Tag: China

  • Pakistani rupee reverses marginal gains, closes at Rs281.61 against US dollar

    Pakistani rupee reverses marginal gains, closes at Rs281.61 against US dollar

    On Monday, the Pakistani rupee faced renewed pressure against the US dollar, declining by 0.30 per cent in the inter-bank market after posting marginal gains on Friday. According to the State Bank of Pakistan (SBP), the rupee settled at Rs281.61, representing a decrease of Re0.84.

    Despite the rupee having found some relief on Friday with a 0.54 per cent appreciation in the inter-bank market, the currency had depreciated by 0.82 per cent against the US dollar during the previous week.

    The SBP has received inflows from China, which have provided support to critical levels of foreign exchange, but concerns over the delay in the International Monetary Fund (IMF) programme have continued to impact sentiment.

    Miftah Ismail, former Federal Finance Minister, suggested on Sunday that Pakistan should ensure 15 per cent tax on Gross Domestic Product (GDP) and 15 per cent exports to GDP in order to avoid the need for IMF programs.

    Internationally, the US dollar experienced a sharp decline on Monday due to the sudden collapse of Silicon Valley Bank (SIVB). The US government announced various measures on Monday to mitigate the impact of the bank’s collapse, including ensuring access to deposits for SVB customers and depositors of New York’s Signature Bank.

  • Head of Paris Fashion Week model found in soup pot, legs in fridge

    Head of Paris Fashion Week model found in soup pot, legs in fridge

    Tw: murder, decapitation

    International model Abby Choi was found dismembered after the police discovered her head in a soup pot.
    The Hong Kong based model went missing on Tuesday and the police found the model’s legs in a fridge three days later. On Sunday, police found her head and ribs in a soup pot
    According to the police, Choi’s former former husband, Alex Kwong, along with his mother, father and elder brother have been arrested and have been charged with murder. Her husband has also been arrested although he has not been charged yet.
    The police found Choi’s identity and credit cards on the ground floor of a three-storey house in Tai Po, which had been rented by her father-in-law a few weeks ago.
    “Tools that are used to dismember human bodies were found in the flat, including meat grinders, chainsaws, long raincoats, gloves, and masks,” Superintendent Alan Chung said on Saturday.
    According to Chung, Choi had financial disputes with her ex-husband and his family, who were unhappy with the way she was spending her money.
    Choi had been featured in Elle, Vogue and Harper’s Bazaar. She also put in regular appearances at Paris Fashion Week.
    Her two children are being taken care of by her mother.

  • Chinese student misses girlfriend, creates device with lips to send kisses

    Chinese student misses girlfriend, creates device with lips to send kisses

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    A device made by a Chinese student has gone viral for allowing long-distance partners to send kisses to each other.
    The device features silicone lips and allows users to upload their kisses, as well as receive them through an app.
    According to South China Morning post, the device has sensors that can mimic ‘the actual pressure, movement and heat of a kisser’s lips.’
    The device was created by a university team from China’s Jiangsu province. Lead inventor Jian Zhongli said that he got the idea for the device after missing his girlfriend, with whom he was in a long-distance relationship.
    “In my university, I was in a long distance relationship with my girlfriend so we could contact each other only through phone. That’s where the inspiration of this device originated,’ Zhongli explained.
    The app-driven device is available to download at Chinese app store Taobao and costs 260 yuan.

  • ANI propagating baseless propaganda against China, Pakistan: EU Disinfo Lab

    ANI propagating baseless propaganda against China, Pakistan: EU Disinfo Lab

    The European Union (EU) DisinfoLab in its latest investigative report has highlighted that leading Indian media outlet Asian News International (ANI) is engaged in baseless propaganda against China and Pakistan by referring to sources that “do not exist”.

    “The narratives pushed by these fake personae and/or organisations are almost entirely about criticising Pakistan and China, countries that are not India’s greatest allies on the international stage,” said the report called ‘Bad Sources (BS).’

    The report is a follow-up to two previous investigations published in 2019 and 2020.

    The investigation reveals that the news agency repeatedly quoted a think tank that was dissolved in 2014. Moreover, it has been using quotes from non-existent journalists, bloggers and geopolitical experts.

    “Fake personae, self-described as James Bond fans, basketball players and management consultants, became geopolitical experts quoted by ANI numerous times on topics such as Pakistan’s army doctrines and China’s ‘wolf warrior diplomacy’,” said the DisinfoLab.

    “A think tank, dissolved in 2014, is now quoted about twice a week by ANI,” as per the report.”The think tank’s website falsely mentions real Canadian university professors as participants in a conference that they never attended, even concocting false quotes by these academics,” it said.

  • China’s $700 million loan to boost Pakistan’s foreign exchange reserves

    China’s $700 million loan to boost Pakistan’s foreign exchange reserves

    Pakistan’s Finance Minister Ishaq Dar has announced that the Board of China Development Bank has approved a credit facility of $700 million for Pakistan, and all formalities have been completed.

    This announcement was made through a tweet, and the loan is expected to be received by the State Bank of Pakistan this week, which will help to boost the country’s forex reserves.

    According to Reuters, the credit facility, provided by the state-owned China Development Bank, will increase Pakistan’s forex reserves by about 20 per cent. This comes at a time when the country is in talks with the International Monetary Fund (IMF) to unlock funds from a $6.5 billion bailout. The loan is in addition to other facilities that China has already extended to Pakistan, and a finance ministry official has stated that the money could arrive as early as Thursday.

    China Development Bank did not respond to a faxed request for comment. Currently, China is Pakistan’s largest creditor, and its commercial banks hold approximately 30 per cent of the country’s external debt.

  • Daraz Group to reduce 11% workforce in response to challenging market conditions

    Daraz Group to reduce 11% workforce in response to challenging market conditions

    Daraz Group, an e-commerce subsidiary of Alibaba Group, will be reducing its workforce by 11 per cent in response to the challenging market conditions.

    The CEO, Bjarke Mikkelsen, noted the adverse impact of a war in Europe, significant supply chain disruptions, rising inflation, heightened taxes, and the elimination of crucial government subsidies on the company’s operations, which are in Pakistan, Bangladesh, Sri Lanka, and Nepal.

    Daraz, which was founded in Pakistan in 2012 and acquired by Alibaba in 2018, is the largest e-commerce platform in Pakistan and serves over 100,000 SMEs in the country.

    According to Ehsan Saya, Managing Director of Daraz in the country, Pakistan remains the company’s largest market with the largest number of employees across its markets.

    He adds, “almost one-third of the staff in Pakistan is from regional teams which work with teams in Bangladesh, Nepal, Sri Lanka, Myanmar, Singapore, and China.”

    Ehsan Saya confirmed to Reuters that the 11 per cent reduction in the workforce of Daraz Group will also result in an equivalent cut in its workforce in Pakistan. The group did not provide further details regarding the specific number of employees affected and further details on the restructuring.

    In a letter, CEO Bjarke Mikkelsen stated that Daraz has been able to grow its active shopper base from three million in 2018 to over 15 million currently, with an average order growth of nearly 100 per cent until last year. The company reported having access to 500 million customers in 2021 and a workforce of 10,000 employees. In the past two years, Daraz has invested $100 million in Pakistan and Bangladesh.

  • Fallout of China balloon saga; Blinken postpones visit

    United States (US) Secretary of State Antony Blinken has postponed an official visit to China, scheduled to start on Friday, calling an alleged spy balloon over his country an “unacceptable” violation.

    Blinken said that the high-altitude surveillance balloon flying over the continental US “created conditions that undermine the purpose of the trip”. He informed China’s top diplomat, Wang Yi, in a call Friday morning that he was postponing the trip.

    The decision was made after high-level conversations were held between Blinken, President Joe Biden and other top national security officials.

    White House press secretary Karine Jean-Pierre told reporters that Biden was advised by military leaders not to shoot down the balloon because of the risk to the safety and security of the people on ground.

    China, however, has said that the balloon was a “civilian airship” used mainly for weather research that deviated from its planned course.

  • India invites Pakistani FM Bilawal Bhutto-Zardari to SCO

    India invites Pakistani FM Bilawal Bhutto-Zardari to SCO

    In a surprise move, India has invited Pakistan’s Foreign Minister (FM) Bilawal Bhutto-Zardari to attend an upcoming meeting of the Shanghai Cooperation Organisation (SCO) scheduled to be held in Goa in May, The Indian Express has reported.

    The invitation to the meeting of SCO ministers has been sent by the office of S Jaishankar, the Minister for External Affairs and has been forwarded by the Indian High Commission in Islamabad.

    Were Bilawal Bhutto-Zardari to accept the invitation, the visit would mark the first visit of a Foreign Minister to India in 12 years. The last minister to visit the neighbouring country was Hina Rabbani Khar who travelled to India in July 2011.

    The unexpected development comes a few weeks after Prime Minister (PM) Shehbaz Sharif expressed hope that relations between the two arch rivals will improve. In an interview with a UAE-based media outlet, the Pakistani Premier asked for “sincere and serious” talks with India.

    The SCO moot in Goa will also be attended by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

  • India-China border clash: Soldiers from both sides injured

    Indian and Chinese troops clashed at the disputed Himalayan border on December 9.

    Indian Defence minister Rajnath Singh on Tuesday said soldiers of both countries sustained injuries. However, he said that no Indian soldiers had been “hurt or seriously injured” in the clash.

    “PLA troops attempted to unilaterally change the status quo by encroaching on the Line of Actual Control, in the Yangtse area of Tawang sector,” he said while referring to China’s People’s Liberation Army.

    Both sides’ military commanders met right after the clash to maintain peace and stability on the Line of Actual Control (LAC).

    According to reports, an Indian army source mentioned six Indian troops were injured.

    In their last face-off in 2020, at least 20 Indian soldiers were killed in Ladakh Galway Valley.

    According to the BBC, “China and India share a disputed 3,440km (2,100 mile) long de facto border – called the Line of Actual Control, or LAC – which is poorly demarcated. The presence of rivers, lakes and snowcaps means the line can shift. The soldiers on either side – representing two of the world’s largest armies – come face to face at many points.”