Asia Business News latest RSS headlines - Asia Bulletin.com

Nippon Airways reports minor incident on modified Dreamliner

Fri, 17 May 2013 16:28:04 -0400

TOKYO - Japan's All Nippon Airways said Friday a modified Dreamliner had suffered a "minor" setback while conducting a test flight of an aircraft this month, but assured it was not due to overheating of lithium batteries. All Nippon Airways, the Japanese airline that is the largest operator of Boeing's beleaguered Dreamliner, said an electric distribution panel overheated and blackened during ...

Bangladesh garment factories reopen within days of shutdown

Fri, 17 May 2013 16:34:08 -0400

DHAKA - Bangladesh has re-opened hundreds of garment factories after just three days of closure following protests over pay and poor work conditions. The Bangladesh Garment Manufacturers and Exporters Association had called for the re-opening on Friday. The shutdown of factories this week was prompted by worker protests over low pay and poor working conditions sparked by the country's worst ...

Share of developing nations in investments set to triple by 2030

Fri, 17 May 2013 16:22:44 -0400

WASHINGTON - The share of developing countries led by China and India in global investment is expected to triple by 2030 to three-fifths, from one-fifth in 2000, says the latest edition of the World Bank's Global Development Horizons (GDH) report, which explores patterns of investment, saving and capital flows as they are likely to evolve over the next two decades. Seventeen years from now, ...

Canada committed to FTA with India

Sat, 18 May 2013 03:13:00 -0400

Betting is illegal in India, but Indians are compulsive gamblers, willing to wager thousands of crores on anything from the outcome of cricket ...

Speeding Up Again China House Prices

Sat, 18 May 2013 01:07:29 -0400

China's housing inflation quickened in April, marking the fourth consecutive year-on-year rise and challenging policymakers who are trying to cool record home prices while supporting economic expansion. Average new home prices rose 4.9 percent last month from a year ago, after a year-on-year increase of 3.6 percent in March, according to Reuters calculations from data released by the ...

Dirty Dozen The 12 Worst Mutual Funds

Sat, 18 May 2013 01:07:28 -0400

High fees plus poor performance: The formula is pretty easy to determine what makes a bad mutual fund. Some, though, are worse than others--and some are so bad that they've made it into one publication's unofficial hall of shame for charging big fees but delivering small results. Funds that depend on bad market performance--"bear funds"--for their growth have done particularly ...

India close to Scotland in whisky brand race

Sat, 18 May 2013 01:03:55 -0400

With LCD & LED TVs in Thailand, Dubai & Singapore being 30-50% cheaper than in India, most people returning from such destinations carry flat ...

China Gives Economic Lifeline to Spain

Fri, 17 May 2013 22:46:43 -0400

With an unemployment rate of 22.8percent, the euro zone's highest, Spain appears to be spiraling back into recession. Yet the Cobo Calleja industrial park 15 miles south of central Madrid shows few signs of economic distress. A manager's Mercedes must be moved to make way for an incoming truck. Forklifts and workers pushing metal carts swerve to avoid each other as they rush to deliver ...

70 companies delisted in 2012

Fri, 17 May 2013 22:46:40 -0400

KARACHI: The number of delisted companies increased to an all time high of approximately 70 companies in 2012. However, not a single major company was listed during this period, a top broker told The News on Friday. No new major company has entered the stock exchange in a year and a half, confirmed Zafar Moti, a senior member of the Karachi Stock Exchange (KSE). "At the very least, 15 ...

Current account posts $1.418bn deficit in 10 months

Fri, 17 May 2013 22:46:39 -0400

KARACHI: Pakistan's current account stayed in red in the first ten months of the current fiscal year due to hefty foreign exchange outflows for debt repayments to the International Monetary Fund (IMF), says data released by the State Bank of Pakistan (SBP) on Friday. The country's current account deficit stood at $1.418 billion during July-April 2012-13 against $3.354 billion in the ...

LTU after Pakistanis with Swiss bank accounts

Fri, 17 May 2013 22:46:38 -0400

KARACHI: The Large Taxpayers Unit (LTU) Karachi has hinted at invoking of provisions regarding avoidance of double taxation treaty with Switzerland to obtain information about Pakistanis who maintain accounts in Swiss banks, and have transferred huge amount there without paying liabilities to the local tax authorities. The latest proposal of the unit is a sequel to several other proposals to ...

PSM bailout package worth Rs11bn delayed

Fri, 17 May 2013 22:46:38 -0400

KARACHI: Pakistan Steel Mills (PSM) has failed to get the recently approved bailout package worth Rs11 billion on the set date but it is hopeful to receive the package in the next one week or two, an official said on Friday. "PSM was supposed to receive the package on May 16," an official said, adding that chief executive officer of PSM, Major General Muhammad Javed (Retd), has reached ...

Bodies to resolve trade issues with India

Fri, 17 May 2013 22:46:37 -0400

LAHORE: The Ministry of Commerce has decided to set up six sectoral committees to obtain reservations and suggestions from the stakeholders on liberalisation of trade with India. The decision was made in a maiden meeting of the Pakistan-India Joint Business Council (PIJBC) on Friday held at the Trade Development Authority of Pakistan (TDAP)'s regional office. The commerce minister Maqbool H ...

PSOs oil refinery in KP to address energy needs

Fri, 17 May 2013 22:46:37 -0400

ISLAMABAD: Pakistan State Oil's (PSO) efforts to set up a state-of-the-art oil refinery in Khyber Pakhtunkhwa, with a capacity to process 40,000 barrels per day, will go a long way in meeting the rising energy needs. The PSO has signed a memorandum of understanding (MoU) with the government of Khyber Pakhtunkhwa for the establishment of an oil refinery in the Kohat district. The facility, ...

Weekly inflation up by 0.35pc

Fri, 17 May 2013 22:46:37 -0400

ISLAMABAD: The sensitive price indicator (SPI) for the week ended on May 16 for the lowest income group up to Rs8,000 registered an increase of 0.35 percent as compared to the previous week, according the provisional figures of the Pakistan Bureau of Statistics (PBS). The SPI for the week under review in the above mentioned group was recorded at 186.78 points against 186.13 points registered in ...

Karachi ports handle 155964 tons of cargo

Fri, 17 May 2013 22:46:36 -0400

The Karachi Port and Port Qasim handled a cargo volume of 155,964 tons during the last 24 hours that included 119,728 tons of imports and 36,236 tons of exports, the two ports reported on Thursday. Accordingly, the Karachi Port handled imports, including containerised cargo (11,018 tons), bulk cargo (16,144 tons), coal (13,309 tons), sulphur (1,580 tons) and oil / liquid cargo (58,781 tons). It ...

Institutional buying pushes KSE index up by 120 points

Fri, 17 May 2013 22:46:36 -0400

After little correction, the Karachi Stock Exchange (KSE) continued upward rally and the benchmark 100-index increased by 120.43 points to 20,537.03 points on institutional buying, dealers said. Investors say with one way traffic of going upward, small traders at the exchange are worried that the market can crash anytime and their positions would be weak. Thus, the majority of retail investors ...

Rupee rises against dollar

Fri, 17 May 2013 22:46:35 -0400

Karachi The rupee increased against the dollar in the currency market on Friday, dealers said. In the interbank market, the rupee rose to 98.42 against the dollar from the previous closing of 98.53. The local currency lost 11 paisas against the greenback, they said. The forex market witnessed a range-bound trading session on the lack of buying interest from traders. However, it is likely to come ...

Cotton spot rate cut to Rs6300

Fri, 17 May 2013 22:46:35 -0400

Karachi The Karachi Cotton Exchange (KCE) decreased its cotton spot (average) rate by Rs100 per maund (37.324 kilograms) to Rs6,300 per maund on Friday after the local markets continued to observe downward trend, a dealer said. This was the second consecutive day on which the exchange revised downward its spot rate. On Thursday, it has already decreased the commodity price by Rs50 per maund. A ...

Protests marring business activities

Fri, 17 May 2013 22:46:34 -0400

SUKKUR: In the aftermath of elections 2013, protests, shutter-downs, and strikes are hampering the business activities in Sukkur, Khairpur, Shikarpur, Ghotki, Jacobabad, Larkana, and other cities of the upper Sindh, said local businessmen. The protests by the political parties against the rigging in elections often turn violent and protestors go on the rampage, destroying shops and everything in ...

LCCI criticises caretaker govt for power tariff hike

Fri, 17 May 2013 22:46:34 -0400

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Friday criticised the caretaker government for making a huge increase of Rs5.82 per unit price of electricity and termed it an anti-business decision aimed at sabotaging the popularity of the PML-N government. In a statement, Farooq Iftikhar, president of the LCCI, said that at a time when the business community was already paying high ...

AEDB forwards eight green energy projects to World Bank

Fri, 17 May 2013 22:46:34 -0400

KARACHI: The Alternate Energy and Development Board (AEDB) has forwarded the concept notes of eight green energy projects to the World Bank to avail of financing under the Clean Technology Fund (CTF). Arif Alauddin, former chief executive officer of AEDB, said that the board has forwarded eight projects to the Ministry of Environment, which should have been forwarded to the World Bank for ...

PIAF reposes confidence on new govt

Fri, 17 May 2013 22:46:33 -0400

LAHORE: The Pakistan Industrial and Traders Associations Front (PIAF) has expressed the optimism that the new government will be able to overcome the energy crisis through the implementation of transparent policy framework. In a statement issued on Friday, the PIAF chairman Malik Tahir Javed said that corruption in different tiers of the society was one of the reasons of energy crisis and if this ...

KCCI demands restoration of six-day working week

Fri, 17 May 2013 22:46:33 -0400

KARACHI: Haroon Agar, president of the Karachi Chamber of Commerce and Industry (KCCI), has demanded the government to restore six-day working week in banks, customs and ports for larger interest of commerce and industry. In a statement issued on Friday, he expressed concern over two weekly holidays for all government departments and its affiliated institutions in the name of energy conservation. ...

Mango exports reflect soft countrys image

Fri, 17 May 2013 22:46:33 -0400

ISLAMABAD: "Mango exports reflect Pakistan's soft image across the world that can help us overcome unnecessary criticism," Ahmad Jawad, CEO of Harvest Trading, said in a statement released on Friday. He said that the Ministry of commerce and Pakistan Horticulture Development and Export Company should lay down a comprehensive plan and overcome obstacles. He suggested that from the ...

ITC posts first profit in non-tobacco FMCG business

Fri, 17 May 2013 20:33:35 -0400

non-tobacco FMCG business of the diversified conglomerate posted first profit since its inception 10 years back - registering a profit of Rs 11.87 crore in Q4 from a loss of Rs 16.68 crore in the year-ago period. This, along with tobacco and agri business, fuelled the company's profit after tax to Rs 1,927 crore from Rs 1,614 crore in the quarter ended March 31, 2012. The net profit for FY13 ...

Toyota FT86 On Display At The Mall

Fri, 17 May 2013 20:21:37 -0400

Bandar Seri Begawan - Toyota sports car FT86 is currently on display at The Mall, Gadong for this weekend. Organised by NBT Sdn Bhd, the main distributor of Toyota in the country, there are sales personnel to information regarding FT86. The Toyota 86, a new breed of sports car from Toyota, reflects the name ofAE86, a model well-known and loved by customers globally. The raw power of the engine ...

Shangri-La opens at the Bosphorus.

Fri, 17 May 2013 19:26:05 -0400

Istanbul welcomes its newest luxury hotel this week with the opening of the Shangri-La Bosphorus, Istanbul on 11 May; the opulent 186-room hotel is the second in Europe for Shangri-La Hotels and Resorts, which hails from the other city where East famously meets West, Hong ...

Bill Gates reclaims ‘world’s richest’ title from Slim

Fri, 17 May 2013 19:25:16 -0400

Slim’s America Movil, the largest mobile-phone operator in the Americas, has dropped 14% this year after Mexico’s Congress passed a bill that could quash the billionaire’s market ...

Japan FTA widening trade deficit government says

Fri, 17 May 2013 19:25:09 -0400

IPL is not a quiet & sober brand. It is loud and sensational. Controversies like these only add to the excitement, IPL will get louder with more gossip, says Koshy, IIM ...

Skoda to phase out Fabia exit small car segment

Fri, 17 May 2013 19:25:09 -0400

Skoda is all set to phase out the struggling compact car Fabia after five years of launch as it looks to cut loss arising out of poor sales and intense competition. Skoda's only model in the hatchback category never managed to catch the fancy of buyers despite the company slashing Fabia's price in October 2010. Skoda reduced price of the Fabia's diesel variant by over Rs 1 lakh ...

Companies cant exit road projects Finance ministry

Fri, 17 May 2013 19:25:08 -0400

finance ministry has shot down two crucial proposals from the highway ministry, allowing exit of developers from completed projects and replacing developers with new ones where projects have not taken off months after they were awarded. ...

Government attacks SPs rating outlook

Fri, 17 May 2013 19:25:07 -0400

NEW DELHI: The government on Friday shot back at Standard & Poor's reiteration of a possible downgrade of India's sovereign rating, going to the extent of questioning the agency's ...

Sanyo may cease to exist under Panasonic reorganization Nikkei

Fri, 17 May 2013 16:10:38 -0400

(Reuters) - Sanyo Electric Co may cease to exist under a reorganization by Panasonic Corp that includes global jobs cuts, Nikkei reported on Friday.Panasonic will cut 90 percent of Sanyo's global workforce of about 2,500 in around three years, the daily reported.About 1,000 workers at Sanyo's headquarters will be reduced to around 100 this fiscal year, leaving just a skeleton crew for ...

Sony to name Chugai Pharmas CEO as chairman Nikkei

Fri, 17 May 2013 15:36:46 -0400

Chief Executive Osamu Nagayama as chairman, the Nikkei reported.Nagayama's appointment will be finalized on June 20 at a board meeting to be held immediately after a shareholders' meeting, the business daily said.Outgoing chairman Howard Stringer, who served as Sony's CEO between 2005 and 2012, will retire in June, the Japanese paper said. (Reporting by Aditi Shrivastava in ...

Yamaha aims double digit market share in current fiscal

Fri, 17 May 2013 14:53:04 -0400

Last month, the government had pitched for a rating upgrade at a meeting with S&P citing steps taken by it to control a high fiscal deficit and revive ...

Forex reserves down $616.4m to $293.69bn

Fri, 17 May 2013 12:05:29 -0400

MUMBAI: The country's forex reserves slipped for the second consecutive week, dipping by USD 616.4 million to USD 293.69 billion on a fall in currency assets, the Reserve Bank said today. The total reserves had slumped by USD 2.06 billion to USD 294.31 billion in the previous reporting week. Foreign currency assets, a major component of the forex reserves, were down by USD 568.1 million to ...

Re edges down tracking broad dollar gains

Fri, 17 May 2013 10:46:45 -0400

rupee weakened on Friday on the back of a broad rally in the dollar versus major currencies, but gains in domestic shares limited a sharp sell-off. The dollar rose against a basket of currencies on Friday, hovering near a 10-month high as debate over whether the Federal Reserve would wind down its asset buying programme later this year gathered pace. Traders said there was good dollar demand from ...

Gold slips below Rs 26k per 10 gm in futures trade

Fri, 17 May 2013 09:31:15 -0400

NEW DELHI: Continuing its slide, gold slipped below Rs 26,000 per 10 gm in the futures market today as speculators engaged in reducing positions, tracking a weak trend overseas. At the Multi Commodity Exchange, gold for delivery in June fell by Rs 156, or 0.60 per cent, to Rs 25,975 per 10 gm in business turnover of 21,223 lots. Similarly, the yellow metal for delivery in the August contract ...

Bank of Japans policy easing – it works

Fri, 17 May 2013 09:17:46 -0400

Japanese kick-start of the economy has succeeded - GDP growth jumped in Q1 and the outlook for coming quarters remains strong. FOMC member is once again putting QE exit on the agenda, we expect tapering to start this year. Swedish inflation data raise the risk of a rate cut in July. Chinese recovery remains fragile and has lost momentum but so far no severe deceleration in growth. We have lifted ...

Sensex advances for 4th day

Fri, 17 May 2013 08:17:50 -0400

sensex today rose by 39 points, mainly on buying in power, capital goods and realty sector stocks amid increased foreign inflows. The 30-share index rose by 38.79 points, or 0.19 per cent, to 20,286.12. It has gained 556 points in last three trading sessions. Sensex had climbed to its highest level since January 2011 yesterday and has gained one per cent this week, the longest rising streak since ...

SP affirms negative outlook on India How sovereign ratings are decided

Fri, 17 May 2013 08:10:18 -0400

Global ratings agency Standard & Poor's today has affirmed its BBB minus rating with a negative outlook on India, the lowest investment grade among the BRIC group of large emerging ...

UPDATE 1-Brent slips stays below $104 on demand worries firm dollar

Fri, 17 May 2013 07:59:10 -0400

* Dollar near 10-mth high, regional Fed chief foreshadows QE wind-down * Evidence mounts of slower U.S. economic growth * Russia says Iran must take part in proposed Syria talks * Brent oil to fall to $102.42 -technicals (Adds comments, updates prices) By Manash Goswami SINGAPORE, May 17 (Reuters) - Brent futures slipped on Friday, staying below $104 as bleak U.S. economic data revived ...

Chinese banks see forex surplus for eighth month

Fri, 17 May 2013 07:15:14 -0400

Chinese banks bought more foreign currency from clients than they sold in April as the market expects the yuan to continue to appreciate, according to a report from China's foreign exchange regulator on Friday.Individuals and institutions exchanged 134 billion US dollars in foreign currency for yuan through Chinese banks while buying 99.7 billion US dollars in foreign currency from financial ...

Chinas poultry prices bounce back from H7N9

Fri, 17 May 2013 07:15:13 -0400

Prices commanded by poultry products have risen significantly this week, following government subsidies to prop up the sector as it struggles in the wake of the H7N9 bird flu virus, the Ministry of Agriculture (MOA) announced on Friday.The price per kilo of dressed chicken hit 13.51 yuan (2.18 US dollars) on May 15, up from an annual low of 12.97 yuan on May 12, but the figure was still 4.2 ...

Ambuja Cements asked to deposit $21m fine by tribunal

Fri, 17 May 2013 07:09:28 -0400

Ambuja Cements Ltd, India's second-largest cement manufacturer, said it had obtained a stay on an Rs 11.63 billion penalty imposed by the country's competition watchdog in June, but has been ordered to deposit 10% of the amount. Ambuja has been asked to deposit Rs 1.16 billion by the regulatory tribunal within four weeks from Friday. Ambuja is among 11 other cement manufacturers slapped ...

Gold recovers by Rs 10 on low buying

Fri, 17 May 2013 07:09:27 -0400

the national capital on Friday on low level buying by retailers. However, silver held steady at Rs 43,700 per kg in restricted buying from industrial units and coin makers. Traders said scattered low level buying by retailers helped gold prices to trade marginally ...

SE Asia Stocks-Thai index up on MSCI Singapore Airlines weak after results

Fri, 17 May 2013 06:22:23 -0400

BANGKOK, May 17 (Reuters) - Thai shares gained on Friday, led by gains in Shin Corp and Minor International that will be added to the MSCI index, but Singapore retreated as Singapore Airlines fell after posting weak results. The Thai SET index ended up 0.62 percent at 1,627.96 as shares in telecom group Shin Corp and hotel firm Minor International both rose more than 7 percent. Maybank Kim Eng ...

China earmarks fund for shantytown renovation

Fri, 17 May 2013 06:06:29 -0400

A total of 35.5 billion yuan (5.73 billion US dollars) will be used to renovate run-down areas in Chinese cities this year, the country's Ministry of Finance (MOF) said Friday. In breakdown, 44.4 percent of the money will go to the country's central region, 39 percent to the west and 16.6 percent to the eastern part, the wealthiest region of China, the ministry said.The fund will be ...

Analyst sees industrial overcapacity last until 2016

Fri, 17 May 2013 06:06:29 -0400

The process for China to gradually eliminate excessive production capacity in over-supplied sectors may last till 2016, a Chinese macroeconomic analyst has warned.Overcapacity problems intensified following over-investment in 2009, and it will be seven years from that point before the excessive production is eased, Chen Letian, chief macroeconomic analyst with Rising Securities, wrote in an ...

ITC Q4 net up 19 at Rs 1928cr

Fri, 17 May 2013 05:59:39 -0400

ITC Ltd on Friday posted 19.42 per cent rise in net profit at Rs 1,927.98 crore for the fourth quarter ended March 31, 2013. The company had posted a net profit of Rs 1,614.36 crore in the same period of previous fiscal. Net sales of the company rose to Rs 8,180.30 crore for the fourth quarter ended March 31, 2013, compared to Rs 6,861.35 crore in the same period of previous fiscal, ITC Ltd said ...

Sensex ends higher rises for third month

Fri, 17 May 2013 05:03:01 -0400

The cigarette maker reported higher than estimated profit on account of strong performance by the tobacco vertical and a turnaround in the FMCG ...

Taiwan banks RMB deposits top 60b yuan

Fri, 17 May 2013 04:58:49 -0400

Outstanding renminbi-denominated deposits at financial units in Taiwan hit a record high of 60.26 billion yuan (9.72 billion US dollars) as of May 15, the island's monetary authority said on Friday.The figure represents a 54.5-percent surge from the end of February and a 24.8-percent increase from the end of March.Market analysts attributed the fast expansion in yuan deposits to the ...

Gold extends losses on global cues

Fri, 17 May 2013 04:52:47 -0400

Global funds raised and managed by Pandit will also invest up to $200 million. Pandit, 56, will acquire 50% stake in JM's NBFC & buy 3% stake in parent ...

We’re Ready for Exit of QE FlowsIndonesia Official

Fri, 17 May 2013 03:48:54 -0400

Indonesia is ready for a sudden withdrawal of foreign funds from the country once major central banks around the world start unwinding the aggressive monetary stimulus that has helped boost inflows into Asian assets, a senior Indonesian government official said on Friday. Talk about when the U.S. Federal Reserve will start unwinding its hefty monetary stimulus has dominated markets this week, ...

Edging Samsung Toyota becomes Asias biggest firm by market value

Fri, 17 May 2013 03:48:41 -0400

TOKYO -- Toyota has accelerated past South Korea's Samsung Electronics to become Asia's biggest company by market value, after the Japanese automaker's shares doubled in the past ...

Singapore Airlines to reveal next gen seats cabins in July

Fri, 17 May 2013 03:46:39 -0400

" alt="Singapore Airlines to reveal 'next gen' seats & cabins in July" style="position: absolute; top: 50%; left: 50%; margin-left: -233.5px; margin-top: -130px;" title="Singapore Airlines to reveal 'next gen' seats & cabins in July" ...

China India to be largest investors

Fri, 17 May 2013 03:44:49 -0400

WASHINGTON: India and China are expected to be the largest investors among developing countries by 2030, with the two Asian giants accounting for 38 per cent of global gross investment, ...

Nikkei hits new 5 12-year high on real estate agricultural shares

Fri, 17 May 2013 03:18:55 -0400

* Japan stocks remain firmly footed in structural bull market - JPMorgan * Hitachi up on higher operating margin forecast * Nikkei posts 2nd-straight weekly gains By Ayai Tomisawa TOKYO, May 17 (Reuters) - The Nikkei share average rose on Friday with investors snapping up reflationary plays such as real estate stocks on the dips - posting a second week of gains supported by the benign effects of ...

Sensex down 7 points

Fri, 17 May 2013 02:38:04 -0400

Members are registered users on Timesofindia.com. Only they are qualified to earn badges and points for their activities. So register and get a badge right ...

Kampani ropes in Pandit for bank ac

Fri, 17 May 2013 02:38:01 -0400

Pandit, along with his Morgan Stanley colleague and hedge fund mate Hari Aiyar, will together invest nearly $210 million in Kampani-led JM Financial, the holding company, and its two arms, a distressed asset fund, and a non-banking financial services ...