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Pakistan receives $19.62 bn in remittances during FY18

KARACHI: Pakistan witnessed a slight increase in remittances during the fiscal year 2018, said a statement by the State Bank of Pakistan. Overseas workers remitted US $19.62 billion during FY18 showing a growth of 1.4 percent compared with US $19.35 billion received during the same period in the preceding year. During June 2018, the inflow of worker’s remittances amounted to $15.94 billion compared to $17.71 billion during May 2018. The remittances from Saudi Arabia for the month of June 2018 saw a decrease to…

China eases restrictions on foreign ownership of securities ventures

BEIJING: China’s securities regulator has released new guidelines for foreign investment in Chinese security joint ventures in which it eased some restrictions and launched an application process for more foreign ownership. The consultation period for the new rules that began in March is now over and the final regulations have been officially released for immediate implementation, the regulator said in an announcement on its website late on Saturday. During the review, restrictions limiting single foreign investors to…

Foreign investments in France hit 10-year high

PARIS: The number of foreign investment projects in France reached a 10-year high last year, the latest spot of encouraging news for President Emmanuel Macron as he tries to make the country a more business-friendly destination. The government's Business France agency tallied 1,298 investment projects including research facilities, factory openings and expansions, a 16 percent increase from 2016. Among those were 412 companies who invested in the country for the first time, which Business France's president Christophe…

Qatar’s biggest bank looks to double foreign ownership

DOHA: Qatar National Bank, the Middle East's biggest bank, Monday said it aimed to almost double its foreign ownership limit, nine months into a regional crisis with Doha at its center. "QNB Group intends to recommend to the Extraordinary General Assembly of the Bank, to approve increasing the percentage of non-Qatari ownership in the Company's capital to 49 percent instead of 25 percent," read a statement released by QNB. The bank said it would announce the date for the EGA "in due course". The proposed move comes…

Australia tightens English requirements for foreign students

MELBOURNE: Australia is tightening English language requirements for foreign students in what it said on Thursday is a bid to improve standards across the country's Aus$28 billion ($22 billion) international education market. There are more than 550,000 international students in Australia, according to government data, which lists the lucrative sector as the country's third-largest export earner. Currently, prospective overseas students can take an intensive English course to prepare for further studies if they do not…

PM directs to facilitate domestic, foreign investment in Pakistan

ISLAMABAD: Prime Minister Nawaz Sharif on Saturday directed all administrative heads of divisions, attached departments and autonomous bodies to facilitate domestic and foreign investment; and the setting up of and running businesses in Pakistan. The prime minister has directed that all federal ministries, their attached departments and autonomous organizations should prepare a comprehensive code of procedure to be followed by applicants/ investors for license, sanction or permission for investment or setting up of…