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Euro Near Four Month Lows

SYDNEY/SINGAPORE: The euro languished near four-month lows on Thursday with investors firmly sidelined as they waited to see what measures the European Central Bank would implement to tackle the threat of deflation. The ECB is widely expected to cut interest rates, putting the deposit rate into negative territory for the first time. It is also seen offering longer-term loans linked to further lending, without launching large-scale asset purchases as the Bank of Japan has done. The euro held steady on the day at $1.3598, not far from a four-month trough of $1.35855 plumbed on Tuesday on trading platform EBS. It has slumped almost 3 percent from highs near $1.4000 after ECB President Mario Draghi on May 8 prepared the market for possible policy action at the June 5 review. "You're likely to see pretty large swings in the spot price today on the back of the ECB statement and also the press conference," said Callum Henderson, global head of FX research for Standard Chartered Bank in Singapore. The euro may end up rising over the next few days unless the ECB surprises the market by embarking on large-scale asset purchases, also known as quantitative easing (QE), he added. "In terms of direction, our base case is, unless you see QE, the risk is of a bounce in euro," Henderson said. The ECB will announce its rate decision at 1145 GMT (7.45 a.m. EDT) and President Mario Draghi will give a news conference at 1230 GMT (8.30 a.m. EDT). "Given market pricing and high expectations for ECB action, the risks of near-term disappointment are not inconsequential," Marvin Barth, strategist at Barclays in London wrote in a note to clients. "However, we are confident the ECB will undertake necessary policies to raise inflation from the current worrisome levels. Accordingly, we would recommend fading any post-meeting disappointment that leads the euro to rally." With the common currency on the back foot, the dollar index held near a four-month peak of 80.681 set earlier in the week. It was last at 80.649. U.S. data was mixed on Wednesday but still supported views the world's biggest economy is recovering from a weather-induced slowdown early in the year. Data from the Institute for Supply Management showed an acceleration in services sector growth, while figures from payrolls processor ADP showed companies hired far fewer workers than expected in May. That could raise the risk of a disappointment in non-farm payrolls on Friday. The yen, meanwhile, appeared to be stabilizing after falling in the past few sessions. The dollar eased 0.2 percent to about 102.57 yen, down slightly from a one-month high of 102.80 yen set on Wednesday. The dollar has gained a lift versus the yen over the past several days as the benchmark U.S. 10-year Treasury yield pulled up from an 11-month low touched last week, helping to bolster the greenback's appeal. News this week that Japan's Dai-ichi Life Insurance Co has agreed to buy U.S. peer Protective Life for $5.7 billion in the largest acquisition by a Japanese insurer, also held the attention of traders. Some traders may have bought dollars in anticipation that the deal would pressure the greenback higher, in which case they could now be looking to book profits, said a trader for a Japanese bank in Singapore. Reuters

SYDNEY/SINGAPORE: The euro languished near four-month lows on Thursday with investors firmly sidelined as they waited to see what measures the European Central Bank would implement to tackle the threat of deflation. The ECB is widely expected to cut interest rates, putting the deposit rate into negative territory for the first time. It is also seen offering longer-term loans linked ... Read More »

Asian Shares Waver, Euro Steady

TOKYO: Asian stocks erased early modest gains on Tuesday, while the euro steadied but remained vulnerable after overnight comments from the European Central Bank chief heightened expectations of easing steps in the euro zone. MSCI's broadest index of Asia-Pacific shares outside Japan dipped about 0.1 percent, after opening higher, as investors locked in profits following its rise to a one-year high on Monday. Japan's Nikkei stock average was a regional standout, adding about 0.9 percent after marking its highest intraday level since early April. "Short covering has been continuing since last week's strong China PMI data and U.S. housing data," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "The main buyers are short-term investors like derivatives players and hedge funds." US and UK markets were closed for holidays on Monday, giving Asian shares fewer directional cues than usual. The holidays also crimped foreign exchange volumes to less than half of their daily averages. While thin conditions sometimes amplify market moves, major currency pairs quietly stuck to recent ranges. The euro last stood at $1.3658, slightly up on the day but still not far from a three-month low of $1.3615 plumbed on Monday. Against the yen, it added about 0.2 percent to 139.26 yen. ECB chief Mario Draghi on Monday continued to hint at coming measures, saying the ECB must be "particularly watchful" for any negative price spiral in the euro zone, and that "more pre-emptive action may be warranted." Later on Tuesday, Draghi is scheduled to participate in an armchair discussion in the final day of the ECB forum underway in Portugal. Reuters reported earlier this month that the ECB is preparing a package of policy options for its June 5 meeting. It includes cuts in all its interest rates as well as targeted measures aimed at boosting lending to smaller firms. By contrast, current and former Japanese central bankers familiar with internal discussions say an informal debate is under way at the Bank of Japan on how to prepare for an eventual exit from its massive quantitative easing program. The yen was steady against the dollar, which bought 101.96 and remained not far from its 1-1/2 week high of 102.05 marked on Monday. Investors kept a wary eye on Ukraine, which launched air strikes and a paratrooper assault against pro-Russian rebels who seized an airport on Monday. The escalation in the ongoing crisis was tempered by the decisive win for billionaire Petro Poroshenko in Ukraine's weekend presidential election, which many hope will help bring some stability to the situation. In commodities trading, U.S. crude futures were slightly up at $104.38 a barrel. Spot gold was a touch lower at $1,291.06 an ounce. London copper edged to its highest in nearly three months on Tuesday as markets reopened after a holiday weekend, underpinned by buying from top consumer China and expectations of monetary easing in Europe. It was last fetching $6,935 a metric ton.Reuters

TOKYO: Asian stocks erased early modest gains on Tuesday, while the euro steadied but remained vulnerable after overnight comments from the European Central Bank chief heightened expectations of easing steps in the euro zone. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped about 0.1 percent, after opening higher, as investors locked in profits following its rise to a one-year ... Read More »

Business Aviation Picks Up

SEATTLE : Business aircraft are taking to the skies again as many economies around the world improve, but a surplus of jets delivered just before the recession means the equivalent of 2,750 jets remain parked in hangars. An excess of jets is depressing prices for planes, particularly older ones, and clouding the outlook for manufacturers of new jets, such as Bombardier Inc, Gulfstream and Cessna. Some companies are cutting back on corporate jet travel and reducing executives' use of corporate jets for personal trips. With so many jets not being flown, businesses are finding it more difficult to justify new purchases, said Rolland Vincent, president of Rolland Vincent Associates, a jet consulting firm that works with Utica, New York-based JetNet. "It's like having a lot of cars in your driveway," Vincent said. "If you don't use them that much, you're not going to be out shopping for another one." The recovery in business flying is uneven around the world, and prone to setbacks. A global survey of private aircraft, including helicopters and charters, showed a 2 percent decline in the hours flown in the first quarter, from a year ago. Flight hours in Asia, Europe and the Middle East rose in the past year through March, but declined in the United States and Latin America, according to the survey by Jet Support Services Inc (JSSI), a Chicago-based company that supplies service and support for aircraft. The harsh U.S. winter played a big role in depressing demand for flying, while political issues in Eastern Europe and slower economic growth in Asia affected flying in those regions, JSSI said. But demand should "bounce back" in the spring, said Neil Book, chief executive of JSSI. "As the overall economy ramps up, we expect to see overall flight hours increase more quickly," he said. Indeed, the longer term trend in operations tracked by the Federal Aviation Administration shows U.S. flying steadily picking up. In the United States, which is by far the largest business-aircraft market, business jet flights rose about 3.4 percent in the 12 months through March, according to the FAA's tracking of takeoffs and landings. That's a sharp upswing from the prior 12-month period, when flights rose only about 0.3 percent. But because the industry was cranking out jets at a high rate from 2005 to 2009, the amount of flight time per plane remains well below the peak of 2007, just before the financial crisis. Some companies are throttling back on personal plane use, or shifting to less expensive options than owning, including new "club membership" plans that don't involve capital outlays that can cost hundreds of thousands or millions of dollars annually. Several S&P 500 companies said in recent filings that they have set limits on executive use of corporate jets. Many already require executives to reimburse the company for personal use of the plane beyond a set limit of hours or dollars. Danaher Corp, for example, recently curtailed personal use of the corporate jet by its chief executive and chief financial officer, but raised salaries to compensate for loss of the perk. Some companies also said they are leasing jets or using fractional ownership plans, rather than owning planes outright. Wheels Up, a plane serviced launched last August, uses a club membership instead of fractional ownership, and cuts the cost substantially. He said some of the demand comes from companies that have given up ownership of some form. "We've definitely had people joined from other ownership programs," said Rod Williams, president of Wheels Up.Reuters

SEATTLE : Business aircraft are taking to the skies again as many economies around the world improve, but a surplus of jets delivered just before the recession means the equivalent of 2,750 jets remain parked in hangars. An excess of jets is depressing prices for planes, particularly older ones, and clouding the outlook for manufacturers of new jets, such as ... Read More »

Asia Shares Hit 1-Year High

TOKYO: Japanese stocks led a surge in Asian equities to a one-year high on Thursday, after an upbeat reading on China's factory sector burnished risk appetite and blunted some of the more pessimistic views on the world's second-biggest economy. Spreadbetters expect the momentum to carry over to Europe, with Britain's FTSE seen opening up as much as 0.2 percent, Germany's DAX 0.3 percent and France's CAC 0.2 percent higher. Equities were already on the front foot after minutes of the U.S. Federal Reserve's last meeting reassured investors that policy makers will continue to support the economy, depressing the safe-haven yen. That set up the riskier asset markets for a decent uptick when a private survey showed China's factory sector turned in its best performance in five months in May. MSCI's broadest index of Asia-Pacific shares outside Japan rose as much as 1.1 percent to 488.20, its best level since May last year. It was last up 1 percent. The Shanghai Composite Index climbed 0.5 percent. "The data is better than the market had expected," said Zhang Qi, a Shanghai-based analyst with Haitong Securities. "But whether the upward trend can continue depends on whether capital would constantly go to some blue chips." News suggesting a government-controlled insurer is poised to ramp up investment in domestic equities was the icing on the cake for bullish Japan shares, with the Nikkei surging 2.2 percent. The Australian dollar, which is sensitive to developments in the economy of its major trading partner China, rose 0.1 percent to $0.9260, pulling away from Wednesday's three-week low of $0.9208. The price of copper, considered a barometer of global economic health, also edged up on China relief. London copper edged up from a nine-day low hit the session before, also underpinned by signals U.S. rate hikes were not likely in the near-term. Three-month copper on the London Metal Exchange edged up 0.5 percent to $6,868 a ton. Medium and long-dated U.S. Treasury yields had climbed overnight, reflecting discussions by the Fed for the eventual tightening of policy though the start of that cycle was seen as being some way off. The closely-watched minutes of the Fed's April Open Market Committee meeting released on Wednesday showed that policy makers had begun to lay the groundwork for an eventual exit from their easy stance, but that the discussions were "prudent planning" and not a sign rate hikes would come any time soon. "There was a lot of rejoicing at the Fed minutes; a one line synopsis of the release would read - the Fed continues to champion accommodation for the foreseeable future," Evan Lucas, market strategist at IG in Melbourne, said in a note to clients. The uptick in risk appetite weighed on the yen and underpinned the dollar somewhat. The greenback rose 0.4 percent to 101.73 yen, extending its rebound from a 3-1/2 month low of 100.805 yen touched on Wednesday when Bank of Japan Governor Haruhiko Kuroda reiterated his optimistic view on the Japanese economy and provided no hints of further monetary easing in the near term. The dollar also advanced against the euro, which has been hurt by growing expectations the European Central Bank will ease monetary policy in June and potentially destabilizing European Parliament elections later this week. The euro stood at $1.3675 after hitting a three-month trough of $1.3634 on Wednesday. Traders are now looking at the euro zone purchasing managers surveys due later in the day for some immediate catalysts. Brent crude steadied near a 2-1/2 month high above $110 a barrel, supported by a large draw in U.S. crude stocks and as the China factory survey suggested better demand from the world's No.2 oil consumer.Reuters

TOKYO: Japanese stocks led a surge in Asian equities to a one-year high on Thursday, after an upbeat reading on China’s factory sector burnished risk appetite and blunted some of the more pessimistic views on the world’s second-biggest economy. Spreadbetters expect the momentum to carry over to Europe, with Britain’s FTSE seen opening up as much as 0.2 percent, Germany’s ... Read More »

Crude prices ease in Asian trade

SINGAPORE: Oil prices eased in Asian trade Thursday following a rally in the previous session, analysts said. The US benchmark, West Texas Intermediate for June delivery, was down 27 cents at $102.10 a barrel in afternoon trade while Brent North Sea crude for June dropped 11 cents to $110.08. Prices climbed in US trade Wednesday after a Department of Energy report showed a drawdown at the Cushing, Oklahoma, terminal that fuelled hopes demand had picked up in the world's biggest oil consuming nation. However, Michael McCarthy, chief market strategist at CMC Markets, in Sydney told AFP: "There are concerns that the spike is due to changes in the distribution structure rather than an increase in demand." He said the drop at Cushing was due to better distribution through the southern leg of the Keystone XL pipeline, which transports oil to Gulf Coast refineries in Texas. The overall US crude oil stockpiles data -- which includes those outside Cushing -- showed supplies rising 900,000 barrels in the week ending May 9. However, the fall in prices has been tempered by the ongoing crisis in Ukraine, with Russian Foreign Minister Sergei Lavrov saying on Wednesday that the former Soviet state was on the brink of civil war. Ukraine is a major conduit for Russian oil and gas exports to Western Europe, and analysts fear that an escalation of the conflict could disrupt supplies and send prices soaring. AFP

SINGAPORE: Oil prices eased in Asian trade Thursday following a rally in the previous session, analysts said. The US benchmark, West Texas Intermediate for June delivery, was down 27 cents at $102.10 a barrel in afternoon trade while Brent North Sea crude for June dropped 11 cents to $110.08. Prices climbed in US trade Wednesday after a Department of Energy ... Read More »

Asia shares rally

HONG KONG: Asian markets rallied on Tuesday, taking their lead from a record close on Wall Street, while Japan's Nikkei was boosted by a pick-up in the dollar against the yen. Oil prices were mixed after rising on Monday in response to a vote for independence from Ukraine in the country's east that has fuelled fears of a civil war. Tokyo jumped 1.66 percent, Hong Kong added 0.48 percent, Sydney gained 0.82 percent, Shanghai was 0.26 percent higher and Seoul was up 0.80 percent. Eyes are also on the release of key data out of China on investment, retail sales and industrial output. In New York the Dow and S&P 500 hit all-time highs and the Nasdaq enjoyed a boost as dealers raced back into technology shares after a recent sell-off that has seen some household names such as Twitter and Netflix tumble. Analysts said there was no clear reason for the buying but suggested there was a sense that some stocks had been oversold as investors worried the sector was overvalued. The Dow rose 0.68 percent, the S&P 500 gained 0.97 percent and the Nasdaq added 1.77 percent. The upbeat sentiment filtered through to currency markets, where investors sought out higher yielding, riskier assets, pushing the yen -- considered a safe bet -- lower. In early trade the dollar bought 102.19 yen, compared with 102.09 yen in New York Monday. The euro bought $1.3761 and 140.64 yen, compared with $1.3758 and 140.50 yen. The single currency has been under pressure since last week when European Central Bank chief Mario Draghi said he was ready to ease monetary policy soon as the currency bloc suffers from continuing weak inflation. Analysts said the comments would likely force the ECB to act at next month's policy meeting or risk losing its credibility with the markets. Oil prices were mixed following Monday's gains, after pro-Russian separatists claimed a victory in weekend referendums in Donetsk and Lugansk. Kiev denounced the balloting as a "criminal farce", while the United States and European Union called the votes illegal. However, the elections have fanned fears of a violent breakup of Ukraine and the possibility of a civil war on Europe's eastern edge. Ukraine is a major conduit for Russian oil and gas exports to Europe, and any escalation of the conflict could disrupt supplies and send prices soaring, analysts say. The US benchmark, West Texas Intermediate for delivery in June, eased nine cents to $100.50 a barrel, while Brent North Sea crude for June gained eight cents to trade at $108.49 a barrel. Gold fetched $1,295.66 an ounce at 0230 GMT compared with $1,294.30 late Monday.AFP

HONG KONG: Asian markets rallied on Tuesday, taking their lead from a record close on Wall Street, while Japan’s Nikkei was boosted by a pick-up in the dollar against the yen. Oil prices were mixed after rising on Monday in response to a vote for independence from Ukraine in the country’s east that has fuelled fears of a civil war. ... Read More »

Pakistan forex reserves stand at $11,753.8mn

According to State Bank of Pakistan (SBP) the liquid foreign reserves in its vaults are worth $7,010.0 million, whereas commercial banks have $4,743.8 million. During the week ending April 18, SBP's liquid foreign exchange reserves increased by $2,026 million to $7,010 million compared to $4,984 million in the previous week. The central bank held reserves got a boost after Pakistan received $2 billion from --the issuance of-- Sovereign Bonds in International Capital Market and $139 million from the Islamic Development Bank respectively. On account of external debt servicing and other official payments, SBP made payments worth $96 million from its reserves during the week under review

According to State Bank of Pakistan (SBP) the liquid foreign reserves in its vaults are worth $7,010.0 million, whereas commercial banks have $4,743.8 million. During the week ending April 18, SBP’s liquid foreign exchange reserves increased by $2,026 million to $7,010 million compared to $4,984 million in the previous week. The central bank held reserves got a boost after Pakistan ... Read More »

Lincoln, Cadillac chase Audi

BEIJING: Classic American luxury brands Lincoln and Cadillac are taking on Germany's long-dominant Audi in China, but face a market leader fortified by enviable brand awareness built over years as officialdom's favourite car. Black Audis -- with their four interlocking ring symbols, signifying the long-ago merger of four German auto companies -- are ubiquitous at state events, such as the annual meeting of China's legislature in central Beijing. Audi, which last year celebrated its 25th anniversary in China, has benefitted from its early entry into the market and the prestige its badge holds among high-profile passengers, selling just short of 500,000 vehicles in 2013. German manufacturers -- Audi, BMW, Mercedes and Volkswagen -- dominate the premium segment, with 80 percent market share, the consultancy McKinsey said in a report last year. Now other players are hoping to take advantage of what executives and analysts call a "broadening" of the segment, such as General Motors' Cadillac and Ford's Lincoln -- American luxury brands with illustrious traditions at home where they have served as official cars for American presidents. China's economy has surged to become the world's second-largest, and its auto market has overtaken the United States as the biggest. That means a growing middle class is increasingly able to afford premium marques, while at the same time the government has been attempting to promote home-grown vehicles for official use. The foreign ministry last year announced that minister Wang Yi was using a Hongqi, or Red Flag, vehicle -- having switched from an Audi A6, according to Xinhua. Luca de Meo, Audi board member for sales and marketing, told reporters ahead of the 2014 Beijing auto show that the carmaker "has always been very honoured" at official use of its vehicles. But the situation has changed, de Meo said, adding that Audi has the "right strategy... to compensate for this". John Zeng, managing director of LMC Automotive Consulting, said that Audi has sought to widen its customer base. "They have been putting their focus on the family car" over the past four or five years and are targeting younger consumers, he told AFP. Seeking exclusivity Jim Farley, a top Ford executive, sees the dominance by a few in China as an opportunity. "The ubiquity of the product on the street fights with the exclusivity of the brand... there are opportunities for challenger brands," he told reporters at the auto show. "But the responsibility of the challenger brand is they have to offer something better and different." Lincoln will begin sales in China later this year with the Lincoln MKZ, a midsize sedan, and the Lincoln MKC, a small sports utility vehicle. China's auto sales surged 13.9 percent to 21.98 million vehicles last year. GM, for example, expects total auto demand to increase to 33-to-35 million vehicles by 2020. In differentiating itself, one card that Lincoln -- named after the 16th US president Abraham Lincoln -- won't be playing in China is national origin. "We definitely will not present ourselves as an American brand," Farley said. "We'll present our brand with a heritage, an authentic heritage, but we won't be Ralph Lauren or other brands that have used great American celebrities," he said. "Americanness has all sorts of things in customers' minds here," he added, suggesting a disadvantage. Indeed, in an address at the auto show Farley spoke for eight minutes without mentioning the US. But he emphasised Lincoln's "distinguished heritage", and that it will offer Chinese consumers its "presidential series", which he called the "highest expression" of the badge. Auto show visitor Wang Yongliang was impressed with Lincoln, describing it as "luxurious" and "fashionable", though said it was out of his reach for now. "I may need to save money for another three or four years," he said. Cadillac, already established in China, saw sales surge 67 percent last year to a record 50,005 vehicles and has a goal of increasing that to more than 100,000 by 2015. And it has no qualms about where it comes from as it pushes to take advantage of the booming market, showing off its CTS model at the auto show. "We're proud to be an American company," Matt Tsien, president of GM China, told AFP. "We don't hide that fact and it's not been a problem for us." He acknowledged that the level of awareness about Cadillac is not yet high in China, but stressed that people who know the marque realise it is American. "I think there are a lot of people in China that root for us, that root for Cadillac," he said.AFP

BEIJING: Classic American luxury brands Lincoln and Cadillac are taking on Germany’s long-dominant Audi in China, but face a market leader fortified by enviable brand awareness built over years as officialdom’s favourite car. Black Audis — with their four interlocking ring symbols, signifying the long-ago merger of four German auto companies — are ubiquitous at state events, such as the ... Read More »

Dollar lower in Asia

TOKYO: The dollar drifted lower in Asia Thursday as upbeat US data and dovish comments from Federal Reserve chair Janet Yellen suggested the central bank would hold steady on the pace of its stimulus tapering. In Tokyo midday trade, the greenback slipped to 101.99 yen from 102.25 yen in New York on Wednesday. The euro rose to $1.3841 from $1.3815, while it weakened to 141.16 yen from 141.28 yen. A pair of official reports for March, on home construction and industrial output, lifted sentiment while the Fed said in its Beige Book report that the US economy was showing clear signs of picking up again after being caught by a severe winter freeze. "Economic activity increased in most regions" of the country since the early March report, it said, with "modest or moderate" expansion in most of the Fed regions surveyed. The report will be used in the bank's next policy meeting on April 29-30, where policy makers will decide what to do with its multibillion-dollar stimulus programme. The Fed has been reeling in the scheme as the world's biggest economy slowly recovers. Separately, Fed boss Janet Yellen said it still believed there was a need to keep ultra-low rates well into next year and saw no threat from inflation. "Yellen's overnight speech again reassured markets that the federal funds rate will remain low until an economic recovery is assured," National Bank said, adding that her comments were "all very dovish". The yen has enjoyed support since last week when the Bank of Japan stood pat on further monetary easing. "The yen has been supported, mainly on the back of stabilising BoJ monetary policy expectations," Credit Agricole said. "According to the central bank, growth and inflation have been developing in line with market expectations. This suggests that there is little room of the BoJ becoming more aggressive anytime soon. "This is especially true as central bank governor (Haruhiko) Kuroda just recently stressed that the current policy stance is having the intended impact." Investors were also keeping an eye on tensions in the Ukraine ahead of the Easter holiday weekend. "Going forward today markets will likely be quiet ahead of the long Easter weekend and investors will be watching for any development on the geopolitical front with the West and Russia scheduled to talk on the Ukraine situation," Credit Agricole said.AFP

TOKYO: The dollar drifted lower in Asia Thursday as upbeat US data and dovish comments from Federal Reserve chair Janet Yellen suggested the central bank would hold steady on the pace of its stimulus tapering. In Tokyo midday trade, the greenback slipped to 101.99 yen from 102.25 yen in New York on Wednesday. The euro rose to $1.3841 from $1.3815, ... Read More »

Iran keen to boost trade with neighbours

ISLAMABAD: Minister of Roads and Urban Development Abbass Akhoundi says Iran is willing to built infrastructure for cargo transit on eastern Iran to develop trade with Pakistan, Afghanistan and Central Asia. Iranian trade will contribute to economic development of the regional states. Akhoundi said the eastern Iran enjoys major infrastructure and railway to develop trade with Pakistan, Afghanistan and Turkmenistan on neighborhood of the ports of Sistan-Baluchestan province. He was on a visit to border terminal and customs office of Mirjaveh 85 kms east of Zahedan. He noted that government will pay much attention to development of the eastern parts of the country. 'Some of the projects for development of Shahid Rajaie Dock of Chabahar Port will be announced in presence of Iran President.' There are 1400 kms land roads to Dogharun in Khorassan-e Razavi province so, efforts should be made to use the infrastructure for trade ties with the regional states. 'Our duty is laying necessary infrastructures on the eastern parts of the country so as to be able to adopt more effective measures in land and air transport and shipping industry.' He cited the strategic condition of Sistan-Baluchestan Province in terms of ocean ports, markets and border customs, the potentials for economic development. He added that the province is one of the important border provinces so, more border trade and exports and imports in the region is of high importance. Akhoundi said that Mirjaveh border terminal is active satisfactorily. He said that one million tons of cargo are transited from eastern Iran to Afghanistan and Pakistan, 700,000 tons of which from Milak border terminal and 350,000 tons from Mirjaveh. In addition to the routine cargo transit, annually one million tons of cargo are exported to Afghanistan and Pakistan through the terminals in exchange for about 200,000 tons of goods, including rice and certain agro products, that are imported to the country via Mirjaveh. APP

ISLAMABAD: Minister of Roads and Urban Development Abbass Akhoundi says Iran is willing to built infrastructure for cargo transit on eastern Iran to develop trade with Pakistan, Afghanistan and Central Asia. Iranian trade will contribute to economic development of the regional states. Akhoundi said the eastern Iran enjoys major infrastructure and railway to develop trade with Pakistan, Afghanistan and Turkmenistan ... Read More »

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