-Royce has about 21,000 employees in the UK, out of a global workforce of 50,000 that make aircraft engines for Airbus SE and Boeing Co. as well as products from power systems to marine propulsion. Under Chief Executive Officer Tufan Erginbilgic, who joined from BP Plc at the start of 2023, the shares have enjoyed a record performance as he streamlines the business and the company benefits from surging demand for engines like the Trent XWB model powering the Airbus A350. According to Rolls-Royce's annual report for 2024, the UK defined-benefit pension had obligations of £3.96 billion and assets of £4.74 billion. The UK's pension buyout market, where firms pay insurers to take on their financial obligations to pensioners, has been booming in recent years as higher interest rates reduced the value of plans' liabilities. The improved funding levels have made buyouts more affordable and led many large British companies from pharmacy chain Boots to insurer RSA and lender NatWest Group Plc to offload these liabilities to focus on their core businesses. Demand for such risk-transfers is expected to reach £500 billion through 2033, according to consulting firm LCP. A buyout of Rolls-Royce's pension would be the largest UK risk-transfer so far this year. Earlier this week, Phoenix Group's Standard Life completed a £1.9 billion transaction for a part of insurance broker Marsh McLennan's UK pension. The deals have also become a hot corner of the insurance market. Last month, an insurer backed by Apollo Global Management Inc. agreed to buy PIC for about £5.7 billion from owners including a vehicle controlled by South African billionaire Johann Rupert, a unit of the Abu Dhabi Investment Authority and CVC Capital Partners Plc. With assistance from Kate Duffy and Anthony Palazzo. This article was generated from an automated news agency feed without modifications to text.
IOL News
7 days ago
- Business
- IOL News
The PIC's Resilience: From Steinhoff to R3 Trillion – Now Let Its CEO Lead
Public Investment Corporation (PIC) CEO Patrick Dlamini. Image: Supplied The Public Investment Corporation (PIC) is one of South Africa's greatest institutional assets—literally and figuratively. Despite being rocked by scandals such as the Steinhoff collapse, and years of political brinkmanship, the PIC has not only survived but tripled its assets to over R3 trillion. This is no small feat. It is a testament to the resilience of the institution, the professionalism of its staff, and, above all, the power of workers' collective capital. This remarkable growth didn't happen by chance. It is the legacy of seasoned leadership: Elias Masilela, who brought post-crisis stability after 2008; Dr. Dan Matjila, who expanded its developmental investment mandate; and Abel Sithole, who defended its integrity through unprecedented political pressure. Today, the PIC has a new CEO, Mr Patrick Dlamini, who brings an unblemished record of ethical leadership and financial discipline from his tenure at the Development Bank of Southern Africa (DBSA). His appointment marks a turning point—not just for the PIC, but for every public servant whose pension is invested through it. This Is Workers' Money—Not a Political Slush Fund Let us be clear: over 90% of the PIC's assets belong to public servants—teachers, nurses, police officers, and cleaners. These are ordinary South Africans who dedicate their lives to public service, and whose dignity in retirement rests on the prudent management of these funds. That the PIC has grown from R1 trillion to R3 trillion in just over a decade is a testament to the power of worker-led capital and the calibre of iits custodians. But history has shown that political interference—not market forces—is the PIC's greatest threat. We've seen attempts to pressure the institution into bailing out failing state-owned enterprises. We've witnessed the weaponisation of 'strategic investment' language to mask corrupt deals. And we've watched as principled CEOs have been hounded out of office for refusing to rubber-stamp politically motivated transactions. Let there be no doubt: the vultures are circling once again. Defend the Institution, Defend the Workers CEO Patrick Dlamini must be allowed to lead—without fear, favour, or interference. His mandate is not to please politicians; it is to grow workers' assets in a manner that is ethical, transparent, and impactful. He has already shown, through his time at the DBSA, that developmental finance and good governance can coexist. That is the leadership the PIC needs, and that is what public servants deserve. We therefore call for: Unambiguous support for Dlamini's independence. The PIC cannot afford to lose yet another CEO to political manoeuvring. Robust parliamentary oversight that rejects looting disguised as 'strategic investment.' Any effort to hijack workers' pensions for factional ends must be publicly exposed and legislatively defeated. A sharpened focus on investments that uplift the working class, such as affordable housing, student accommodation, healthcare infrastructure, and job-creating industries. These are investments that return financial value and social justice. The PIC Is Not for Sale Let us remind ourselves: the PIC is not a political toy. It is not a honey pot for the connected few. It is the backbone of 1.2 million public servants' pensions—and by extension, the dignity of their families, communities, and future generations. To the politicians: hands off. To the workers: stand up and be counted. To Patrick Dlamini: stay the course—we've got your back. If the PIC is to remain a vehicle for economic justice and shared prosperity, it must be led by professionals and protected from predators. South Africa needs institutions it can trust. The PIC, if properly defended, can remain exactly that. Tahir Maepa. Image: Supplied * Tahir Maepa is the Secretary General of the Public Service & Commercial Union (PSCU). ** The views expressed do not necessarily reflect the views of IOL or Independent Media.
Arab Times
04-08-2025
- Business
- Arab Times
PIC rides global demand to boost profi t by KD19.5 mln
KUWAIT CITY, Aug 4: The Petrochemical Industries Company (PIC) announced a net profit of KD58.5 million for fiscal 2024/2025 – an increase of KD19.5 million or 33.3 percent compared to the profit of KD39 million in the last fiscal year. Oil sector sources pointed out that this strong financial performance was achieved despite the challenges posed by geopolitical instability; specifically, the disruptions in global supply chains and widespread shift to long-haul shipping routes, which significantly increased logistics costs. Sources attributed the company's robust performance to several factors as follows: Rising global demand for petrochemical products, Strict cost rationalization policy, Continuous development of operational processes, Strategic support and investment in local and international companies where PIC holds significant stakes. Sources stated that these initiatives have not only bolstered PIC's revenues but also positively impacted the overall profitability of Kuwait Petroleum Corporation (KPC) -- its parent company. Strategic Acquisitions and International Expansion Looking ahead, PIC is well-positioned for continuous profitability, driven by recent and upcoming acquisitions approved by KPC. Among the most significant is the April 2025 agreement with China's Wanhua Chemical Group to acquire a 25 percent stake in a group of petrochemical plants in Yantai, China. The deal covers several high-value industrial units, including propylene oxide, tert-butyl alcohol, acrylic acid, butyl acrylate, and other specialty chemical products PIC is also evaluating new investment opportunities, both locally and internationally, over the next two years, with the aim of expanding its chemical production portfolio. Its current investment portfolio includes 80 percent stake in Kuwait Paraxylene Production Company (KPPC), 46 percent in Kuwait Stearin Company (KTSC), 24.5 percent in Equate Petrochemical Company (EQUATE), 42.5 percent in The Kuwait Olefins Company (TKOC), 33.3 percent in Gulf Petrochemical Industries Company (GPIC), 25 percent in SK Advance (South Korea) and 49 percent in SKPIC Global (South Korea) The company reaffirmed its commitment to environmental stewardship, emphasizing ongoing initiatives to reduce industrial pollutants and support Kuwait's national goal of carbon neutrality by 2050. Furthermore, PIC's strategic direction aligns with the 2040 strategy of KPC, aiming to strengthen Kuwait's position as a leading player in the global petrochemical industry. Meanwhile, the Central Agency for Public Tenders (CAPT) has announced the extension of the deadline for submitting bids for the Kuwait Oil Company (KOC) tender to establish a new excess water injection network in Rawdatain in North Kuwait until Aug 19, instead of Aug 5. It was also published in Kuwait Al-Youm that the tender for the construction and installation of the fourth water injection station in the South Kuwait, affiliated with KOC, was postponed until Aug 26, instead of Aug 5. The tender for the construction and installation of separation center three and water injection station three in South Kuwait was postponed until Aug 19, instead of Aug 5. Moreover, CAPT postponed the submission of bids for the KOC tender for the construction and installation of the oil separation center one and water injection station one in East Kuwait until Aug 26, instead of Aug 5.
