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China says it plans phenomenal investments in fresh projects in Pakistan

ISLAMABAD: Chinese Consul-General Long Dingbin has said China planned phenomenal investments in fresh projects, broadening the area of inclusive cooperation and tapping new avenues of collaboration under the China-Pakistan Economic Corridor (CPEC). "China would channelize maximum resources to strengthen economy of Pakistan," he said in an interview to a local channel. To a query, the consul-general explained that during Prime Minister Imran Khan’s recent visit to China, the scope of investment was widened by inking 15…

US tech giants plan to fight India’s data localisation plans

NEW DELHI: US technology giants plan to intensify lobbying efforts against stringent Indian data localisation requirements, which they say will undermine their growth ambitions in India, sources told Reuters. U.S trade groups, representing companies such as Amazon, American Express and Microsoft, have opposed India’s push to store data locally. That push comes amid rising global efforts to protect user data but is one that could hit planned investments by the firms in the Indian market, where the companies currently have…

Under pressure to soften Brexit plans, May signals faster pace

LONDON: European leaders told Prime Minister Theresa May on Thursday to soften some of her red lines on Brexit, warning her that time was running out to prevent Britain crashing out of the European Union without a deal. At an EU summit focused more on a crisis over migration than on Brexit, the region’s leaders expressed rising frustration over the lack of progress in the talks, just nine months before Britain is due to leave. May has hesitated to spell out detailed plans for Britain’s departure from the EU because of…

Xiaomi puts indefinite delay on CDRs in blow to China’s plans for tech listings

HONG KONG: Chinese smartphone maker Xiaomi said on Saturday there is no time frame for a mainland share offering, casting doubt on Beijing’s efforts to lure foreign-listed Chinese tech giants back home. Xiaomi had been expected to raise up to $10 billion, split between its Hong Kong and mainland offerings. But in a surprise move this week, it postponed its mainland share offering until after it completes its scheduled July 9 listing in Hong Kong. It did not say when it would restart its China depositary receipts (CDRs)…

Sri Lanka plans tougher laws against match fixing

COLOMBO: Sri Lanka will enact tougher laws and create a special police unit to deal with match-fixing following a TV documentary exposing global corruption in cricket, the sports minister said Thursday. Faiszer Musthapha said existing laws were inadequate to deal with match-fixing and other forms of cheating exposed in the Al Jazeera documentary. The minister said the International Cricket Council (ICC) had advised him to legislate against the practice after three Sri Lanka officials were filmed agreeing to sway…

EU plans to hit US imports with duties from July

BRUSSELS: The European Union expects to hit US imports with additional duties from July, ratcheting up a transatlantic trade conflict after Washington imposed its own tariffs on incoming EU steel and aluminum. EU members have given broad support to a European Commission plan to set 25 percent duties on up to 2.8 billion euros ($3.3 billion) of US exports in response to what is seen as illegal US action. EU exports that are now subject to US tariffs are worth 6.4 billion euros. “The Commission expects to conclude the…

North Korea details plans to dismantle nuclear test site

SEOUL/WASHINGTON: North Korea has scheduled the dismantlement of its nuclear test site for sometime between May 23 and 25, depending on weather conditions, in order to uphold its pledge to discontinue nuclear tests, the country’s state media reported on Saturday. The official Korean Central New Agency said dismantlement of the Punggye-ri nuclear test ground would involve collapsing all of its tunnels with explosions, blocking its entrances, and removing all observation facilities, research buildings and security posts.…

Spotify plans to list shares, fend off Apple and Amazon

Music streaming service Spotify on Wednesday filed for a direct listing of its shares, laying out financial data for the first time that cheered some analysts but led others to question how it could turn a profit from its growing subscriber base. Spotify, which wants to trade as SPOT on the New York Stock Exchange, is taking an unusual path to the US public markets, with a direct listing that will let investors and employees sell shares without the company raising new capital or hiring a Wall Street bank or broker to…