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NAB authorizes 2,295 inquiries, 801 investigations in six years

ISLAMABAD: National Accountability Bureau (NAB) has authorized 2,295 inquiries and 801 investigations during last six years as part of its measures to combat corruption and corrupt practices. The year-wise data of inquiries issued by Law Division Ministry has showed on Tuesday that during year 2010 the authorities in Bureau authorized 242 inquiries, 359 in 2011, 232 in 2012, 284 in ... Read More »

CMHI issues $700m worth in bid to support port operations

CHINA: China Merchants Holdings (International), the port unit of state conglomerate China Merchants Group, issued $700m worth of guaranteed notes on Monday in a bid to further support its port operations. The notes, to be listed on the Hong Kong Stock Exchange, include a five-year tranche of $200m and a 10-year tranche of $500m, with fixed coupon rates of 3.5% ... Read More »

China set up Internet foundation for public welfare

BEIJING: China set up a foundation here the other day to help the Internet better serve the public and improve global Internet governance cooperation. The semi-official foundation, called China Internet Development Foundation, has been approved by the State Council and will be under the management of Cyberspace Administration of China. Ma Li, president of the foundation, said their purpose is ... Read More »

China’s economic growth expects 7% decrease this year

BEIJING: Downward pressure on China’s economy will persist in the second half of the year as growth in infrastructure spending and exports is unlikely to pick up, a senior central bank official was quoted as saying. Chinese companies are not optimistic about business prospects according to the central bank’s second-quarter survey, Sheng Songcheng, the director of the statistics division of ... Read More »

Sinopec plans to cut costs

BEIJING: Sinopec Group, the second-largest energy company in China, plans to cut costs by recalling 40 percent of its overseas staff in the wake of plunging oil prices. Up to 160 employees from Sinopec International Petroleum Exploration & Production Co, a subsidiary of the group focusing on overseas upstream businesses, will be brought back to Sinopec’s headquarters in Beijing, according ... Read More »

China’s Tujia.com collects $300m

BEIJING: Tujia.com has raised $300 million at a valuation of more than $1 billion, as the Chinese vacation rentals site, often compared with Airbnb Inc, pursues financing to bankroll a global expansion. All-Stars Investment Ltd led the latest round of financing, the startup said in a statement here the other day. The Chinese investment firm also backs smartphone maker Xiaomi ... Read More »

Iran to buy 90 Airbus, Boeing to renovate aviation fleet

TEHRAN: Iran plans to buy 90 Airbuses and Boeings annually in a bid to renovate its aviation fleet, said Mohammad Khodakarami, the acting director of Iran’s Civil Aviation Organization (CAO). “The nuclear agreement with the P5+1 group has clearly stated that the ban on buying, renting, and transferring engines or parts of planes has been removed,” Khodakarami said. “In this ... Read More »

Iran’s rail transit goods hit 109% volume

TEHRAN: The volume of goods transited by the Iranian rail network jumped by 109 percent in the first four months of the current Iranian calendar year, which began on March 21, said Ane-Mohammad Gharavi, chairman of the transit committee at the Iranian Railways Company. More than 452,000 tons of goods were transited in the four-month period to Central Asia and ... Read More »

Iran exports 3.1mt to $870m petrochemical products in past 4 months

TEHRAN: Iran exported more than 3.1 million tons of petrochemical products, worth $870 million, in the first four months of the current Iranian calendar year, which began on March 21, the Shana news agency reported on Saturday. Based on official statistics, Iran has a capacity to produce 60 million tons of petrochemical per year. The country’s annual petrochemical export is ... Read More »

Iceland to maintain trade sanction against Russia

MOSCOW: Iceland will not be changing its policy regarding trade sanctions against Russia, but not without reservations from some members of parliament. Birgir Ármannsson, the chairperson of Iceland’s Foreign Affairs Committee, told RÚV that “there is no reason” to stop the country’s participation in the international sanctions against Russia, which includes the participation of the EU and the US. “Iceland ... Read More »

China’s state oil to start pumping 160,000 bpd in Iran

TEHRAN: China’s state oil giants are set to start pumping a combined 160,000 barrels a day at two projects in southwestern Iran from around October, company sources said, contributing to Tehran’s plan to boost output ahead of sanctions being lifted. Chinese energy firms had earlier put on hold or slowed work on energy projects in Iran from late 2010, worried about ... Read More »

Zimbabwe importing 400,000 STBs boxes from China

HARARE: Zimbabwe is importing 400,000 set-top boxes from China to boost its digital TV migration programme. The country is among the 50-odd African nations that have failed to switch off analogue TV signals on 17 June, 2015. Zimbabwe is now installing digital transmitters to complete the digital migration by the year-end. “We are currently testing the TV set-top boxes model ... Read More »

Chinese police seize 900 python molurus hides

BEIJING: Police in China have seized more than 900 python molurus hides after an undercover investigation into the wild animal trade. Amazing pictures show the scale of the haul – worth eight million Yuan (£825,000) – and made up of 961 sheaths of snake skin. Officers wore masks and gloves as they sorted through the loot following a raid last ... Read More »

China police confiscate 150,000 counterfeit Shopkins toys

BEIJING: “It is critical that we cease any counterfeit activity so that Shopkins fans can be certain they are buying the genuine product,” said Paul Solomon, co-CEO of Moose Enterprise. Australia-based toy maker Moose Toys has taken aggressive action to protect its best-selling Shopkins brand against counterfeiters, as the firm’s agents, together with local police, raided two Chinese manufacturers located ... Read More »

Chinese economy to gain traction in H2: report

BEIJING: The slowing economy will gain traction in the second half of this year, supported by improving exports and household consumption and a rebounding property market, a Chinese bank has forecast. “Against the backdrop of a mild global economic recovery, China’s exports may grow moderately in the second half of this year, and broader economic growth may pick up,” said ... Read More »

China’s Bohai Leasing offers to buy Avolon for $2.55b

BEIJING: China’s Bohai Leasing Co Ltd has offered to buy Irish rival Avolon for $2.55 billion, a 55 percent premium over its December initial public offering, the Irish firm has said. Avolon said it was considering Bohai’s $31 per share offer and a rival $30 per share bid from an unidentified bidder and was in contact with both parties. Shares ... Read More »

China’s YFS to open fuel-tank plant in Detroit in early 2017

BEIJING: YFS Automotive Systems Inc, a Chinese-owned maker of automotive fuel tanks, will open a plant in Detroit in early 2017 that is expected to eventually employ 174 people. The nearly $27 million investment, announced on Wednesday, comes despite some problems with China’s economy. Growth has slowed more than anticipated and recently the country’s stock market has taken a tumble. ... Read More »

China’s DJI sales surge in Latin America

BEIJING: From fighting forced labor to surveying Inca relics, Chinese unmanned aircraft are tapping an emerging market for consumer drones in Latin America. China’s top civilian drone maker, DJI, saw sales surge in the region based on demand from fun-seeking members of the public as well as firms and public services, Wang Fan, the company’s public relations director, told Xinhua. ... Read More »

China’s CITIC Securities responds to short-selling accusations

BEIJING: China’s top securities broker, CITIC Securities, responded here the other day to claims that it has short-sold Chinese shares. On Friday, the Shanghai and Shenzhen exchanges restricted trading of 24 accounts as they were suspected of misleading other investors by frequent orders and cancellations. One of the accounts used to be owned by two shareholders, a foreign hedge fund ... Read More »

Customs PCA issues Rs 62.84m audit observations in July 15

KARACHI: The Customs Post Clearance Audit (PCA), Karachi has issued some 22 audit observations involving tax evasion by the importers to the tune of Rs 62.84 million for taking illegal and inadmissible benefits under SRO 450(I)/2001 dated 18.6.2001. These audit observations have been issued during the month of July 2015, reflecting extra ordinary performance of the PCA directorate Karachi and ... Read More »