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China and Brazil in Currency Swap Deal

China and Brazil have agreed a currency swap deal to allow their respective central banks to exchange local currencies up to USD 30bn. The amount would serve as a safeguard reserve in times of crisis and towards strengthening bilateral ties.

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Government warns unauthorized NGOs

The economy director Syed Qayas for eastern Nangarhar warned non-governmental organizations that their offices would be shut down if they tried to implement any project without permission after the latest warning. Representatives from various NGOs had been summoned in a

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15 major banks downgraded by Moody’s

Credit ratings agency Moody’s has downgraded 15 global banks and financial institutions. Moody’s based their decision on the bank’s exposure to volatility in the world’s financial markets and risk of outsized losses. According to John Raymond the senior banking analyst

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Water Supply Project Inaugurated in Western Herat

A German-funded water supply project opened in the capital of western Herat on June 21, 2012. The project, benefitting nearly 100,000, cost 52.4 million Afs and took one year to complete. Before the implementation of the project, the people of

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Nangarhar’s Power Project Launches

A power extension project costing USD 1.5million, funded by the energy department and Sherzai Foundation, was launched on Tuesday in the Sorkhroad district of eastern Nangarhar province. The project would benefit 5,000 residents by providing 3.2 megawatts of power. About

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China’s labour shortage: getting worse

Considering the state of the world economy, a labour shortage is the last thing you’d expect Chinese factory owners to have to worry about. But finding workers in southern China is worse than last year, according to an annual survey

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US to Promote Trade with Pakistan

US Ambassador to Pakistan Cameron Munter visited Islamabad Chamber of Commerce and Industry (ICCI) to support fostering the business sector in Pakistan. The Ambassador said that the US is committed to working closely with Pakistan to help foster economic growth

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China’s Mining Resources Depleted

China has warned that its rare earth reserves in major mining areas have been declining, as most of the original resources are depleted. Rare earth elements (“REEs”) or rare earth metals are a set of seventeen chemical elements in the

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Amicable Solution Needed for Business Rivalry between Samsung and Apple

Apple has been ordered by a court in Netherlands to compensate for infringing a patent held by Samsung relating to the way phones and tablet PCs connect to internet. The amount has not been specified yet, but the damages will

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3G License Awarded to MTN

The Third Generation (3G) license worth USD 25 million (1.2 billion afs) was awarded to MTN telecommunication company by the Ministry of Telecommunication and Information Technology (MTIT) on Wednesday. 3G Internet refers to a type of Internet access provided by

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New Keshim to Faizabad highway inaugurated

The newly built 103km highway, which was inaugurated on Tuesday, from Keshim to Faizabad has been a fortune for the Badakhshan province. The project was funded by the United States Agency for International Development (USAID) and it vastly facilitates travel

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The G20 Summit Talks Encouraged Barack Obama

US President Barack Obama was encouraged by the G20 Summit in Mexico. The Summit had laid out bold and decisive actions needed to tackle Europe’s debt crisis. “What I have heard from European leaders during these discussions, they understand the

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Recommendations for Economic Development from NGOs

At a meeting arranged by the Afghan-German and Freidrich Ebert Foundations in Kabul on Tuesday, some independent non-governmental entities proposed suggestions with respect to economic development that they want them to be placed before the Tokyo conference. The Afghan-German Foundation,

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Construction of Power Dam in Shakar Dara District Inaugurated

The construction of power dam, designed to produce 1.2 megawatts of power in addition to irrigating 2,700 hectares of agricultural land in Kabul, was inaugurated by President Hamid Karzai on Tuesday. The project is funded by government and costs around

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Microsoft unveils its own-brand family of tablets

Microsoft is all set to challenge Apple’s bestselling iPad with its upcoming touchscreen computers powered by Windows 8 system. The device can run standard applications such as its own Office and Photoshop and contains a choice of an Intel or

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AIJ President Arrested for Financial Fraud

AIJ Investment Advisor’s president along with three executives of AIJ could face jail if found guilty of embezzling pension funds of USD 1.4bn. This scandal is the latest to hit Japan after last year’s scandal where camera maker Olympus had

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India’s Outlook Downgraded by Fitch

Ratings agency Fitch lowered India’s outlook, given the country’s deteriorated economic growth. The agency finds India’s economy facing “heightened risks” due to structural challenges in its investment climate in the form of corruption and inadequate economic reforms. The government has

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Embezzlement in Reconstruction Funds for Zherai district, southern Kandahar

Niaz Mohammad Sarhadi, the district’s administrative head, complained about the fraud committed in funds allocated for the reconstruction projects in Zehrai district of southerin Kandahar. Sarhadi said the district had heavily suffered over the past 34 years. Funds that flew

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Aishwarya Rai at the Bvlgari event…

On June 12, the very gorgeous Aishwarya Rai attended the opening of the Bulgari Hotel and Residences. The oh-so-beautiful actress was dressed and looked splendid in a Sabyasachi Mukherjee traditional creation and yet once again, she shut the mouths of

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Afghanistan should expand its relations with India, says experts

Political experts suggest strengthening trade ties with India; however, in a way that does not provoke a third country’s, Pakistan in particular, sensitivities. Pakistan is widely seen to be anxious about the Indo-Afghan relationship, as India is expanding its role

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Russia to Rejoin Hands with Afghan Government

Russian ambassador to Kabul, Andrey Ayestisyan, expressed his country is willing to play in the economic sector and rejoin hands with Afghan government in the development projects. Mr. Ayestisyan said that the ongoing situation especially in the areas of terrorism

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Facebook Technology Chief Bret Taylor to Resign

Facebook’s chief technology officer Bret Taylor has announced he would step down from his position in the social network site in the coming weeks to start up a new company. This comes after observers speculations of Facebook’s stock exchange success

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Delhi Investment Summit on Afghanistan

CII )Confederation of Indian Industry)in partnership with Ministry of External Affairs, Government of India and Government of Afghanistan is organizing Delhi Investment Summit on Afghanistan on 28th June 2012 at Hotel Taj Palace, New Delhi. The objective of this Summit

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Asia Markets Supportive of Greece Voters Backing Pro-bailout Party

In the wake of Greece’s election on Sunday, Asia markets have rallied after support for pro-bailout parties. The New Democracy party that has come top has supported the two bailout plans for Greece by the European Union (EU) and the

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More Reforms Needed for Spain- Spanish Prime Minister Mariano Rajoy

Spanish Prime Minister Mariano Rajoy said that Spain’s economy needs to undertake further reforms that would help it become more flexible and competitive, after the International Monetary Fund (IMF) called for wider reforms. Spain has to cut down its budget

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