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French firm enters Afghan lubricant market

KABUL: On Saturday, French oil company Elf Aquitaine entered the Afghanistan market in a bid to launch a partnership with a local firm in the lubricant sector. President of Afghanistan Chamber of Commerce and Industry (ACCI) Atiqullah Nusrat, spoke on the occasion, saying the new investment was a good sign for the struggling economy. The French company, he said, had promised to work in collaboration with “K ...

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Mistry Plans $35b Push To Lead Tata Into New Businesses

Cyrus Mistry, chairman of Tata Sons, plans to spend $35 billion over the next three years to develop existing businesses and build new ones as he expands the $100 billion coffee-to-cars conglomerate. At an internal meeting on Tuesday, Mistry told his executives that the country's biggest business group will focus on building its retail, infrastructure, finance, defence and aerospace businesses, Tata Sons sa ...

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Substandard fuel imports, price hike worry MPs

The Wolesi Jirga (WJ) -- or lower house of parliament -- on Wednesday expressed concern over imports of substandard petroleum products in the country and a surge in prices of food items. The house called finance, commerce and agriculture ministers and others to brief lawmakers on a recent hike in rates of daily-use commodities and imports of low-quality petroleum products. Finance Minister Hazrat Omar Zakhi ...

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Market Blast Kills Two In Somali Capital

At least two people have been killed and seven wounded when a bomb ripped through a busy market in the Somali capital, a government official said. It is not clear who carried out Monday's attack but in the past similar explosions in Mogadishu have been claimed by al-Shabab fighters. The group had previously vowed to wage a series of attacks during Ramadan, the Muslim fasting month which started on Sunday. O ...

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Work On Time-Consuming Projects Halted

KABUL: The Ministry of Finance on Monday said budget deficit has forced them to stop construction work on some time-consuming development projects. In 2014, the ministry faced with 21 billion afghanis budget shortfall, Finance Ministry Spokesman Abdul Qadir Jilani told Pajhwok Afghan News. He said the operating budget for the current year, as originally projected by the ministry was about 280 billion afghan ...

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Bulgaria Makes More Arrests Over Bank Runs

SOFIA, June 29 (Reuters) - Bulgarian authorities said on Sunday they had detained three more people on suspicion of plotting to destabilise the country's banking system by spreading false information about the health of its commercial banks. The arrests, which follow the detention of two men on Saturday on the same grounds, are part of a criminal investigation launched after depositors on Friday rushed to w ...

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China summons Japan official over jet dispute

China has summoned Japan's defence attache to lodge a protest after the two countries traded accusations over the conduct of military jets above disputed waters, the defence ministry said. Tokyo has "persistently taken it upon itself to stir up trouble, often irresponsibly inciting deception and making malicious attacks on the Chinese side," China's defence ministry said in a statement on its website on Sun ...

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Indian President Lays Out New Economic Agenda

India's new government will pursue an economic reform agenda that foresees introducing a general sales tax, encouraging foreign investment and speeding approvals for major business projects, the president has told parliament. Pranab Mukherjee also said on Monday the new government would engage energetically with its neighbours, including China. Prime Minister Narendra Modi's government will "urgently pursue ...

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Decision on Money Laundering Law Wednesday

KABUL: Wolesi Jirga Speaker Abdul Rauf Ibrahimi on Sunday ruled the lower house would take a decision on the proposed anti-money laundering and terrorist financing laws on Wednesday. On Wednesday last, some lawmakers said the anti-money laundering bill could not be approved within days and called for summoning the government officials, who delayed sending the measure to the assembly for three years. The law ...

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President Karzai declares support for Afghan banks

President Hamid Karzai conferred on the challenges facing the Afghan banks at a meeting attended by concerned ministers, chairman of the Central Bank and heads of the private banks. The meeting came after China announced halting financial transactions with Afghan commercial banks. President Karzai declared support for the Afghan banks and reassured that the Afghan government remained committed in strengthen ...

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Afghan Lower House to vote on Anti-Money Laundering Law next week

The Afghan Lower House committees will vote on the Anti-Money Laundering and Financing Terrorism Prevention Laws next Wednesday. After approval from the Lower House, the Laws would be submitted to the Senate to decide whether or not to send it on to President Hamid Karzai for ratification or send it back to the Lower House for further amendments. The passing of the Law has become a top priority of the Parli ...

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Abe Gets Counsel from Nobel Economist

Three weeks before Japan increased its sales-tax for the first time in 17 years, Prime Minister Shinzo Abe turned to Nobel laureate Robert Shiller to try to restore a vital ingredient of his economic revolution: Optimism. Abe met the Yale University professor in Tokyo on March 10 to discuss how to reverse what the Japanese leader calls the “shrunken mindset” entrenched in the country after two decades of ec ...

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Facebook to Open Sales Office in China, why is it Important?

  Facebook recently stated that it has initiated the process of opening up a sales office in China, the world’s second largest economy, in order to grow its presence in the local advertising market. Chinese market hasn’t been very open and receptive to foreign companies traditionally, and Facebook will need to navigate through a host of challenges before it can materially tap the potential. Despite har ...

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Indonesia Installs Top Businessman As Economic Chief Minister

JAKARTA, Indonesian President Susilo Bambang Yudhoyono on Monday officially installed one of the richest men in the country, Chairul Tanjung, as coordinating minister for economy at the State Palace. Tanjung replaces Hatta Rajasa who resigned last week for competing the July presidential polls, as running mate of presidential candidate Prabowo Subianto from the Indonesian Great Movement Party. Tanjung, 51, ...

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Pakistan Wants to Boost Trade with Afghanistan

  KABUL: Pakistan has indicated an interest in building a motorway and railway lines from Peshawar to Jalalabad and Chaman to Spin Boldak, a news report said on Monday. Pakistan’s Ambassador to Afghanistan Syed Abrar Hussain also stressed the need for enhancing bilateral trade from $2.4 billion to $5 billion, according to the news agency APP. At a meeting with members of the Pak-Afghan Joint Chambers o ...

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Tajikistan, Kyrgyzstan Seek To Resolve Border Disputes

  DUSHANBE, Tajikistan and Kyrgyzstan had discussed ways to resolve their border demarcation disputes at a meeting here, local media reported Wednesday. The meeting, co-chaired by Tajik Deputy Prime Minister Murodali Alimardon and Kyrgyz Deputy Prime Minister Abdirakhman Mamataliev, touched upon recent border clashes between citizens of the two countries, which left at least 60 people injured. The majo ...

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Safi Airways to Begin Kabul-Jeddah Flights

  Safi Airways, the privately-owned international airline of Afghanistan, on Monday announced plans to commence Kabul-Jeddah flights from June 9. The inaugural flight will leave Kabul at 7pm and land at 10.30pm at the King Abdul Aziz International Airport in Jeddah. The return flight will depart Jeddah at 11.55pm local time and arrive the next day in Kabul at 6.20am. The direct flights will be operated ...

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Afghanistan Signs First Satellite Deal

Afghanistan on May 10 started using its first ever satellite, AFGHANSAT 1, which will support a wide range of services, including broadcasting, telecommunications, and international connectivity. The Afghan government has signed a contract with European satellite operator, Eutelsat to deploy the in-orbit satellite. Information Technology and Telecommunications Minister Amirzai Sangin said it was a "historic ...

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Renewable Energy Association launched

    More than 40 companies operating in the field of renewable energies met in here to launch the Afghan Renewable Energy Association, the German Cooperation with Afghanistan said on Tuesday. Private-sector companies discussed how they could play a greater role in promoting the use of renewable energy in Afghanistan, a statement from the German organisation said. The association will ensure effect ...

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Sri Lanka to joint 10 countries to lobby for migrant worker’s rights

  COLOMBO, May 5 - Sri Lanka is considering joining 10 other countries to lobby for greater rights for its nearly two million migrant workers, an official said on Monday. Welfare benefits that the countries would canvass for include better wages, benefits and insurance coverage for local expatriate workers taking up employment in West Asia and other foreign capitals. Additional General Manager of Sri L ...

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