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Pakistan closes a corridor of its air space

New Delhi, Aug 7 (PTI) Pakistan has closed a corridor in its airspace, which will result in an additional up to12 minutes of flying time for overseas flights, an Air India official said on Wednesday.

The flights will have to be diverted to other routes due to the closure, the official said.

"One air corridor has been closed (in Pakistani airspace), requiring a maximum of 12 minutes diversion. It will not affect us (much)," said the Air India spokesperson.

Asia becoming center of power: Turkish foreign minister

6 Aug 2019; AA: Turkish Foreign Minister Mevlut Cavusoglu on Tuesday emphasized the significance of Asia, as an emerging power center. 

Addressing Turkish ambassadors at a dinner hosted by Foreign Economic Relations Board of Turkey (DEIK) and Turkey Exporters Assembly (TIM) in capital Ankara, he said economic power was shifting from the West to the East.

Visa-free travel starts between Turkey, Russia

7 Aug 2019; MEMO: Visa-free travel between Russia and Turkey goes into effect starting today, said Turkish Foreign Ministry in a statement on Wednesday, Anadolu reports.

The measure is valid on a reciprocal basis for official and service passport holders as well as for international transport drivers, the statement said.

It also includes Turkish special passport holders.

India: RBI cuts interest rate by 35 bps, 4th in row

Mumbai, Aug 7 (PTI) The Reserve Bank on Wednesday cut key interest rate for the fourth consecutive time, as it reduces repo rate by 35 basis points to 5.40 per cent to boost the slowing economy.

The six-member monetary policy committee (MPC) also maintained the accommodative stance on the monetary policy.

Russia-EU Trade in Goods: 83 Billion Deficit

BRUSSELS, Aug 6 (NNN-Prensa Latina) At the end of 2018, the European Union (EU) ran a trade deficit with Russia of 83 billion, the Statistical Office of the European Union (Eurostat) reported.

As reported by Eurostat, a trade deficit between the two economies has prevailed in the last decade, which was highest in 2011 at âé¬93 bn and lowest at âé¬46 bn.

While the EU exported âé¬85 bn to Russia during the past year, it imported from Russia a total of âé¬168 bn, Eurostat added.

US: Dow falls over 760 points amid trade war concerns

WASHINGTON, Aug 6 (NNN-ANADOLU) -All three major stock indexes fell Monday with the Dow Jones industrial average shedding more than 760 points after China devalued its currency to a more than 10-year-low.

The Dow shaved as much as 961 points, or nearly 3%, before recovering to close at 767 down. The S&P 500 lost 87 points and the Nasdaq Composite dropped 278 points.  

Iran: US imposed sanctions on FM after he rejected to meet Trump

6 Aug 2019; MEMO: Iranian Foreign Minister Mohammed Javad Zarif said yesterday that the US imposed sanctions on him after he had refused to meet with US President Donald Trump, DPA reported.

Speaking in a press conference in Tehran, Zarif said: “While I was in New York, I was informed that sanctions to be imposed on me if I did not accept the invitation [to meet with Trump]… I did not accept it.”

US labels China a 'currency manipulator'

Washington, Aug 6 (PTI) The US has officially labeled China a currency manipulator, accusing it of using yuan to gain "unfair competitive advantage" in trade, a move that could further escalate the tense trade relations between the world's two largest economies.

Washington's move came as Beijing allowed its yuan to fall below the politically sensitive level of seven to the US dollar on Monday for the first time in 11 years and Chinese firms have reportedly stopped buying US farm produce.

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