President Xi Jinping announced that a new Beijing Stock exchange will be set up as part of this year’s China International Fair for Trade in Services. He remarked this in a video link at the Global Trade in Service Summit on September 2. Jinping believes this to be the primary platform to serve the leading innovation-oriented small and medium-sized enterprises (SMEs). Its decision caught widespread attention as the Beijing Stock Exchange will become the main financing provider for innovation-driven small-sized enterprises. It is the latest deepening reform known as the New Third Board of
On Monday, the world's top exporter Saudi Arabia slashed crude prices for Asia over the weekend as oil prices extended losses. This signaled that the global markets are well supplied. Since November, the Brent crude futures fell 98 cents (1.8%) to $71.63 a barrel by 0613 GMT and US West Texas Intermediate crude for October fell 95 cents (1.4%) to $68.34 a barrel. On Sunday, a statement was released from the state oil giant Saudi Aramco to the customers that they will cut October prices by at least $1 a barrel for all crude grades sold to Asia. Asia is their biggest buying region and the cu
On Wednesday, India's External Affairs Minister Dr. S. Jaishankar and Iran’s new foreign minister Amir Abdollahian held talks with the top focus on the Afghanistan situation and the Chabahar port project. This was the first time when the call was exchanged between S. Jaishankar and Amir Adbollahian since he took charge as the finance minister. Jaishakar also congratulated Amir on his new position. Both nations agreed to continue the consultations with the Iranian readout saying that Amir reiterated Tehran’s “principled policy to support the formation of an inclusive government in Afg
On Wednesday, Japan launched a new Digital Agency with the hope to bring a much-needed overhaul to antiquated systems that have had their shortcomings highlighted by the pandemic. Japan tried to give its government services and record-keeping a technological upgrade. Currently, the country has old-fashioned paperwork for its people to apply for government services, and the central and local government offices use different systems for storing and managing the data which lacks compatibility. During the Pandemic, the lack of digitalization for the government services became the major prob
On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) oil producer's cartel and allied non-member countries led by Russia signed off on gradually increasing production. The global economy's demands for fuel continue to recover from the worst of the coronavirus pandemic. The US pressured the OPEC group to move faster in restoring the production which was cut during the pandemic. The US asked them to potentially ease costs at the pump for American drivers. OPEC+ agreed via online meeting to follow the earlier plan to produce 4,00,000 barrels per day from October 1. The c
The Indian economy grew by 20.1% in the April-June quarter as compared to last year's same period. In 2020 Indian economy suffered a recorded contraction. This is marked as the fastest pace of growth since the nation began publishing quarterly gross domestic products in 1996. This percentage is far higher than the January-March quarter where the economy grew 1.6%. The nation battered the coronavirus and a months-long nationwide lockdown which contracted 24.4% in the quarter of April-June in 2020. It pulled the country into recession. The country faces a recession when the economy contracts
On Tuesday, China’s foreign ministry spokesperson Wang Wenbin said that imposing sanctions on the Taliban in Afghanistan will prove counterproductive and has urged the international community to support chances for positive development in the country. Wang Wenbin also said that Afghanistan is an independent and sovereign country and the United States and its allies should learn from the lessons of history. It reflects and acts prudently on issues related to Afghanistan. He further added that imposing sanctions and pressure at every turn cannot solve the problem and that it will only be c
On Monday, China hinted at stepping up a financial vacuum in Taliban-controlled Afghanistan. The officials said that it will play a “positive role” in helping the war-ravaged country amid global pushback. Chinese overseas ministry spokesperson Wang Wenbin said in his media briefing that the US is the “main perpetrator” for the Afghan disaster and Washington can not go away without doing something for Afghanistan reconstruction. China decided to financially help Kabul till the Afghan militant group modified its hardline non-secular insurance policies. China said that they have alway
British cricket legend Sir Ian “Beefy” Botham is appointed as the UK’s new trade envoy to Australia. Liz Truss who is the International trade secretary said that the Brexit backing sports star would do a “brilliant job” of drumming up trade for Britain. Botham will be among the 10 new envoys around the world. Lord Botham was the former England cricketer known for his legendary clashes with Australia. He once said that Aussies are “big and empty” just like the country whereas he was known in the country as “Guy the Gorilla”. He played 102 Test matches for England between 1
The German Foreign Ministry will provide for a program of 10 million euros ($11.7 million) to support people in Afghanistan. On Wednesday, this statement was released by Foreign Minister Heiko Maas. Maas said that they are looking into the period of the evacuation and he spoke about it with the representative of the German Human Rights Organization. He further added that there are many representatives of NGOs, science and culture addressed to them. In recent years they have maintained a close partnership with Afghanistan and would like to continue to support the nation. For the support,