Asia Business News latest RSS headlines - Hong Kong News.net

China blamed for most intellectual theft

Sat, 25 May 2013 20:04:55 -0400

Intellectual property theft is supposedly costing the United States more than US$300 billion each year. A study in the US has shown this is equivalent to all US exports to Asia. The 11-month study by a Congressional Commission found that software and other product theft was on an unprecedented scale. Commission co-chair Jon Huntsman, the former US ambassador to China, told reporters the ...

Audit records of Chinese firms to be made accessible to US regulators

Fri, 24 May 2013 16:37:07 -0400

BEIJING - Chinese regulators Friday announced that they have signed a memorandum of understanding with their US counterparts giving American authorities increased access to documents from Chinese audit firms. The signing of the MOU between China Securities Regulatory Commission (CSRC), the Ministry of Finance (MOF) and the US Public Company Accounting Oversight Board (PCAOB) is a significant ...

Central bank of China to push forward market oriented reforms

Fri, 24 May 2013 16:37:38 -0400

BEIJING - China is planning to steadily push forward market-oriented reform in its interest rates and exchange rates mechanisms this year as part of the financial sector reforms to better serve the real economy, a central bank report said on Friday. The "China Financial Stability Report (2013) released by the People's Bank of China stressed that it would be steadily promoting the interest ...

Jet Airways cuts corners on security

Sat, 25 May 2013 21:19:01 -0400

Jet Airways to bypass some mandatory security procedures for aircraft departures at the airport, reveal documents. For instance, in an internal communication in April, a Jet official flagged "acute shortage of staff in peak time," especially at night. The email (copy with TOI), talks of an instance in April when staff shortage forced the airline to board passengers on a ...

Germanys Profine to invest 100cr in India

Sat, 25 May 2013 15:06:44 -0400

India is in the midst of a gigantic effort to bring back over 75,000 people. After having failed to regularise their work status, these people have applied for emergency exit ...

Commerce team to discuss trade deficit with China

Sat, 25 May 2013 14:22:40 -0400

Indian commerce delegation would visit here next week for talks with Chinese officials to discuss initiatives to broaden market access for Indian products in China and address New Delhi's concerns over the ballooning trade deficit. Days after Premier Li Keqiang's visit, commerce secretary SR Rao along with additional secretaries Rajiv Kher and JS Deepak would arrive here on a four-day ...

Indias forex reserves down $1.7 billion

Sat, 25 May 2013 11:33:31 -0400

foreign exchange (forex) reserves decreased by $1.72 billion to $291.96 billion for the week ended on May 17, according to data released by the Reserve Bank of India. The reserves had fallen by $616.4 million to $293.69 billion for the week ended May 10. The foreign currency assets (FCA) -- the biggest component of ...

Bata plans to open 100 stores in India every year

Sat, 25 May 2013 11:33:30 -0400

It's not that every state can have excellent growth in each and every sector of the economy. Every state has their own strengths, Gopalakrishnan ...

Indias loan-seekers growing younger CIBIL study

Sat, 25 May 2013 11:19:04 -0400

CIBIL , analysis has found. The study has taken into account loan applications received by lenders in the country between January and November 2012. Not surprisingly, credit cards seemed to be most popular form of credit among young Indians, with 70% of ...

Chidambaram sees growth accelerating this fiscal

Sat, 25 May 2013 07:26:00 -0400

It's not that every state can have excellent growth in each and every sector of the economy. Every state has their own strengths, Gopalakrishnan ...

Gold up by Rs 100 on scattered buying

Sat, 25 May 2013 07:26:00 -0400

NEW DELHI: Snapping a three day losing streak, gold prices recovered by Rs 100 to Rs 27,050 per 10 grams in the national capital on Saturday on scattered buying by retailers at prevailing lower ...

Interesting tale of ice business in India

Sat, 25 May 2013 07:25:56 -0400

India is in the midst of a gigantic effort to bring back over 75,000 people. After having failed to regularise their work status, these people have applied for emergency exit ...

ICICI Bank 20 hike for top management

Sat, 25 May 2013 07:25:55 -0400

hike of over 20% to its top management team just months before issue of new bank licences to corporate houses by the Reserve Bank of India. The board of directors have rewarded Chanda Kochhar, the managing director and chief executive offer of the bank with a 20.75% salary hike to Rs 5.12 crore in 2013. The board has also decided to raise the minimum and maximum range of monthly supplementary ...

Chinese airline to get eight Dreamliners

Sat, 25 May 2013 05:55:50 -0400

Boeing 787 plane after the local aviation regulator gave the approval for the aircraft. The Guangzhou-based carrier will take delivery of up to eight B787-8s this year, with the first expected by early next ...

AirAsia India launch seen in Q4 may order 50 more jets

Sat, 25 May 2013 05:08:27 -0400

AirAsia, may order an additional 50 Airbus A320 jets on top of its existing record order for 475 of the Airbus model, Chief Executive Tony Fernandes said on ...

Kobe Steel mulls shutting blast furnace in western Japan -Nikkei

Sat, 25 May 2013 04:24:26 -0400

TOKYO | Sat May 25, 2013 4:24am EDT TOKYO May 25 (Reuters) - Kobe Steel Ltd is considering shutting a blast furnace in Kobe, western Japan, to cut production capacity by 20 percent, the Nikkei business daily reported on Saturday, as it tries to turn around its loss-making iron and steel business. Its iron and steel operations posted an ordinary loss of 50.2 billion yen ($496.1 million) ...

Rupee falls for 6th day down 4 paise against dollar

Sat, 25 May 2013 01:35:14 -0400

MUMBAI: Falling for the sixth day in a row, the rupee today ended 4 paise lower at fresh six-month low of 55.63 against dollar on sustained demand of US currency from exporters and some banks, amid capital outflows in stocks. On a weekly basis, the rupee fell by 1.36 per cent or 75 paise as dollar demand outweighed supply and stocks fell. Today, rupee commenced slightly lower at 55.61 a dollar ...

CCI to probe why AI cant get FDI

Fri, 24 May 2013 23:19:22 -0400

Now this grudge has got an official form. In a significant move, the Competition Commission of India (CCI) has admitted a complaint against the government's move to allow foreign airlines to invest in Indian carriers except AI. The complainant, Delhibased lawyer Ankit Jain, has said that such a move denies a level playing field to the national airline. A ...

Benet to head Nestle India

Fri, 24 May 2013 23:19:19 -0400

Nestle India. "Antonio Helio Waszyk, chairman and managing director, shall step down from the position of managing director with effect from October 1, 2013, to take up a new assignment within Nestle Group. He would continue to be the non-executive chairman of the company," the company stated in its filing to ...

Trai cracks down on pesky callers

Fri, 24 May 2013 23:19:17 -0400

) on Friday fired a fresh salvo against pesky messages and unwanted calls, asking phone operators to disconnect all "telecom resources" - which includes phone, internet and other connections - to those who are flouting the guidelines. The disconnection will last two years. The latest move will impact unregistered telemarketers, most of whom were so far unregulated and using a loophole ...

IPL India Cements stock hits 52-week low

Fri, 24 May 2013 23:19:16 -0400

BSE , a 1.4% decline on Friday. The counter saw hectic activity with over 28 lakh shares of the company being traded on the two exchanges combined. India Cements' earnings for the last quarter of 2012-13 also came below expectations. Higher costs pushed down realizations with adjusted PAT (profit after tax) plunging 59% year-on-year to around Rs. 26.3 crore during the ...

Ban of CNG use in large cars not implementable

Fri, 24 May 2013 23:15:17 -0400

ISLAMABAD: Pakistan's Ministry of Petroleum and Natural Resources (MOPNR) has reversed its decision to ban cars over 1000cc from using CNG as fuel - saying it was 'not implementable.' The decision had been taken after being approved by the Prime Minister - an approval which the Law Ministry now says is 'a negation of the constitution.' Prime Minister Hazar Khan Khoso on ...

No electricity for non-taxpayers LTU Karachi

Fri, 24 May 2013 23:15:16 -0400

KARACHI: The largest tax collecting unit of the Federal Board of Revenue (FBR) has suggested that utility service providers should disconnect services to users who have not paid their taxes, official sources said on Thursday. In its budget proposals for the upcoming financial year, the Large Taxpayers Unit (LTU) Karachi has suggested changing the withholding tax regime. At present, gas and ...

Pakistan repays $385m to IMF

Fri, 24 May 2013 23:15:16 -0400

KARACHI: Pakistan on Friday successfully paid a tranche of $385.6 million to the International Monetary Fund (IMF) under the Standby Arrangement signed in 2008, a central bank spokesman said. "Pakistan has paid 258.425 million special drawing rights (SDR) or $385.6 million against the principal amount of the SBA loan," a SBP spokesman said. Meanwhile, an economist requesting anonymity ...

SPI-based inflation rises by 0.06 percent

Fri, 24 May 2013 23:15:16 -0400

ISLAMABAD: The Sensitive Price Indicator (SPI) increased by 0.06 per cent for the lowest income group earning up to Rs8,000 per month for the week ending on May 23. The SPI for the combined group also registered an increase of 0.11 per cent as it went up from 192.01 points in the previous week to 192.23 points in the week under review. As compared to the corresponding week of last year, the SPI ...

PAAPAM slams mini-budget by caretaker government

Fri, 24 May 2013 23:15:14 -0400

LAHORE: The Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) has expressed concern over the proposed revision of the tax regime by the interim government, accusing the Federal Board of Revenue (FBR) of 'squeezing' registered taxpayers instead of widening the tax net. PAAPAM Chairman, Munir Bana said the caretaker government has no authority to take such ...

Punjab body formed to produce baggase electricity

Fri, 24 May 2013 23:15:14 -0400

LAHORE: Punjab's chief minister nominee has constituted a committee to chalk out a plan for electricty generation from the baggase of crushed sugar cane, the News has learnt. According to sources, its possible to generate 2,000 to 3,000 megawatts of electricity from the baggase of sugarcane during the crushing season. In this regards the committee has been asked to come up with a plan on an ...

FBR union welcomes chairmans extension

Fri, 24 May 2013 23:15:14 -0400

LAHORE: The Federal Board of Revenue (FBR) union has welcomed the extension of FBR Chairman Ansar Javed till the end of June, a statement said. Javed's extension would ensure smooth functioning of the budget-making process and create no disruption in the revenue generation process by the end of fourth quarter of FY13. FBR Union central president Mian Abdul Qayyum said that as the budget for ...

Aptma chairman demands end to outages

Fri, 24 May 2013 23:15:13 -0400

LAHORE: The head of the All-Pakistan Textile Mills Association (Aptma) has demanded that the government restore uninterrupted electricity supply to the textile industry. Ahsan Bashir also said in a statement that the government should end the unannounced outages on all girds and independent feeders of the industry in Punjab. The Aptma chairman said the textile industry is passing through ...

Cottage industry seeks PML-N assistance

Fri, 24 May 2013 23:15:12 -0400

LAHORE: The All Pakistan Cottage Industry and Small Traders Welfare Association has said that the growth of the manufacturing sector and economic stability cannot be achieved without strengthening the cottage industry. Chairman of the association, Ghulam Sarwar Malik, said the newly elected government would have to evolve a comprehensive strategy and announce a special package for early revival ...

PG CEOs comeback not a strategy change

Fri, 24 May 2013 23:15:12 -0400

CINCINNATI, Ohio: Procter & Gamble Co said on Friday the surprise return of AG Lafley as chairman and chief executive was not an indication of any bigger problems at the world's largest consumer products maker. Lafley replaces Bob McDonald, effective immediately, at P&G, which is in the midst of a major restructuring. "This change very simply reflects Bob McDonald's ...

79pc Pakistanis think inflation up

Fri, 24 May 2013 23:15:11 -0400

ISLAMABAD: About 79 percent of Pakistanis think inflation has increased in the last three months, while 46 percent reduced spending in order to deal with it, according to a Gilani Research Foundation Survey carried out by the Gallup Pakistan. Severn percent said it has decreased and 14 percent said it has remained the same. The respondents were also asked "What steps have you taken to deal ...

FBR urged to rationlise withholding tax

Fri, 24 May 2013 23:15:10 -0400

LAHORE: Pharmaceutical distributors have demanded the Federal Board of Revenue (FBR) to rationalise the withholding tax on pharmaceutical distributors. A 12-member delegation of pharmaceutical distributors led by Khawaja Shahzeb Akram, an executive committee member of the Lahore Chamber of Commerce and Industry (LCCI), shared the challenges being faced by the pharmaceutical distributors with LCCI ...

Australian economy stays strong

Fri, 24 May 2013 23:15:09 -0400

SYDNEY: Australian Prime Minister Julia Gillard dispelled fears about the economy on Friday saying it had strong fundamentals, after US carmaker Ford announced an end to production in the country. Ford said Thursday that it will stop making vehicles at its unprofitable Australian plants in 2016, prompting concerns for the manufacturing industry, which is struggling due to the high Australian ...

India coal output up 3.15pc

Fri, 24 May 2013 23:15:09 -0400

NEW DELHI: India produced 43.5 million tonnes of coal in April, 3.15 percent more from a year earlier, provisional figures obtained from a government source showed on Friday, but still lagged a government-set monthly target. India, which relies on coal to fuel more than half of its power generation, was chasing a target of 44.7 million tonnes of coal production in April. Despite being the ...

Stocks decline on institutional selling

Fri, 24 May 2013 23:15:08 -0400

Karachi Stock Exchange (KSE) benchmark 100-index declined by 58.88 points on Friday to close at 21,283.77 points on institutional selling, dealers said. Ahsan Mehanti, an analyst at Arif Habib Corp, said that profit-booking was witnessed in the market and institutions were offloading their shares. He added that the market remained concerned about the upcoming budget, coupled with a decline in the ...

Top Swiss tax diplomat to quit

Fri, 24 May 2013 23:15:08 -0400

ZURICH: Switzerland's top representative on international financial affairs will step down at the end of August, the finance ministry said on Friday, as negotiations with the United States and the European Union over tax reach a critical point. Michael Ambuehl, who has been state secretary for international financial matters since 2010, will take up a job in September at Zurich's ...

Cotton trading remains sluggish

Fri, 24 May 2013 23:15:07 -0400

Karachi The cotton market witnessed low trading activity on Friday as a power crisis in the textile industry kept buyers to the sidelines, a broker said. "The majority of traders stayed out of markets due to the worsening of the energy crisis in recent days," Naseem Usman, a broker at Karachi Cotton Exchange (KCE), said. "The crisis is the worst in Faisalabad, where 80 percent of ...

Karachi ports handle 243762 tons of cargo

Fri, 24 May 2013 23:15:07 -0400

The Karachi Port and Port Qasim handled a cargo volume of 243,762 tons in the last 24 hours that included 179,473 tons of imports and 64,289 tons of exports, the two ports reported on Thursday. The Karachi Port handled imports, i.e. containerised cargo (41,944 tons), bulk cargo (604 tons) and oil/liquid cargo (51,420 tons). It handled exports, i.e. containerised cargo (22,007 tons), bulk cargo ...

Jet Airways defers move to amend its articles on Sebi concerns

Fri, 24 May 2013 21:56:01 -0400

Securities and Exchange Board of India . The airline also reported that losses for the January-March quarter widened by more than 66% to Rs 495.53 crore as against a net loss of Rs 298.12 crore in the year ago period largely due to higher operational costs. Earlier in the day, at the extraordinary general meeting, the shareholders of the company approved its proposal to sell 24% stake to Abu ...

Air New Zealand forced to dump sharks fin cargo

Fri, 24 May 2013 17:27:18 -0400

The anti-shark's fin campaign is crusading on in Asia Pacific. Air New Zealand has become the latest airline to stop flying shipments of shark's fin to Hong Kong, the shark's fin capital of the world. The decision came about after the New Zealand Shark Alliance revealed the airline's shipments in local media. "Air New Zealand has taken the decision to suspend the ...

UPDATE 1-U.S. audit regulator reaches deal with China on document access

Fri, 24 May 2013 16:14:14 -0400

Fri May 24, 2013 4:14pm EDT * U.S.-China deal reached after years of negotiations * Deal will pave way for auditor enforcement actions * U.S. had been blocked from probing Chinese audit failures By Dena Aubin and Sarah N. Lynch NEW YORK, May 24 (Reuters) - U.S. regulators will get access to Chinese companies' audit documents under a deal announced on Friday, opening the way to probes of ...

Asia Business News latest RSS headlines - Hong Kong News.net

China blamed for most intellectual theft

Audit records of Chinese firms to be made accessible to US regulators

Central bank of China to push forward market oriented reforms

Jet Airways cuts corners on security

Germanys Profine to invest 100cr in India

Commerce team to discuss trade deficit with China

Indias forex reserves down $1.7 billion

Bata plans to open 100 stores in India every year

Indias loan-seekers growing younger CIBIL study

Chidambaram sees growth accelerating this fiscal

​Gold up by Rs 100 on scattered buying

Interesting tale of ice business in India

ICICI Bank 20 hike for top management

Chinese airline to get eight Dreamliners

AirAsia India launch seen in Q4 may order 50 more jets

Kobe Steel mulls shutting blast furnace in western Japan -Nikkei

Rupee falls for 6th day down 4 paise against dollar

CCI to probe why AI cant get FDI

Benet to head Nestle India

Trai cracks down on pesky callers

IPL India Cements stock hits 52-week low

Ban of CNG use in large cars not implementable

No electricity for non-taxpayers LTU Karachi

Pakistan repays $385m to IMF

SPI-based inflation rises by 0.06 percent

PAAPAM slams mini-budget by caretaker government

Punjab body formed to produce baggase electricity

FBR union welcomes chairmans extension

Aptma chairman demands end to outages

Cottage industry seeks PML-N assistance

PG CEOs comeback not a strategy change

79pc Pakistanis think inflation up

FBR urged to rationlise withholding tax

Australian economy stays strong

India coal output up 3.15pc

Stocks decline on institutional selling

Top Swiss tax diplomat to quit

Cotton trading remains sluggish

Karachi ports handle 243762 tons of cargo

Jet Airways defers move to amend its articles on Sebi concerns

Air New Zealand forced to dump sharks fin cargo

UPDATE 1-U.S. audit regulator reaches deal with China on document access

Gold up by Rs 100 on scattered buying