VLADIVOSTOK: Today, during the Eastern Economic Forum in Vladivostok, PAO NOVATEK and PAO Sovcomflot, signed the Heads of Agreement on creating a joint venture, a release issued to London Stock Exchange said. According to the agreement, the parties intend to create a shipping company, with the potential involvement of other joint venture participants. The joint…
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Mitsubishi’s U-MACHINE opens local subsidiary in China
TOKYO: Mitsubishi UFJ Lease & Finance Company Limited has announced that its consolidated subsidiary U-MACHINE Inc. has established U-MACHINE (CHINA) CO., LTD., a local subsidiary in Shanghai. U-MACHINE is a general trading firm of used machinery. In China, as a consequence of recent matters including increase in labor costs, environmental regulation, and U.S.-China trade friction…
Heimtextil Russia’s 21st edition in Moscow starts on September 17
KARACHI: International Trade Fair for home textiles, floor coverings and interior furnishings, Heimtextil Russia 2019 will celebrate its 21st edition in Moscow on September 17 – 19, 2019. As many as six Pakistani companies will participate at Heimtextil Russia being held from 17 – 19 September, 2019 under Trade Development Authority of Pakistan (TDAP) Pavilion.…
DP World’s earnings grow by 27% in first half of 2019
DUBAI, UAE: Global trade enabler DP World PLC announced strong financial results for the six months to 30 June 2019 with reported adjusted EBITDA and attributable earnings growth of 21.9% and 26.8% respectively. DP World posted revenue of $3.463 billion, a growth of 31.9% supported by acquisitions and growth in non-containerized revenue. Adjusted EBITDA grew…
Blackbird and Google Cloud collaborate at IBC 2019
SAN FRANCISCO: Blackbird plc, the developer and seller of the market-leading cloud video platform Blackbird, will participate in the Google Cloud Partner Pavilion at IBC 2019, a press release noted. Blackbird will demonstrate its cloud video platform to visitors at the Google Cloud Partner Pavilion during the IBC conference and exhibition in Amsterdam – one…
MSC Gülsün completes first voyage from Asia to Europe
GENEVA: MSC Mediterranean Shipping Company has announced that MSC Gülsün, the world’s largest container ship, has arrived in Europe after completing its landmark maiden voyage from the north of China. MSC Gülsün is the first of a new class of 23,000+ TEU vessels to be added in 2019-2020 to the global shipping network of MSC,…
Pakistan to unveil new shipping policy next week
KARACHI: Pakistan’s Economic Coordination Committee (ECC) has approved the new shipping policy, which would strengthen the shipping sector and benefit exporters, Federal Minister for Maritime Affairs Ali Zaidi said on Saturday. “I will hold a press conference next week to share the details of the new policy,” the minister said speaking at Karachi Chamber of…
Messe Frankfurt sets a new record of around €718 million sales in 2019
FRANKFURT: Messe Frankfurt, the largest player in the German trade fair industry is setting a new record of around €718 million sales in 2019. Messe Frankfurt has 30 subsidiaries and 56 sales partners in 190 countries. Pakistan is one of the largest sales partners of Messe Frankfurt and helps organize over 50 government pavilions and…
EFG Hermes reports 49% growth in net profits
CAIRO, EGYPT: EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), reported solid results for second quarter of 2019. Group recorded a net profit after tax and minority interest of EGP 304 million in 2Q19, up 49% Y-o-Y, on revenues of EGP 1.1 billion, reflecting a 13% Y-o-Y increase. For the first…
ADB approves $500mn loan for Pakistan
KARACHI: Asian Development Bank (ADB) has approved a $500 million loan for Pakistan to support and improve trade competitiveness and exports and help finance the trade deficit. Muhammad Hammad Azhar, Minister for Economic Affairs witnessed the loan signing of Trade & Competitiveness Program (Subprogram – 1) amounting to $500 million between the Government of Pakistan…
Pakistan seizes Indian origin expired sugar destined for Afghanistan
KARACHI: Directorate General of Transit Trade has seized large number of Indian origin consignments mis-declared as ‘White Crystalline Sugar’, destined to be consumed in Afghanistan, as the sugar was expired and unfit for human consumption. The value of the seized goods is $5.7 million, customnews.pk reported. Transit of sugar unfit for human consumption through the…
TDAP to hold Pakistan Pavilion at Intersec 2020
KARACHI: Trade Development Authority of Pakistan (TDAP) will participate at Intersec 2020 to be held in Middle East during January 19-21, 2020, and would hold a Pakistan Pavilion. TDAP will provide subsidized stalls to increase the exports of personal protection equipment (PPE), corporate wear/uniform protecting clothing, gloves, workwear, foot protection, hand/arm protection, firefighting equipment, rescue…