China hands over 2 ships to Pak Navy for Gwadar security

January 15, 2017

Karachi, Jan 15: China has handed over two ships to the Pakistan Navy to safeguard the strategic Gwadar port and trade routes under the USD 46 billion China-Pakistan Economic Corridor, a move likely to raise alarm in India. China handed over the two ships to the Pakistan Navy yesterday for joint security along the sea route of the China-Pakistan Economic Corridor (CPEC), Dawn News reported.

Port

The Gwadar port in Pakistan's restive Balochistan province has been developed under CPEC linking western China through Pakistan with the Middle East, Africa and Europe. The ships -- named after two rivers Hingol and Basol near Gwadar -- were received by Commander of the Pakistan Fleet Vice Admiral Arifullah Hussaini.

Recently built in China and equipped with state-of-the-art guns, the ships will be part of Pakistan Navy and also used to protect the sea-lanes in the Arabian Sea. A ceremony was held in Gwadar where Chinese officials, who reached Gwadar aboard the ships, handed them over to their Pakistani counterparts. Director General of the Pakistan Maritime Security Agency Rear Admiral Jamil Akhter, Commander West Commodore Mohammad Waris and top naval and civilian officials were present on the occasion.

"The Chinese ships have become part of the Pakistan Navy from today," Vice Admiral Hussaini said, adding that the navy would become stronger with the induction of the ships. He termed the induction of the Chinese ships into the Pakistan Navy as a "historic moment" and said the ships would be deployed for the security of the Gwadar port and the sea route of the CPEC.

The Chinese government will provide two more ships to Pakistan Navy which have been named Dasht and Zhob after two districts in Balochistan. China is extending help and cooperation to Pakistan for security along the CPEC's land and sea routes. Pakistan has already raised a new division of the army to ensure security along the CPEC route and in and around the Gwadar port.

Security of Gwadar city has been handed over to the army's new division raised during the tenure of former army chief Gen Raheel Sharif. In the past, China has shied away from saying that it plans to deploy its naval ships in Gwadar, a move which could raise alarm in the US and India.

China has not only rebuilt the Gwadar port but also has its operational control. It is also building a network of roads and railways to link up its remote western region to Gwadar for easier access to the Arabian Sea.

The revamped Gwadar port became operational in November last year after two cargo ships laden with containers set off for Bangladesh, Sri Lanka, the UAE and EU.

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News Network
June 2,2020

Jun 2: A new female billionaire has emerged from one of Asia's most-expensive breakups.

Du Weimin, the chairman of Shenzhen Kangtai Biological Products Co., transferred 161.3 million shares of the vaccine maker to his ex-wife, Yuan Liping, according to a May 29 filing, immediately catapulting her into the ranks of the world's richest.

The stock was worth $3.2 billion as of Monday's close.

Yuan, 49 this year, owns the shares directly, but signed an agreement delegating the voting rights to her ex-husband, the filing shows. The Canadian citizen, who resides in Shenzhen, served as a director of Kangtai between May 2011 and August 2018. She's now the vice general manager of subsidiary Beijing Minhai Biotechnology Co. Yuan holds a bachelor's degree in economics from Beijing's University of International Business and Economics.

Kangtai shares have more than doubled in the past year and have continued their ascent since February, when the company announced a plan to develop a vaccine to fight the coronavirus. They slipped for a second day Tuesday following news of the divorce terms, losing 3.1% as of 9:43 a.m. in Hong Kong and bringing the company's market value to $12.9 billion.

Du's net worth has now dropped to about $3.1 billion from $6.5 billion before the split, excluding his pledged shares.

The 56-year-old was born into a farming family in China's Jiangxi province. After studying chemistry in college, he began working in a clinic in 1987 and became a sales manager for a biotech company in 1995, according to the prospectus of Kangtai's 2017 initial public offering. In 2009, Kangtai acquired Minhai, the company Du founded in 2004, and he became the chairman of the combined entity.

China's rapidly growing economy has been an engine for the country's richest, and Du is not the only tycoon who's had to pay a steep price for a divorce. In 2012, Wu Yajun, at one point the nation's richest woman, transferred a stake worth about $2.3 billion to her ex-husband, Cai Kui, who co-founded developer Longfor Group Holdings Ltd. In 2016, tech billionaire Zhou Yahui gave $1.1 billion of shares in his online gaming company, Beijing Kunlun Tech Co., to ex-wife Li Qiong after a civil court settlement.

Sometimes, a goodbye can be time-consuming too. South Korean tycoon Chey Tae-won's wife filed a lawsuit in December asking for a 42.3% stake in SK Holdings Co. valued at $1.2 billion. That would make her the second-largest shareholder of the company should she win the case, which is still ongoing.

The most expensive divorce in history is that of Jeff and MacKenzie Bezos. The Amazon.com Inc. founder gave 4% of the online retailer to Mackenzie, who now has a $48 billion fortune and is the world's fourth-richest woman.

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News Network
July 5,2020

Washington, Jul 5: US President Donald Trump on Saturday thanked Prime Minister Narendra Modi for his wishes on America's 244th Independence Day.

On Saturday, PM Modi tweeted: "I congratulate @POTUS @realDonaldTrump and the people of the USA on the 244th Independence Day of the USA. As the world's largest democracies, we cherish freedom and human enterprise that this day celebrates. @WhiteHouse"

While replying to PM Modi's wishes, Mr Trump tweeted: "Thank you my friend. America loves India!"

The US President also attended the July 4 American Independence Day celebrations in South Dakota.

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News Network
March 25,2020

Hubei, Mar 25: As a bus departed from its terminus at Hankou Railway Station at 5:25 am Wednesday morning, Wuhan started to resume bus service after nine weeks of lockdown.

Apart from a driver, a safety supervisor was also on each bus, whose duty was to make sure all passengers are healthy.
"For those who do not use smartphones, they should bring with them a health certificate issued by the health authorities," said Zhou Jingjing, a safety supervisor aboard bus No. 511 departing from the Wuchang Railway Station complex.
The once hardest-hit city in central China's Hubei Province during the COVID-19 outbreak took unprecedented traffic restrictions on Jan 23. All of its public transport and all outbound flights and trains had been suspended in an attempt to contain the virus within the region.

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