Business

The Biden administration has added 24 companies and other entities to an export control list for supporting Russia’s military or defense industrial base, Pakistan’s nuclear activities or for supplying an Iranian electronics company. The entities, based in Latvia, Pakistan, Russia, Singapore and Switzerland, were added over US national security and foreign policy concerns, the Commerce Department said on Wednesday. The …

KARACHI: The general public will be able to buy shares in Pakistan’s first developmental Real Estate Investment Trust (REIT) on Dec 14 and 15 ahead of its upcoming listing on the Pakistan Stock Exchange. Javedan Corporation is selling 10 per cent “units” — a formal term used for shares in the case of REITs — in Globe Residency REIT, a …

KARACHI: Commodity importers and drug makers continue to face problems in opening letters of credit (LCs) for the import of raw materials and finished products because of a shortage of dollars in the interbank market. All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA) Chairman Mohammad Shehzad Sheikh told the Ministry of Commerce on Tuesday that 417 containers …

LAHORE: Opay, a Chinese company present in various countries including Nigeria, plans to invest $100 million in Pakistan’s digital payments sector by increasing points of sale (POS) from 10,000 to 100,000, its country president told Dawn on Tuesday. It also plans to buy a microfinance bank and has applied for the requisite licence, Ali Mubashir Kazmi said. “Opay entered Pakistan with an …

ISLAMABAD: The Executive Committee of the National Economic Council (Ecnec) on Tuesday approved about Rs333.6 billion worth of 10 development projects for flood-related recovery, rehabilitation and reconstruction across the country. Most projects, worth Rs233bn of the total, related to Sindh, which took the brunt of the flood-related damage. The Ecnec meeting, presided over by Finance Minister Ishaq Dar, was attended …

KARACHI: The amount of outstanding auto loans decreased for the fourth consecutive month at the end of October, data released by the State Bank of Pakistan (SBP) showed on Monday. The outstanding auto financing stood at Rs345 billion at the end of last month, which is 0.1 per cent lower than the October 2021 figure of Rs346bn. The latest outstanding …

ISLAMABAD: The Economic Coordination Commit­tee (ECC) of the Cabinet on Monday accepted offers for the import of almost 950,000 tonnes of wheat including 450,000 tonnes from Russia at the same rate of $372 per tonne. With this, Russia has become the single largest wheat supplier to Pakistan this year, taking total quantities to 750,000 tonnes. The meeting of the ECC …

KARACHI: Engro Corporation Ltd said on Monday it’s looking for an investment opportunity in the mobile infrastructure business, which typically involves purpose-built towers with communication equipment allowing area residents to use wireless devices. Even though the securities filing didn’t mention the potential size of investment — or name the target of acquisition — market reports suggest the conglomerate is trying …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has advised the prime minister to establish a dedicated coal authority to deal with all issues about coal imports, including tendering, product specifications and related matters. This was disclosed by Nepra chairman Tauseef H. Farooqui while presiding over a public hearing on guidelines for coal import as some stakeholders including independent power …

ZURICH: Saudi Crown Prince Mohammed bin Salman is considering investing around $500 million in a new Credit Suisse investment bank spin-off, CS First Boston, according to The Wall Street Journal. Citing unnamed sources familiar with the matter, the US financial newspaper listed several potential investors in the new unit. In addition to the Saudi crown prince, the potential investors include …