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China sees 70 percent increase in new-energy cars

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BEIJING: The number of new-energy cars in China totaled 2.61 million in 2018, up 70 percent or 1.07 million year on year, the Ministry of Public Security said Friday.

The country has seen an ongoing increase in the number of new-energy cars, as about 500,000 had been newly registered a year on average over the past five years.

About 201 million of China’s 327 million motor vehicles were cars, including 189 million cars privately owned, the ministry’s figures show.

A total of 61 cities had over 1 million automobiles each, and eight cities including Beijing had over 3 million.

With the increase of motor vehicles, the number of licensed drivers also grew. China had 409 million vehicle drivers, with an annual increase of more than 30 million in the past five years.

 

 

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Is Uber buying Careem for $3.1b?

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DUBAI: According to the rumors making rounds here today it seems that Uber is about to acquire Careem for $3.1b!

Sources privy to NPTV have insinuated that the deal will be announced tomorrow (Tuesday 26th March). Initially Uber will pay $1.4 billion in cash and the rest in notes convertible to Uber shares.

It comes as Uber prepares for its initial public offering — expected next month — which could see the rideshare giant’s value increase to $100 billion.

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Pakistan to receive $2.1b from China

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China remains largest holder of U.S. Treasuries

ISLAMABAD: According to the Ministry of Finance, it has completed all procedural formalities with Chinese counterpart for a facility of $ 2.1 Billion. 

The amount, due to be received on Monday 25th of March, would further strengthen the country’s balance of payment situation. The funds that would be deposited in SBP would also strengthen foreign exchange reserves position.

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Pakistan to receive US $ 2.1 bln from China by Monday: Spokesman

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ISLAMABAD: Pakistan will receive US $ 2.1 billion from China by Monday March 25, which would further strengthen country’s balance of payment situation, Adviser and Spokesman for Ministry of Finance, Dr Khaqan Najeeb said.

“The ministry of finance has completed all procedural formalities with Chinese counterpart for facility of RMB 15 billion equivalent to US $ 2.1 billion,” the advisor said in a tweet here Saturday.

He said that the funds would be deposited in the State Bank of Pakistan (SBP) account by Monday March 25, adding that it would further strengthen foreign exchange reserves position and ensure balance of payment stability.

Meanwhile, the advisor clarified that the discussions with international partners do not entail any target level of exchange rate.

In a tweet, the spokesman said that focus was on further strengthening the exchange rate regime, aligning it and keeping it consistent with the evolving macroeconomic fundamentals of the economy.

He said the news related to fixing exchange rate target was baseless and unfounded. “Clearly no target PKR/USD exchange rate is envisaged. Speculation baseless and unfounded,” he tweeted.

He said State Bank of Pakistan’s (SPB) economic models point to the real effective exchange rate at equilibrium value.

He said stability in balance of payment was ensured with a fall in current account deficit and more than adequate foreign financing availability.

 

 

 

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