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Global Ports set to take 31% stake in Valletta Cruise Port

ANKARA: Turkish port operator Global Ports Holding, part of the Global Yatirim conglomerate, has signed a binding agreement to acquire a 30.79% stake in Maltese cruise terminal operator Valletta Cruise Port (VCP). Completion of the transaction depends on completion of legal and administrative procedures, however, as well as on the position of existing VCP shareholders, who could use their right ... Read More »

Global TV shipments fall 8% in Q2 of 2015

BEIJING: Apple might have the new Apple TV box, but it might want to steer clear of building that mythical Apple television. The TV-making business is rough. Global TV shipments dropped 8% in the second quarter of 2015, versus the year-ago quarter, according to IHS Inc. That’s the largest year-over-year decline in a quarter since Q2 2009, when global demand ... Read More »

Iran expects to create raft trade, investment opportunities

TEHRAN: Iran’s recent deal with world powers is expected to create a raft of trade and investment opportunities for Dubai, widely seen as Tehran’s stepping stone to re-engagement with global markets. The preliminary nuclear agreement, announced on July 14, would allow Iran to resume trade on the international energy market and regain access to an estimated $100 billion of frozen ... Read More »

Iran’s oil imports 350k bpd to Japan last month

TEHRAN: Amir-Hossein Zamaniniya, Iran’s deputy petroleum minister for international and commercial affairs, has been quoted by the media as saying that the proposal was raised during meetings with a high-ranking Japanese trade delegation to Tehran. “Japan is a very conservative country and its companies immediately left immediately after the implementation of sanctions against Iran,” Zamaniniya said. “Still, we are not ... Read More »

Russia’s VTB Bank signs $1.9bn trade finance agreement with CDB

MOSCOW: Russia’s VTB Bank has signed a Rmb12bn (US$1.9bn) trade finance agreement with China Development Bank (CDB) to help clients fund bilateral import and export operations. Yet, the two countries’ apparent rapprochement is leaving analysts sceptical. According to VTB, the agreement represents further expansion of the two banks’ partnership, aiming to increase national currency settlements between the two countries, as ... Read More »

Oman’s Port of Salalah phase 3 expansion planned

MUSCAT: Three new container berths, new government berths, a dedicated cruise terminal, expanded breakwater arms, and a new approach channel will be constructed as a part of the Phase 3 expansion of Port of Salalah, it has been reported. Billed as the largest upgrade since the port came into operation in 1998, the Phase 3 expansion is expected to cost ... Read More »

Bangladesh seizes cocaine in oil shipment in Chittagong port city

DHAKA: Bangladeshi authorities have confirmed that cocaine was hidden in a shipment of edible oil seized in the port city of Chittagong. The authorities confirmed the findings on Tuesday after 107 barrels were seized earlier in the year — reportedly the largest shipment of “liquid cocaine” ever retrieved — but said they were not sure exactly how much cocaine had ... Read More »

Pak rupee recoups value against dollar to reach 104.80

KARACHI: The Pakistani currency Friday recouped value against the US dollar in cash-free market and remains firm in interbank. As per the local currency market, the US dollar shed 90 paisas in open market to reach 104.80 and remained unchanged in interbank at 104.10. On Thursday, the greenback gained 85 paisas in open market to be traded at 105.70 and ... Read More »

China plans to invest in Afghanistan economy through new Silk Road

BEIJING: China is planning an increased economic role in Afghanistan through its Silk Road initiative and through the Shanghai Cooperation Organization (SCO), analysts from the Chinese establishment and independent experts have said. China’s Silk Road economic schemes also target Afghanistan, commented Andrew Small, a transatlantic fellow with the German Marshall Fund’s Asia program, in a note published Sept. 1. “Despite ... Read More »

China to integrate customs special supervision areas to facilitate, encourage trade

BEIJING: China will integrate its specially-supervised bonded zones to facilitate and encourage trade in key areas such as the high-tech and high-value added sectors, according to a circular issued by the State Council. The move aims to promote the transformation and upgrading of the processing sector, facilitate the implementation of major national strategies including the Beijing-Tianjin-Hebei integrated development program and ... Read More »

Dell plans to invest $125bn in China over next 5 years

BEIJING: Dell Inc announced here the other day that it plans to invest US$125 billion in China over the next five years, a record investment in its second-biggest regional market. Besides the US$125 billion investment by 2020, Dell will introduce Dell Ventures into China for the first time to support innovation, and cooperate with Kingsoft to offer cloud computing service ... Read More »

Apple underpaid $66.56m in taxes in China

BEIJING: Apple Inc, the US tech giant, reportedly underpaid 425 million yuan ($66.56 million) in taxes in China at the end of 2013, according to a quality inspection report issued by the Ministry of Finance here the other day. The Ministry of Finance said Apple underreported 8.799 billion yuan revenue and 3.446 billion yuan cost, and overstated 5.354 billion yuan ... Read More »

China exports see positive growth, imports decline this year

BEIJING: China’s exports will see positive growth this year while the decline in imports will ease, state media quoted the commerce ministry as saying on Thursday (Sep 10). The fundamentals of China’s foreign trade have not changed, the official Xinhua news agency quoted Wang Dongtang, deputy director of the ministry’s Foreign Trade Department of as saying. China’s imports shrank far ... Read More »

China’s Dongfeng Nissan fined $19.2m for violating antitrust law

BEIJING: The joint venture between Japan’s Nissan Motor Corp and China’s Dongfeng Motor Corp violated antitrust laws, according the Chinese regulators Chinese authorities fined Dongfeng Nissan, Nissan Motor Corp’s joint venture with China’s second-largest automaker Dongfeng Motor Corp, $19.2 million on Thursday for violating antitrust laws. Other global automakers and suppliers that were previously fined for such violations include Audi, ... Read More »

China’s Baidu Inc eyes Brazil, Indonesia, India markets

SHANGHAI: China’s search engine giant, Baidu Inc, is eyeing Brazil, Indonesia and India as key regions for its global expansion, said the company’s president Zhang Yaqin in Beijing here the other day. “We chose target countries which are similar to China, with large populations and at the eve of the outbreak of mobile Internet development,” said Zhang at the company’s ... Read More »

China’s economic growth expects to be 7.1% in 2015

BEIJING: China’s economic growth in 2015 is expected to be 7.1 percent, according to a research report released by Xiamen University in Japan’s Kobe here the other day. The report was released at an international seminar on China’s macroeconomic performance jointly organized by China’s Xiamen University, Economic Information Daily of Xinhua News Agency, and Japan’s Kobe University. The report is ... Read More »

China, Arab States to explore cooperation

YINCHUAN – State leaders, government officials and corporate executives gathered for a four-day expo to seek cooperation opportunities in Northwest China’s Ningxia Hui autonomous region here the other day. The second China-Arab States Expo, a platform to promote ties between China and Middle Eastern countries, kicked off in Yinchuan, capital of Ningxia, home to more than 10 percent of China’s ... Read More »

Russia, China port authorities to create logistic center in Moscow

MOSCOW: Russian rail monopoly RZD and the operator of the Yingkou port are looking to create a logistics center in Moscow and a logistics park at the northern Chinese port. The memorandum of cooperation signed between the duo Russian railroad and China Yingkou Port Group Corporation builds on their respective countries’ plan to build build a new seaport in Zarubino, ... Read More »

China’s Tsinghua Holdings plans $78.4m fund to aid tech transfer

BEIJING: Tsinghua Holdings, a technology conglomerate backed by Tsinghua University, is setting up China’s first technology transfer fund with an initial investment of 500 million yuan ($78.42 million) to foster innovation in the high-tech sector. The fund will invest in research and development projects, including medical and electronic technology, that can transfer scientific achievements into business projects, Xu Jinghong, chairman ... Read More »

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