Tag Archives: Hub

Toronto becomes first renminbi (Yuan) trading hub in North America

Direct exchange hub could smooth way for businessess doing deals in China

By Pete Evans, CBC News

After stock markets closed on Monday, Toronto became the first trading hub in North America for China’s currency, known as the renminbi or yuan.

Chinese government dignitaries, Federal Finance Minister Joe Oliver and his Ontario compatriot Charles Sousa attended a ceremony in Toronto Monday evening to formally announce the first conversion from yuan to Canadian dollars.

The announcement makes Toronto the first such trading hub in the Americas that has permission to be a clearinghouse for Chinese renminbi (which means “people’s money” in Chinese). There are currently only a handful of such hubs outside China, including Paris, London, Moscow, Singapore, Tokyo, Seoul and Sydney, Australia.

In practical terms, such hubs make it easier to do business with China because without one, Chinese money has to first be converted into a currency like the U.S. dollar before being again converted into loonies to make investments here, or even pay for supplies.

“What the hub does is it provides the potential to get a good price,” says David Watt, the chief economist of HSBC. “It sets up a way for Canadian businesses to call their local banker and say “we’ve got a deal to import Chinese material and we’d like to pay for it in RMB not U.S. dollars.”

The hub eventually will allow people on both sides to take out that middle man and convert renminbi directly into Canadian dollars and vice versa. “It should give Canadian businesses the confidence to increase trade.”

Read more » CBC
See more » http://www.cbc.ca/news/business/toronto-becomes-first-renminbi-trading-hub-in-north-america-1.3005726

China to provide support in constructing a regional railway hub

By Imaduddin

PESHAWAR: China is to provide all kind of financial and technical support in the construction of a regional railway hub for Pakistan, said Director Pakistan Study Centre Sichuan University Chengdu China Dr Chen Jidong.

Speaking as a key note speaker at the one day seminar on prospects of Pak China Relations at University of Peshawar (UoP), Dr Chen Jidong said the active promotion of construction of the railway project will connect Pakistan with Xinjiang region in China and will enhance the capacity of transportation between two countries not only by land but also add to a new outbound transportation line for western China.

He said that the project is the greatest advantage of Pakistan, and will build trade and transport corridors by connecting South Asia, West Asia, Central Asia and Western China owing to the country’s geographical advantages.

Dr Chen said that Pakistan has a railway network not younger than the year 1861, aging by the day and needs arduous upgrading.

Some external powers are creating serious law and order situation in Balochistan, with the evil design to halt the expected development of the area through Gwadar port operations, said the Chinese strategic analyst Prof. Zhon Rong.

He added the taking over of operations of Gwadar Port by a Chinese company in the recent past to go with the railway project, can transform Pakistan into economic giant of the 21st Century. Let me tell the Pakistani people that Gwadar Port is first for the development of Pakistan and then any other country, he added.

Continue reading China to provide support in constructing a regional railway hub

Javed Naseer Rind, another Baloch journalist silenced by the Deep State

Journalist abducted in Hub

By: Bari Baloch

QUETTA – A local journalist was abducted in Hub, the industrial town of Balochistan, on late Saturday night while a person was shot dead in Khuzdar.

As per reports, unidentified people abducted Javed Naseer Rind from IT Chowk Hub at gun-point and drove him away towards undisclosed location.

Javed Naseer Rind is a journalist and columnist, associated with a local daily, a Balochistan based Urdu language newspaper. Police quoting eyewitnesses said abductors were riding in two separate cars who held Javed Naseer at gun-point and bundled him into the car and drove away.

Police have started investigation into the incident,however, so far police have found no clue of the abductors.

Meanwhile, unidentified people shot dead a person in Khuzdar district on Sunday.

Police said the incident occurred at Mishk area of Tehsil Zehri when armed men opened fire on Gohar Jattak before escaping from the site.

Resultantly, he received bullet wounds and died on the spot. Police shifted the body to local hospital for autopsy. However, motive behind killing is yet to be ascertained.

Courtesy: The Nation

http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/Politics/12-Sep-2011/Journalist-abducted-in-Hub

Adopted from Facebook » Via → LUBP

Army voices its concerns over Karachi, Sindh

SINDH – KARACHI: The Pakistan Army has reiterted its concern over the ongoing spate of violence in Karachi and called for an end to target killings in the commercial hub of the country.

Talking to a foreign news channel, Military spokesperson Major General Athar Abbas said many innocent people had lost their lives to violence in the city. …

Read more → The Express Tribune

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More details → BBC urdu

We demand representatives in Sindh assembly and federal assembly of Pakistan to break their criminal silence and take all measures necessary in addressing this clear and present danger before a greater tragedy hit ill-fated and already weak Pakistan.

Press release: Sindhi Association of North America (SANA) is extremely concerned about deteriorating law and order situation in Sindh. We are also alarmed at recent public announcement made by ex-home minister Dr Zulfiqar Mirza.

The allegations made by ex-interior minister are very serious indeed and caused great discomfort among people of Sindh and Pakistan. There are two main issues:

1) MQM’s direct involvement in violent activities that include target killings, systematic destruction of public and private property, ethnic cleansing, amassing illegal arms and ammunition, persistent disruption of peace and economic activity of financial and industrial center of Pakistan that has resulted in billions of Rupees of loses.

Even though Chief Justice Supreme court of Pakistan has taken suo-moto action and asked government and other parties to present facts and figures before the court, we believe this is a step in right direction. However keeping in view the serious nature of crimes we demand a complete judicial enquiry to be headed by highly respected retired judge of supreme court of Pakistan.

We also demand to put MQM on the list of banned and terrorist organizations if the charges leveled against them are proved to be right.

2) Governing province of Sindh through federal interior minister and governor Sindh who belongs to same organization that is believed to be involved in crimes against humanity. This is against the democratic core values and aspirations of millions people of Sindh. We believe federal government is grossly undermining government and parliament of Sindh, therefore treating people of Sindh at sub-par level when compared to others provinces of Pakistan i.e., Punjab, Khyber Pakhtoonkhuwa and Baluchistan, where respective Chief ministers and provincial parliaments are working independently and rightly so. Therefore we demand President and Prime Minister of Pakistan to give due respect to people of Sindh and leave the governance to Chief Minister and parliament of Sindh.

We also demand representatives in Sindh assembly and national assembly of Pakistan to break their criminal silence and take all measures necessary in addressing this clear and present danger before a greater tragedy hit ill-fated and already weak Pakistan.

We believe upholding rule of law is a fundamental part of democratic process, failure to bring to justice the violators will only strengthen extremism and further weaken already fragile democracy in Pakistan.

To read more details in Sindhi → http://www.awamiawaz.com/2011/September/4th/news/20.htm

Imran Farooq murder: the bloody past of the MQM

The party of Imran Farooq, who has been assassinated in London, has a dark reputation that it has never left behind

by Declan Walsh in Islamabad

It is one of the great enigmas of Pakistani politics. For over 18 years the affairs of Karachi, the country’s largest city and thrumming economic hub, have been run from a shabby office block more than 4,000 miles away in a suburb of north London.

The man at the heart of this unusual situation is Altaf Hussain, a barrel-shaped man with a caterpillar moustache and a vigorous oratorical style who inspires both reverence and fear in the sprawling south Asian city he effectively runs by remote control.

Hussain is the undisputed tsar of the mohajirs, the descendents of Muslim migrants who flooded into Pakistan during the tumult of partition from India in 1947, and who today form Karachi’s largest ethnic group.

A firebrand of student politics, Hussain galvanized the mohajirs into a potent political force in 1984, when he formed the Mohajir Qaumi Movement – now known as the Muttahida Qaumi Movement, or MQM. The party swept elections in the city in 1987 and 1988 but quickly developed a reputation for violence.

At early rallies Hussain surrounded himself with gunmen and urged supporters to “sell your VCRs and buy kalashnikovs”; violence later erupted between the MQM and ethnic Sindhi rivals and, later, against the army, which deployed troops to Karachi in the early 1990s. …

Read more → guardian.co.uk

Triple explosions shake India’s financial hub Mumbai

Mumbai: Explosions shake India’s financial hub

The BBC’s Rajini Vaidyanathan says the explosions happened in the middle of rush hour. Three near-simultaneous explosions have shaken India’s commercial capital Mumbai (Bombay), police say. Twenty-one people were killed and 113 injured, said Maharashtra state’s Chief Minister, Prithviraj Chavan. He called the explosions, during Mumbai’s busy evening rush-hour, “a co-ordinated attack by terrorists”. One explosion was reported in the Zaveri Bazaar, another in the Opera House business district and a third in Dadar district in the city centre. …

Read more → BBC

Mourning and Grieving Baloch nation while Pakistan celebrates its 23th March: Report

Balochistan: 23 March perhaps a day the Pakistani’s celebrate their “First Resolution Day” but 23 March 2011 brought mourning and grieving for Baloch nation, as such two bullet riddled bodies of Baloch missing persons were found from Vinder, District Hub. ….

Read more : frontierindia.org