Latest Asia Business News
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Nikkei up on BOJ optimism
(21 mins ago) Tokyo stocks maintained early gains and were up 1.12 percent in early afternoon trade after the Bank of Japan made its widely-expected announcement of no new easing measures. The benchmark Nikkei 225 index was up 171.79 points at 15,552.81 soon after the afternoon session started while the Topix index of all first-section issues was up 0.72 percent, or 9.12 points, at 1,279.51, ...
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Bank of Japan sees economy improving
(1 hr 4 mins ago) Japan's central bank says the world's third-biggest economy is "picking up'' as demand recovers in other countries and remains resilient at home. The Bank of Japan ended a policy meeting on Wednesday with no change to its strategy of doubling the monetary base for the sake of reaching a 2 percent inflation target and jolting the economy out of two ...
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Economic Report Bank of Japan ups economic outlook
LOS ANGELES (MarketWatch) -- The Bank of Japan raised its economic assessment at the end of its two-day meeting on Wednesday, while holding its policy ...
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HCL Infosystems Q3 net up 3 pc
Tech Mahindra said its March-quarter consolidated net profit rose 24.4 per cent to Rs 377 crore. The results came out after the close of markets on ...
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Bank of Japan says no new easing measures
The Bank of Japan (BoJ) on Wednesday held off fresh easing measures, saying after a two-day policy meeting that its continuation of steps introduced last month would help Japan overcome ...
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STOCKS NEWS SINGAPORE-Singapore banks rally running out of steam - Macquarie
Tue May 21, 2013 11:00pm EDT Singapore banks' shares may be near the end of their rally as their first-quarter results represent a short-term top and business activity is expected to cool off in the coming quarters, said Macquarie Equities Research. "We believe the rally in Singapore bank stocks is looking tired and we would look to pare down holdings at current levels," Macquarie ...
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Kyle Bass Bets on Full-Blown Japan Crisis
Kyle Bass hopes he is wrong, and so may everyone else, as the danger predicted by the founder of Dallas-based Hayman Capital is nothing less than a full blown financial crisis in the world's third-largest economy, Japan. While the hedge-fund trade of the year has been to short the yen and buy Japanese stocks placed for an export boom, Mr. Bass sees in "Abenomics" - stimulus from ...
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China Property Boom Keeps on Chugging
At the end of March, China's newly installed premier Li Keqiang publicly reiterated the government's determination to rein in rising property prices and a resurgent investment binge in the country's real estate market. But by every measure the market continued to boom in April, with prices, sales and investment in new buildings all accelerating from March. New house prices in 70 ...
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Imports exports down PBS
ISLAMABAD: Imports and exports of goods in Pakistan have fallen, according to the Pakistan Bureau of Statistics (PBS), which reflect a contracting economy in FY13. Imports of petroleum and its products amounted to $12.36 billion between July 2012 and April 2013 as compared to the same period in the preceding fiscal year. The data released by the PBS also shows import of petroleum products rose ...
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Johnson Johnson to wrap up Pakistan operations
LAHORE: Johnson & Johnson Pakistan (Pvt) Limited has decided to wrap up its operations in Pakistan, according to industry sources. However, the company has refused to comment on the issue as yet. The American pharmaceutical giant listed on the New York Stock Exchange is the fifth pharmaceutical multinational to decide to end the operations of its subsidiary in Pakistan in the past few years. ...
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Khalid Mansoor becomes CEO of Hubco
KARACHI: Khalid Mansoor has joined Hub Power Company Limited (Hubco) as Chief Executive. In a meeting held on May 20 in Karachi, the company's board of directors appointed him Chief Executive with immediate effect. Previously, Mansoor served as the Chief Executive Officer of Algeria Oman Fertilizer Company. Before that, he served as President and Chief Executive Officer of Engro Fertilizers ...
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Revenue body suggests tax on foreign remittances
KARACHI: The Federal Board of Revenue (FBR) has suggested that the government should impose tax on the inflows of foreign exchange through remittances, as exemptions allowed have been grossly misused, official sources said on Tuesday. The tax managers have reiterated their demand to bring these transactions into the tax net as huge amount was returned to Pakistan that was sent aboard through ...
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Pakistans exhibition in California in November
KARACHI: The Pak-US Chamber of Commerce announced to host the first Pakistan business, trade, and investment exhibition and conference in San Francisco, California in collaboration with the state of California and Events Unlimited in November 2013. "The state of California is officially supporting the two-day event," Mian Shahbaz, president of the chamber, told media from the US via a ...
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Officials release plastic scrap on fake certificates
LAHORE: Fake clearance certificates are being used to import potentially hazardous plastic scrap, reveal official documents available with The News. Customs authorities have unearthed the involvement of their own employees in securing the illegal release of a plastic scrap consignment of 19 tonnes. The consignment was imported by a local businessman from the UAE in April. Sources said fake ...
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Basmati exports decline by 40 percent
KARACHI: Basmati exports have declined by around 40 percent to 497,000 tons in the first 11 months of the ongoing fiscal year as compared to 834,000 tons achieved in the previous year, Rice Exporters Association of Pakistan (REAP) reported on Tuesday. "The signification increase in the cost of production has declined the exports," Jawed Ali Ghori, chairman of the association, said. He ...
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My meeting with Nawaz Sharif
I had the opportunity to lead an 80-member high-level business delegation of the Confederation of Indian Industry (CII) to Pakistan in May 2012 for the 2nd India-Pakistan Economic Conference, held as part of the Aman ki Asha peace campaign, jointly initiated by the Jang Group and the Times of India. We received a very warm welcome in Pakistan and were overwhelmed by the hospitality, generosity ...
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Privatise PSM PR and PIA says PBC chairman
LAHORE: Pakistan Business Council (PBC) Chairman Sikandar Mustafa Khan has said the transparent privatisation of public sector enterprises, such as the Pakistan Steel Mills (PSM), Pakistan Railways (PR) and Pakistan International Airlines (PIA), is necessary to ensure the path to economic recovery. The PBC chairman said there is a need to encourage local and foreign investments in Pakistan and ...
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Agri credit disbursement up by 15.74 percent
KARACHI: Agricultural credit disbursement by commercial banks surged by 15.74 percent on year-on-year basis to Rs259.1 billion in the first 10 months of the current fiscal year, the central bank revealed on Tuesday. Banks disbursed Rs223.8 billion to farmers during the same period last year, it said. Overall credit disbursement by five major commercial banks, including Allied Bank Limited, Habib ...
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FBR proposes raising WHT
LAHORE: The Federal Board of Revenue (FBR) has moved a proposal to the ministry of finance through which withholding taxes rates may be enhanced in the coming budget. It has proposed an increase in withholding tax (WHT) of commercial imports from five percent to six percent; for the export sector from one percent to 1.5 percent; non-corporate exporters from one percent to two percent; on ...
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FDI likely to swell after reforms say analysts
KARACHI: Pakistan is expected to strengthen its position as a destination for foreign direct investment (FDI) in the years to come as analysts foresee the PML-N government carrying out a comprehensive reform agenda to create an environment conducive for investment. Pakistan witnessed a significant fall in foreign direct investment in the past five years with FDI inflows dropping from $5.4 ...
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Power generation remains stagnant
KARACHI: Perpetual power outages have caused Pakistan's economy to underperform in the last few years. According to Pakistan Energy Yearbook released by the Ministry of Petroleum and Natural Resources, the country's installed generation capacity stood at 22,797 MW by the end of FY12, up by 1.4 percent from last fiscal and 17 percent against FY08. However, several factors, including ...
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Tanners concerned over rise in WHT
LAHORE: Pakistan Tanners Association-central (PTA) has expressed concern over expected rise in withholding taxes. In a release Tuesday, the Federal Bureau of Revenue (FBR) has once again moved a proposal to the ministry of finance that withholding tax rates (WHT) may be enhanced in coming budget. FBR has proposed increase in WHT of commercial imports from five percent to six percent, for export ...
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LCCI calls for changes in Lesco board
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) expressed concerns over the performance of Lahore Electric Supply Company's (Lesco) board of directors and called for its reconstitution through a transparent mechanism. In a statement issued on Tuesday, LCCI President Farooq Iftikhar said that it was unfortunate that the Ministry of Water and Power, Lesco officials and political ...
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Faysal Bank launches Barkat UnionPay Debit Card in Pakistan
Karachi: Faysal Bank Limited recently launched the first ever Shariah-compliant Barkat UnionPay Debit Card in Pakistan. This launch furthers the Bank's aggressive growth strategy for its Barkat Islamic Banking, and makes it the only Islamic Banking platform globally, offering both VISA and UnionPay debit cards under Shariah principles. UnionPay is one of the fastest growing payment ...
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State Life Insurance Corporation partners with First Women Bank Limited to sell Bancassurance
State Life Insurance Corporation (SLIC) and First Women Bank Limited (FWBL) signed an agreement to sell insurance products under Bancassurance. This will include a unique gender specific product focusing on women. SLIC is the leading insurance corporation of Pakistan with the highest market share in its industry, as well as the largest network of outlets. FWBL is the only Bank in Pakistan setup ...
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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