Bloomberg State-backed Shanghai Electric Power Co. agreed to pay buyout firm Abraaj Group $1.77 billion for a controlling shareholding in Pakistani utility K-Electric, gaining access to 2.5 million customers in the south Asian country’s most populous city. Abraaj is selling its 66.4 percent stake in K-Electric through its KES Power unit, according to a statement posted on its website, …

  BEIJING / AP A senior US official urged China to work with the US to close a loophole on North Korean coal imports that Washington believes has been critical to propping up the isolated country’s finances. Deputy Secretary of State Antony Blinken said in Beijing ahead of talks with Chinese officials that Chinese coal imports from North Korea contributed …

  Wellington / AFP Peter Jackson’s “Lord Of The Rings” and “Hobbit” series have proved to be as precious to New Zealand’s economy as any magical ring as millions flock to the country for a glimpse of Middle Earth, making tourism the main driver of growth. For years, coffers have been supplemented mainly by booming sales of dairy products from …