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Chinese archaeologists unearthing the ruins of the earliest known settlement in the Yangtze River Delta say water management may have been the origin of ancient “cities” in the area.Researchers began large-scale excavations of the Doushan site in Wuxi in the eastern province of Jiangsu in July last year, dating the city to about 6,000 years ago.Previously, the oldest urban site in the delta area was the Liangzhu culture site near Hangzhou in Zhejiang province, dating back about 5,300 years.More than two dozen experts gathered at the site last weekend to assess the progress so far and examine the extensive network…

Stand-alone flagship stores with distinctive architectural facades, long prevalent in global metropolises like Tokyo, Seoul and New York, are gradually gaining traction in China, as the country’s retail landscape undergoes a broader shift from enclosed malls towards open-air and street-facing formats.More luxury brands are setting up such flagships in places like Beijing’s Taikoo Li Sanlitun North, a trendy open-air commercial block developed and operated by Hong Kong’s Swire Properties.Multiple new stand-alone flagship stores, including those of Dior, Louis Vuitton and Tiffany, recently opened or are set to open by early next year. The Dior Maison outlet also includes the brand’s…

NEW YORK: Oil prices edged up on possible disruptions from a US blockade of Venezuelan tankers as the market waits for news about a possible Russia-Ukraine peace deal. Brent futures rose 65 cents, or 1.1percent, to settle at USD 60.47 per barrel, while US West Texas Intermediate (WTI) crude rose 51 cents, or 0.9 percent, to settle at USD56.66. That put Brent and WTI down about 1percent this week after both crude benchmarks fell about 4 percent last week. In other energy markets, a recent drop in US gasoline futures to a four-year low cut 321- and gasoline crack spreads,…

Japan is expressing renewed concerns about foreign nationals buying land and property across the country, with growing alarm over the acquisition of property close to “sensitive sites” as well as overseas investors causing prices to spike beyond the reach of many Japanese.A survey conducted by the Cabinet Office identified 113,827 property transactions in the year that started on April 1, 2024, in areas within 1km (0.6 miles) of a designated “critical facility”, such as a military base for Japanese or US forces, a government building, or key infrastructure, such as an airport, power plant, seaport, major road or rail bridge.The…

ISLAMABAD: The World Bank’s Board of Executive Directors has approved USD 700 million in financing for the Pakistan Public Resources for Inclusive Development – Multiphase Programmatic Approach (PRID-MPA), a multi-year, multi-program initiative to support macroeconomic stability and service delivery. The PRID-MPA – an innovative, national program supporting federal and provincial reforms to mobilize domestic revenue – will enhance spending quality and leverage data and digital tools for improved services. The MPA is intended to support ongoing fiscal reforms, aligned with the IMF-Extended Fund Facility program and the National Fiscal Pact. The MPA will provide up to USD 1.35 billion in…

ISLAMABAD: The Competition Commission of Pakistan (CCP) has strongly recommended that the registration of pesticide products must remain solely under the jurisdiction of the federal government, specifically the Department of Plant Protection (DPP). A centralized system for pesticide registration would prevent the growing administrative complexities currently faced by manufacturers and importers due to overlapping federal and provincial requirements. The CCP has also expressed serious concern that counterfeit and adulterated pesticides are widespread in Punjab and Sindh, damaging crops, causing major financial losses to farmers, and distorting competition in the market. The CCP has released its “Competition Assessment Study of the…

LAHORE: President of the Lahore Chamber of Commerce and Industry (LCCI), Faheem ur Rehman Saigol, said that Pakistan has strong export potential in non-traditional sectors, but due to lack of attention these sectors are not performing well. He was speaking during a meeting with a delegation of the Pakistan Coating Association at the LCCI. The delegation was led by Chairman Pakistan Coating Association, Iftikhar Bashir Chaudhry. Other members included Muazzam Rashid, Mian Ubaid, Salman Rafiq, Chaudhry Irfan and others. On this occasion, a Memorandum of Understanding (MoU) was also signed between the Lahore Chamber and the Pakistan Coating Association to…

TOKYO: Japan unveiled a five-year goal on Saturday for business projects totalling USD 19 billion in Central Asia as Tokyo vies for influence in the resource-rich region. The announcement came after Prime Minister Sanae Takaichi hosted an inaugural summit with the leaders of five Central Asia nations — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan — in Tokyo. Japan “set a new target of business projects at a total amount of 3 trillion yen in 5 years in Central Asia”, a joint statement said after Takaichi wrapped up her meeting with the five leaders. Like the United States and the European…

China has boosted its armour steel production speed by 30 per cent with continuous investment in tech upgrades, while a major American steelmaker that provided military-grade steel for tanks, ships and mine-resistant vehicles ceased operation for financial reasons.Chinese military supplier Inner Mongolia First Machinery Group said it had solved key technical challenges to allow large-scale production of high-performance armour steel, which has been deployed for manufacturing tanks and armoured vehicles, the official Science and Technology Daily reported this month.In the United States, steelmaker Cleveland-Cliffs announced in May the indefinite closure of its Conshohocken plate finishing facility in Pennsylvania – a…

In the space of a single week in early December, three household names in South Korean entertainment abruptly retreated from the spotlight.Actor Cho Jin-woong announced his sudden retirement on December 6 after decades-old reports resurfaced online about his brief stint in juvenile detention.Two days later, television host and comedian Park Na-rae suspended her broadcast appearances following claims she had mistreated staff and received unauthorised medical treatments.And fellow comedian Cho Sae-ho withdrew from his regular programmes the following day amid online allegations linking him to an acquaintance supposedly tied to organised crime, accusations that his agency has denied.South Korean comedian Cho…