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The Global Business News: Trending Now

Beijing: China plans to conclude its mega project, which involves laying a vast 418 km railway from the border town all the way to Laos. China Economic Herald claims the project will be completed by 2020. Reports claim that the economic giant is seeking a new route that will cut through the emerging markets of the Southeast Asia.

On Friday, the two nations agreed to jointly construct the railway that will cost more than 40-billion Yuan. The supposed railway will start from the border town of Boten, going all the way to the Laos capital Vientiane, says the report.

The deal was apparently unveiled at a signing ceremony that was attended by dozens of senior officials from the country’s top economic planner. The paper claims that officials from the China Railway Corporation, National Development & Reform Commission, and the Export-Import Bank of China were all in attendance to grace the deal.

Jindal Steel plans to cut costs following Q2 loss

While in another report, Jindal Steel & Power LTD says it is planning to reduce costs and strip some of its non-core assets. Following a recent drop in steel and iron sales alongside a one-time charge connected to an overseas unit, the company plans to swing to a second-quarter loss.

Indian steelmakers including JSW Steel Ltd, Tata Steel Ltd, and Jindal Steel have witnessed sales hurt in the previous few quarters following increased imports from Russia, Japan, South Korea and China.

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