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Dalian Wanda Group to buy UK yacht maker and hotel property

Wed, 19 Jun 2013 17:45:23 -0400

LONDON - China's largest premier commercial property and entertainment conglomerate, Dalian Wanda Group Wednesday entered into 320million pounds definite acquisition deal with leading British yacht company, Sunseeker International Ltd, under which Wanda will acquire a majority shareholding of 91.81% in pre-eminent luxury motor yacht manufacturer. Under the agreement, the remaining 8.19% stake ...

Lundbeck and several drug firms fined for pact to delay generic drugs

Wed, 19 Jun 2013 17:13:25 -0400

BRUSSELS - European Union in its first case over pay-for-delay deals that held back sales of cheaper generic drugs Wednesday fined Danish pharmaceutical company Lundbeck 93.8 million euros and imposed fines totaling 52.2 million euros on several other producers of generic medicines. The European Commission, the EU's antitrust regulator, said the companies had reached agreements that may have ...

Nikkei expected to edge down on Feds stimulus signals

Wed, 19 Jun 2013 19:29:45 -0400

TOKYO, June 20 (Reuters) - Japan's Nikkei share average is expected to lose ground on Thursday after U.S. Federal Reserve Chairman Ben Bernanke said the central bank could trim its bond buying programme later this year, but losses may be contained by a weakening yen. Market players said the Nikkei was likely to trade between 13,000 to 13,300 on Thursday after rising 1.8 percent at 13,245 in ...

Diving Rupee—Heres How Bad It Can Get for India

Wed, 19 Jun 2013 19:08:41 -0400

, which is hovering near lifetime lows, poses a threat to the recovery in Asia's third largest economy that is already on fragile footing, economists say. "I think rupee weakness is going to be a big issue - given how central the rupee is in determining the current account deficit, inflation and macroeconomic stability," said Vishnu Varathan, market economist at Mizuho Corporate ...

Nirma founder sells land to JP Iscon for Rs 500 crore

Wed, 19 Jun 2013 19:05:24 -0400

Karsanbhai Patel has sold his 68,000 sq yard plot, called Nirma Farm, near Science City to a city-based developer, JP Iscon, for Rs 500 crore. The deal size makes it one of the biggest ones in recent times in Ahmedabad. The deal is said to have been sealed at Rs 75,000 per square ...

What do vibrators Qantas and cider have in common

Wed, 19 Jun 2013 18:51:32 -0400

Qantas, vibrators and an acupuncturist and cider are among the Australian winners in the Design Lions category, with Droga5 and M&C Saatchi pitching up well. A collective of creative including The Monkeys creative partner Micah Walker and former Mojo colleagues Pim Van Nunen and Justine Armour picked up a Silver for their Smile Makers range of vibrators, launched last year. Droga5 had ...

Nearly dozen cos announce bonus shares in 1 month

Wed, 19 Jun 2013 17:59:32 -0400

bonus shares for investors. Even as the markets remain volatile resulting in a poor appetite for stocks, companies are showering investors with bonus shares. Nearly a dozen companies including blue-chip ones have announced bonus shares in the past one month. While engineering behemoth Larsen & Toubro has recommended a 1:2 (one bonus share for two shares held) to commemorate its platinum ...

AIRSHOW-Lockheed Mitsubishi sign deal for F-35 assembly in Japan

Wed, 19 Jun 2013 17:02:49 -0400

Wed Jun 19, 2013 5:02pm EDT PARIS, June 19 (Reuters) - Lockheed Martin Corp has signed a contract with Mitsubishi Heavy Industries Ltd to begin work on a final assembly and checkout plant (FACO) for the F-35 Joint Strike Fighter in Japan, the top U.S. arms maker said on Wednesday. Steve O'Bryan, Lockheed vice president of the $392 billion F-35 program, announced the contract agreement at the ...

Asian stocks mixed ahead of Fed announcement Nikkei rallies on exports

Wed, 19 Jun 2013 16:59:16 -0400

Asian stocks were mixed on Wednesday ahead of Fed Chairman Ben Bernanke’s speech later in the day. The U.S. Federal Reserve two-day meeting ends today and investors are looking for clues on the outlook for ...

Ranbaxy 8 other companies fined Rs 1k cr

Wed, 19 Jun 2013 16:49:54 -0400

), is expected to appeal against the EU decision. Lundbeck has to pay damages of 94 million euros while the others fined include Alpharma (now part of Zoetis), Merck KGaA/Generics UK (Generics UK is now part of Mylan) and Arrow (now part of Actavis). In 2002, Lundbeck had entered into agreements with each of these companies to delay the entry of cheaper generic versions of its blockbuster ...

Essar goes slow on realty plans

Wed, 19 Jun 2013 16:49:52 -0400

want to sell stakes or fully exit real estate projects of the unlisted group company Equinox Realty, signaling a cooling off of their ambitions to develop large scale residential and office buildings. Equinox, floated six years ago, is part of the $27-billion conglomerate in which brothers Shashi ...

Airtel slashes 2G data fees by 90

Wed, 19 Jun 2013 16:49:51 -0400

KOLKATA: Telecom players are banking on data or mobile internet to rein in sagging growth in revenues. And they are now looking beyond the metros at tier-I & tier-II cities and rural belts to push data business. On ...

Japan to maintain spending at FY2013 level-Nikkei

Wed, 19 Jun 2013 15:00:18 -0400

June 19 | Wed Jun 19, 2013 3:00pm EDT June 19 (Reuters) - Japan plans to cap spending, excluding debt payments, at the current level of about 70 trillion yen ($736.80 billion) for the next two fiscal years as part of efforts by Prime Minister Shinzo Abe to improve fiscal health, the Nikkei reported. Ministries and agencies will be asked to tighten their belts to curb any rise in social ...

Bosch forms lithium-ion battery JV with GS Yuasa Mitsubishi

Wed, 19 Jun 2013 14:10:25 -0400

FRANKFURT | Wed Jun 19, 2013 2:10pm EDT FRANKFURT (Reuters) - German industrial group Robert Bosch GmbH ROBG.UL said on Wednesday it had agreed to work on next-generation lithium-ion batteries with Japan's GS Yuasa International Ltd. (6674.T) and Mitsubishi Corporation (8058.T). The companies intend to set up a joint venture to conduct research and development and provide sales and ...

Road Test 2013 Toyota Avalon

Wed, 19 Jun 2013 12:13:09 -0400

PITTSBURGH (KDKA) – It looks like Toyota may have finally figured out a way to make the Avalon, well, cool. In previous incarnations of Toyota’s take on the big American family car, Toyota put in a lot of functionality, a lot of value and a lot of reliability — and that’s all well and good — but you gotta bring style and soul to the table if you want to go up ...

FDI dips by 6 to $ 5.47 bn in Jan-March 2013

Wed, 19 Jun 2013 11:01:40 -0400

NEW DELHI: Foreign direct investment (FDI) in India has declined by six per cent to $5.47 billion during January-March quarter of the current calender year even as government is making efforts to promote the country as an investment destination. FDI inflows were worth $5.84 billion in January-March 2012. During the quarter, highest FDI of $2.15 billion was received in January followed by $1.79 ...

Lamborghini launches limited edition of Gallardo LP550-2

Wed, 19 Jun 2013 11:01:38 -0400

Gallardo LP550-2 for sports car enthusiasts in the country. The super sports car is priced a Rs 3.06 crore (ex-showroom Maharashtra). Lamborghini has launched only six cars, designed and manufactured exclusively for India's most discerning super sports car enthusiasts, Lamborghini India Operations Head Pavan Shetty told reporters ...

Qantas attendants sue over explosion

Wed, 19 Jun 2013 10:51:26 -0400

A QANTAS flight crew who endured a near-disastrous engine explosion are leading a class action over the trauma they suffered in the mid-air ...

AIRSHOW-Singapore Airlines orders 30 more Airbus A350s

Wed, 19 Jun 2013 10:29:10 -0400

PARIS, June 19 | Wed Jun 19, 2013 10:29am EDT PARIS, June 19 (Reuters) - Singapore Airlines has placed a firm order for 30 Airbus A350-900 aircraft worth $8.6 billion at list prices, with options for 20 more of the jetliners. The airline could convert the options into larger A350-1000s under the terms of the deal, Airbus said at the Paris Airshow on Wednesday. The carrier now has 70 ...

Car recalls issues From acceleration at Toyota to spiders at Mazda

Wed, 19 Jun 2013 10:07:43 -0400

Toyota suffered a hugely damaging blow to its reputation for quality between late 2009 and early 2011 when it recalled more than 10 million cars due to sudden unintended acceleration as well as brake and fuel pump problems. The acceleration issue was tracked to floor mats getting lodged in the foot pedal well and to the pedal getting mechanically stuck. Numerous lawsuits were launched against ...

Cokes Atul Singh elevated to global role

Wed, 19 Jun 2013 09:51:00 -0400

Atul Singh , presently president & CEO, India and south west Asia as its deputy president, Pacific group. Singh, the first Indian within the Coca-Cola system to be given such a significant global role, will oversee two key and growing markets for the cola major -- India and China -- which together contribute 10% of the company's volumes. It was last year that India moved into the ...

Re snaps 2-day fall up 7 paise vs dollar

Wed, 19 Jun 2013 09:50:56 -0400

Interbank Foreign Exchange (Forex) market, the domestic unit commenced better at 58.74 a dollar from previous close of 58.77, which is its all-time low on a closing basis. However, in a session marked with volatility the rupee moved erratically in a range of 58.61 and 58.91 against the US dollar. It ended at 58.70, a rise of 7 paise or 0.12 per ...

Sensex recovers 22 points on late buying

Wed, 19 Jun 2013 07:36:00 -0400

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Strong Japan Export Data Pushes up Nikkei

Wed, 19 Jun 2013 06:18:14 -0400

Even as investors remain on the sidelines ahead of the conclusion of the Fed's 2 day meeting and especially Ben Bernanke's testimony later in the day, there was great volatility during the Asian session. Traders were either reacting to the bullish Japan export data or setting up positions ahead of the Bernanke testimony later today. In Asia the stocks were broadly ...

Apple chief makes case against Adobe Flash software

Wed, 19 Jun 2013 05:35:16 -0400

Last week, JSPL shares crashed 24% after the CBI registered an FIR against the company and Naveen Jindal over landing coal fields by alleged ...

Hang Seng Shanghai end lower

Wed, 19 Jun 2013 05:16:34 -0400

(1 hr 3 mins ago) Hong Kong stocks finished 1.13 percent lower on Wednesday, hit by reports that property tax trials will be launched in China this year in a bid to cap soaring prices. The benchmark Hang Seng Index ended down 238.99 points at 20,986.89 on turnover of HK$61.88 billion, AFP reports. Chinese stocks closed down 0.73 percent. The benchmark Shanghai Composite Index fell 15.84 points ...

Sensex extends losses drops 102 points

Wed, 19 Jun 2013 03:15:25 -0400

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Nikkei jumps 1.8pc at close

Wed, 19 Jun 2013 03:07:48 -0400

(44 mins ago) Stocks in Tokyo closed 1.83 percent higher, ahead of the Federal Reserve ending its policy meeting and as official data showed Japan's exports soared in May thanks to a weaker yen. The benchmark Nikkei 225 index jumped 237.94 points to 13,245.22, while the Topix index of all first-section shares rose 1.86 percent, or 20.17 points, to 1,106.57. ...

Asian mkts tense before Fed meet Nikkei gains

Wed, 19 Jun 2013 02:59:13 -0400

European stocks were expected to open steady ahead of the conclusion of the Fed's June 18-19 meeting. A policy statement is due at 1800 GMT and Fed ...

Nikkei climbs to 1-week high on SoftBank investment trust

Wed, 19 Jun 2013 02:49:05 -0400

* Nikkei rises 1.8 pct, Topix up 1.9 pct * Japan stocks fwd P/E falls to level not seen since BOJ action * SoftBank gains after Dish says abandons Sprint bid * TEPCO sinks, says finds highly toxic strontium in Fukushima groundwater By Dominic Lau TOKYO, June 19 (Reuters) - Japan's Nikkei average hit a one-week high on Wednesday, with traders citing the launch of a near $780 million investment ...

Nikkei up as softer yen boosts exporters

Wed, 19 Jun 2013 02:19:24 -0400

Sydney - Japanese stocks rose on Wednesday, thanks to a positive lead from Wall Street plus a softer yen, outperforming the rest of Asia which anxiously seeks clarity on the Federal Reserve's next policy ...

What Bust Australia Set for Huge Boom Report Says

Wed, 19 Jun 2013 02:15:22 -0400

Australia's economy has been clouded with negative forecasts in recent weeks with some even warning of a dip back into recession, but a recent report argues the economy is poised for a rapid acceleration in the coming months. According to Clifford Bennett, chief economist of the financial services firm White Crane Group, which publishes the White Crane Report, Australia is set for a major ...

Awaiting China PMI Things Could Get Even Worse

Wed, 19 Jun 2013 01:11:46 -0400

Activity in China's vast manufacturing sector may have decelerated further in June, the flash estimate of the HSBC China purchasing manager's index (PMI) is expected to show, exacerbating worries about a downturn in the world's second largest economy. The closely-watched flash PMI survey due on Thursday could fall to as low as 48.7, according to estimates by Credit Agricole and ...

Emerging Market Allocations Hit Lows

Wed, 19 Jun 2013 01:11:45 -0400

Investor confidence in emerging markets is continuing to plummet, with a recent fund managers' survey showing that equity investment in the group of countries has fallen to its lowest level since December 2008. The BofA Merrill Lynch Fund Manager Survey for June showed that about 9 percent of asset allocators were underweight emerging market equities - the first underweight reading since ...

Rupee recovers 15 paise against dollar

Wed, 19 Jun 2013 01:08:23 -0400

MUMBAI: The rupee recovered by 15 paise to 58.62 against the dollar in early trade on Wednesday at the Interbank Foreign Exchange market on increased selling of the US currency by exporters. However, dollar's strength against other currencies overseas capped the rupee's gain as investors await the conclusion of ...

Sensex down 62 points

Wed, 19 Jun 2013 01:08:22 -0400

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Asian businesses optimistic sentiment in India falls

Wed, 19 Jun 2013 00:53:02 -0400

That’s how many engineers graduate in India every year. And they have never found it so hard to land a job. Some blame the slack job market, others point to poor quality of colleges and ...

Sell-offs across Asia as Nikkei drops 6.4 on BoJ disappointment World Bank weighed

Wed, 19 Jun 2013 00:13:33 -0400

Asian stocks slipped on Thursday as Nikkei triggered sell-offs across the region after falling more than 6%, which places the index in a bear market, while the dollar/yen fell towards the 94-mark on BoJ’s lack of action to calm markets, pushing exporters ...

Asian stocks jump as Nikkei recovers some losses following strong U.S. data

Wed, 19 Jun 2013 00:13:32 -0400

Asian stocks jumped Friday as strong U.S. data lifted confidence about the ability of the U.S. economy to withstand any cut in stimulus. The upbeat retail sales and jobless claims triggered a rally on Wall Street and soothed the panicking Asian markets ahead of next weeks Federal Reserve policy ...

Fish Prices Leap to All-Time High Thanks to China

Wed, 19 Jun 2013 00:07:23 -0400

Global fish prices have leapt to all-time highs as China's growing appetite for high-end species - from tuna to oysters - runs up against lower catches. The UN Food and Agriculture Organisation's global fish price index, an industry benchmark that tracks the cost of wild and farmed seafood, hit a record high in May, up 15 per cent from a year ago and above the peak set in mid 2011. ...

Nikkei rises 1.3 pct on weak yen Fed hopes Softbank soars

Tue, 18 Jun 2013 22:50:39 -0400

* Investors still cautious ahead of Fed outcome * Softbank soars after Dish abandons Sprint bid * Tepco tumbles as highly toxic substance found at plant By Ayai Tomisawa TOKYO, June 19 (Reuters) - Japan's Nikkei share average rose to a one-week high on Wednesday morning, underpinned by optimism that the U.S. Federal Reserve would temper worries about an imminent roll back of its stimulus ...

Cathay Pacific traffic figures for May 2013

Tue, 18 Jun 2013 21:56:17 -0400

Cathay Pacific Airways released combined Cathay Pacific and Dragonair traffic figures for May 2013 that again show a year-on-year drop in the number of passengers carried and cargo and mail tonnage. Cathay Pacific and Dragonair carried a total of 2,338,703 passengers in May – a drop of 0.8% compared to the same month last year. The passenger load factor was up by 0.5 percentage points to ...

Singapore Airlines May 2013 operating results

Tue, 18 Jun 2013 21:56:16 -0400

The operating results for May 2013 are given in the table below: In May 2013, Singapore Airlines' system wide passenger carriage (measured in revenue passenger kilometres) increased 1.3% on the back of 3.1% growth in capacity (measured in available seat kilometers). Consequently, passenger load factor (PLF) fell by 1.2 percentage points to 74.6%. The number of passengers carried ...

Hong Kong Investigates HSBC for Manipulating Rates

Tue, 18 Jun 2013 21:54:40 -0400

Hong Kong's de facto central bank said on Tuesday that its investigation into possible benchmark rate manipulation has been extended to include HSBC and a number of other banks.The Hong Kong Monetary Authority (HKMA) announced in December that it was investigating UBS about possible misconduct relating to its submissions for the Hong Kong Interbank Offered Rate ...

Japanese Exports Soar on Weak Yen

Tue, 18 Jun 2013 21:54:40 -0400

Japanese exports rose a stronger-than-expected 10.1 percent in May from a year earlier, compared with a 3.8 percent rise the previous month in a sign that a ...

Qantas IT glitch lists $11000 Sydney-Melbourne fares

Tue, 18 Jun 2013 21:53:06 -0400

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Huge revenue losses feared in fake transactions

Tue, 18 Jun 2013 21:46:34 -0400

KARACHI: The national exchequer is likely to suffer huge revenue losses of two percent general sales tax (GST) per product sold by multinational and local companies - as their distributors are charging sales tax rate of 19 percent - rather than the official 17 percent GST - on supplies to retail outlets, retailers told the News. This is done on fake invoices making the transaction illegal, they ...

Govt borrowing rises by Rs47 billion

Tue, 18 Jun 2013 21:46:33 -0400

KARACHI: Pakistan's government borrowing from domestic banking sources has risen by Rs 47 billion in fiscal year 2012-13, as compared to the same period last year, the State Bank of Pakistan (SBP) reported on Tuesday. This heavy borrowing from the banking system - as shortfall in public finances weighs on the weak economy - means fear is rising of the country slipping into a "debt ...

Oil consumption rises by 15 percent

Tue, 18 Jun 2013 21:46:33 -0400

KARACHI: Oil consumption shot up by 15 percent on month-on-month basis and seven percent on year-on-year basis in May based on provisional figures. Petrol sales jumped to a record level of 360k tons, up by 24 percent on month-on-month basis and 47 percent on year-on-year basis, as analysts believe the election campaigning and enhanced CNG outages, particularly in Punjab, contributed towards ...

Circular debt to be wiped out in 60 days

Tue, 18 Jun 2013 21:46:32 -0400

ISLAMABAD: Federal Minister for Finance Ishaq Dar told Korean Ambassador Choongjoo Choi that circular debt will be wiped out in 60 days in a bid to reform the business environment in Pakistan, in a meeting on Tuesday. Pakistan currently has a circular debt of Rs503 billion, which remains a key factor in the country's massive energy imbroglio. The energy shortfall has led to closure of ...

Deceptive GST increase slammed

Tue, 18 Jun 2013 21:46:32 -0400

KARACHI: The budget presented by Finance Minister Ishaq Dar in parliament last week will stoke up inflation and contradicts the election manifesto of the ruling PML-N govt, experts said at Jang Forum on Tuesday. The proposed increase in General Sales Tax (GST) to 17 percent has already resulted in the increased prices of most goods and reduced the purchasing power of people, speakers at the forum ...

KSE struggles to attract investors with new products

Tue, 18 Jun 2013 21:46:31 -0400

KARACHI: Five products launched by the Karachi Stock Exchange to attract local investors after the stock market crashed in 2008 received response from less than 10 percent of traders, officials said on Tuesday. The stock market reached a major milestone when the KSE-100 index crossed the 15,000-point barrier for the first time in the country's history. The market peaked at 15,737.32 points ...

Group life insurance premium raised

Tue, 18 Jun 2013 21:46:31 -0400

ISLAMABAD: The Securities and Exchange Commission of Pakistan has doubled the minimum premium limit for group life insurance required for certification of an appointed actuary of a life insurer. According to the SECP, the limit has been increased from one million to two million rupees. It has also issued circular No 11/2013 amending circular No.9/2005, which will take effect from July 1, 2013. ...

KTBA terms levy on moveable assets blow to savings

Tue, 18 Jun 2013 21:46:30 -0400

KARACHI: The Karachi Tax Bar Association (KTBA) has termed the measure of 0.5 percent levy on net moveable assets as a blow to generations of savings, which are already very low in the country. At a post-budget seminar organised by the KTBA on Tuesday, Haider Patel, the president of the bar association, said that the 0.5 percent levy on net moveable assets from all individual taxpayers on an ...

Businessmen urged to avail opportunities in Ukraine

Tue, 18 Jun 2013 21:46:30 -0400

LAHORE: Pakistan's ambassador designate to Ukraine Wajahat Ali has urged Pakistani businessmen to avail trade opportunities in Ukraine as the country holds a great market for Pakistani products. He was addressing the members of the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday. He said that textiles, textile made-ups, pharmaceuticals, rice, fruits, surgical and sports goods have ...

ECB rates becoming effective Draghi

Tue, 18 Jun 2013 21:46:29 -0400

JERUSALEM: The European Central Bank is ready to act to aid the Eurozone economy if needed, while signs of market stabilisation mean interest rates are becoming a more effective tool again, ECB chief Mario Draghi said on Tuesday. Speaking in Jerusalem at a farewell conference for Bank of Israel Governor Stanley Fischer, Draghi said there were numerous measures the ECB could and would deploy if ...

Protesters abound in Sukkur

Tue, 18 Jun 2013 21:46:28 -0400

SUKKUR: Employees of the Town Municipal Administration (TMA) Sukkur protested on Tuesday against the nonpayment of their salaries for nine months. TMA employees first shutdown their offices and later marched to Sukkur Press Club to set up a hunger strike camp. The disgruntled workers said authorities had withheld their salaries without any justification. They said their dependents were facing ...

Thar coal recognised at forum

Tue, 18 Jun 2013 21:46:28 -0400

KARACHI: Sindh Board of Investment Chairman Muhammad Zubair Motiwala said on Tuesday that the quality of reserves at Thar Coal have been recognised by world-renowned institutions, including the Clean Coal Forum 2013 in Beijing, China. While giving a briefing, the SBI chairman said access and infrastructure at Thar is being developed for increased participation of local and foreign investors. The ...

Fuel hike hinges on compensation

Tue, 18 Jun 2013 21:46:27 -0400

JAKARTA: Indonesia will hike petrol prices once the government has finalised the process to compensate poor families for the rise in fuel costs, the finance minister said on Tuesday. Chatib Basri did not provide a specific timeline on when that may occur. Under the government's measures, ordinary gasoline will rise 44 percent and diesel by 22 percent. Parliament approved the plan on ...

Psha seeks forward looking policies

Tue, 18 Jun 2013 21:46:27 -0400

KARACHI: At a post-budget appraisal meeting, the Pakistan Software Houses Association for IT and ITES (P@SHA) discussed pressing issues confronting the new state minister of IT and telecom. P@sha is the only registered professional trade body representing the information technology and business process outsourcing sector in Pakistan. Its primary mandate is the growth of the technology sector, ...

EU US launch trade talks

Tue, 18 Jun 2013 21:46:27 -0400

ENNISKILLEN, Northern Ireland: The United States and the European Union launched talks on Monday to create one of the world's most ambitious free-trade zones, as France again underscored its determination to protect its movies and culture. A trans-Atlantic free trade agreement was first considered three decades ago but was knocked down by France in the 1990s. Europe has now managed to get ...

British inflation up to 2.7pc in May

Tue, 18 Jun 2013 21:46:26 -0400

LONDON: British 12-month inflation accelerated to 2.7 percent in May, rebounding from a seven-month low point struck in April, official data showed on Tuesday. Analysts' consensus forecast had been for a rise in the 12-month rate to 2.6 percent, according to Dow Jones Newswires. "The Consumer Prices Index (CPI) grew by 2.7 percent in the year to May 2013, up from 2.4 percent in ...

PTCL concludes leadership conference

Tue, 18 Jun 2013 21:46:26 -0400

KARACHI: Pakistan Telecommunication Company Limited (PTCL) held the concluding session on Tuesday of its leadership conference 'Broadening Learning Horizons', which kicked off earlier this month. Designed to enhance the leadership capabilities of PTCL's senior management in-line with the strategic business vision of the company, the event brought together business leaders and ...

HBL Signs Agreement with Atlas Honda Limited

Tue, 18 Jun 2013 21:46:25 -0400

Karachi: HBL entered into an agreement with Atlas Honda Ltd. to offer its salary account holders a personal loan facility for the purchase of Atlas Honda motorbikes. The agreement was signed by Mr. Nauman K. Dar, President and CEO HBL and Mr. Saquib H. Shirazi, CEO Atlas Honda Ltd., during a ceremony held at the HBL Head Office in Karachi. Also present on the occasion were Ms. Sima Kamil, Head - ...

Stocks decline 297 points on profit-taking

Tue, 18 Jun 2013 21:46:24 -0400

The Karachi Stock Exchange (KSE) benchmark 100-index declined by 297 points to 21,919.63 points on Tuesday on profit-taking, dealers said. They added that foreigners, local institutions and retailers offloaded their positions. Arif Habib, chairman of Arif Habib Group, said that profit-taking was witnessed in the market during the last three sessions as the honeymoon period of elections and the ...

Karachi ports handle 192918 tons of cargo

Tue, 18 Jun 2013 21:46:24 -0400

The Karachi Port and Port Qasim handled a cargo volume of 192,918 tons during the last 24 hours that included 111,485 tons of imports and 81,433 tons of exports, the two ports reported on Tuesday. Accordingly, the Karachi Port handled imports, including containerised cargo (20,966 tons), bulk cargo (12,701 tons), DAP (8,007 tons), and oil / liquid cargo (36,547 tons). It handled exports, ...

Cotton spot rate increased

Tue, 18 Jun 2013 21:46:23 -0400

Karachi The Karachi Cotton Exchange (KCE) revised up its cotton spot (average) rate by Rs100 per maund (37.324 kilograms) to Rs6,500 per maund after the demand for the commodity continued to increase at the local markets, a dealer said on Tuesday. "The KCE increased its cotton spot rate after the demand for the commodity surged significantly," Taqi Abbas, a member of the Advisory ...

Hang Seng dips at open

Tue, 18 Jun 2013 21:43:02 -0400

(2 mins ago) Stocks in Hong Kong fell 0.18 percent at the open as dealers await the outcome of a US Federal Reserve policy meeting for an idea of its plans for its vast stimulus scheme. The benchmark Hang Seng Index fell 37.48 points to 21,188.40 in the first few minutes of ...

GLOBAL MARKETS-Nikkei rallies others subdued as Fed looms

Tue, 18 Jun 2013 21:02:15 -0400

Tue Jun 18, 2013 9:02pm EDT * All eyes on Fed Chairman Ben Bernanke after FOMC meeting * Markets hoping for clarity on any pullback in Fed stimulus * Nikkei higher; Asian stocks and major currencies mark time By Ian Chua SYDNEY, June 19 (Reuters) - Japanese stocks started trade on Wednesday with a spring in their step thanks to a positive lead from Wall Street and a softer yen, but the rest of ...

Cathay Pacific to revamp first class BOSE headphones more personal space

Tue, 18 Jun 2013 20:46:34 -0400

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GVK’s Australia coal project a quagmire Report

Tue, 18 Jun 2013 20:44:55 -0400

MUMBAI: Infrastructure firm GVK's $10-billion Alpha coalmine, port and rail project is uneconomical and represents an unacceptable level of risk to potential investors, says a report by the US-based Institute for Energy Economics and Financial Analysis (IEEFA). Titled 'Stranded: A financial analysis of GVK's proposed Alpha Coal Project in Australia's Galilee Basin', the ...

HC upholds withdrawal of SEZ tax exemptions

Tue, 18 Jun 2013 20:44:54 -0400

units and developers by the Finance Act, 2011. A bunch of companies having units in SEZs and SEZ developers such as MindTree, Biocon, Opto Circuits, Opto Infrastructure and Primal Projects, to name a few, had petitioned the Karnataka high court against the withdrawal of MAT and DDT exemption available to them earlier. The petitioners claimed that they had made heavy investments and established ...

PC prices to go up on fall in rupee

Tue, 18 Jun 2013 20:44:52 -0400

58, is leaving nothing untouched in its wake. It is especially true of the computer components in India, almost all of which are imported from manufacturing bases in countries like Taiwan. The complete dependence on importing components means that all vendors would be affected and an increase in the prices of laptops and desktops is expected. "The prices of all the PC components is going up. ...

India fourth biggest market for Sony with Rs 8000 crore sales

Tue, 18 Jun 2013 20:44:51 -0400

That’s how many engineers graduate in India every year. And they have never found it so hard to land a job. Some blame the slack job market, others point to poor quality of colleges and ...

Vodafone slashes 2G data charges by 80

Tue, 18 Jun 2013 20:44:48 -0400

MUMBAI: In an attempt to push mobile internet usage among its subscribers, Vodafone India said it has cut its 2G data charges by 80% in three circles and the reduced rates will be gradually rolled out nationally. The telecom operator has reduced charges from 10 paise per 10KB to 2 paise per 10KB in Karnataka, UP ...

Big investors look to log into Indian e-commerce

Tue, 18 Jun 2013 20:44:47 -0400

BANGALORE: A new set of marquee investors are debuting in India's burgeoning consumer internet market. Bulge bracket names such as Canadian Pension Plan Investment Board ( ...

LG hikes prices as Re fall raises costs

Tue, 18 Jun 2013 20:44:46 -0400

Even though the emails were never sent, govt prosecutors argue that they help establish a pattern of Apple serving as a "ringleader" in a conspiracy with the publishers to force the retail book industry to adopt higher prices of ...

Panel seeks major easing of FDI limits

Tue, 18 Jun 2013 20:44:44 -0400

NEW DELHI: A government-appointed panel on Tuesday recommended major liberalization of overseas investment rules, including an increase in the foreign direct investment (FDI) ceilings for politically-sensitive sectors such as defence production, insurance, pension and multi-brand retail. The committee headed by economic affairs secretary Arvind Mayaram, which submitted its report to finance ...

FIIs pull out $4.6 billion from debt in 1 month

Tue, 18 Jun 2013 20:44:43 -0400

Late last month, the Planning Commission gave its nod to four-lane the 95-km stretch on NH-82 that connects Gaya, Rajgir, Nalanda and Biharsharif, at a cost of 1,500 ...

Stocks post solid gains Tuesday

Tue, 18 Jun 2013 20:23:16 -0400

U.S. markets churned higher Tuesday after the Commerce Department said price inflation remained muted in May. The report by itself had negligible effect. But every report of late has been held up to the light to see how it might affect the U.S. Federal Reserve's monetary policy announcement expected Wednesday. Low inflation means the economy is not overheating. In turn, some investors have ...

Goldman Bets on Cheapest Asia Market After China

Tue, 18 Jun 2013 19:42:26 -0400

Asia's emerging markets have been among the worst hit amid the recent rout in global stocks, but Goldman Sachs advocates accumulating South Korean equities now, on the basis that the market will fare well in a rising rate environment. "In a rising rate environment...more cyclical markets like Korea may benefit given their higher sensitivity to global growth than rates," strategists ...

Will the Trade Data Boost Abenomics

Tue, 18 Jun 2013 19:42:25 -0400

Japan's economic outlook could get a boost on Wednesday, with data expected to show a rise in exports and a pick-up in domestic consumption that could offer Japan's radical economic policies a respite after the bad press they have received recently amid a heavy sell-off in stocks. Economists told CNBC that they expected Japan's trade deficit to widen in May, adding that they ...

In China Blackmail Is the Name of the Game

Tue, 18 Jun 2013 19:42:24 -0400

How to Succeed Through Blackmail ) The extortion boom comes at a time when many Communist Party members are begrudgingly enduring a government austerity campaign, pushed by President Xi Jinping himself, that has denied them the expensive, taxpayer-financed banquets and chauffeured sedans once considered the birthright of Chinese officialdom. More than 2,000 officials have been investigated and ...

NTPC CIL settle coal quality row

Tue, 18 Jun 2013 19:39:11 -0400

That’s how many engineers graduate in India every year. And they have never found it so hard to land a job. Some blame the slack job market, others point to poor quality of colleges and ...

Japan Airlines SKY SUITE named Best Business Class Airline Seat

Tue, 18 Jun 2013 16:11:09 -0400

JAL SKY SUITE was today named "Best Business Class Airline Seat" globally, based on the world's largest airline passenger satisfaction survey conducted by SKYTRAX. Japan Airlines (JAL) received the top honor for its new fully-flat Business Class seat at SKYTRAX's 2013 World Airline Awards held at Paris Air Show. JAL is the first Japanese airline to win the Best Business Class ...

Toshiba to cut TV business costs by $104 million this fiscal year - Nikkei

Tue, 18 Jun 2013 15:34:44 -0400

(Reuters) - Japan's Toshiba Corp plans to cut about 10 billion yen (66.4 million pounds) in costs this fiscal year by reorganizing its network of television factories in Indonesia, China and Poland, the Nikkei said, citing company sources.Toshiba wants to make its TV operations profitable this year by overhauling its global production network and raising prices after the business lost almost ...