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Sensex fails to maintain early gains
Sensex failed to maintain the early momentum on selling pressure mainly in Auto, realty, power and capital goods counters amidst bearish Asian cues. The BSE sensex opened slightly higher at 20,227.17 and advanced further to 20,288.76 before quoting at 20,200.15 at 1030hrs, showing a loss of 23.83 points or 0.12% from its last close. The NSE ...
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Rupee trims early gains still up by five paise
dollar in late morning deals owing to exporters selling, despite higher dollar overseas. The rupee opened higher at 54.97 per dollar as against the previous closing level of 55.11 at the Interbank Foreign Exchange (Forex) market. It gained further to 54.95 in early deals, before quoting 55.06 per dollar at 1100 hrs, still up by 5 paise over its last ...
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Gold futures recover on global cues
NEW DELHI: Gold prices recovered by Rs 70, or 0.27% to Rs 26,274 per 10 grams in futures trade as speculators created fresh positions taking positive cues from the global market. At the Multi Commodity Exchange, gold for delivery in far-month August by Rs 70, or 0.27%, to Rs 26,274 per 10 gram in business turnover of 98 lots. The metal for delivery in the June moved up by Rs 69, or 0.26%, to Rs ...
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Vodafone posts biggest fall in service revenue
Vodafone posted its largest ever quarterly fall in key organic service revenue on Tuesday, prompting it to keep hold of a dividend from its US arm and reinvest it into the business and not return it to shareholders. The world's second largest mobile operator, at the centre of intense speculation as to whether it will sell its US arm in one of the world's largest deals, posted a 4.2% ...
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Nikkei edges up at close
(20 mins ago) Tokyo stocks rose 0.13 percent on Tuesday, recouping early losses as the dollar turned higher against the yen. The benchmark Nikkei 225 index closed up 20.21 points to 15,381.02, its best close since December 2007, while the Topix index of all first-section issues gained 0.07 percent or 0.88 points to 1,270.39, AFP ...
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Nikkei edges up to new 5-12-year high
Although inflation-indexed bonds prove beneficial during times of high inflation, they underperform when the economy goes through a deflationary ...
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Rupee up 16 paise vs dollar in early trade
Honda Amaze diesel vs Maruti DZire diesel: Comparison Honda has finally gone the diesel way and the Amaze is the big H's first ever oil burning ...
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RBA Defends Rate Cut Says Growth Still Sub-Par
Australia's central bank felt it needed to cut interest rates at its May meeting because the economy was still growing at a below-potential pace and inflation was not a threat. Yet minutes of the Reserve Bank of Australia's (RBA) May 7 meeting revealed that board members were keenly aware that past rate cuts are still working through the economy. ...
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Sensex recovers by 35 points in early trade
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Hang Seng down by break
(26 mins ago) Stocks in Hong Kong were down 0.50 percent by the break after a dip on Wall Street ahead of the Federal Reserve chairman's testimony on the US economic outlook. The benchmark Hang Seng Index fell 117.49 points to 23,375.54 by the noon break on turnover of HK$40.36 billion. Fed chairman Ben Bernanke is due to give testimony to Congress on Wednesday. ...
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Nikkei flat by break
(1 hr 2 mins ago) Stocks in Tokyo were flat by the midday break, recouping early losses as the dollar turned higher against the yen. The benchmark Nikkei 225 index, which closed yesterday at its best level since December 2007, was up 0.05 percent, or 8.32 points, at 15,369.13 by the break. The Topix index of all first-section issues gained 0.25 percent or 3.15 points to ...
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Is China Sending Its Treasurys Packing
Reports that China may step up the diversification of its huge foreign exchange reserves is not great news for U.S. Treasurys, already under pressure from talk about an easing in the Federal Reserve's bond-buying program. But, the fall-out from such a move is likely to be limited, analysts say. The body that manages China's currency reserves has set up an operation in New York to ...
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Copper and SP Part Ways – Which Has It Wrong
David McAlvany, CEO of McAlvany Financial Group says the divergence in trade between the S&P 500 and copper means one market is getting it wrong and he expects copper to bounce ...
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Excess pilots Singapore Airlines waives cadets bonds
pilot s have been told that until Sept 30, those who quit may have their bonds waived. The usual payback for leaving before serving the seven-year work bond can be more than S$250,000 ...
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Qantas brings pre-flight meal ordering to London Singapore
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DealBook Column But Wait. Didn’t Yahoo Try a Deal Like This Before
Yahoo bought the company for $3.6 billion. When Yahoo announced its headline-grabbing acquisition, it boasted that the deal gave it access to an "unduplicated" audience of users and that its target was a "popular personal publishing" platform. "Yahoo will be able to integrate and distribute a powerful set of state-of-the-art editing tools and content published through ...
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Five sectors enjoy discriminatory advantage
KARACHI: Five sectors of the economy presently enjoy over 81 percent of duty and tax exemptions at the import stage, sources in Pakistan Customs said on Monday. They said this regime - sanctioned by the Federal Board of Revenue (FBR) - demonstrated inequality in the system and had hampered the growth of other sectors, A study conducted by Pakistan Customs revealed that 81.4 percent of allowed ...
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Gillette denies delisting rumours
KARACHI: Gillette Pakistan has shot down rumours regarding its impending delisting from the Karachi Stock Exchange (KSE). Sources in the stock market told The News on Monday that the company is planning a buyback of its ordinary shares and subsequent delisting from the KSE . However, deputy CFO Asif Khan at Gillette Pakistan denies plans to buyback all shares and subsequently delist from the ...
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Nespak gets irrigation project in Iraq
LAHORE: The Ministry of Water Resources (Iraq) has awarded an irrigation project known as East Gharaf to National Engineering Services Pakistan (Pvt) Limited (Nespak), said a Nespak spokesperson. The spokesperson said that Dr Mansoor Ahmad Hashmi, vice president of Water Resources Division at Nespak, will proceed to Iraq by the end of this month to sign the agreement with the Ministry of Water ...
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FBR to miss revenue target
ISLAMABAD: The Federal Board of Revenue (FBR) is unlikely to achieve the revised tax collection target of Rs2,050 billion till June 30 due to the infighting within the tax collection machinery, official sources said on Monday. The tax target for the current fiscal year was fixed at Rs2,381 billion, which was revised downward to Rs2,193 billion and again revised down to Rs2,050 billion but ...
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Market high-rollers sideline small investors
KARACHI: The number of individual or retail investors has declined by more than 30 percent in the last five years, a KSE official said on Monday. That is despite the fact that the Karachi Stock Exchange (KSE) benchmark 100-index has crossed the 20,000-mark. As the regulators have stopped supporting small traders, banks are no longer financing them, the official added. "Small investors are ...
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Qatar sets up $1bn energy infrastructure fund
DOHA: Three Qatari state-backed entities, including the Gulf Arab nation's acquisitive sovereign wealth fund, are setting up a $1 billion fund to invest in overseas energy infrastructure assets. The new fund will be run by Qatar Holding, Qatar Petroleum International and Qatar Electricity and Water Company (QEWC), a bourse filing from QEWC said on Monday. A country with one of the highest ...
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Pakistan on edge of economic crisis State Bank
KARACHI: Pakistan is likely to hit a macroeconomic crisis if much-needed fiscal reforms are not implemented, according to a State Bank of Pakistan (SBP) report. Early warning indicators specific to the fiscal and debt sustainability of the country present a gloomy picture, the SBP report said, citing a survey conducted on advanced and emerging countries. The survey, which said domestic debt ...
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Policy overhaul key to widening tax net experts
LAHORE: Increasing tax revenues may remain a pipedream until policymakers' ensure the elimination of incompetent administration and human resources, experts said on Monday They also stressed the use technology to promote transparency and plug loopholes that encourage under-invoicing and smuggling. "Increasing the tax base will not be possible if the leakages within revenue collection ...
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Cut in import taxes of hybrid cars demanded
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the Federal Board of Revenue (FBR) to immediately announce a reduction in taxes on the import of hybrid electric cars. LCCI President Farooq Iftikhar said a switch to hybrid technology would help reduce the current load on CNG and help bring the galloping oil import bill for Pakistan under control. He requested the FBR 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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