close
Thursday March 28, 2024

Briefs

By our correspondents
July 22, 2016

China firm keen to invest in fisheries

News Desk

KARACHI: A Chinese company Shandong Huiyang Group has shown keen interest to invest in fisheries and different sectors of seafood industry in Sindh, a statement said on Thursday.

A delegation of the company led by its Chairman Wang Hong called on Sindh Board of Investment (SBI) Chairperson Naheed Memon.

The delegation was informed that there are vast investment opportunities in fish farming, shrimp farming, processing and other related sectors at the coastal belt of Sindh.

The members of the delegation informed the SBI chairperson that they have gathered necessary details regarding investment opportunities in fisheries and progress is expected soon.

Naheed was also informed that the Chinese company wants to invest in Sindh and only one unit of the company will help create jobs for 4,000 to 5,000 locals.

 

Education e-store launched

News Desk

KARACHI: The nation’s fastest growing online shopping portal, Yayvo.com has set another benchmark in Pakistan’s online shopping industry by launching the first-ever education e-store, a statement said on Thursday.

Offering a one-stop solution for the needs of parents, students, teachers and schools, Yayvo allows customers to order online or just call 1111-YAYVO (1111-92986), to purchase school essentials such as uniforms and school shoes, course books, school accessories, school gear and stationery of over 60 schools from across the country from Yayvo.com, in an easy and convenient manner and have the items delivered to their doorstep, it said.

An integral part of Yayvo School, this is a one-of-its-kind Loyalty Program.

The Yayvo School Partner Loyalty Program allows schools and colleges to sign on with Yayvo.com to display their institutes’ uniforms, books, stationery and merchandise for online buyers.

Samsung buys $450mln stake in BYD

BEIJING: Samsung Electronics is to pay 3 billion yuan ($450 million) for a stake in Chinese automaker and rechargeable batteries firm BYD Co Ltd , the Chinese company said in a stock exchange filing on Thursday.

Automakers and technology companies have formed a series of partnerships in recent years as the race to develop electric, self-driving, internet-connected vehicles has created demand for more electronics components and software.

The Samsung investment has been made through Chinese subsidiary Shanghai Samsung Semiconductor and gives the Korean firm a 1.92 percent stake in BYD, making it the ninth largest investor in the company.

Samsung Electronics said last week it was in talks to acquire a stake in BYD to boost its automotive chip business, after the Korea Economic Daily first reported that Samsung had agreed to buy a stake.

BYD, which also counts Warren Buffet´s Berkshire Hathaway as a backer, began as a battery maker for personal electronics before launching its automotive business that focuses on electric and hybrid vehicles.

A total of six investors bought BYD shares in a placing at 57.40 yuan per share, a discount to Thursday´s closing share price of 61.94 yuan.

The 14.5 billion yuan private placement also included investments by CCB Principal Asset Management, China Life AMP Asset Management, Aegon-Industrial Fund Management and Essence Fund.

     

Greece urged for economic reforms

ATHENS: U.S. Treasury Secretary Jack Lew on Thursday urged Greek officials to make more progress on budget and economic reforms to help unlock European debt relief and boost growth in the struggling Greek economy.

Following a meeting with Greek Finance Minister Euclid Tsakalotos in Athens, Lew said Greece needed "to make headway on the next set of milestones due in October, including by following through on privatisation plans and moving forward with critical financial sector reforms.

"He told a news conference there were multiple ways to make Greece´s debt more sustainable, including easing its primary budget surplus target of 3.5 percent of gross domestic product in 2018. Although the International Monetary Fund has said this target is too high and cannot realistically be achieved, Lew said it was up to Greece and its lenders to reach a formula that is sustainable. "In the end, it has to work," he said.

Lew said reform progress was important so that European leaders can begin discussing with the IMF the timing and details of Greek debt relief, which Eurogroup lenders committed to pursuing in May.

"Putting Greece´s debt on a sustainable path is critical to Greece´s long-term economic health and I encourage all parties to be flexible to successfully conclude this fall´s negotiations," Lew said.

South Korea agency probes Google

SEOUL: South Korea´s anti-trust agency is investigating Google for alleged abuse of its market dominance, a report said Thursday, a week after the EU filed anti-trust charges against the US tech giant.

The probe by the South´s Fair Trade Commission (FTC) is focused on whether Google is unfairly forcing smartphone makers to use its Android operating system, Yonhap news agency said.

Officials from the FTC visited the firm´s Seoul office last week for an "on-site inspection," Yonhap added. The FTC declined to confirm or deny the report, while no Google spokesperson was immediately available to comment.

The reported probe came after the EU filed new anti-trust charges on July 14 against Google´s advertising business, accusing it of restricting some websites from displaying ads from Google´s competitors.  It is one of three EU cases now pending against Google, including charges filed in April over the company´s Android operating system.

The FTC had filed charges five years ago on complaints by Seoul search engine operators that Google was forcing handset makers to preload Google´s search engine on their Android-powered mobiles.

  

Logistics giant takeover approved

SYDNEY: The break-up of Australian logistics giant Asciano between local and international suitors cleared a key hurdle Thursday after the nation´s corporate regulator approved their Aus$9.05 billion (US$6.78 billion) bid.

The takeover announced in March will see the rail, freight and ports operator´s assets split between Canada´s Brookfield Infrastructure Group, Australia´s Qube and other consortium members, including a Chinese sovereign wealth fund.

The consortiums now need a sign-off from Australia´s foreign investment advisory body after the decision by the Australian Competition and Consumer Commission.