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Rupee touches over 8-month low of 56.01
interbank foreign exchange market on Thursday, down 11 paise from its previous close of 55.48. The sharp drop took the market completely by surprise . Dealers said that they had been expecting a correction in the rupee after yesterday's fall as there were no major concerns on the external front. "The 40 paise gap opening was absolutely not warranted . Although the day began with the ...
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Nikkei rises 0.9 pct in turbulent trade after Thursdays plunge
* Nikkei may stay volatile for a while - traders * Nikkei support seen at 13,800 short-term, 13,000 mid-term - analysts * Futures-led trade swings market - traders By Ayai Tomisawa TOKYO, May 24 (Reuters) - The Nikkei share average rose in turbulent trade on Friday following the previous day's 7.3 percent dive, but the extreme volatility and worries that Japan's bull-run may be running ...
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Nikkei ends rollercoaster session in positive territory
(34 mins ago) Shares in Tokyo closed 0.89 percent higher today in a rollercoaster session that came a day after the Nikkei suffered its worst one-day drop since Japan's March 2011 quake-tsunami disaster. The benchmark Nikkei 225 index, which on tumbled 7.3 percent yesterday, finished 0.89 percent, or 128.47 points, higher at 14,612.45, while the broader Topix index of all first-section ...
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Mitsubishi Motors proposes capital change
dividend payments - after a gap of around 15 years - and will be put to shareholders at the annual meeting on June 25, the company said. "We decided to conduct a reduction in capital with the main purpose of setting up an environment in which we can resume dividend payments at an early stage," it ...
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GLOBAL MARKET-Volatile Nikkei keeps Asian stocks on edge
Fri May 24, 2013 3:45am EDT * Nikkei ends a seesaw day up 0.9 pct * Asian stocks outside Japan dip to 1-month lows * Yen rises vs USD and euro on turbulent Nikkei * European stocks expected to fare better By Ian Chua SYDNEY, May 24 (Reuters) - Asian stocks fell to one-month lows on Friday and the yen rebounded broadly as extreme volatility in the Nikkei kept investors on edge. The Nikkei has ...
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Japans Nikkei rebounds after Thursday plunge
Pedestrians are reflected as they walk past an electric quotation board displaying the Nikkei key index of the Tokyo Stock Exchange (TSE) in front of a securities company in Tokyo on May 10, 2013. The Nikkei regained some of the losses sustained on Thursday. (TORU YAMANAKA/AFP/Getty ...
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Sensex fails to maintain initial surge down 46 points
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Sensex Nifty down after Nikkei turns shaky
The BSE Sensex turned lower on Friday after opening with over 150 point-gain, suggesting the lack of conviction in the markets. The broader Nifty convincingly broke the 6,000 mark tracking a sharp plunge in Japan's Nikkei 225 benchmark. Tokyo's Nikkei fell as much as 3.5 per cent, having earlier risen more than 3 percent. The yen reversed early losses, keeping intact worries that ...
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Japans Nikkei turns positive in volatile trade
Reuters © A passerby is reflected on a graph showing recent movements of Japan's Nikkei average at a brokerage in Tokyo May 24, 2013. REUTERS/Issei ...
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Rupee down 10 paise against dollar
US currency overseas . Dealers attributed the rupee's fall to dollar gains against other currencies overseas but a higher opening of the domestic equity market, capped rupee's losses to some extent. The rupee had lost 13 paise to close at a fresh six-month low of 55.59 against the dollar after dropping to eight-month low of 56.01 intra-day in yesterday's ...
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Hang Seng falls by break
(43 mins ago) Stocks in Hong Kong were down 0.20 percent by the break after heavy losses the previous day on weak Chinese data and signs the US could soon scale back massive stimulus measures. The benchmark Hang Seng Index fell 45.47 points to 22,624.21 on turnover of HK$26.50 billion.-- ...
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Nikkei reverses gains extends Thursdays 7.3 slide
TOKYO: Japan's Nikkei share average reversed gains on Friday afternoon as profit-taking set in after the index rebounded earlier from the previous session's 7.3 percent slide. The Nikkei slipped 1.2 percent to 14,313.86 in the afternoon session after ending 2.7 percent higher in morning ...
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Nikkei falls below 14000 in sharp afternoon sell-off
TOKYO | Fri May 24, 2013 12:50am EDT TOKYO May 24 (Reuters) - Japan's Nikkei share average fell below 14,000 for the first time in three weeks at one point on Friday afternoon, extending the previous session's 7.3 percent plunge. The Nikkei was down 2.3 percent at 14,154.87 by 0448 GMT after trading as low as ...
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Nikkei advances 2pc by break
(45 mins ago) Tokyo stocks surged in the morning, staging a rebound from the previous day's plunge, the worst one-day drop for the benchmark Nikkei index since Japan's March 2011 quake-tsunami disaster. The Nikkei, which tumbled 7.3 percent yesterday, was 2.65 percent, or 383.92 points, higher at 14,867.90 by the break after jumping more than three percent in the first few minutes of ...
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Nikkei recoups some of Thursdays 7.3 percent dive bull run seen intact
Reuters © Members of the media crowd around passers-by walking in front of an electronic stock quotation board outside a brokerage in Tokyo May 23, 2013. REUTERS/Toru ...
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Pakistan to repay IMF $541.47m by end-June
KARACHI: Pakistan will repay approximately $541.47 million worth of debt to the International Monetary Fund (IMF) by June 30, say analysts. The payments have to be completed under the international lending agency's standby and extended credit facility arrangements with the government. Three principal loan repayments to the IMF remain at the moment. According to the IMF calendar available on ...
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Power losses likely to reach Rs742bn
ISLAMABAD: The Planning Commission estimates show that the power sector deficit will be ballooned to Rs742 billion ($7.4 billion) in the current financial year, an official said. "The incoming Pakistan Muslim League (PML-N) government has decided to merge the ministry of water and power and petroleum and natural resources and come up with an integrated energy ministry in accordance with its ...
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Food exports up by 12.27pc
ISLAMABAD: Food exports increased by 12.27 percent to $3.953 billion during the first 10 months of the current fiscal year as against the same period last fiscal year, data of the Pakistan Bureau of Statistics (PBS) revealed. In April, food exports increased by 20.33 percent on year-on-year basis and by 0.96 percent on month-on-month basis. The overall food exports during July-April (2012-13) ...
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Sales tax not to affect unpackaged milk prices
KARACHI: A proposed tax on packaged milk has raised fears in the dairy sector that such a move would lead to a price hike, making it unaffordable for the people. However, the Pakistan Dairy Association (PDA) believes that such fears are more hype than reality since packaged milk only accounts for 3 percent of the total milk consumption in the country, while Sikandar Nagori of the Dairy Farmers ...
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FPCCI rejects plan to tax foreign remittances
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has opposed the plan of the revenue authorities to impose tax on inflows of foreign remittances. In a statement issued on Thursday, Zubair Ahmed Malik, president of the FPCCI, opposed the Federal Board of Revenue (FBR) plan to bring foreign remittances in the tax net. The remittances sent home by the overseas ...
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FPCCI slams CNG ban for over 1000cc vehicles
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has opposed the ban on CNG for over 1,000cc vehicles, a statement released on Thursday said. The statement added that the FPCCI Standing Committee on CNG has evaluated the reported prime minister's directive to suspend filling of CNG in vehicles over 1,000cc. Suleman H Sulemanjee, chairman of FPCCI Standing Committee ...
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PM signs Rs11bn bailout package for Pakistan Steel
KARACHI: Pakistan Steel Mills (PSM) reported on Thursday that the caretaker prime minister has signed the Rs11 billion bailout package's summary and sent it to the finance ministry, a statement said. "Caretaker Prime Minister Mir Hazar Khan Khoso has signed the summary to provide a bailout package worth Rs11 billion to the PSM," a PSM spokesperson said. "The summary is now ...
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Accelerated growth to generate few jobs
LAHORE: Entrepreneurs have warned that accelerated growth would create only a few jobs as most of the industries, operating at low capacities, would require small number of workers to reach capacity production. The entrepreneurs urged the new economic planners to facilitate labour intensive sectors of the economy, as almost all the sectors of manufacturing are operating at much below their ...
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Business community opposes mini-budget
KARACHI: The business community of the country has appealed to the President Asif Ali Zardari not to sign the presidential ordinance, which will allow caretaker government to raise Rs152 billion through introduction of a mini-budget. The SITE Association of Industry in an emergent meeting held on Thursday has resented strongly any mini-budget before the newly elected government to take oath ...
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Businessmen hope to be consulted in policy matters
KARACHI: The business community of Pakistan has urged the incoming government to consult major chambers of commerce on major policy matters to ensure economic growth. Business Panel Group Chairman Tariq Saeed, who is also a former FPCCI president, said that the business community should be consulted in the upcoming budget process. SAARC CCI Vice President Iftikhar Ali Malik stressed the need to ...
Hong Kong Feature
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Electoral reform hot topic for Hong Kong
Hong Kong is going through more growing pains, perhaps even the most uncomfortable since the city was handed back to Beijing by Britain. Pro-democracy advocates want to be able to vote for the entire legislative council, a direct challenge to Beijing.
Hong Kong was handed back to China in 1997. At that time, Beijing made an agreement with Britain that under a law called the Basic Law, all the civil liberties which were existent in Hong Kong at the time of the hand over would remain in place for at least 50 years, by which time it is envisioned, by the pro-democracy camp at any rate, that the Special Administrative Region will be fully democratic at any rate. Read more
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