NANJING (APP):Twelve Chinese companies will invest more than 800 million U.S. dollars in a Belt and Road (B&R) project in Abu Dhabi, creating more than 2,000 jobs.
Agreements have been signed between the companies, 10 of which are from east China’s Jiangsu Province, with the Jiangsu Provincial Overseas Cooperation and Investment Company (JOCIC), which is in charge of developing 2.2 square kilometers of land at the Khalifa Industrial Zone Abu Dhabi (Kizad).
China will build the industrial cooperation demonstration park within Kizad to boost practical cooperation within the framework of the Belt and Road Initiative.
The government of Jiangsu said it will build the industrial park into a landmark program of China’s Belt and Road Initiative, attracting companies from both inside and outside the province.
Construction of the industrial park started in January.
Tokyo stocks edge up in volatile trade after Wall St rally
Tokyo (APP):Tokyo stocks rebounded slightly in a rollercoaster session on Wednesday after Wall Street finished the previous day with solid gains following a global rout.
The benchmark Nikkei index, which on Tuesday fell nearly five percent in the worst loss since the November 2016 election of Donald Trump as US president, rose 0.16 percent or 35.13 points to close at 21,645.37.
The broader Topix index gained 0.37 percent or 6.50 points to 1,749.91.
The Nikkei index opened sharply higher, surging nearly 3.5 percent at one point as investors bought on dips following the recent slumps.
“If the New York Dow stops falling, foreign selling of Japanese stocks will likely cease,” said Masayuki Kubota, chief strategist at Rakuten Securities.
“Given that the Japanese economy and corporate earnings are good, it is highly likely that 21,078 will be the bottom of the latest crash,” he said in a note, referring to the Nikkei’s intraday low on Tuesday when the key index was down more than seven percent.