Latest Asia Business News
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Rupee plunges 56 paise against dollar
US Federal Reserve meeting, increased demand from oil importers for the American currency and a weak opening in the domestic stock market also put pressure on the rupee. The rupee fell by 36 paise to close at 57.87 against the US currency in the previous session on fresh dollar demand from importers and some banks even as RBI kept its policy rates on hold, ...
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Sensex down 80 points in early trade
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Hang Seng down by break
(40 mins ago) Hong Kong stocks slipped 0.64 percent by the end of morning trade as profit-takers moved in after a healthy rally in the previous session. The benchmark Hang Seng Index fell 135.81 points to 21,090.09 on turnover of HK$33.26 ...
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This Worries Us Most About China Says World Bank
Financial instability in China, stemming from its vast shadow banking sector, is a lurking threat for the world's second largest economy, according to Hans Timmer, director of the Development Prospects Group at the World Bank."[China has] a shadow banking sector where nobody knows who is on the hook for all kinds of loans; [it] has 160 percent of GDP [gross domestic product] of private ...
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End in Sight for China Equity Downtrend
China remains one of Asia's worst-performing stock markets this year, but there are reasons to believe the prevailing downtrend for the long-time laggard may be coming to an end. In broad terms, the ...
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Emerging Markets Could Snap Back
Edward Dempsey, Founder and CIO at Pension Partners thinks EM equities will witness a sharp reversal of losses if markets receive a favorable Fed ...
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Mitsubishi Motors to recall 9478 faulty vehicles in China
(MENAFN) China's General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) stated that Mitsubishi Motors plans on recalling 9,478 vehicles in China due to a potential safety hazard in the sunroof, reported Xinhua News.China's consumer quality watchdog also said that the problem was related to the installing of the sunroofs causing a possibility of the glass panel ...
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Nikkei down at break
(16 mins ago) Stocks in Tokyo were down 0.70 percent ahead of the start of a US Federal Reserve policy meeting as investors look for clues on the future of its massive stimulus. The benchmark Nikkei 225 index, which advanced 2.73 percent the previous day, was down 91.32 points to 12,941.80 by the break, while the Topix index of all first-section shares slipped 0.29 percent, or 3.14 points, to ...
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Hang Seng dips Shanghai edges up
(1 hr 1 min ago) Stocks in Hong Kong opened 0.74 percent lower as investors awaited a Federal Reserve meeting for clues on whether it will soon start to reel in its massive stimulus spending. The benchmark Hang Seng Index fell 156.54 points to 21,069.36 in the first minutes of trade. In Shanghai shares were up slightly in early trading, lifted by overnight gains in US stocks, dealers said. The ...
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Air New Zealands fuel efficient A320 features at prestigious Paris Air Show
Air New Zealand unveiled the first of its brand new fuel-efficient Airbus A320 aircraft at the Paris Air Show overnight. Air New Zealand is the launch customer for the aircraft, which features 2.4 metre high curved wing tip devices known as Sharklets that increase fuel efficiency and reduce CO2 emissions. Ten of the Sharklet equipped A320 aircraft will join Air New Zealand’s fleet ...
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Third Point Lifts Sony Stake Urges Spin Off
Sony and urged the Japanese electronics giant to spin-off its entertainment business. Sony appears to be regaining its competitive edge and as a sign of its increased confidence in the company, Third Point has raised its stake to 70 million shares valued at 136.5 billion yen ($1.4 billion), the hedge ...
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Bolton Disappointed but Defiant
Anthony Bolton told the investing public in April 2010 that running money in China was going to be the most exciting chapter of his life. It was a view he is maintaining as he prepares to hand over the Fidelity China Special Situations investment trust to a new manager. "I don't regret it at all. China is the most fascinating place. This chapter on China is the most interesting thing ...
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Im Not a Spy for China Snowden
Edward Snowden, the former National Security Agency contractor who exposed the U.S. government's top-secret surveillance programs, fought back against his critics on Monday and denied allegations that he was a spy for China. Snowden told an online forum run by Britain's Guardian newspaper that he revealed the programs in part out of disappointment with President Barack Obama, who he ...
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End of the Road for Asian Currencies
Asian currencies have been battered lately by talk of the U.S. Federal tapering its massive stimulus program and analysts expect the pummeling to continue as other major drivers that led the currencies to appreciate now face pressure. On top of funds flowing out of Asia on worries about the Fed unwinding its asset-purchase program, Citi Research expects sovereign risk ...
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Sindh govt earmarks Rs185bn for development projects
KARACHI: The Sindh government on Monday allocated Rs185 billion to the Annual Development Programme (ADP) for the next fiscal year 2013-14, which was approximately 90 percent higher than Rs97.50 billion revised ADP of the ongoing fiscal year, ending June 30. "To continue our march to progress, we have made a historically high allocation of Rs185 billion for the Annual Development ...
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Tax in urban areas increased
KARACHI: Taxation on services and property in urban Sindh has been increased by the Sindh government in its budget annoucement on Monday. The government also announced that it would not increase the existing general sales tax (GST) rate of 16 per cent in a bid to check inflation and provide relief to the people. The move goes against the federal government's budget announcement to impose an ...
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Turkish firm Karkey files $700m claim on Pakistan
ISLAMABAD: A Turkish power generation company has filed a case against the Pakistan government for compensation of losses worth 700 million dollars, official documents available to the News have revealed. The case has been filed in the International Center for Settlement of Investment Disputes (ICSID) by KARKEY Karadeniz Elektrik Uretim for losses due to its vessels not being allowed to leave ...
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Banks face shortage of small-denomination currency notes
KARACHI: Most commercial banks face acute shortage of used and fresh small-denomination currency notes, a survey conducted by The News revealed. "There is not enough currency in small denominations of Rs10, Rs20, Rs50 and Rs100 in circulation in most of the branches of various banks, mostly smaller and mid-tier by size and they meet the requirements of their clients by purchasing bundles of ...
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Nepra tariff for hydel projects
KARACHI: The National Electric Power Regulatory (Nepra) has initiated proceedings for development and determination of the upfront tariff for electricity generation from small hydropower plants. The authority has developed a draft upfront tariff proposal on the basis of information available, suggesting a levelized tariff of Rs7.79 per unit for hydro projects below five megawatts (MW) installed ...
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Current account posts $1.95bn deficit
KARACHI: Pakistan ran up a current account deficit of $1.952 billion in 11 months (July-May) of the current fiscal year due to heavy external debt repayments and sluggish growth in remittances' inflows, balance of payments figures issued by the State Bank of Pakistan (SBP) showed on Monday. The country's current account deficit stood at $3.92 billion during the same months of the last ...
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US shale benefits Asian market
LONDON: Even without a relaxation of the ban on US crude oil exports, the ripples of the shale revolution have already reached Asia.Nowhere is that more obvious than in changes it has forced in the official selling prices Saudi Arabia charges to its customers. More than half of Saudi Arabia's crude exports head to refineries in China and the rest of Asia. Not a single barrel of US shale oil ...
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LNG scam book to be launched
ISLAMABAD: "The proclaimed LNG scam - a treatise in perspective," written by G. A. Sabri, retired secretary petroleum and chairman of the Price Negotiation Committee, will be launched on June 19. In his book, Sabri gives a background of the LNG project and how the LNG dream did not come true. The LNG project was dealt by the Ministry of Ports and Shipping in 2004, before being ...
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Revised Trade Policy by end of July
KARACHI: Dissatisfied with the Pakistan Peoples Party (PPP) framed trade policy, the PML-N government has initiated seeking input of the business community for the new trade policy, an official said. Azam Muhammad, executive director general (Domestic Commerce), ministry of commerce and industry, said that the new trade policy will be announced by the end of July and would give sufficient focus ...
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Waste firm to be bought for $1.26bn
HONG KONG: Cheung Kong (Holdings) Ltd, controlled by Asia's richest man Li Ka-shing, said it will buy Dutch waste processing firm RAV Water Treatment I B.V. for 943.68 million euros ($1.26 billion), in an overseas expansion drive that has targeted infrastructure assets offering steady recurring income. Li's business empire, which spans property, telecoms, ports and retailing, has been ...
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Govt IPPs closer to deal on late payments
LAHORE: The government and independent power producers (IPPs) are likely to reach a give and take deal to overcome their current payments crisis. An IPP set up under the 2002 power policy is liable to pay liquidated damages to the government if it becomes unavailable for dispatch for any reason - even if its production is stopped because of delay or non-payment of its dues by the government. ...
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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