HONK KONG: Asian markets sank Wednesday, starting the new year by extending a slide that made 2018 the worst in a decade, with investors jolted by data reinforcing weakness in China’s economy.
With a number of potential banana skins dotting the next 12 months — including the China-US trade row and Brexit — dealers are keeping to the sidelines as they look for signs of stability.
Hong Kong led the losses, tumbling more than two percent, while Shanghai shed one percent after two indicators showed Chinese manufacturing activity shrank in December.
The readings, from the government and another a private survey, are the latest to highlight problems in the world’s number two economy following a slew of downbeat figures including on trade, factory output and inflation.
“The disappointment that came through in December has transferred into January as well,” Jingyi Pan, a market strategist at IG Asia, said in an interview.
She added that the reading was a reminder of the US-China trade tensions and “brings back to the surface worries on growth”.
There were also market losses in Sydney, which dropped 0.7 percent, while Seoul shed one percent and Singapore slipped 0.9 percent. Taipei and Jakarta also fell. Tokyo and Wellington were closed for public holidays.
Bears growl at Hong Kong bourse
HONG KONG: Shares fell more than one percent Tuesday, hit by concerns over rising Iran-US tensions and as investors await this week’s crucial trade talks between Donald Trump and Xi Jinping.
The Hang Seng Index sank 1.15 percent, or 327.02 points, to 28,185.98. The benchmark Shanghai Composite Index fell 0.87 percent or 26.07 points,
to 2,982.07, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, lost 0.99 percent, or 15.63 points, to 1,560.46.
Asset declaration scheme: No extension to be granted!
ISLAMABAD: PM has warned that there would be no extension in the 30th of June deadline, therefore, people should legalize their undeclared assets.
He was speaking on Monday (24th of June) about the asset declaration scheme. He said that the country stood at the crossroad and every citizen would have to play his role in ameliorating the economy of Pakistan. Maintaining that the country could not move forward unless taxes were collected, Imran Khan held that nation and government could work together for the success of the scheme.
He told that modern technology would be introduced in the tax system and a helpline would also be set up for facilitation of public. PM pointed out that the first time Baynaami laws had been enacted to bring the undeclared wealth into the tax net.
He said measures were being taken to augment income and reduce loans. He further pointed out that Govt. was implementing austerity drive to reduce expenditure. He lamented that half of the income goes to repay interest on loans.
USAID provides waste mgmt. eqpt. to Jacobabad
JACOBABAD: USAID Director for Sindh & Balochistan Michael Hryshchyshyn handed over waste management equipment to the municipality here at the DC office.
These 80 waste management vehicles and related equipment, provided under USAID’s Sindh Municipal Services Program (MSP), were handed over in the presence of Sindh Minister for Local Govt., Saeed Ghani and Chairperson of the Sindh Planning & Devt. Board, Naheed Durrani.
Michael Hryshchyshyn articulated that the US Govt. was proud to partner with the Govt. of Sindh in the joint initiative of providing a clean & healthy environment for the citizens of Jacobabad. Through MSP USAID is helping the city rehabilitate its water supply, sewerage, and garbage collection systems.
Construction of the new water system is near completion and over 300,000 citizens of Jacobabad will all have access to clean, potable water and will be living in a much cleaner environment, all which will have a significant impact on their health and well-being.
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