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Allahwala hails AD Rana Yasir’s efforts for streamline passport system

FAISALABAD: Senior vice President Faisalabad Chamber of Commerce and Industry Nadeem Allahwala has lauds Assistant Director Rana Yasir’s efforts for addressing people’s complaints regarding passports. He demanded the government immediately start online passport system. He said that soon after assuming the charge of his office, Rana Yasir took measures to rid the department of “tout mafia” . He said that 50 cases were ... Read More »

Finland’s new car registrations up by 8.8% to 8,721 in July

HELSINKI: The number of new passenger cars registered in July 2015 was 8,721, which was 8.8 per cent up from the corresponding period of the year before, according to Statistics Finland. A total of 13,896 new motor vehicles were registered, of which 9,740 were automobiles, during the month. First registrations increased by 3.2 per cent from the corresponding month of ... Read More »

Netherlands to strengthen support to Ghana in vegetable production

AMSTERDAM: Netherlands has signaled its determination to strengthen support to Ghana in the area of commercial vegetable production to substantially increase the sector’s contribution to the economy. Ms Mariska Lammers of the Dutch Embassy in Accra, said the focus now was on the promotion and development of strong trade relations but not aid. She said there were opportunities for trade ... Read More »

NAB arrests ex-president PHF Qasim Zia on corruption charges

LAHORE: The National Accountability Bureau (NAB) Punjab has arrested  Pakistan Peoples Party’s (PPP) leader Qasim Zia on account of corruption. He was arrested on Saturday and produced before a Court as well. Qasim Zia who is one of the director’s of Ali Usman Securities, was arrested following a raid by NAB officials on account of his alleged involvement in a ... Read More »

Russian trade invites Chinese investors to East Russia Economic forum

MOSCOW: Russian trade and development officials are in Beijing to invite Chinese companies and investors to the East Russia Economic Forum in September. CCTV’s Wang Tongxuan discussed Russia’s plans with Maxim Shereykin, Deputy Minister for development of Russia’s Far East. Russia has launched a drive to develop its Far East region, and wants to boost cooperation with China. “This is ... Read More »

Western sanctions can cut Russian GDP by 9%: IMF

MOSCOW: Sanctions linked to the Ukraine crisis could end up costing Russia 9 percent of its gross domestic product, the International Monetary Fund said on Monday. Russia’s economy is showing signs of stabilization after slumping under pressure from Western financial sanctions and Russian counter-measures. Low international prices for its oil exports have added to pressure on the ruble and government ... Read More »

Saudi Arabia Tadawul down 1.55% to hit new 3-months low

RIYADH: Saudi Arabia stocks were lower after the close on Thursday, as losses in the Multi Investment, Transport and Industrial Investment sectors led shares lower. At the close in Saudi Arabia, the Tadawul All Share declined 1.55% to hit a new 3-months low. The best performers of the session on the Tadawul All Share were Alinma Tokio Marine Co (SE:8312), ... Read More »

Chinese, Russian regions ink economic, investment deals

CHENGDU: Economic, investment and cultural agreements have been signed at a forum on cooperation between regions along the Yangtze River in China and the Volga River in Russia. The forum on Friday was co-chaired by Chinese State Councilor Yang Jiechi and Mikhail Babich, Russia’s presidential envoy, in Chengdu, capital of southwest China’s Sichuan Province. Yang said he hoped the two ... Read More »

China’s Dalian Wanda in talks to buy World Triathlon for $850m

BEIJING: Chinese property and investment firm Dalian Wanda Group is in exclusive talks to acquire World Triathlon Corp, the United States-based owner of the popular Ironman Triathlon franchise, for more than $850 million, according to a person familiar with the matter. The potential deal underscores China’s increasing appetite for US media assets. Live events and sports brands are some of ... Read More » acquires 10% stake in Yonghui Superstores for $700m

SHANGHAI: Chinese online retailer said here the other day that it has bought a 10-percent stake in domestic supermarket Yonghui Superstores for 4.31 billion yuan ($700 million). The deal is part of the online retailer’s campaign to leverage existing networks of bricks-and-mortar stores to boost its supply chain and diversify its offline offerings, as competition with rival Alibaba, which ... Read More »

China rejects $17.6b investment to protect environment

BEIJING: China rejected 17 proposed construction projects involving a total investment of 109 billion yuan ($17.6 billion) for reasons of environmental protection in the first half of 2015, the Ministry of Environmental Protection (MEP) said here the other day. The 17 projects were among 92 examined by the MEP in the first six month, which involved more than 700 billion ... Read More »

Pak-China customs to implement global customs valuation system

BEIJING: Trade statistics variation have shown by Pakistan and Chinese customs authorities needs to be addressed by implementation of transparent, coherent and fully integrated global customs valuation system with a strict check on over and under-invoicing,” the President of the Pak-China Joint Chamber of Commerce and Industry, Shah Faisal Afridi said in a statement on Thursday. He said the values ... Read More »

Russian currency tumbles 2% against dollar as crude prices weakens

MOSCOW: The Russian currency sank to its lowest level since February on Thursday, extending a recent rout as the price of crude oil fell below $48 a barrel and appeared to be heading for a 2015 bottom. The ruble tumbled 2 percent against the U.S. dollar to 64.6 in the early evening, bringing its decline against the greenback over the ... Read More »

Saudi Arabia executes Ethiopian for smuggling heroin

RIYADH: Saudi Arabia on Wednesday put to death two Ethiopians, a Pakistani and a Saudi. The executions typically carried out by public beheading — bring the number of executions to 114 this year, compared with 87 for all of 2014, according to AFP tallies. Ethiopians Argawi Aldo Heilan Meriam and Hadish Zel Alam had been convicted of beating a fellow ... Read More »

Bangladesh’s foreign exchange records $25.46b in July

DHAKA: Bangladesh’s foreign exchange reserves hit a record $25.46 billion at the end of July, the central bank said on Monday, fuelled by steady exports and remittances. The slower pace of import growth, on the back of a fall in global commodities prices, also helped to boost reserves about 19 per cent over the corresponding period last year. The reserves ... Read More »

GM’s China sales fall 4% in July

BEIJING: General Motors Co’s China sales last month fell 4 percent year on year, but the United States-based firm said it remains upbeat about profit margins in its second-largest market. GM and its joint ventures sold 229,175 cars in China in the month, attributing the decline to model changeovers, it said in a statement on its website yesterday. The July ... Read More »

Coca-Cola invests  $50m in new plant in central China

BEIJING: Coca-Cola kicks off its new plant construction in Changsha, Hunan Province, yesterday. The plant represents a US$50 million investment and is the second Coca-Cola factory in Hunan. COCA-COLA officially kicked off its new plant construction in Changsha, Hunan Province, yesterday. The new plant represents a US$50 million investment and is the second Coca-Cola plant in the province. Building a ... Read More »

China imports 162,751 hectoliters beer from Belgium in 2014

BEIJING: China imported more Belgian beers than Japan in 2014, becoming Asia’s largest consumer of Belgian beers, the president of the Federation of Belgian Brewers, Jean-Louis Van de Perre, said during an exclusive interview with Xinhua here the other day. According to the latest report published by the Federation on the export of Belgian beers, the export of Belgian beers ... Read More »

FBR collects Rs 148b in July 2015 against Rs 133b in July 2014

ISLAMABAD: Marking 11 percent growth over thr last year, the Federal Board of Revenue (FBR) has collected Rs 148.98 billion net revenue during first month (July) of current fiscal year 2015-16 against the collection of Rs 133.96 billion in the same month of the last fiscal year 2014-15. As per statistics of the FBR, it generated Rs 16.245 billion net ... Read More »

FBR asked to take notice of banks deducting 0.3pc WHT‏

LAHORE: Traders and industrialist of Progressive Group have urged the Finance Ministry and the Federal Board of Revenue (FBR) to take notice of the banks deducting 0.3 percent withholding tax from even the filers despite clear instructions issued by the government and the FBR many  times. Progressive Group’s President Khalid Usman and deputy secretary Muhammad Ejaz Tanveer said that they ... Read More »