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Amidst US-Mexico talks Tokyo stocks rebound

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tokyo stock exchange

TOKYO: Key stock index opened here slightly lower today on investor jitters over US-Mexico trade talks, but rebounded soon after the opening bell as sentiment improved.
The benchmark Nikkei 225 index was up 0.20 percent or 42.55 points, at 20,818.65 after 40 minutes of trade after opening fractionally lower.
The broader Topix index was down 0.02 percent or 0.34 points at 1,529.74 as it narrowed opening losses.
The slack opening came after US-Mexico talks ended without an agreement on Wednesday.
US President Donald Trump said some progress – but not enough – had been made in talks with Mexico on averting the tariffs he threatens to impose unless the southern neighbor stems the flow of undocumented migrants into the US.
Trump’s evening tweet said discussions will resume Thursday.
“I braced for steep drops this morning after initial headlines suggested things were moving towards higher tariffs,” said Seiichi Suzuki, senior market analyst at Tokai Tokyo Research Centre.
But the feared drops were limited with some market players believing the two nations would be seeking a compromise deal, he told AFP.
“No-one actually wants to hurt their own economy,” Suzuki said, adding hopes for lower interest rates in the United States were also providing support for stock prices.
Nissan Motor tumbled 2.64 percent to 742.7 yen after Italian-American carmaker Fiat Chrysler said it had withdrawn a proposal for a merger with Nissan’s alliance partner Renault, which holds a 43-percent stake in the Japanese automaker.
“The merger plan forced those who had sold scandal-hit Nissan to buy it back on hopes that its business would pick up… but they are reversing the move again,” Suzuki said.
Energy shares also dropped on lower petroleum prices with oil explorer Inpex losing 0.82 percent to 887.9 yen.
The dollar was trading at 108.40 yen compared with 108.43 yen in New York Wednesday afternoon.

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Lt Gen Faiz Hameed is new DG ISI

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DG ISI

RAWALPINDI: The Pakistan Army has appointed Lieutenant General Faiz Hameed as new Director-General of Inter-Services Intelligence (ISI), ISPR said.

Gen. Hameed will be replacing Lt-Gen Asim Munir, who has now been posted as the Corps Commander Gujranwala, according to the Inter Services Public Relations (ISPR), media wing of the army.

Gen. Hameed is from the Baloch Regiment. He was in-charge of the internal security wing at the ISI. He has commanded a division in Pano Aqil.

Lieutenant General Sahir Shamshad Mirza has been appointed as Adjutant General of Pakistan Army at the General Headquarters (GHQ) while Lieutenant General Aamir Abbasi has been named as Quarter Master at GHQ.

Lieutenant General Moazzam Abbas has been named Engineer-In-Chief at GHQ, said ISPR.

Earlier in April, the Pakistan Army had announced a number of high-level appointments and transfers in its ranks.

 

 

 

 

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Kartarpur Corridor to be completed on time: Khusro

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Khusro Bakhtiaar

ISLAMABAD: Minister for Planning, Development and Reform Makhdum Khusro Bakhtyar Friday said the government would timely complete the Kartapur Corridor to provide easy access to Sikh devotees besides promoting religious tourism.

He was chairing a meeting on development of Gurdwara Kartarpur Corridor here. Secretary Planning Zafar Hasan, Secretary Religious Affairs, Director General FWO Maj Gen Inam Haider Malik, Members Planning Commission, Commissioner Gujranwala, representatives from NESPAK and high level officials of the ministry were present during the occasion.

The minister said the prime minister had performed ground breaking of the Corridor on November 28, 2018 and will inaugurate the Corridor in the same month this year.

He said the incumbent government took a major initiative last year by announcing opening of Kartarpur Corridor to provide access to Sikh devotees to Gurdwara Kartarpur Sahib on the request of Navjot Singh Sidhu.

 

 

 

 

 

 

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Turkey hits out at Moody’s after credit rating cut

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ANKARA: Turkey on Saturday lambasted Moody’s ratings agency after it cut Ankara’s credit rating further into junk territory, saying the downgrade raised concerns over the institution’s “objectivity and impartiality”.
The agency downgraded the long-term debt rating to B1 from Ba3 and said it maintained the negative outlook for Turkey, in a statement late Friday.
Although the country had a “large, diverse economy” and government debt was low, Moody’s said this was outweighed increasingly by “continued erosion in institutional strength and policy effectiveness on investor confidence”.
But the Turkish treasury and finance ministry said the move was “incompatible with the Turkish economy’s fundamental indicators”.
“As a result, this raises questions over the objectivity and impartiality of the body’s analyses,” the ministry added in a statement.
It pointed to rising tourism revenues, falling inflation, and a new judicial reform package as examples of “very positive developments that we sadly see are being ignored”.
The Turkish economy entered into recession for the first time in a decade last year following a currency crisis in the summer amid tensions with the United States.

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