AgenciesTOKYO, Oct. 4 — Asian shares dipped on Monday as concerns about China’s property sector and inflation worries offset upbeat U.S. data and positive news on new drugs to fight the coronavirus.Trading in shares of debt-laden China Evergrande was suspended pending an announcement about a major transaction. That comes a few days after the distressed developer missed a key interest payment on its offshore debt obligation for the second time.Chinese media reported on Monday Evergrande will sell a half-stake in its property management unit for more than $5 billion, however, that news did little to sooth sentiment.“The biggest problem is not a default by Evergrande but the environment that has led to its downfall. Authorities are regu...
October 4, 2021 at 12:15 pm | Economic Affairs
AgenciesHONG KONG, Oct.4– Distressed developer China Evergrande is going to sell a half-stake in its property management unit to Hopson Development for more than $5 billion, Chinese media said on Monday.Evergrande and Hopson requested trading halts ahead of a major transaction.Once China’s top-selling developer, Evergrande is facing what could be one of the country’s largest-ever restructurings as a crackdown on debt leaves it unable to refinance $305 billion in liabilities.Evergrande said it requested a trading halt pending an announcement about a major transaction and Evergrande Property Services Group said the announcement constitutes “a possible general offer for shares of the company.”China’s state-backed Global Times said...
October 4, 2021 at 12:09 pm | Economic Affairs
The beginning of the Chinese Revolution in 1911 brought an end to the monarchical system and catalyzed a democratic wave in China. It was a result of efforts from the nationalist forces to bring about democratic norms. National days are of utmost importance, not only culturally, but also in representing independent states and the current government system. October 1st is China's National Day which is to commemorate the founding of the People's Republic of China in 1949. There are usually many activities arranged in Tian'anmen Square in Beijing to celebrate that day. Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) paid tribute to the people and government of China on account of China’s National Day to acknowledge t...
October 2, 2021 at 12:08 pm | Economic Affairs
Edited & compiled by Abdul Sattar The Communist Party of China is the vanguard of China’s working class, the Chinese people, and the Chinese nation. Serving the people wholeheartedly is its abiding mission. The country is the people and the people are the country. The CPC is dedicated to the people and forever puts their interests first. It follows the underlying trends of social development and respects the people’s principal role in making history. It pursues the lofty goal of working for the wellbeing of the Chinese people, and does everything in the interests of the people. The CPC is rooted in the people. It was born in 1921 in the great struggle against the feudal rule and foreign aggression, at a time when Marxism-Leni...
October 2, 2021 at 12:01 pm | Economic Affairs
On September 21, 2021, President Xi Jinping attended the general debate of the 76th session of the United Nations (UN) General Assembly in Beijing via video link and delivered an important speech titled "Bolstering Confidence and Jointly Overcoming Difficulties to Build a Better World". Xi Jinping pointed out that this year marks the centenary of the Communist Party of China. It is also the 50th anniversary of the restoration of the lawful seat of the People's Republic of China in the UN, a historic event which will be solemnly commemorated by China. We will continue our active efforts to take China's cooperation with the UN to a new level and make new and greater contributions to advancing the noble cause of the UN. Xi Jinping stres...
October 2, 2021 at 11:51 am | Economic Affairs
October 1, 2021Islamabad(Special Report) Director General of the Ministry of Foreign Affairs Mr Muhammad Mudassar Tipu has said that the Communist Party of China transformed China by bringing about 800 million people out of the poverty, an unprecedented achievement in the history of mankind. He was speaking here today at an impressive ceremony organized bythe Representative Office of the Chengdu Association for Foreign Trade and Economic Co-operation (CAFTEC), to commemorate 72nd anniversary of the establishment of People’s Republic of China. The reception was attended by members of business community, Chinese entrepreneurs and civil servants.In his key note address at the Ceremony, Mr. Mudassir Tipu underscored that: “The Communist Pa...
October 1, 2021 at 2:11 pm | Economic Affairs
AgenciesSINGAPORE, Oct. 1– Singapore’s central bank announced plans on Friday to introduce a digital platform that will enable banks to share information on customers and transactions, part of efforts to prevent money laundering and terrorism financing.The platform is co-created by the Monetary Authority of Singapore (MAS) and six major commercial banks in the city-state - DBS Group, Oversea-Chinese Banking Corp, United Overseas Bank, Standard Chartered Bank, Citibank and HSBC, an MAS statement said.
October 1, 2021 at 2:00 pm | Economic Affairs
AgenciesSINGAPORE, Oct. 1 - US dollar started last quarter of year near its highest levels, headed for its best week since June as investors expected a hawkish-sounding Federal Reserve to lift U.S. interest rates sooner than its major peers.Markets in Hong Kong and China are closed on Friday. Later in the day, traders are awaiting U.S. personal spending and core consumption deflator data and nervously watching for any progress on the debate over raising the U.S. debt ceiling.The dollar index stood at 94.287, having gained 1.1% so far this week, the largest weekly rise since late June.The euro was steady on Friday at $1.1578, but has fallen about 1.3% during the week, and through major support around $1.16, to touch its lowest levels since ...
October 1, 2021 at 1:58 pm | Economic Affairs
EA ReportRAWALPINDI, Oct. 1– Civil Aviation Authority (CAA) has decided to restrict one flight each of the two designated airlines of Kuwait following the kingdom’s continued ban on the operations of Pakistan’s national carrier.A spokesman for the CAA said the weekly three flights each of Kuwait Airways and Jazeera Airways to and from Pakistan have been restricted to two flights each with effect from Oct 1.“One of the weekly flights of Kuwait Airways and Jazeera Airways has been canceled from October 1,” a CAA spokesperson said.CAA will be forced to initiate further regulatory action if Kuwait does not allow the PIA to operate flights.Approval of PIA flight operations from Kuwait is conditional on the terms of the air services ag...
October 1, 2021 at 1:56 pm | Economic Affairs
Islamabad, Oct. 1 — Finance Minister Shaukat Tarin Friday said petrol prices were cheaper in Pakistan than the rest of the region and the world.His comments came a day after the government increased the petrol price by Rs4 per litre. The price of petrol stands at Rs127.30 per litre from October 1 (today).Addressing a press conference in Islamabad with Minister of State for Information Farrukh Habib, Tarin said "We are not even charging [petroleum] levy even though we have kept a target of Rs600 billion for it in the budget. But we and the prime minister didn't care for it.There are only 16 other countries which have lower petrol prices than ours. They are oil producers and have their own oil."Finance minister added that Pakistan had chea...
October 1, 2021 at 12:23 pm | Economic Affairs
Pakistan Rupee Exchange Rate