Lahore: Pakistan International Airlines (PIA), the state-run carrier, has been forced to slash its fares for US and European destinations by 15 percent because of low-fare flights offered by foreign airlines to these regions. Sources in Pakistan International Airlines said though the airlines’ administration claimed the decision was part of its business strategy, it came against the backdrop of the national flag carrier’s falling profits over the last few years and increasing competition, Daily Times reported. — HNS