TOKYO: Stocks here rose to a seven-month high today, backed by a weaker yen and gains on Wall Street, as traders took comfort in more conciliatory messages on US-China trade battles.
The benchmark Nikkei 225 index rose 1.20 percent or 273.35 points to end at 23,094.67, its highest close since February 2. The broader Topix index added 1.09 percent or 18.59 points to 1,728.61. “Concerns over US-China trade issues took a breather and US shares rose. The Nikkei also reacted positively to a cheaper yen against the dollar,” Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.
Wall Street forged higher on Thursday, driven by reports of possible US-China trade talks as well as tame consumer inflation data, which reduced fears the Federal Reserve may raise interest rates faster than it has indicated. Risk appetite has also risen as Turkey’s central bank surprised markets with a bigger-than-expected rate hike to battle soaring inflation, easing investor concerns about emerging markets, SBI Securities said in a note.
The dollar was trading at 111.89 yen compared with 111.94 yen in New York Thursday afternoon, up from the mid-111 yen range seen when Tokyo closed Thursday. The cheaper yen lifted major exporters, with Honda up 1.22 percent at 3,217 yen and Canon up 1.55 percent at 3,459 yen. Sony soared 3.69 percent to 6,630 yen while Uniqlo chain operator Fast Retailing jumped 2.14 percent to 58,090 yen.
MAJU, Azerbaijan’s varsity sign MoU for academic cooperation
KARACHI: Mohammad Ali Jinnah University, Karachi (MAJU) and Khazar University, Baku, Azerbaijan have signed Memorandum of Understanding (MoU) for academic cooperation with each other.
MAJU Dean, Faculty of Life Sciences, Dr. Kamran Azim and Rector, Khizar University, Dr.Hassan Niknafs have signed MoU.
This agreement is based on the reciprocity principle and expresses the genuine interest of both universities in exchanging students, scholars, academic information and dual degree programs, said a statement here on Sunday.
As per MoU, MAJU and Khazar University besides exchanging students and faculty/ staff will encourage the development and implementation of visiting scholars/tutors, cultural exchange, cooperative /collaborative research projects, cooperative (joint and double) degree and joint summer programs at respective campuses. The term of this agreement shall be five academic years that is 2018 to 2023.
Both Universities will cooperate for short term training programs/ projects and service – learning programs, cooperative and exchange lecturing plans and lecture content, conferences and seminars, academic supervision of graduate /post-graduate students.
As per MoU in the event of students exchange, specific arrangement for payment of related expenses, including round-trip travel, board, lodging, tuition and health insurance will be agreed upon by both universities in advance.
Chinese industrialists to invest $400 m in Sindh
HYDERABAD: The industrialists belonging to China’s Chongqing Federation of Industry and Commerce will invest $400 million in several trade and industrial projects in Hyderabad and other parts of Sindh.
The federation’s representative Zhang Yang informed a press conference at the office of Hyderabad Chamber of Commerce and Industry (HCCI) here Sunday that a memorandum of understanding (MoU) has already been signed in this regard. Yang informed that the MoU, which would last for 5 years, was signed between the Federation and HCCI in China in May this year.
He said under the MoU the investments would be made in steel, textile, and clothing, real estate, agriculture, tourism, education and training, municipal and solid waste disposal sectors. “We have declared Chongqing and Hyderabad as the friendly cities,” he told, adding that up to 34 industries and investors from Chongqing would make their investments in the joint ventures in Hyderabad and other cities of Sindh.
He told that the industrialists from the 2 cities had already maintained a promising cooperation in the industry. “We now want to further bolster the business ties in the steel, textile, real estate, and other sectors,” Yang said. He said Chongqing was a beautiful city in China and that it was home to the automobile and motorbike industry.
The Chinese businessmen said Hyderabad was a favorite place for investment where the Chinese industrialists intended to introduce advanced technology. He informed that Hyderabad was selected for the investment after HCCI submitted investment proposals to the federation. “This MoU is part of the CPEC as 34 Chinese companies will be making investments in various sectors,” former HCCI president Seth Goharullah said.
The HCCI’s vice president Ziauddin, who signed the MoU with his Chinese counterparts earlier in China, apprised that a formal agreement between the mayors of Chongqing and Hyderabad would be signed in October in Pakistan. He told that the Chinese delegations would visit Hyderabad and sign agreements with the local companies. According to him, a sub-office of the federation was also established in Hyderabad’s SITE area and it would also be inaugurated in October. The office bearers and members of HCCI were present on the occasion.
Maoist rebels kill India lawmaker: police
NEW DELHI: Maoist rebels were accused Sunday of assassinating a south Indian lawmaker and another former legislator in a brazen daytime ambush on their vehicle, police and media reports said.
Kidari Sarveswara Rao, a member of the ruling party in Andhra Pradesh state, was shot dead near the coastal city of Visakhapatnam in what police say was a targeted hit on the sitting legislator.
Former lawmaker S. Soma, who was accompanying Rao, was also gunned down in the attack blamed on Maoist fighters active in a forested belt of central and eastern India.
E. Naidu, a local police official, told AFP that Rao was on a Maoist “hit list” of powerful figures accused of having ties to bauxite miners in the mineral-rich state.
“There were some 30 Maoists in hiding. They attacked suddenly, giving no time for them (Rao and Soma) to react,” he said.
The Press Trust of India reported that a large group blocked the car and overpowered the bodyguards escorting the two officials, before turning their weapons on them.
It was the first such attack in many years in Andhra Pradesh, once a hotbed for insurgents fighting for what they say are the land rights of marginalized tribal communities.
Maoists are still active across thousands of square miles of central and eastern India known as the “Red Corridor”.
The insurgency began in West Bengal five decades ago when peasant farmers rose up against feudal landlords. Some 10,000 people have been killed since.