Bulgaria loses almost €1bn due to Schengen accession delays this year

Krassen Nikolov Sofia: Bulgaria has lost €0.7 billion this year alone – including €423 million in direct losses and €225 million in lost benefits – as a result of not being fully admitted to the Schengen area, said caretaker Economy Minister Petko Nikolov. Bulgaria, along with Romania became Schengen Area members at the end of […]

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Kazakhstan’s surprise tax increase shakes up global uranium market

Astana: Kazakhstan has introduced a new Mineral Extraction Tax (MET) for uranium, with rates significantly increasing from 2026 onwards. The new tax structure is expected to discourage uranium production growth in Kazakhstan, the world’s largest uranium producer. Analysts predict that the reduced supply incentive, coupled with increasing uncertainty, could drive uranium prices higher. Uranium mining […]

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‘The customer is not always right’: Japan fights growing scourge of customer harassment

Newswire Tokyo: Japan, known for its exacting service standards, is now taking a stronger stance against a growing scourge of customer harassment to protect its legions of service workers from abuse. On July 9, Takashimaya became the first major department store to announce measures against such harassment – kasuhara in Japanese. It warned that it […]

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Pakistanis invited to invest in Indonesia

Liaquat Ali Peshawar: Indonesian diplomats this week invited Khyber Pakhtunkhwa businessmen to make investments in their country and offered multiple facilities along with a five-year tax holiday. Rahmat Hindiarta Kusuma, chargé d’affaires, and Axelsyah R Miraza, economic attaché and M Syofiyan Sur of the embassy of Republic of Indonesia made the offer during a visit […]

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Greece announces jobs for foreign labourers

Newswire Athens: Greece is grappling with a severe shortage of agricultural workers, prompting urgent calls from exporters to relax entry requirements for hiring foreign labourers. The deficit, estimated at 180,000 workers, has left swathes of land uncultivated and crops unharvested, dealing a significant blow to farmers and the economy, reported Schengen.News. The National Interprofessional Organization […]

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China’s EV architect says investing in Europe a way forward

Hefei: The man who spearheaded China’s electric car strategy said Wednesday that Chinese investment in the European electric vehicles industry could be a way forward for both sides amid trade tensions. “I believe the governments [of China and the European Union] are now considering how, through negotiations, they can combine investment together with commodity trade,” […]

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MoU signed to promote ‘Made in Pakistan Products’ in France

Celina Ali Islamabad: Pakistan’s Ambassador to France Asim Iftikhar Ahmad this week attended a Memorandum of Understanding (MoU) signing ceremony between Business Forum and International Business & Professional Corporation aimed at boosting commerce and trade activities and promoting ‘Made in Pakistan’ Products in France. Participants appreciated the working of Special Investment Facilitation Council (SIFC), which […]

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France deepens military ties with Germany, Poland

Paris: France, Germany and Poland agreed this week to deepen defense cooperation ahead of a snap election that could see the far-right National Rally enter the French government. French Armed Forces Minister Sébastien Lecornu shared the stage with his German and Polish counterparts, Boris Pistorius and Wladyslaw Kosiniak-Kamysz, to make the announcements on joint exercises, […]

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Pakistan to follow China to promote business opportunities

Celina Ali Islamabad: Prime Minister Shehbaz Sharif said this week that his country will seek assistance from Chinese experts to establish a pilot facilitation center modeled after the one-stop shop in the southern Chinese city of Shenzhen, to promote a business and investor-friendly environment. Addressing a meeting to enhance business opportunities and facilitate the business […]

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Huawei Tech Connect 2024: A commercial market event to target SMEs for South region of Pakistan

Celina Ali Islamabad: Huawei Technologies Pakistan has successfully executed Huawei Tech connect 2024, said an official statement this week. This event was focused on bringing Digital Transformation to the SME sector of Pakistan, revolutionizing the way organizations operate with a steadfast approach towards improving the Information and communications technology (ICT) landscape of Pakistan. The cross-Industry […]

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Azerbaijan and Kazakhstan in talks to boost Kazakh oil transit

Astana: Azerbaijan and Kazakhstan are in discussions to increase the transit of Kazakh oil through Azerbaijan, potentially raising the volume to between five and seven million tonnes per annum (mtpa). Zaur Gakhramanov, an adviser to the president of SOCAR, Azerbaijan’s state-owned oil business, confirmed the development. Kazakhstan is actively seeking to diversify its energy export […]

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China-Europe freight train trips surpass 90,000, energizing high-quality BRI development

Xi’an: A train fully loaded with diverse goods departed from Xi’an, the capital city of northwest China’s Shaanxi Province this week, bound for Malaszewicze, Poland, marking a significant milestone as the total number of China-Europe freight train trips has surpassed 90,000. To date, China-Europe freight trains have transported more than 8.7 million twenty-foot equivalent unit […]

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Huawei proposes cooperation to Pakistan to evolve digital ecosystem, promote economic growth

Newswire Islamabad: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb was called on by Huawei Pakistan’s Chief Executive Officer Mr. Sun Xiaofei along with his senior management team at Finance Division this week. Mr. Xiaofei briefed the Finance Minister on the various digital and ICT initiatives of Huawei. He highlighted Huawei’s significant contribution to […]

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Italy seeks enhanced collaboration with Pakistan in textile, agriculture, machinery

Celina Ali Islamabad: Italy’s Ambassador to Pakistan, Marilina Armellin, this week emphasized the potential for enhanced cooperation between Italy and Pakistan, particularly in the textile, machinery, agriculture, and dairy sectors, during a meeting with Finance Minister Muhammad Aurangzeb. The Finance Minister welcomed the Italian Ambassador and highlighted the significant improvements in Pakistan’s economic landscape. He […]

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Pakistani fishing industry immensely attractive to Chinese investors: PCJCCI

Gwadar Pro Islamabad: President of Pakistan China Joint Chamber of Commerce and Industry (PCJCCI), Moazzam Ghurki has stated that the Pakistani fishing industry is immensely attractive to Chinese investors. China has a huge consumer market for aquatic products and is one of the largest buyers in Pakistan. The main aquatic categories of Pakistan’s exports to […]

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Pakistan to take CPEC Phase II with full commitment and momentum: Ahsan Iqbal

Wang Xiaotong – China Economic Net Beijing: Pakistan’s Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal was on a three-day visit in Beijing last week. During the media interaction held in the Pakistani Embassy in China, he revealed that they are working with the Chinese counterparts to define parameters of China-Pakistan Economic Corridor […]

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Despite GSP+ status, Pakistan exports to EU decline

Celina Ali Islamabad: Pakistan’s exports to European Union underwent a discernible downturn, marking a decline of 6.27 percent during the initial nine months of the ongoing fiscal year. Despite the coveted GSP+ status, which affords most Pakistani exports duty-free access to European markets, the allure of European destinations seemed to wane. The European Parliament’s unanimous […]

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EU Policy: Italy to challenge Nutri-Score with constitution

Rome: Giorgia Meloni’s party is proposing a tweak in the country’s constitution that would complicate adoption of the colour-coded front-of-packet labelling in Italy – and Europe. The Italian government is proposing an amendment to its constitution that would stymie introduction of the EU-backed Nutri-Score system in the mediterranean state, Euronews reported. Italy has long been […]

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USD 25 billion Chinese investment in Pakistan brought prosperity: CPEC preparatory meeting

Gwadar Pro Islamabad: Pakistan this week acknowledged that an influx of approximately USD 25 billion of Chinese investment under the China-Pakistan Economic Corridor (CPEC) between 2013 and 2018 put several Pakistani sectors on the highway of prosperity. The observation was made during a high-level meeting here chaired by Planning Minister Ahsan Iqbal. The event served […]

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Ambassador Marilina Armellin appreciates pace and output of Olive Culture Project in Pakistan

Celina Ali Islamabad: Ambassador of Italy Marilina Armellin has expressed her appreciation at the pace and output of Olive Culture Project with the close cooperation of the Ministry of National Food Security and Research. She expressed these views at the recent Steering Committee meeting for the “Olive Culture – Holistic and Multi Professional Mechanism for […]

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China’s pivotal role in replicating highly successful experience of hybrid rice in Pakistan highlighted

Gwadar Pro Lahore: Pakistan Hitech Hybrid Seed Association (PHHSA) Chairman Shahzad Ali Malik this week highlighted China’s pivotal role in replicating the decades-long highly successful experience of hybrid rice in Pakistan. He emphasized the immense potential of hybrid seeds in achieving import substitution and fostering surplus production for export in various crops, including cotton, wheat, […]

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Pakistan’s export of goods and services to China up by 42.02% in eight months

Gwadar Pro Islamabad: Pakistan’s export of goods and services to China witnessed an increase of 42.02% during the first eight months of the current fiscal year (2023-24) as compared to the exports of the corresponding period of last year, State Bank of Pakistan (SBP) announced on Tuesday afternoon. The overall exports to China were recorded […]

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Zong, Zindigi join hands to elevate digital financial services in Pakistan

Gwadar Pro Islamabad: In a significant move towards financial digitization in Pakistan, Zindigi, powered by JS Bank, has entered a strategic partnership with Zong, the China-based leading telecommunications provider in Pakistan. This collaboration aims to provide seamless and innovative digital financial solutions, reinforcing the shared vision of both entities to drive financial inclusivity and digital […]

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