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Hong Kong stocks rose as JD.com reported the fastest earnings growth in three years while investors are gearing up for results from bellwethers such as Tencent Holdings and Alibaba Group Holding.The Hang Seng Index climbed 1.4 per cent to 23,425.51 as of 10.05am local time. The Hang Seng Tech Index gained 2 per cent.On the mainland, the CSI 300 Index and the Shanghai Composite Index were both little changed.E-commerce giant JD.com advanced 3.7 per cent to HK$142 after posting a 16 per cent year-on-year increase in sales in the first quarter. Tencent gained 2 per cent to HK$516 before its…
Hong Kong stocks rose as JD.com reported the fastest earnings growth in three years while investors are gearing up for results from bellwethers such as Tencent Holdings and Alibaba Group Holding.The Hang Seng Index climbed 1.4 per cent to 23,425.51 as of 10.05am local time. The Hang Seng Tech Index gained 2 per cent.On the mainland, the CSI 300 Index and the Shanghai Composite Index were both little changed.E-commerce giant JD.com advanced 3.7 per cent to HK$142 after posting a 16 per cent year-on-year increase in sales in the first quarter. Tencent gained 2 per cent to HK$516 before its…
China has completed key technology checks for an experimental satellite in very low Earth orbit (VLEO), marking an initial step towards building a 300-satellite constellation for high-resolution remote sensing and communications, according to local media.Chutian-001, which was launched from the Jiuquan Satellite Launch Centre a year ago, showed core capabilities – including satellite system performance, high-resolution smart imaging and space environment monitoring – Hubei Daily reported.The outlet said the tests showed major progress in key areas, such as precise satellite control in very low orbits, real-time target detection using domestically developed technologies and multi-sensor monitoring of the near-Earth environment. 11:05Space…
Japan’s efforts to curb soaring rice prices by releasing stockpiles and easing import restrictions have had limited effect, with analysts warning the country’s long-standing agricultural policies and supply constraints could keep prices elevated for years.Supermarket prices for rice remained stubbornly high at 4,214 yen (US$28.50) per five kilograms in the week to May 4 despite the first decline in 18 weeks after a record peak the previous week, and they were more than double the price from a year earlier, according to data from the Ministry of Agriculture, Forestry and Fisheries.The persistent price surge, which began in the summer of…
KARACHI: The country’s annual revenue from the tobacco industry could more than double from the current Rs 270 billion, if the government succeeds in bringing the illicit cigarette trade into the tax net. This potential windfall is driving renewed calls for stricter enforcement against tax evasion and illegal tobacco sales. Industry sources said that despite holding only 46 percent of the market share, the tax-paying segment of the tobacco industry contributes a staggering 98 percent of the total revenue collected from the sector. This imbalance has raised serious concerns about the effectiveness of the current tax policy. Federal Board of…
BEIJING: President Xi Jinping vowed on Tuesday to boost China’s footprint in Latin America and the Caribbean with a new $9 billion credit line and fresh infrastructure investment, although Brazil warned the region not to become overly reliant on foreign funding. The world’s second-largest economy will disburse 66 billion yuan ($9.18 billion) in credit to the Community of Latin American and Caribbean States’ (CELAC) members, Xi told delegates from around 30 nations gathered in Beijing for the three-yearly China-CELAC Forum Ministerial Meeting. “China and the countries of Latin America and the Caribbean are important members of the Global South. Independence…
NEW DELHI: Indian Prime Minister Narendra Modi visited the Adampur air force base, near Jalandhar in East Punjab, on Tuesday where he reiterated the “new normal” of military action against Pakistan, but aware that the stocks of the company that manufactures the fabled Rafale jets his pilots used in the recent duel had plummeted. The Hindustan Times reported on Tuesday that while Rafale shares suffered losses, the stocks of Chinese warplane manufacturers Avic Chengdu had soared after the military engagement between Indian and Pakistani pilots last week. Dassault Aviation’s stock plummeted seven per cent amid fluctuating prices, following reports of…
ISLAMABAD: The Competition Commission of Pakistan (CCP) has imposed a penalty of Rs40 million on Al-Ghazi Tractors Ltd (AGTL) for violating competition law and misguiding consumers. The two-member bench headed by CCP Chairman Dr Kabir Ahmed took the decision after an inquiry over advertisements floated in January 2022 by AGTL claiming its new Holland tractor models offered “up to 30 per cent extra diesel savings compared to any competitor’s tractors”. The advertisement cited a report by the Agricultural Mechanisation Research Institute (AMRI), Multan, as the basis of its claim, but when CCP investigated, it found that AMRI had not issued…
ISLAMABAD: Pakistan’s merchandise exports to North America rose 11.24 per cent to $4.837 billion in the first nine months of 2024-25 from $4.348bn in the corresponding period last year. The growth was primarily driven by higher shipments to the United States, reflecting the strengthening of the trade relationship between the two countries. The US accounted for nearly 94pc of total exports to North America, with the remaining share going to other countries, particularly Canada. According to data compiled by the State Bank of Pakistan, the rise in exports to the region is primarily due to a surge in textile and…
ISLAMABAD: With up to 14 per cent reduction in regasified liquefied natural gas (RLNG) prices notified for the current month, the electricity rates for Karachi and petroleum prices across the country are expected to come down in coming days. With a reduction of Rs3 to Rs7 per litre in major oil products estimated for the next fortnight, the Oil and Gas Regulatory Authority (Ogra) on Tuesday notified a 14pc reduction in the price of RLNG on Tuesday for sales at the transmission stage by the two Sui gas companies for the current month. The Karachi-based Sui Southern Gas Company Ltd…