Latest Asia Business News
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Oil price probe widens
LONDON/WASHINGTON: A European probe into possible oil price manipulation expanded with the investigation of a small niche trading house in the Netherlands, while a key US senator on Friday called for the Justice Department to join the investigation. Dutch trading house Argos Energies, a mid-sized trading company that deals in physical oil products and owns storage facilities, was visited by ...
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Pakistan must focus on hydropower
ISLAMABAD: Irfan Mirza, an expert on energy sector, has said that Pakistan should greatly concentrate on hydroelectricity production in the coming days, a statement said on Saturday. There is no reason that can be attributed for the shortage of energy in Pakistan, he said. "To redress the energy problem, we tilted our focus to thermal and we opted for oil-based products," he said, ...
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Drive against bottled water launched
KARACHI: The Pakistan Standards & Quality Control Authority (PSQCA) has launched a campaign against bottled drinking water, an official said. Pir Bux Jamali, director general of PSQCA, considered the complaints regarding bottled drinking water and directed all the directors to conduct strict monitoring of bottled drinking water manufacturers across the country and re-verify their ...
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Lahore auto fair in 2014
LAHORE: A three-day Pakistan Auto Show will take place in March in Lahore, to showcase the development of the country's automotive industry and auto parts manufacturing sector, its organisers said on Saturday. The annual event will be held at the Expo Centre from March 6 to 8, its organisers, the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM), announced ...
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NBP Ferguson sign accord
ISLAMABAD: The National Bank of Pakistan (NBP) and AF Ferguson & Co (PwC) have signed a landmark agreement for Business Process Review and Coso implementation at the NBP's head office. The NBP President Dr Asif A Brohi said, "NBP is committed to achieve the leadership position in the industry by adopting international best practices and ensuring consistent compliance with ...
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Commodity prices mainly retreat
LONDON: Commodity prices mostly weakened this week, hit by a stronger dollar and falling demand for raw materials amid persistent concerns about the state of the troubled global economy, according to analysts. Figures published Wednesday revealed that the dogged recession across the Eurozone has snared key economy France. In Brussels, French President Francois Hollande tipped 'zero' ...
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Stock market expected to remain bullish next week
Celebrating the successful general elections, the Karachi Stock Exchange benchmark 100-index surged by 621 points in the week to a new all-time high of 20,537.03 points, while during the next week the index would continue to move upward, if there appears no political setback, dealers said. Analysts say that the market witnessed correction during the week and could further go through that but ...
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Port Qasim handles 61825 tons of cargo
Port Qasim handled a cargo volume of 61,825 tons during the last 24 hours that included 34,600 tons of imports and 27,225 tons of exports, the Port Qasim Authority (PQA) reported on Saturday. Accordingly, the port handled imports, including containerised cargo (21,600 tons), and palm oil (13,000 tons). It handled exports, including containerised cargo (25,280 tons), and rice (1,945 tons). Berth ...
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Rupee to remain under pressure
Karachi The local currency market witnessed a mixed trend this week. However, it may see volatile trading session in the coming week, amid payment of another installment of loan to the International Monetary Fund (IMF), which is scheduled for May 24, currency experts said. Traders have expressed concern over the dwindling foreign exchange reserves of the State Bank of Pakistan (SBP) and the ...
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Gold hits one-month low
Gold fell for a seventh straight session on Friday, its longest losing streak in four years, as the dollar rose to the highest since 2008 after some Federal Reserve officials said the central bank should end its stimulus for the US economy. Investors also rejected gold's safe-haven lure after a May reading for US consumer sentiment hit a near six-year high, showing Americans are feeling ...
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Oil rallies for third day
Oil rose for a third straight session on Friday, supported by a raft of strong economic data from top oil consumer the United States that also boosted US equities, even as the dollar hit a multi-year high. The Conference Board's Leading Economic Index, a gauge of future US economic activity, rose in April to its highest level in nearly five years, and US consumer sentiment rebounded in ...
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PSO launches Fuel Smart Cards
KARACHI- May 18th, 2013: Striving to provide ever greater value to its customers, Pakistan State Oil (PSO) has reached yet another technological milestone by introducing chip-based Smart Cards. These fuel cards are the first of their kind to be launched by any OMC in Pakistan. The formal launch ceremony was organized under the theme of "Your World Just Got Smarter!" at DHA Golf Club, ...
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France must take deficit cuts seriously Bundesbank chief
France has a special responsibility as a euro zone heavyweight to take deficit reduction rules seriously, even though its budget deficit is above ...
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SP again warns India could face junk status
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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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 ...
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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