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Corporate Watch

Corporate Watch

Meezan Bank launches youth business loan

KARACHI: Meezan Bank has formally launched a set of financing schemes to provide Shariah-compliant financing under the Prime Minister’s Youth Business Loan (PYMBL) programme, said a press release on Friday.

“The government’s programme is aimed at socio-economic development of the country’s youth. It will provide a broad canvas of schemes focused on enabling the country’s youth to get employment opportunities,” it added.

Under these schemes, financing would be available to eligible youth under four major categories comprising of small entrepreneur, microenterprise, agriculture finance (tractor Ijarah) and transport finance (car Ijarah).

Bestway inaugurates two power plants

KARACHI: The inauguration ceremony of the 6 megawatt (MW) and 7.5MW waste heat recovery power plants was held at Bestway Cement Limited’s operations at Hattar and Farooqia, District Haripur respectively here on Friday.

This investment follows the company’s successful acquisition of Lafarge Pakistan, now known as Pakcem Limited, for an enterprise value of $329 million in July 2014.

According to a press release, group Chairman Sir Anwar Pervez said Bestway further plans to invest nearly $30m in Pakcem Limited, including another 9.8MWwaste heat recovery power plant at its Kallar Kahar operation later this year.

Mitsubishi to end car production in US

TOKYO: Japanese automaker Mitsubishi will stop making cars in the United States as it looks to shore up its business in Asia, a report said on Friday.

The leading Nikkei business daily said Mitsubishi will halt production of Outlander SUVs at a factory in the state of Illinois, and may sell the site to another automaker.

Further details would be announced later, the Nikkei added.

The Illinois factory started operations in 1998 and has 1,250 employees, according to the company, which did not confirm the report.

“Mitsubishi Motors Corporation in the US has always been considering optimising its global production structure including (the Illinois factory), “it said in a statement.

Published in Dawn, July 25th, 2015

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