Latest Asia Business News
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Free life insurance cover to expats
ISLAMABAD: A money transfer brand, Xpress Money in association with the Union Insurance, an insurance firm in the Gulf Cooperation Council (GCC) region, on Wednesday launched remittance industry's first free life insurance for overseas Pakistanis working in Saudi Arabia and Kuwait, a statement said. The insurance cover is available to any person remitting money through Xpress Money, it ...
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Carlyle plans to raise $2bn
TOKYO: US private equity firm Carlyle Group LP is planning to raise 200 billion yen ($2 billion) for a third Japan fund to succeed its seven-year old second fund, with Japan's aggressive monetary easing helping to boost investor interest, people with direct knowledge of the matter said. Carlyle, the only global private equity firm with funds specifically designated only for Japanese ...
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British official retail sales slide in April
LONDON: British retail sales slid unexpectedly last month amid cold spring weather, official data showed on Wednesday. Retail sales sank by 1.3 percent in April from March, the Office for National Statistics (ONS) announced in a statement. Market expectations had been for a rise of 0.1 percent, according to a survey by Dow Jones Newswires. Retail sales grew by 0.5 percent in April compared with ...
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New govt urged to prepare for GSP plus
LAHORE: Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Chairman Sajid Salim Minhas has urged the PML-N-led government to prioritise Pakistan's qualification for the duty-free exports status to the 27-member European market under the new generalised system of preferences (GSP) plus scheme. The EU is Pakistan largest trading partner with an annual trade volume of ...
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DG IPO hails govt
LAHORE: The Director General Intellectual Property Organization of Pakistan (IPO) Tarik Feroze has said that government is committed to protect and enforce vigorously intellectual property rights (IPRs) besides providing a congenial and protected environment to improve the image of Pakistan as a responsible and IP-compliant nation. The director general was speaking at a seminar on ...
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Import duty on PTA likely to remain unchanged
KARACHI: Market sources are certain that the import duty on purified terephthalic acid (PTA) will remain three percent. A public hearing was conducted by National Tariff Commission (NTC) on May 20, 2013 to get views on increasing import duty on PTA. The final decision is reserved by the Authority however the impression received from various stake holders is that the import duty on PTA may remain ...
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Samsung offers 43 Plasma TV at an incredible price
LAHORE: Samsung Electronics is a global market leader in technologies, offering big screen 43" Plasma TV which makes action more life-like, natural looking at most incredible price. Samsung 43" Plasma TV is packed with many brilliant features. This includes build in triple protector, regular fluctuation of voltage is no more a worry as it saves television from it and an efficient layer ...
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Stocks surge to 21458 points on foreign buying
Karachi Stock Exchange's (KSE) benchmark 100-index surged by 290.90 points on Wednesday to a new high of 21,458.90 points on foreign buying, dealers said. Yaseen Lakhani, CEO Lakhani Securities and former chairman of KSE, said that the stock market was performing well in selected stocks of oil, cement and PICIC Growth Fund. "Foreign investment includes the funds of foreigners and ...
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Cotton spot rate rises to Rs6400
Karachi The Karachi Cotton Exchange (KCE) increased its cotton spot (average) rate by Rs100 per maund (37.324 kilograms) to Rs6,400 per maund after local markets witnessed revival in the commodity trading during the last two days, a broker said on Wednesday. "The KCE increased the spot rate in line with the upward trend at the local markets," Shakeel Ahmed, a broker at the KCE, said. ...
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Karachi ports handle 106982 tons of cargo
The Karachi Port and Port Qasim handled a cargo volume of 106,982 tons during the last 24 hours that included 66,803 tons of imports and 40,179 tons of exports, the two ports reported on Wednesday. Accordingly, the Karachi Port handled imports, including containerised cargo (11,902 tons), bulk cargo (1,287 tons), coal (10,115 tons), and oil / liquid cargo (575 tons). It handled exports, ...
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Brent dips below $104
Brent futures dropped further below $104 per barrel on Wednesday, as data showing a surprise jump in US gasoline stockpiles and worries that peak summer demand in the world's top oil consumer may falter dragged down prices. But losses were capped ahead of minutes from a US Federal Reserve meeting, scheduled for release later in the day. The meeting notes will be scoured for details on the ...
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Hang Seng Shanghai open lower
(14 mins ago) Stocks in Hong Kong opened 0.81 percent lower, reflecting falls on Wall Street after the US Federal Reserve hinted it could soon start to ease its policy of aggressive stimulus measures. The benchmark Hang Seng Index fell 189.05 points to 23,072.03 in the first minutes of trade. Stocks in Shanghai were down 0.44 percent in early trade ahead of the release of HSBC's ...
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Positive start for Nikkei
(1 hr 7 mins ago) Stocks in Tokyo opened 0.72 percent higher after the yen fell against the US dollar on signals that the US Federal Reserve could soon scale back its aggressive stimulus measures. The benchmark Nikkei 225 index, which closed at its best level in more than five years yesterday, added 112.72 points to 15,739.98 at the ...
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Nikkei climbs 1.9 pct to new 5-12-year high Fast Retailing stars
* Bernanke remarks sees yen at 103 to dollar, aids exporters * Nikkei heads for fifth straight day of gain * Fast Retailing jumps as retail investors in hot pursuit By Dominic Lau TOKYO, May 23 (Reuters) - Japan's Nikkei average soared 1.9 percent to a 5-1/2-year high on Thursday, aided by exporters as the yen weakened against the dollar after the U.S. Federal Reserve chief suggested the ...
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UPDATE 1-Ford to close Australia auto plants - reports
Wed May 22, 2013 8:24pm EDT * Ford to end Australia production by 2016 - reports * Strong Australia dollar, cheaper imports hurt local manufacturers * Australian economy at risk as mining boom peaks, other sectors sluggish * Govt previously committed A$5.4 bln to support car manufacturers to 2020 CANBERRA, May 23 (Reuters) - Ford Motor Co is set to announce it is closing its two Australian auto ...
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Toyota Boots BMW Out of Top Value Slot
Toyota has been named the world's most valuable automotive brand, claiming back the top spot from German marque BMW. The Japanese car giant, which has a manufacturing plant in Burnaston, reclaimed the top spot as the most valuable automotive brand in the BrandZ Top 100 Most Valuable Global Brands 2013, published yesterday. According to the report, Toyota's brand value surged by ...
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China Growth May Hit 9 by Mid-2014
There may be fewer China bulls around these days, but Deutsche Bank remains optimistic about the outlook for the world's second largest economy, forecasting growth will touch 9 percent around mid-2014. Strong growth in social financing, a pickup in industrial production, alongside a recovery in exports - driven by an improvement in demand out of the U.S. and Japan in the second-half - are ...
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Quadricycles finally get green signal
Indian roads -- the 'quadricycle'. The issue -- which sharply divided the auto industry in recent months, with small car makers and some two-wheeler companies against the idea while others rooting for it -- has now been settled with the road transport and highways ministry announcing that the quadricycle will be allowed to ply as a transport (commercial) vehicle carrying both passenger ...
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Misled on Ranbaxy probe Daiichi
legal options against the former promoters of the company, which could include seeking monetary damages and slapping them with a lawsuit. Ranbaxy, which was acquired by Daiichi Sankyo in 2008, has been in the crosshairs of US regulatory agencies for over eight years, and recently agreed to pay $500 million -- the largest by a generic company over drug safety -- in a settlement by pleading guilty ...
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Finance ministry agrees to pay Rs 1L cr oil subsidy
The high current account deficit will persist as long as we live in a world of low growth - that hurts our exports - and easy global liquidity, which pumps up the oil import ...
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Mitsubishi weighs steps toward resumption of dividend -sources
By Kentaro Sugiyama and Yoko Kubota Wed May 22, 2013 7:32pm EDT May 22 (Reuters) - Mitsubishi Motors Corp is taking steps toward resuming dividend payments after nearly a decade-long turnaround bankrolled by other Mitsubishi group companies, according to people with direct knowledge of the plans. Specifically, Mitsubishi Motors is considering asking shareholders to approve plans for a 10-for-1 ...
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Nikkei set to pull back from 5-12-year highs on Bernanke remarks
TOKYO, May 23 (Reuters) - Japan's Nikkei average is expected to retreat from a 5-1/2-year high on Thursday after U.S. Federal Reserve chief Ben Bernanke suggested the central bank could scale back stimulus in coming months. The Nikkei is likely to trade between 15,550 and 15,700, strategists said, while Nikkei futures in Chicago closed at 15,640 on Wednesday, down 0.2 percent from the Osaka ...
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Qantas Airlines To Offer In-Flight Books
Copyright © 2013 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required. DAVID GREENE, HOST: And our last word in business on this Wednesday is: Mile High Book Club. LINDA WERTHEIMER, HOST: We're talking about an in-flight library offered by the Australian airline Qantas. GREENE: They will still have movies on the plane, that right, ...
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REFILE-Panasonic to stop making silicon wafers at Oregon factory-Nikkei
Wed May 22, 2013 2:50pm EDT May 23 (Reuters) - Panasonic Corp will stop making silicon wafers, used in solar cells, at a factory in Oregon next month as it centralizes production at a plant in Malaysia, the Nikkei reported. Having shut down a plant in California last year, the company will have no processing facilities in the United States, the newspaper said. Panasonic makes silicon ingots at ...
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Sensex ends higher rises for third month
Mr Murthy , who was sacked by iGate on Tuesday, however, is entitled to a post termination benefit of $6,000 per month till he and his spouse reach the age of ...
Taiwan Focus
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Taiwan investing in biotech sector
Taiwan’s economy has seen massive growth in the last few decades, but one industry has been in decline and a development project by the Academia Sinica is expected to reverse that decline, once environmental issues have been cleared up.
Taiwan is one of the Four Asian Tigers; this little island off the coast of mainland China has experienced rapid development in just a few decades and has become a major hub of manufacturing, high-tech industry, shipping and tourism. Read more
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