Latest Asia Business News
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Toyota is working on a new electric vehicle the i-Road
While the rest of car companies are rather focusing on luxury car with improved engine performance, Toyota decided to come up with an idea out of the box. The auto giant intends to surprise the market with a concept completely new. Something that is not a car nor a bike but reminds of both. It is a design in between. The Toyota i-Road’s power is derived out of a pair of 2 kW electric ...
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Apple chief makes case against Adobe Flash software
Chief Economic Adviser Rajan said the government's "job is not to cater to the rating agencies" but to change the ground realities on which it is ...
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Vasco to offer tech to overcome e-Banking frauds
Vasco Data Security International on Saturday said it plans expansion in India by offering latest technology to overcome e-Banking frauds. "We are leading software security company and we are looking at expanding in India by providing our technology to Indian banks and financial institutions to protect themselves and their customers against the ...
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SBIs overseas business under pressure Chairman
non performing asset (NPA) levels of the country's largest lender in the fourth quarter last fiscal remained low compared to third quarter. "In overseas business, our margins are under pressure. We would like to review what is our ROE (return on equity) in overseas business and what is our ROE in domestic business. Generally my sense is that the domestic business ROE is significantly ...
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Canada committed to FTA with India
Betting is illegal in India, but Indians are compulsive gamblers, willing to wager thousands of crores on anything from the outcome of cricket ...
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Speeding Up Again China House Prices
China's housing inflation quickened in April, marking the fourth consecutive year-on-year rise and challenging policymakers who are trying to cool record home prices while supporting economic expansion. Average new home prices rose 4.9 percent last month from a year ago, after a year-on-year increase of 3.6 percent in March, according to Reuters calculations from data released by the ...
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Dirty Dozen The 12 Worst Mutual Funds
High fees plus poor performance: The formula is pretty easy to determine what makes a bad mutual fund. Some, though, are worse than others--and some are so bad that they've made it into one publication's unofficial hall of shame for charging big fees but delivering small results. Funds that depend on bad market performance--"bear funds"--for their growth have done ...
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India close to Scotland in whisky brand race
With LCD & LED TVs in Thailand, Dubai & Singapore being 30-50% cheaper than in India, most people returning from such destinations carry flat ...
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China Gives Economic Lifeline to Spain
With an unemployment rate of 22.8percent, the euro zone's highest, Spain appears to be spiraling back into recession. Yet the Cobo Calleja industrial park 15 miles south of central Madrid shows few signs of economic distress. A manager's Mercedes must be moved to make way for an incoming truck. Forklifts and workers pushing metal carts swerve to avoid each other as they rush to deliver ...
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70 companies delisted in 2012
KARACHI: The number of delisted companies increased to an all time high of approximately 70 companies in 2012. However, not a single major company was listed during this period, a top broker told The News on Friday. No new major company has entered the stock exchange in a year and a half, confirmed Zafar Moti, a senior member of the Karachi Stock Exchange (KSE). "At the very least, 15 ...
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Current account posts $1.418bn deficit in 10 months
KARACHI: Pakistan's current account stayed in red in the first ten months of the current fiscal year due to hefty foreign exchange outflows for debt repayments to the International Monetary Fund (IMF), says data released by the State Bank of Pakistan (SBP) on Friday. The country's current account deficit stood at $1.418 billion during July-April 2012-13 against $3.354 billion in the ...
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LTU after Pakistanis with Swiss bank accounts
KARACHI: The Large Taxpayers Unit (LTU) Karachi has hinted at invoking of provisions regarding avoidance of double taxation treaty with Switzerland to obtain information about Pakistanis who maintain accounts in Swiss banks, and have transferred huge amount there without paying liabilities to the local tax authorities. The latest proposal of the unit is a sequel to several other proposals to ...
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PSM bailout package worth Rs11bn delayed
KARACHI: Pakistan Steel Mills (PSM) has failed to get the recently approved bailout package worth Rs11 billion on the set date but it is hopeful to receive the package in the next one week or two, an official said on Friday. "PSM was supposed to receive the package on May 16," an official said, adding that chief executive officer of PSM, Major General Muhammad Javed (Retd), has reached ...
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Bodies to resolve trade issues with India
LAHORE: The Ministry of Commerce has decided to set up six sectoral committees to obtain reservations and suggestions from the stakeholders on liberalisation of trade with India. The decision was made in a maiden meeting of the Pakistan-India Joint Business Council (PIJBC) on Friday held at the Trade Development Authority of Pakistan (TDAP)'s regional office. The commerce minister Maqbool H ...
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PSOs oil refinery in KP to address energy needs
ISLAMABAD: Pakistan State Oil's (PSO) efforts to set up a state-of-the-art oil refinery in Khyber Pakhtunkhwa, with a capacity to process 40,000 barrels per day, will go a long way in meeting the rising energy needs. The PSO has signed a memorandum of understanding (MoU) with the government of Khyber Pakhtunkhwa for the establishment of an oil refinery in the Kohat district. The facility, ...
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Weekly inflation up by 0.35pc
ISLAMABAD: The sensitive price indicator (SPI) for the week ended on May 16 for the lowest income group up to Rs8,000 registered an increase of 0.35 percent as compared to the previous week, according the provisional figures of the Pakistan Bureau of Statistics (PBS). The SPI for the week under review in the above mentioned group was recorded at 186.78 points against 186.13 points registered in ...
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Karachi ports handle 155964 tons of cargo
The Karachi Port and Port Qasim handled a cargo volume of 155,964 tons during the last 24 hours that included 119,728 tons of imports and 36,236 tons of exports, the two ports reported on Thursday. Accordingly, the Karachi Port handled imports, including containerised cargo (11,018 tons), bulk cargo (16,144 tons), coal (13,309 tons), sulphur (1,580 tons) and oil / liquid cargo (58,781 tons). It ...
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Institutional buying pushes KSE index up by 120 points
After little correction, the Karachi Stock Exchange (KSE) continued upward rally and the benchmark 100-index increased by 120.43 points to 20,537.03 points on institutional buying, dealers said. Investors say with one way traffic of going upward, small traders at the exchange are worried that the market can crash anytime and their positions would be weak. Thus, the majority of retail investors ...
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Rupee rises against dollar
Karachi The rupee increased against the dollar in the currency market on Friday, dealers said. In the interbank market, the rupee rose to 98.42 against the dollar from the previous closing of 98.53. The local currency lost 11 paisas against the greenback, they said. The forex market witnessed a range-bound trading session on the lack of buying interest from traders. However, it is likely to come ...
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Cotton spot rate cut to Rs6300
Karachi The Karachi Cotton Exchange (KCE) decreased its cotton spot (average) rate by Rs100 per maund (37.324 kilograms) to Rs6,300 per maund on Friday after the local markets continued to observe downward trend, a dealer said. This was the second consecutive day on which the exchange revised downward its spot rate. On Thursday, it has already decreased the commodity price by Rs50 per maund. A ...
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Protests marring business activities
SUKKUR: In the aftermath of elections 2013, protests, shutter-downs, and strikes are hampering the business activities in Sukkur, Khairpur, Shikarpur, Ghotki, Jacobabad, Larkana, and other cities of the upper Sindh, said local businessmen. The protests by the political parties against the rigging in elections often turn violent and protestors go on the rampage, destroying shops and everything in ...
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LCCI criticises caretaker govt for power tariff hike
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Friday criticised the caretaker government for making a huge increase of Rs5.82 per unit price of electricity and termed it an anti-business decision aimed at sabotaging the popularity of the PML-N government. In a statement, Farooq Iftikhar, president of the LCCI, said that at a time when the business community was already paying ...
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AEDB forwards eight green energy projects to World Bank
KARACHI: The Alternate Energy and Development Board (AEDB) has forwarded the concept notes of eight green energy projects to the World Bank to avail of financing under the Clean Technology Fund (CTF). Arif Alauddin, former chief executive officer of AEDB, said that the board has forwarded eight projects to the Ministry of Environment, which should have been forwarded to the World Bank for ...
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PIAF reposes confidence on new govt
LAHORE: The Pakistan Industrial and Traders Associations Front (PIAF) has expressed the optimism that the new government will be able to overcome the energy crisis through the implementation of transparent policy framework. In a statement issued on Friday, the PIAF chairman Malik Tahir Javed said that corruption in different tiers of the society was one of the reasons of energy crisis and if ...
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KCCI demands restoration of six-day working week
KARACHI: Haroon Agar, president of the Karachi Chamber of Commerce and Industry (KCCI), has demanded the government to restore six-day working week in banks, customs and ports for larger interest of commerce and industry. In a statement issued on Friday, he expressed concern over two weekly holidays for all government departments and its affiliated institutions in the name of energy ...
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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