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Ronaldo’s bottle removal gesture costs Coca-Cola $4 billion

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(Last Updated On: June 16, 2021)

Global soft drink giant Coca-Cola Company lost $4 billion value in Market after all-time soccer superstar Cristiano Ronaldo removed two Coca-Cola bottles during a press conference at the Euro 2020 on Monday, the Business Insider reported.

Ronaldo, the Portugal Football Team captain, moved the cola bottles aside as he sat down to speak to the media before Tuesday’s Group F opener against Hungary.

The 36-year-old followed it by holding a bottle of water before shouting in Portuguese: ‘Agua!’ – the Portuguese word for water.

According to the Insider, Coca-Cola’s shares were trading around $56.17 when the market opened on Monday, but fell 1.6% to $55.22 by the end of the press conference.

“That led to a sharp drop in market value from $242 billion to $238 billion. The soft-drink manufacturer’s shares closed at $55.41 per share on Tuesday,” the report said.

Coca-Cola, one of the official sponsors of Euro 2020, has not officially commented about the incident so far.

 

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US, Afghanistan, Pakistan Uzbekistan form platform for regional cooperation

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(Last Updated On: July 16, 2021)

The United States, Afghanistan, Pakistan, and Uzbekistan have agreed in principle to form a new diplomatic platform focused on enhancing regional connectivity, the US State Department said on Friday.

“The parties consider long-term peace and stability in Afghanistan critical to regional connectivity and agree that peace and regional connectivity are mutually reinforcing,” the Department said in a statement.

“Recognizing the historic opportunity to open flourishing interregional trade routes, the parties intend to cooperate to expand trade, build transit links, and strengthen business-to-business ties,” the statement read.

The parties agreed to meet in the coming months to determine the modalities of this cooperation with mutual consensus, the US said.

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Border crossings seized by Taliban impact customs revenue

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(Last Updated On: July 10, 2021)

The Afghan government said Saturday that the fall of key dry ports has disrupted exports and imports, imposing negative impacts on the country’s economic activities.

The Afghanistan Chamber of Commerce and Industry (ACCI) stated that the Taliban militants have captured seven key dry ports – the Islam Qala border and the Torghundi border towns, two trade gateways to Iran and Turkmenistan; Abu Nasr Farahi port, bordering with Iran, in Farah; Sher Khan Port in Kunduz and Ay Khanom port in Takhar, two trade gateways to Tajikistan; Aqina port in Faryab, a trade gateway to Turkmenistan; and Dand-e-Patan crossing to Pakistan in Paktia.

Khan Jan Alokozay, Deputy Chairman of ACCI, has raised concerns about the collapse of the ports, stating the traders can not pay taxes to both the government and the Taliban.

“Now, if we pay taxes in two places, it will directly impact the market, and rates will climb up to two hundred times higher than now,” Alokozay said.

Meanwhile, the price of food and raw materials have been increased in markets after the closure of these customs.

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APTTA extended for six months: Pakistan’s envoy

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(Last Updated On: July 8, 2021)

Afghanistan and Pakistan on Thursday extended the Afghanistan Pakistan Transit Trade Agreement (APTTA) for another six months, said Mansoor Ahmad Khan, Pakistan ambassador to Kabul.

According to the Pakistan envoy, the agreement was signed by Pakistan Commerce Minister Razzak Dawood and the Afghan Minister of Commerce and Industry Nisar Ghoriani.

“The two Ministers appreciated the increase in trade and exports from both sides. They lauded the excellent work of technical teams noting significant progress in negotiations on the new APTTA. Pakistan side welcomed Afghanistan’s offer to host the 9th APTTCA in Kabul in August,” tweeted Khan.

Khan added that “Pakistan’s Commerce Minister Abdul Razzak Dawood conveyed that he will lead Pakistan delegation to Kabul along with a large delegation of business persons and investors” in order for them to network with their Afghan counterparts on the sidelines of 9th APTTA meeting.

In February, Pakistan approved a three-month extension in its transit trade agreement with Afghanistan.

The arrangement allows Afghanistan access to Pakistani seaports, as well as land routes, to conduct international trade and export Afghan goods to India, Pakistan’s arch-rival. In return, Islamabad gets access through Afghanistan to markets in Central Asian states.

The Pakistani Commerce Ministry told Cabinet members in February that more than 832,000 containers of Afghan transit trade, carrying goods worth $33 billion, had passed through Pakistan during the last 10 years.

It is estimated that 30% of Afghan Transit Trade passes through Pakistan, the ministry noted at the time.

The APTTA was concluded in 2010 after years of effort, with the United States playing the facilitating role at the time, and replaced an outdated agreement dating from 1965.

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