Latest Asia Business News
RSS-
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 ...
-
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 ...
-
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 ...
More Asia Business News
RSS-
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 ...
-
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 ...
-
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 ...
-
KSE index breaches 21000 points barrier
The Karachi Stock Exchange's (KSE) benchmark 100-share index increased by 353.86 points on Tuesday to reach a new all-time high of 21,168.00, reacting positively to the heavy mandate of the PML-N government. "Investors are hopeful that the Pakistan Muslim League-Nawaz-led government will pursue privatisation aggressively," said Arif Habib, CEO and chairman of Arif Habib ...
-
Apple denies using gimmicks to dodge taxes
WASHINGTON: Apple denied Tuesday using "gimmicks" to dodge taxes as the tech giant came under attack from US lawmakers for using "sham" subsidiaries and "convoluted" strategies to shift profits offshore. In a statement issued ahead of a Senate hearing on corporate strategies to minimize taxes, Apple said it "carefully manages its foreign cash holdings to ...
-
Karachi ports handle 239618 tons of cargo
The Karachi Port and Port Qasim handled a cargo volume of 239,618 tons during the last 24 hours that included 170,490 tons of imports and 69,128 tons of exports, the two ports reported on Tuesday. Accordingly, the Karachi Port handled imports, including containerised cargo (44,829 tons), bulk cargo (9,275 tons), coal (17,971 tons), sulphur (50 tons), and oil / liquid cargo (34,729 tons). It also ...
-
Rupee down against dollar
Karachi The rupee slightly edged down against the dollar on Tuesday in the wake of fresh demand for the greenback in the currency market, dealers said. In the interbank market, the rupee closed at 98.45 against the dollar, down by two paisas as compared to Monday's closing of 98.43. The local currency was being traded at 98.44 for buying and 98.46 for selling. The interbank forex market ...
-
Gold low silver under pressure
Singapore Gold climbed off session lows on Tuesday as Chinese buyers picked up the metal, easing some pressure on bullion which has been hit by persistent outflows from exchange-traded funds and has lost nearly a fifth of its value this year. But the selling pressure on silver appeared mostly intact with prices still near 2-1/2-year lows reached during the intraday sell-off on Monday. Gold has ...
-
Cotton trading picks momentum
Karachi Though not significant, however, the trade turnover of cotton surprisingly surged to 5,900 bales (155 kilograms each) during the last 24 hours as compared to no or little trade in the last 15 days, a dealer said on Tuesday. "Spinning mill-owners and exporters have reentered into the cotton markets after they received fresh order for export of cotton and cotton yarn," Taqi ...
-
Brent near two-week high
Chennai Brent crude futures steadied near a two-week high on Tuesday, holding around $105 per barrel as rising Middle East tensions offset concerns about moderating demand growth to keep prices in a tight range. Reports that Lebanese Hezbollah guerrillas were involved in fierce fighting for Syria's embattled president prompted alarm the civil war might spread to neighbouring oil producers, ...
-
Asia Markets Tokyo stocks lead Asia ahead of Bank of Japan meet
HONG KONG (MarketWatch) -- Japanese stocks rallied toward fresh multiyear highs to lead broad gains for Asian markets Wednesday, as indications that the Federal Reserve Bank wasn't close to slowing its asset purchases lifted investor ...
-
IASC approves Qantas Virgin allocations
The International Air Services Commission (IASC) has issued a range of determinations allowing and re-allocating capacity on a variety of routes. Qantas has been allocated 35 tonnes of freight capacity on the Papua New Guinea route and was re-allocated one dedicated cargo service per week on the Vietnam route. Qantas was also permitted a re-allocation of 2,301 seats on the China route. ...
-
Is Sony Un-Japanese Enough to Change
Few foreign activist investors have made much headway in forcing change in Japan, where a conservative corporate culture favors long-standing ties with banks, business partners and workers rather than shareholders seeking value. Struggling electronics ...
-
Japan exports disappoint full benefits of weak yen yet to show
TOKYO (Reuters) - Japan's exports rose less than expected in April from a year earlier due to weak demand from Europe and China, highlighting the challenges confronting the world's third-biggest economy as policymakers try to engineer a sustained ...
-
Japan stocks climb Mitsubishi Motors Sony jump
HONG KONG (MarketWatch) -- Japanese stocks extended gains early Wednesday, with exporters spurred after two Federal Reserve members suggested the central bank wasn't close to slowing monetary stimulus in the U.S. The Nikkei Stock ...
-
Toyota San Antonio Chamber Present STEM Project
Toyota Motor Manufacturing Texas is supporting the San Antonio Hispanic Chamber's CORE4 STEM project to the tune of $100,000, it was announced this week. Patricia Salas Pineda, group vice president, National Philanthropy and Toyota Motor Manufacturing North America Inc. made the presentation to Hispanic Chamber CEO Ramiro Cavazos and the chamber's chairman of the board, Alexander ...
-
Shangri-La marks Istanbul opening
To celebrate the opening of Shangri-La Hotels and Resorts’ new landmark hotel in the city of Istanbul, 2,000 lanterns were launched on the Bosphorus Strait. Located on the European side of the Bosphorus, the crossing point between two continents for centuries, Shangri-La Bosphorus, Istanbul is the second hotel in Europe for the Asian luxury hotel brand. More than 200 guests witnessed the ...
-
Vodafone to invest more if policy is stable
Vinod Rai achieved his goal of focusing on corruption - but by making wild exaggerations, killing the institutional integrity of the CAG and triggering policy ...
-
‘Foodgrain procurement policy needs review’
Vinod Rai achieved his goal of focusing on corruption - but by making wild exaggerations, killing the institutional integrity of the CAG and triggering policy ...
-
Chinese premier pushes for trade pact
Li Keqiang on Tuesday said that China was willing to launch talks for a regional trading arrangement with India, a statement seen as a fresh push for Beijing's attempt for a trade pact. Addressing business leaders at a conference organized by Ficci here, the premier said that ...
-
Japans Nikkei rises 0.3 in opening minutes
NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange ...
-
Japans Nikkei set to rise ahead of BOJ meeting
TOKYO, May 22 (Reuters) - Japan's Nikkei average is likely to open higher on Wednesday, ahead of the outcome of the Bank of Japan meeting, buoyed by the U.S. Dow Jones and S&P 500 indexes closing at record highs on Federal Reserve officials' reassurance on the central bank's stimulus programme. The Nikkei is likely to trade between 15,350 and 15,550, strategists said, while Nikkei ...
Taiwan Focus
-
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
News from around our Network
