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Corporate News

Braving security fears, Chinese seek 'Silk Road' riches in Pakistan

LAHORE, Pakistan/SHANGHAI (Reuters) - Zhang Yang, a businessman from Chongqing in southwest China, is searching online forums for fellow stout-hearted entrepreneurs willing to cast aside security concerns and join him on a scouting mission to Pakistan.

Corporate News

Saudi crown prince's US$20bil Pakistan investment pledge

ISLAMABAD: Crown Prince Mohammed bin Salman on Sunday said Saudi Arabia has signed investment agreements worth US$20 billion during his high-profile visit to Pakistan, where tensions were flaring up with nuclear-armed rival India.

Commodities

Pakistan in talks with Malaysia and others on gas imports

ISLAMABAD: Pakistan is in talks to import liquefied natural gas (LNG) from France, Italy and Spain, a senior Pakistani source said, raising the prospect of new contracts for Engie, Eni and Gas Natural Fenosa. Malaysia, Russia, Turkey and Azerbaijan have all signed IGAs with Pakistan and their companies have begun commercial negotiations. Pakistan expects to sign deals with Indonesia and Oman soon.

Business

Pakistan may raise US$2.5bil as in previous bond sale

ISLAMABAD: Pakistan’s Minister of State for Finance Rana Afzal Khan said the government may raise the “same” amount of funds from global debt markets as it did at a US$2.5bil sale in November.

Business

Pakistan agrees another multi-billion IMF bailout

ISLAMABAD: Pakistan has reached an accord with the International Monetary Fund for a three-year, US$6 billion bailout package aimed at shoring up fragile public finances and strengthening a slowing economy, officials said on Sunday.

Corporate News

edotco’s plans to acquire towers from Pakistan Mobile called off

PETALING JAYA: edotco Group Sdn Bhd’s plans to acquire 13,000 towers from Pakistan Mobile Communications Ltd have been scuppered as certain regulatory approvals were not received.

Plantations

FGV expands jetty ops in Pakistan

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGV) plans to invest RM25mil in Pakistan to expand its jetty operations in a bid to capture a bigger market share in that country as well as India and the Middle East.

Business

Bina Puri subsidiary wins 2012 abitration case in Pakistan

KUALA LUMPUR: Bina Puri Holdings Bhd’s subsidiary has won an arbitration case against the Pakistan National Highway Authority (NHA) over the termination of a concession agreement dated jan 16, 2012

Property

Pakistan urban housing crisis deepens

KARACHI: Nowhere is Pakistan’s housing shortage more acute than in its most densely-populated metropolis of Karachi, where over half of its 15 million residents live in slums.

Banking

Pakistan stocks, bonds rise as government seeks IMF bailout

ISLAMABAD: Pakistan’s stocks and bonds rose and the rupee fell after the government said it would seek the nation’s 13th International Monetary Fund (IMF) bailout since the late 1980s in a bid to stabilise the economy and plug dwindling finances.