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Saudi, Oman joint road link for business to open in Oct 2015

RIYADH: The Empty Quarter covers an area of about 640,000sq kms. (Transworld Expedition)The Empty Quarter covers an area of about 640,000sq kms. The inauguration of a 680-kilometre long road linking Oman with Saudi Arabia is expected to be a historic milestone linking two of the biggest countries of the GCC by land for the first time ever. The opening of ... Read More »

Iran petrochemical products exports up $1.494b during Mar-Aug

TEHRAN: Iran exported 2.263 million tonnes of petrochemical products valued at $1.494 billion during March to August this year, a senior official from the Iran Petrochemical Commercial Company (IPCC) was quoted as saying in a report. Mehdi Sharifi Niknafs, executive director, IPCC, said that during the five-month period, 16 consignments of liquefied petroleum gas (such as propane) weighing 218,000 tonnes ... Read More »

Islamabad Customs says challan against model Ayyan submitted, rubbishes conflicting reports

ISLAMABAD: Model Customs Collectorate Islamabad has denied the media reports published in the various sections of press and media which claimed that customs has not submitted the challan in model Ayyan Ali case so far. The customs officials have termed the report as baseless, besides clearing the customs stance saying that “Factual position is that the accused was arrested on ... Read More »

China’s vessel exports’ growth fall to 10.2% in first 7 months

SHANGHAI: China’s vessel exports’ growth slowed further down to 10.2% year on year (y/y), with total exports at USD16.8 billion in the first seven months of 2015, according to Chinese customs statistics. In July alone, the exports decreased 4.6% y/y to USD2.1 billion, the customs said. The vessel exports are forecast to rise by about 5% y/y in 2015 as ... Read More »

China exports dip 6.1% to $188bn in Aug

BEIJING: China’s exports fell 6.1 percent year-on-year to 1.20 trillion yuan (around $188 billion) in August, Customs said Tuesday, the latest batch of data showing weakness in the world`s second-largest economy. But the drop was slightly ahead of the median forecast of a 6.6 percent decline in a survey of economists by Bloomberg News. Imports fell 14.3 percent year-on-year, Customs ... Read More »

European business group warns China runs out of time for reform

BEIJING: A European business group warned that China is running out of time to keep slowing economic growth on track and needs to speed up market-opening reforms promised in a 2-year-old development plan.In some areas, the ruling Communist Party is moving backward on reform pledges by reducing market access for foreign and private companies, said the European Union Chamber of ... Read More »

China inks deal with LinkedIn

SHANGHAI:The world’s largest business social network, signed cooperation agreements with the Shanghai Commission of Commerce and Xuhui District government on international talent cooperation and communication. Reid Hoffman, LinkedIn’s founder and chairman, met Mayor Han Zheng during his visit to Shanghai yesterday. LinkedIn will contribute technologies and resources on talent to help Shanghai become a global technology and science center, especially ... Read More »

China exempts 5% dividend tax for long-term investors

BEIJING – Chinese investors holding a stock for more than one year will be exempted from a 5-percent dividend tax from Tuesday, authorities said. Those who have held a stock for one month or less will have to pay 20 percent of the dividend they receive as income tax when they sell the stock, the Ministry of Finance said Monday ... Read More »

Chinese outbound tourist trips touch 109 m in 2014

BEIJING: China, the biggest outbound tourism market, will continue to make rapid strides with trips and overseas consumption, according to a report here the other day. This is despite a slowdown in the growth of outbound tourist trips in recent years. Robust growth forecast for China’s outbound tourism The report said the number of Chinese outbound tourist trips reached 109 ... Read More »

Alibaba announces to cut campus recruitment quota

BEIJING: Amid the decline in its share price in New York, Chinese e-commerce giant Alibaba Group Holding Ltd has announced a cut in its campus recruitment quota. With the original goal of recruiting more than 3,000 fresh graduates in 2016, the Hangzhou-based company said on its official campus recruitment website that the recruitment quota will “shrink due to changes in ... Read More »

China’s People.cn’s revenue growth falls by 33.11% in H1

BEIJING: People.cn Co Ltd, the online platform of the People’s Daily’s, has seen first-half revenue growth drop by 33.11 percentage points, after the suspension of its Internet lottery business. According to its latest half-year figures, total revenue hit 725 million yuan ($113.8 million) during the period, a rise of 17.07 percent from a year earlier. At the same stage last ... Read More »

CEFC acquires 60% stake in Slavia Prague

BEIJING: CEFC China Energy Company Ltd, considered the country’s sixth-largest private company, has made its latest investment in the Czech Republic, taking a majority 59.97-percent stake for an undisclosed sum in SK Slavia Prague, one of the central European nation’s oldest soccer clubs. CEFC closed a series of strategic agreements in the country last week, including the acquisition of two ... Read More »

Shanghai ODI hits to $12.29bn

SHANGHAI: Shanghai leads the country in outbound direct investment (ODI), with last year’s ODI surging 1.85 times to $12.29 billion, said consulting firm Ernst & Young in its latest report. In the first six months this year, the city saw another 3.2 times year-on-year increase in the ODI filed to $23.95 billion. Among all ODI activities, private enterprises shared an ... Read More »

China’s forex reserves fall to $3.56tn in Aug

BEIJING: China’s foreign exchange reserves fell to $3.56 trillion at the end of August, the country’s central bank announced here the other day. The reserves decreased by $93.9 billion in August, marking the fourth consecutive month of falling forex reserves, according to the People’s Bank of China. But the country’s gold reserves climbed from $59.238 billion at the end of ... Read More »

China to boost financial leasing

BEIJING: The Chinese central government rolled out favorable measures on financial leasing following a top-level meeting chaired by Chinese premier in August that resulted in the decision to boost the sector to help cash-strapped firms. Authorities will cut red tape, improve regulation and gather support from other financial institutions to accelerate development of the sector, said a guideline released by ... Read More »

China revises 2014 GDP growth to 7.3% from 7.4%

BEIJING: China revised its 2014 growth rate to 7.3% from 7.4% due to a weaker-than-reported contribution from the service sector, casting doubt on an economic bright spot amid concerns about the health of the world’s second-largest economy. The change is relatively small but suggests that China’s effort to meet its official growth target of about 7.5% last year was tougher ... Read More »

China’s FDI surges by 7.9%, ODI up 20.8%

BEIJING: Both China’s outbound direct investment to the world and foreign direct investment into the country saw strong growth between January and July, leaving the world’s second-largest economy firmly on track to meet its growth target in 2015. FDI into China grew 7.9 percent year-on-year to 471.1 billion yuan ($74 billion) through the first seven months of this year, while ... Read More »

Russia to export its 30% crude oil to Asia by 2020

MOSCOW: Russia expects to send up to 30% of its crude oil exports to Asia as soon as 2020 and has accelerated work on diversifying its markets away from the west, with production in eastern regions expected to see a significant boost in the next few years, energy minister Alexander Novak said Friday. Russia’s East Siberia and Far East are ... Read More »

Chinese customs dept suffers Rs39.9b revenue loss due to mis-declarations

BEIJING: Customs department has suffered enormous revenue loss of Rs 39.9 billion in CY 2013, following unprecedented mis-declaration in the imports of only 37 Chinese items; it was learnt here on Sunday. According to sources, customs department after cross-matching the export data of China customs with the import data of Pakistan customs for the year 2013 came to know that ... Read More »

Russia, Turkey to boost trade to $100b target by 2020

MOSCOW: Turkey and Russia have signed an action plan to promote bilateral trade in a bid to boost the trade volume between the two countries by up to $100 billion by 2020. The action plan was signed by Turkish Union of Chambers and Commodity Exchanges (TOBB) head Rifat Hisarcıklıoğlu and Russian Union of Industrialists and Entrepreneurs (RSPP) head Alexander Shokhin, ... Read More »

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