Asia

Billionaire Jack Ma pays a hefty price for offending the Chinese regime
20Nov mmBy Joe RodriguezNo Comments
Asia, China, World

Billionaire Jack Ma pays a hefty price for offending the Chinese regime

The year 2020 could have been the best year for Jack Ma, the billionaire founder of fintech giant Ant Group Co. Ltd. But now, he is paying an extremely high price for challenging the Chinese Communist Party.The state has pulled the plug on the ANT group, which could have been the biggest Fintech Company in the world. The initial public offering of Ant Group, the internet finance giant, was ready with its $34 billion stock debut in Shanghai and Hong Kong.This would have been the biggest IPO, or first sale of stock in the world - greater than the listing of Saudi Aramco, the state-run oil giant, when it went public last year. But the initiative received a huge blow from the Chinese authorities as the government suspended the public listing of the company abruptly.This caused a severe setback...
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J&K: Industrial Association Kashmir hold oath ceremony of newly elected body
19Nov mmBy Joe RodriguezNo Comments
Asia, Market

J&K: Industrial Association Kashmir hold oath ceremony of newly elected body

In the Indian union territory of Jammu and Kashmir (J&K), Industrial Association Kashmir held an oath ceremony to welcome a newly formed body headed by Imran Murtaza and senior vice President Zahoor Ahmad Malik of Agrino Snacking.During the event, the speakers stressed upon entrepreneurship and the scope of the manufacturing sector in Kashmir. Also, the speakers applauded the role of J&K Bank regarding the industrial sector in the estate.Industrial estate Khanmoh produces a great variety of products like POP, bakery, cement products, milk, and furniture, mainly for the consumption of the local market.Dignitaries who were present at the function included MD SIDCO, Agha Aijaz Hussain; J&K Bank zonal officer, Rais Maqbool; FCIK president, Shahid Kamili; Sheikh Ashiq, President KCC...
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J&K: Dairy farmers earn Rs 30,000 crore in 3 months with JKMPC
19Nov mmBy Joe RodriguezNo Comments
Asia

J&K: Dairy farmers earn Rs 30,000 crore in 3 months with JKMPC

By collaborating with Jammu and Kashmir Milk Producers Cooperative Limited (JKMPCL), dairy farmers in the Indian union territory of Jammu and Kashmir (J&K) did a business of Rs 30,000 crore during last three months.The dairy farmers are finding this way of doing business very beneficial. This is also giving a chance to women who are domesticating cows at their homes a chance to be self-reliant."I have found a way to be self-sufficient through JKMPCL, as it gives me a chance to do business with them on an everyday basis," said Momina, a homemaker.Every day, JKMPCL collects one lakh litres of milk through 600 dairy cooperative societies at an average price of Rs 35 per litre."Right now, 30,000 farmers are associated with JKMPCL and cover 600 villages, which include six districts in Jammu...
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Japan hopes RCEP deal pushes Biden and U.S. to rejoin trade frameworks
17Nov By Desk TeamNo Comments
Asia, China, Singapore, World

Japan hopes RCEP deal pushes Biden and U.S. to rejoin trade frameworks

The long-awaited free trade agreement signed Sunday between 15 Asia-Pacific countries after eight years of talks reflect their determination to strengthen economic unity and promote free trade, regardless of political differences, as questions loom over how U.S. President-elect Joe Biden will engage with the region. Japan hopes the Regional Comprehensive Economic Partnership, which includes China and South Korea and represents 30% of the world’s trade and population, will encourage the United States to return to a multilateral trade framework. “Regarding RCEP, it may create discussions in the United States, such as ‘is it okay that we are sitting out when a free trade network is created in the Indo-Pacific?'” a senior Japanese diplomat said. The Trans-Pacific Partnership had been promot...
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Malaysia’s AirAsia Group reviewing India investment, hints at possible exit
17Nov By Desk TeamNo Comments
Asia, Market, World

Malaysia’s AirAsia Group reviewing India investment, hints at possible exit

KUALA LUMPUR: Malaysia's flagship budget carrier AirAsia Group has given its strongest indication to date that it could exit India, saying on Tuesday (Nov 17) it was reviewing its investment in a joint venture airline there. The group said in a statement that its operations in India, like those of its now-shuttered Japan business, have been draining cash and adding to the group's financial stress. "Cost containment and reducing cash burn remain key priorities evident by the recent closure of AirAsia Japan and an ongoing review of our investment in AirAsia India," it said. AirAsia shut its operations in Japan, the smallest of its foreign offshoots, last month. The airline owns 49 per cent of AirAsia India, a joint venture with Tata Sons. The Times of India reported last month, citi...
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Delhi Court rejects bail plea of Chinese national arrested under Official Secrets Act
17Nov mmBy Joe RodriguezNo Comments
Asia, China, Market

Delhi Court rejects bail plea of Chinese national arrested under Official Secrets Act

A bail petition by Miss Qing Shi, a Chinese National arrested in India by special cell of Delhi Police under the Official Secrets Act has been rejected by a Delhi Court.She was arrested along with freelance Journalist Rajeev Sharma and one other accused in September.While rejecting the bail, Chief Metropolitan Magistrate Pawan Singh Rajawat said that “no ground is made out to grant bail to Qing Shi at this stage.”The court noted that, if accused Wing Shi is released on bail, she will not only try to flee from the country through land routes but may also attempt to indulge in similar offences.The court also observed, “Furthermore, the other material which was recovered coupled with the preliminary electronic evidence collected by the investigating agency points towards involvement of accuse...
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South Korea takes in 164 asylum seekers from nearly 6,000 applicants
17Nov By Desk TeamNo Comments
Asia, USA, World

South Korea takes in 164 asylum seekers from nearly 6,000 applicants

SEOUL: South Korea has accepted just 164 asylum seekers this year from nearly 6,000 who applied despite COVID-19 travel curbs, government data showed. Immigration is a contentious issue in South Korea, where many pride themselves on ethnic homogeneity, even as its population of 51 million rapidly ages and the labour force shrivels. The figure of 5,896 applicants for refugee status between January and August was down about 36 per cent from the corresponding period last year, data from the justice ministry showed last week. Russians topped the list of applicants at nearly 18 per cent, followed by people from Egypt, Kazakhstan, Malaysia and India. Only about 4 per cent of the 4,019 who completed the screening process were accepted or granted residency for humanitarian reasons, althoug...
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Gilgit-Baltistan election: Imran Khan’s PTI wins most seats
16Nov mmBy Joe RodriguezNo Comments
Asia

Gilgit-Baltistan election: Imran Khan’s PTI wins most seats

In the controversial legislative assembly election in Gilgit-Baltistan, Pakistan Prime Minister Imran Khan’s Pakistan Tehreek-i-Insaf (PTI) on Monday has won the most seats.Elections were held on 23 seats of the third legislative assembly on Sunday amidst tight security due to the threat of militancy.Unofficial results compiled by the various media outlets showed that PTI won at least 8 to 9 seats, but it was still well short of majority to form the government. However, it was in a position to form the government as 6-7 independent candidates also won.India has slammed Pakistan for its decision to hold elections in Gilgit-Baltistan and said any action to alter the status of the militarily-occupied region has no legal basis.According to Geo TV, PTI won 8 seats, independent candidates 6, Pak...
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Pakistan’s Covid-19 situation worsens; 2,443 new cases
16Nov mmBy Joe RodriguezNo Comments
Asia

Pakistan’s Covid-19 situation worsens; 2,443 new cases

For the third consecutive day, Pakistan has reported over 2,000 new covid-19 positive cases on Sunday, taking the national tally of Covid-19 cases to 356,904.“Another 2,443 people tested positive for the deadly virus during the last 24 hours, as the number of total active COVID-19 cases in Pakistan on Sunday were reached 26,538,” Pakistan’s Ministry of National Health Services said in a tweet.32 people have succumbed to the virus in the past 24 hours, taking the death toll to 7,141.1,377 of the patients currently under treatment are said to be in critical condition. A total of 323,225 people have recovered from the deadly disease while 49,210,50 samples have been tested thus far.According to media reports, since the Covid-19 outbreak began, Sindh has reported 154,738 cases, while Punjab re...
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Pakistan to seek $2.7 billion loan from China for CPEC construction project
15Nov mmBy Joe RodriguezNo Comments
Asia, China, USA

Pakistan to seek $2.7 billion loan from China for CPEC construction project

At a time when financial institutions of China are reluctant in investing in the China-Pakistan economic corridor (CPEC), Pakistan has decided to seek USD 2.7 billion loan from China for the construction of package-I of the Mainline-1 project of CPEC.As per reports, the sixth meeting of the financing committee on ML-1 project, which includes dualisation and upgrading of the 1,872 km railway track from Peshawar to Karachi, decided that Pakistan would initially request China to sanction only USD 2.73 billion in loan out of the total estimated Chinese financing of about USD 6.1 billion.The Ministry of Economic Affairs has been directed to formally send the Letter of Intent to China next week as Beijing is expected to finalise its next year's financing plans by the end of the current month."In...
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