Pakistan News

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Corporate Watch

Intel Pakistan launches ICS

LAHORE: Intel Pakistan on Wednesday launched ‘Intel Compute Stick’ (ICS), a device capable of transforming any HDMI display/monitor into a fully functional computer.—Staff Reporter

Malaysia’s 1MDB faces central bank probe

KUALA LUMPUR: Malaysia’s central bank said Wednesday it had launched a “formal inquiry” into strategic development fund 1Malaysia Development Bhd (1MDB), which is struggling under a huge debt burden and suspicions of massive fraud and mismanagement.

Prime Minister Najib Razak launched the state-owned fund in 2009 but is now fighting to limit the political fallout from its precarious situation, with opponents in his ruling party calling for his ousting over the issue.

1MDB is said to be weighed down by 42 billion ringgit ($11.4bn) in debt, which has prompted warnings it could affect the country’s credit rating.—AFP

Published in Dawn, June 4th, 2015

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