HK predicts growth

HONG KONG: Hong Kong’s retail sales likely stayed on a steady growth path in June as the tourism industry remained vibrant and the number of people employed rose. The value of the city’s retail sales — to be announced on Monday — is estimated to have expanded by seven per cent in June from the same month last year. Hong Kong’s retail sales grew by 7.2 per cent by value in May. — AP

North, S Korean ties

SEOUL: North Korea has passed legislation to promote economic ties with South Korea, Yonhap news agency reported. “The legislation is to lay the legal ground for upgrading economic ties between North and South Korea,” Minju Josun said. The law, consisting of 27 articles, spells out detailed guidelines and regulations related to economic partnership, balanced development and mutual trust. — AP

Import policy revamp

KUALA LUMPUR: Malaysia will soon revamp its system of awarding car import licences amid criticism that it favours well-connected businessmen. The import permits were meant to help enterprising but poor ethnic Malays, who have traditionally lagged economically behind the country’s minority Chinese population. But accusations that the International Trade and Industry Ministry has awarded permits to the well-connected elite have prompted the government to plan a revamp. — AP