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Millat Tractors Limited (MTL), a Pakistani tractor manufacturer, has inked an agreement with Massey Ferguson Corp (MFC) and AGCO Limited, the owner of the Massey Ferguson brand, to export Millat-branded tractors directly to Africa. The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Monday. “Millat Tractors Limited (MTL) has entered into an agreement with Massey Ferguson Corp. (MFC) and AGCO Limited, the owner of MF brand and a leading global manufacturer and distributor of agricultural equipment, whereby MTL has been assigned the African Territory for export of Millat Tractors. “Under this agreement, MTL…
Charles Li Xiaojia, former CEO of Hong Kong Exchanges and Clearing (HKEX), has suspended the initial public offering (IPO) plan of his investment company Micro Connect International Finance (MCIF), according to a letter sent to shareholders.“This decision stems from our recent recognition that the extended timeline associated with a proposed public listing has begun to outweigh its anticipated benefits, causing delays to MCIF’s deployment schedule and impacting Micro Connect’s broader progress,” Li said in the letter dated December 18, the day the application lapsed.Li, who had spearheaded multiple listing reforms and the connect schemes during his 11-year tenure at the…
Charles Li Xiaojia, former CEO of Hong Kong Exchanges and Clearing (HKEX), has suspended the initial public offering (IPO) plan of his investment company Micro Connect International Finance (MCIF), according to a letter sent to shareholders.“This decision stems from our recent recognition that the extended timeline associated with a proposed public listing has begun to outweigh its anticipated benefits, causing delays to MCIF’s deployment schedule and impacting Micro Connect’s broader progress,” Li said in the letter dated December 18, the day the application lapsed.Li, who had spearheaded multiple listing reforms and the connect schemes during his 11-year tenure at the…
The conventional wisdom had long been that it would be one of the “two Kevins.” At least, that was the prevailing impression in much of Wall Street and Washington when it came to President Donald Trump’s choice for the next chair of the Federal Reserve. Trump had for months hinted that he wanted to appoint Treasury Secretary Scott Bessent to the role, but Bessent continued to turn down the offer. That left Kevin A. Hassett, a longtime Trump loyalist and his economic adviser, and Kevin M. Warsh, a former Federal Reserve governor who came close to landing the…
Russia has accused Ukraine of carrying out a number of high-profile attacks against prominent Russians since Moscow invaded its neighbor nearly four years ago.While Kyiv has hinted at its involvement in some cases, Ukrainian officials have often stopped short of publicly claiming responsibility. In other cases, they have denied all involvement.On Monday, a Russian general was killed by a car bomb in Moscow, and investigators say they are looking into whether Ukraine was behind the attack. Ukraine has not yet commented on the death of Lt. Gen. Fanil Sarvarov. Other attacks that Russia has blamed on Ukraine include: Lt. Gen.…
KYIV, Ukraine (AP) — Ukrainian forces hit an oil terminal, a pipeline, two parked jet fighters and two ships in a series of strikes on Russian soil, officials said Monday.The attacks are part of an ongoing campaign to disrupt the Russian war effort and sow fear behind the front line, where outnumbered Ukrainian troops are straining to hold back Russia’s bigger army after almost four years of war.The strikes also seek to undermine President Vladimir Putin’s attempt to portray Russia as negotiating from a position of military strength in U.S.-led peace efforts, which have yet to make a breakthrough on…
China has unveiled new rules to rein in aggressive pricing tactics by online platforms, prohibiting e-commerce operators from forcing merchants to offer discounts or setting different prices based on user demographics without consent.The 29-article regulation – jointly issued over the weekend by the National Development and Reform Commission, State Administration for Market Regulation (SAMR), and Cyberspace Administration of China – lays out detailed compliance requirements that target several long-standing pain points as competition among internet giants has often eroded the rights of both consumers and merchants.To restore merchant autonomy on pricing, the rules ban platform operators from leveraging their dominant…
As part of the government’s reform agenda, the Auditor General of Pakistan (AGP) has initiated the process of preparing new accounting standards on an accrual basis in accordance with the International Public Sector Accounting Standards (IPSAS). The reforms aim to strengthen transparency, fiscal discipline and public financial management, the AGP said in a statement on Monday. “The AGP has initiated a review of the country’s current new accounting model, exercising the constitutional authority granted under Article 170 of the Constitution of Pakistan “The new accounting standards will be implemented after the approval of the President of Pakistan,” it added. IPSAS…
The conventional wisdom had long been that it would be one of the “two Kevins.” At least, that was the prevailing impression in much of Wall Street and Washington when it came to President Donald Trump’s choice for the next chair of the Federal Reserve. Trump had for months hinted that he wanted to appoint Treasury Secretary Scott Bessent to the role, but Bessent continued to turn down the offer. That left Kevin A. Hassett, a longtime Trump loyalist and his economic adviser, and Kevin M. Warsh, a former Federal Reserve governor who came close to landing the…
China’s exports of permanent magnets to the European Union saw a sharp rebound in November, as Beijing confirmed last week it has begun granting general licences with lengthier terms for overseas shipments of the magnets, which contain valuable rare earth elements and are essential components in numerous hi-tech items.Last month’s total export volume of the magnets to the EU increased 59.5 per cent year on year to 2,568.8 tonnes, according to figures released on Saturday by China’s General Administration of Customs. The corresponding export value went up 60.3 per cent year on year, reaching US$106.85 million.On a month-on-month basis, export…