Latest Asia Business News
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Group life insurance premium raised
ISLAMABAD: The Securities and Exchange Commission of Pakistan has doubled the minimum premium limit for group life insurance required for certification of an appointed actuary of a life insurer. According to the SECP, the limit has been increased from one million to two million rupees. It has also issued circular No 11/2013 amending circular No.9/2005, which will take effect from July 1, 2013. ...
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KTBA terms levy on moveable assets blow to savings
KARACHI: The Karachi Tax Bar Association (KTBA) has termed the measure of 0.5 percent levy on net moveable assets as a blow to generations of savings, which are already very low in the country. At a post-budget seminar organised by the KTBA on Tuesday, Haider Patel, the president of the bar association, said that the 0.5 percent levy on net moveable assets from all individual taxpayers on an ...
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Businessmen urged to avail opportunities in Ukraine
LAHORE: Pakistan's ambassador designate to Ukraine Wajahat Ali has urged Pakistani businessmen to avail trade opportunities in Ukraine as the country holds a great market for Pakistani products. He was addressing the members of the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday. He said that textiles, textile made-ups, pharmaceuticals, rice, fruits, surgical and sports goods have ...
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ECB rates becoming effective Draghi
JERUSALEM: The European Central Bank is ready to act to aid the Eurozone economy if needed, while signs of market stabilisation mean interest rates are becoming a more effective tool again, ECB chief Mario Draghi said on Tuesday. Speaking in Jerusalem at a farewell conference for Bank of Israel Governor Stanley Fischer, Draghi said there were numerous measures the ECB could and would deploy if ...
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Protesters abound in Sukkur
SUKKUR: Employees of the Town Municipal Administration (TMA) Sukkur protested on Tuesday against the nonpayment of their salaries for nine months. TMA employees first shutdown their offices and later marched to Sukkur Press Club to set up a hunger strike camp. The disgruntled workers said authorities had withheld their salaries without any justification. They said their dependents were facing ...
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Thar coal recognised at forum
KARACHI: Sindh Board of Investment Chairman Muhammad Zubair Motiwala said on Tuesday that the quality of reserves at Thar Coal have been recognised by world-renowned institutions, including the Clean Coal Forum 2013 in Beijing, China. While giving a briefing, the SBI chairman said access and infrastructure at Thar is being developed for increased participation of local and foreign investors. The ...
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Fuel hike hinges on compensation
JAKARTA: Indonesia will hike petrol prices once the government has finalised the process to compensate poor families for the rise in fuel costs, the finance minister said on Tuesday. Chatib Basri did not provide a specific timeline on when that may occur. Under the government's measures, ordinary gasoline will rise 44 percent and diesel by 22 percent. Parliament approved the plan on ...
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Psha seeks forward looking policies
KARACHI: At a post-budget appraisal meeting, the Pakistan Software Houses Association for IT and ITES (P@SHA) discussed pressing issues confronting the new state minister of IT and telecom. P@sha is the only registered professional trade body representing the information technology and business process outsourcing sector in Pakistan. Its primary mandate is the growth of the technology sector, ...
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EU US launch trade talks
ENNISKILLEN, Northern Ireland: The United States and the European Union launched talks on Monday to create one of the world's most ambitious free-trade zones, as France again underscored its determination to protect its movies and culture. A trans-Atlantic free trade agreement was first considered three decades ago but was knocked down by France in the 1990s. Europe has now managed to get ...
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British inflation up to 2.7pc in May
LONDON: British 12-month inflation accelerated to 2.7 percent in May, rebounding from a seven-month low point struck in April, official data showed on Tuesday. Analysts' consensus forecast had been for a rise in the 12-month rate to 2.6 percent, according to Dow Jones Newswires. "The Consumer Prices Index (CPI) grew by 2.7 percent in the year to May 2013, up from 2.4 percent in ...
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PTCL concludes leadership conference
KARACHI: Pakistan Telecommunication Company Limited (PTCL) held the concluding session on Tuesday of its leadership conference 'Broadening Learning Horizons', which kicked off earlier this month. Designed to enhance the leadership capabilities of PTCL's senior management in-line with the strategic business vision of the company, the event brought together business leaders and ...
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HBL Signs Agreement with Atlas Honda Limited
Karachi: HBL entered into an agreement with Atlas Honda Ltd. to offer its salary account holders a personal loan facility for the purchase of Atlas Honda motorbikes. The agreement was signed by Mr. Nauman K. Dar, President and CEO HBL and Mr. Saquib H. Shirazi, CEO Atlas Honda Ltd., during a ceremony held at the HBL Head Office in Karachi. Also present on the occasion were Ms. Sima Kamil, Head - ...
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Stocks decline 297 points on profit-taking
The Karachi Stock Exchange (KSE) benchmark 100-index declined by 297 points to 21,919.63 points on Tuesday on profit-taking, dealers said. They added that foreigners, local institutions and retailers offloaded their positions. Arif Habib, chairman of Arif Habib Group, said that profit-taking was witnessed in the market during the last three sessions as the honeymoon period of elections and the ...
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Karachi ports handle 192918 tons of cargo
The Karachi Port and Port Qasim handled a cargo volume of 192,918 tons during the last 24 hours that included 111,485 tons of imports and 81,433 tons of exports, the two ports reported on Tuesday. Accordingly, the Karachi Port handled imports, including containerised cargo (20,966 tons), bulk cargo (12,701 tons), DAP (8,007 tons), and oil / liquid cargo (36,547 tons). It handled exports, ...
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Cotton spot rate increased
Karachi The Karachi Cotton Exchange (KCE) revised up its cotton spot (average) rate by Rs100 per maund (37.324 kilograms) to Rs6,500 per maund after the demand for the commodity continued to increase at the local markets, a dealer said on Tuesday. "The KCE increased its cotton spot rate after the demand for the commodity surged significantly," Taqi Abbas, a member of the Advisory ...
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Hang Seng dips at open
(2 mins ago) Stocks in Hong Kong fell 0.18 percent at the open as dealers await the outcome of a US Federal Reserve policy meeting for an idea of its plans for its vast stimulus scheme. The benchmark Hang Seng Index fell 37.48 points to 21,188.40 in the first few minutes of ...
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GLOBAL MARKETS-Nikkei outperforms Asian stocks as Fed looms
Tue Jun 18, 2013 11:38pm EDT * Asian stocks softer as Fed outcome awaited * Markets hope for clarity on any pullback in Fed stimulus * Nikkei up as softer yen boosts exporters; currencies mostly steady By Ian Chua SYDNEY, June 19 (Reuters) - Japanese stocks rose on Wednesday, thanks to a positive lead from Wall Street plus a softer yen, outperforming the rest of Asia which anxiously seeks ...
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Cathay Pacific to revamp first class BOSE headphones more personal space
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GVK’s Australia coal project a quagmire Report
MUMBAI: Infrastructure firm GVK's $10-billion Alpha coalmine, port and rail project is uneconomical and represents an unacceptable level of risk to potential investors, says a report by the US-based Institute for Energy Economics and Financial Analysis (IEEFA). Titled 'Stranded: A financial analysis of GVK's proposed Alpha Coal Project in Australia's Galilee Basin', the ...
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HC upholds withdrawal of SEZ tax exemptions
units and developers by the Finance Act, 2011. A bunch of companies having units in SEZs and SEZ developers such as MindTree, Biocon, Opto Circuits, Opto Infrastructure and Primal Projects, to name a few, had petitioned the Karnataka high court against the withdrawal of MAT and DDT exemption available to them earlier. The petitioners claimed that they had made heavy investments and established ...
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PC prices to go up on fall in rupee
58, is leaving nothing untouched in its wake. It is especially true of the computer components in India, almost all of which are imported from manufacturing bases in countries like Taiwan. The complete dependence on importing components means that all vendors would be affected and an increase in the prices of laptops and desktops is expected. "The prices of all the PC components is going ...
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India fourth biggest market for Sony with Rs 8000 crore sales
That’s how many engineers graduate in India every year. And they have never found it so hard to land a job. Some blame the slack job market, others point to poor quality of colleges and ...
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Vodafone slashes 2G data charges by 80
MUMBAI: In an attempt to push mobile internet usage among its subscribers, Vodafone India said it has cut its 2G data charges by 80% in three circles and the reduced rates will be gradually rolled out nationally. The telecom operator has reduced charges from 10 paise per 10KB to 2 paise per 10KB in Karnataka, UP ...
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Big investors look to log into Indian e-commerce
BANGALORE: A new set of marquee investors are debuting in India's burgeoning consumer internet market. Bulge bracket names such as Canadian Pension Plan Investment Board ( ...
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LG hikes prices as Re fall raises costs
Even though the emails were never sent, govt prosecutors argue that they help establish a pattern of Apple serving as a "ringleader" in a conspiracy with the publishers to force the retail book industry to adopt higher prices of ...
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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