Nikkei slumps 3.7 pct on weak China data 10-yr JGB prices turn higher

The Edge Daily - Thursday 23rd May, 2013

Reset TOKYO (May 23): Japan's Nikkei stock average tumbled 3.7 percent on Thursday, in a dramatic turnaround from a 5-1/2-year high hit in morning trade and was on track for its biggest daily drop in two years, as weak Chinese factory activity data rattled investors. The sharp turnover in the Japanese stock market prompted investors to seek safety in government bonds, with the ...

Rupee at new 6-month low

Times Of India - Thursday 23rd May, 2013

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 ...

Sensex extends losses down by 85 pts

Times Of India - Thursday 23rd May, 2013

sensex today fell for the fourth consecutive day by losing nearly 85 points in early trade due to sustained selling by funds amid a weak trend in other Asian markets. The 30-share barometer, which had lost nearly 224 points in the previous three sessions fell further by 84.54 points, or 0.42 per cent, to 19,977.70. Stocks of capital goods, realty and power sectors were major losers, pulling down ...

Singapore Economy Posts Surprising Expansion

CNBC - Thursday 23rd May, 2013

Singapore on Thursday reported a surprise expansion in its economy in the first quarter, helped by a surge in financial services as trading in stocks and foreign exchange soared. The Southeast Asian city-state, whose economy is heavily dependent on trade, manufacturing and financial services, said gross domestic product expanded 1.8 percent in January-March on a quarter-on-quarter, seasonally ...

Japanese Investors Sell Foreign Bonds

CNBC - Thursday 23rd May, 2013

Japanese investors sold 804.4 billion yen ($7.8 billion) worth of foreign bonds last week after three straight weeks of net buying, as they took advantage of the soft yen to repatriate overseas ...

Hackers Find China Is Land of Opportunity

CNBC - Thursday 23rd May, 2013

Name a target anywhere in China, an official at a state-owned company boasted recently, and his crack staff will break into that person's computer, download the contents of the hard drive, record the keystrokes and monitor cellphone communications, too. Pitches like that, from a salesman for Nanjing Xhunter Software, were not uncommon at a crowded trade show this month that brought together ...

Cathay Pacific adds fifth daily Hong Kong-London flight

ABT - Thursday 23rd May, 2013

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China Gives Economic Lifeline to Spain

Business Week - Thursday 23rd May, 2013

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 ...

Nikkei slumps in afternoon trade

The Standard - Thursday 23rd May, 2013

(8 mins ago) Tokyo shares plunged more than three percent in early Thursday afternoon trade as investors sold positions on weak Chinese data to lock in profits on recent rapid gains. The Nikkei 225 index at the Tokyo Stock Exchange lost 3.20 percent or 500.04 points to 15,127.22 at one point before narrowing its loss to 2.15 percent by 0400 GMT, AFP reports. The plunge came after HSBC said ...

Hang Seng slides by break

The Standard - Thursday 23rd May, 2013

(8 mins ago) Hong Kong stocks were down 1.64 percent by the break on Thursday after Wall street fell on signs the US Federal Reserve could soon start tapering off its massive stimulus measures. The benchmark Hang Seng Index fell 381.34 points to 22,879.74 on turnover of HK$37.42 billion, AFP ...

UPDATE 1-Mitsubishi Motors weighs capital shift dividends-sources

Reuters - Wednesday 22nd May, 2013

Wed May 22, 2013 11:50pm EDT * Automaker may propose 10-for-1 reverse stock split * May also seek capital reorganisation * To clear $9 bln in accumulated losses * Shares drop 11.5 pct, after recent strong gains By Kentaro Sugiyama and Yoko Kubota TOKYO, May 23 (Reuters) - Mitsubishi Motors Corp is taking steps toward resuming dividend payments after nearly a decade-long turnaround bankrolled by ...

Bank credit to private sector falls by 60pc

The News - Wednesday 22nd May, 2013

KARACHI: Bank credit to the private sector fell by 60 percent, shrinking to Rs92.89 billion during July 1, 2012 to May 10, 2013 from Rs235 billion in the same period last year, the central bank reported on Wednesday. However, public sector enterprises (PSEs) saw expansion in credit off-take by banks during the period under review, it said. Public sector enterprises borrowed Rs48.903 billion from ...

Fertiliser sector to invest $100m in gas fields

The News - Wednesday 22nd May, 2013

LAHORE: Fertiliser manufacturers have come up with a long-term plan to invest $100 million in the development of dedicated lower British thermal unit gas fields - which can ensure sustainable supplies of raw material (feedstock) for urea manufacturing process, said Shahab Khawaja, executive director of Fertilizer Manufacturers Pakistan Advisory Council (FMPAC) on Wednesday The Sui Northern Gas ...

Need to focus on changing power generation mix

The News - Wednesday 22nd May, 2013

KARACHI: The new government will have to focus on changing the power generation mix and tilt towards cheaper sources, such as hydel and coal, in order to create a long-term solution to power crisis, analysts said. Hasan Raza, a research analyst at Taurus Securities, said that as a short term strategy the government could increase power tariff by Rs3.5 per unit to minimise circular debt, which ...

FBR suspends four principal appraisers

The News - Wednesday 22nd May, 2013

KARACHI: The Federal Board of Revenue (FBR) has suspended four senior Customs officials for alleged involvement in the ISAF containers scam, sources said on Wednesday. Suspension orders have been issued to four principal appraisers - Masood-ul-Hassan of the Model Customs Collectorate Appraisement in Karachi; Riaz-ur-Rehman Sheto of MCC Exports in Karachi; Sardar Amin Farooqui of MCC Hyderabad ...

Direct audit selection upheld by IHC

The News - Wednesday 22nd May, 2013

KARACHI: A division bench of the Islamabad High Court (IHC) upheld an earlier ruling by an IHC single member bench, observing that Section 177 of the Income Tax Ordinance, 2001 is not contrary to the Constitution and giving the commissioners of income tax the authority to directly select taxpayers for audits, FBR officials said on Wednesday. The two-member bench had observed in its judgment ...

Govt raises Rs37 billion from PIBs sale

The News - Wednesday 22nd May, 2013

KARACHI: The federal government raised Rs37.23 billion from the auction of Pakistan Investment Bonds (PIBs) on Wednesday, the State Bank of Pakistan reported. The highest bid worth Rs16.611 billion was accepted for the three-year Pakistan Investment Bonds at a cutoff yield of 10.0484 percent, the central bank said. The bids for the five-year and 10-year Pakistan Investment Bonds attracted ...

We are striving to increase the productivity of Pakistani cows and buffaloes

The News - Wednesday 22nd May, 2013

Syed Yawar Ali is the chairman of Pakistan Dairy Association and also the chairman of Nestle Pakistan Limited, the market leader in dairy products in the country. Here are excerpts of his interview with The News. Q: What are the challenges faced by the dairy sector? A: Steps taken by the dairy sector in Pakistan is gradually increasing productivity, efficiency and management practices and ...

FPCCI rejects Trade Organization Rules

The News - Wednesday 22nd May, 2013

KARACHI: The Federation of Pakistan Chambers of Commerce ad Industry (FPCCI) has rejected the Trade Organization Rules (TOR) 2013, under which the directorate general of trade organizations has been given vast discretionary powers to exploit trade bodies. The TOR 2013 came under discussion at the executive committee meeting of the FPCCI held recently at the Islamabad Chamber of Commerce and ...

Mobilink Unesco sign deal on literacy project

The News - Wednesday 22nd May, 2013

ISLAMABAD: Mobilink Foundation and the United Nations Educational, Scientific and Cultural Organization (Unesco) have signed an agreement to enhance the award winning SMS-based literacy programme, a statement said. The SMS-based literacy programme uses short messaging service (SMS) to impart education to learners across Pakistan, it said. The programme was conceived by Unesco Islamabad, who ...

Kashf Foundation to apply for branchless banking licence

The News - Wednesday 22nd May, 2013

LAHORE: Kashf Foundation intends to apply for a branchless banking licence as an agent of the Kashf Microfinance Bank to promote micro savings in Pakistan following the successful completion of their micro savings project. Roshaneh Zafar, managing director of the Kashf Foundation, on Wednesday shared the successful experiences of micro finance sector savings, which the foundation has started on ...

Indias Iran oil imports in April drop

The News - Wednesday 22nd May, 2013

NEW DELHI: India's oil imports from Iran fell 34.2 percent in April from March, data from trade sources showed on Wednesday, bolstering the country's case for the renewal of a waiver from US sanctions on Tehran due to expire next month. The US has already granted fresh waivers to Japan and 10 European countries but has so far left out China and India, Iran's biggest clients. US ...