Latest Asia Business News
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Siddiqui assumes charge of OGDCL
ISLAMABAD: Masood Siddiqui on Thursday assumed the charge of the managing director and chief executive officer of the Oil and Gas Development Company Limited (OGDCL), a statement said. The decision of his removal has been reversed in the light of the Supreme Court orders to suspend all orders of appointment and transfers by the caretaker setup, it said. OGDCL's performance remained ...
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US labour market improves
WASHINGTON: The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to resilience in the labor market despite belt-tightening by Washington. The improving job market tone is helping to prop up housing, with rising home prices keeping domestic consumption supported. But tighter fiscal policy as the government tries to slash its bloated ...
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Share fall after import alert
MUMBAI: Shares of Indian drugmaker Wockhardt Ltd fell 20 percent on Thursday to their lowest level in more than seven months, after the US drug regulator published an "import alert" on one of its manufacturing facilities. The US Food and Drug Administration published the alert dated May 22 on Wockhardt's Aurangabad facility in the western Indian state of Maharashtra, according to ...
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PCGA to take PMEX to court
LAHORE: Pakistan Cotton Ginners Association (PCGA) has decided to file a lawsuit in the Federal Shariat Court against the Pakistan Mercantile Exchange Limited (PMEX) for allowing the introduction of futures trade in cotton. "The purpose of the legal appeal is to block the anti-shariah practice of futures trade and saving cotton growers, ginners and the textile sector from an economic ...
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Capable head of FTO demanded
LAHORE: Pakistan Tax Bar Association and Lahore Tax Bar Association have demanded the appointment of a capable person as Federal Tax Ombudsman. Otherwise, it would be impossible to yield desired results, said President Pakistan Tax Bar Zulfiqar Khan, President Lahore Tax Bar Habib Rehman Zuberi, Aamir Younis, Ali Ahsan Rana, Shahbaz Siddiq and Abdul Waheed, while addressing an important meeting. ...
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PSMA concerned over 17pc GST
LAHORE: Chairman Pakistan Sugar Mills Association (PSMA) Punjab Riaz Qadeer Butt expressed concern over the imposition of 17 percent general sales tax (GST) on sugar and warned that it would have serious repercussions on consumers. In a statement on Thursday, he stated sugar industry of Pakistan was confronting glut-like situation as a result of which mills are suffering heavy losses. He said at ...
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PTCL launches reconnect campaign
ISLAMABAD: Pakistan Telecommunication Company Ltd (PTCL) has launched reconnect campaign to invite customers who had discontinued their usage of PTCL landline. Under the new package, customers can enjoy free installation, restoration, unlimited On-net calls for Rs250 per month till December 2013, zero line rent and a 50 percent discount on outstanding PTCL dues. "Our campaign will have the ...
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SBI Q4 debt restructuring at $1.46 bn
MUMBAI: State Bank Of India, the country's largest lender, restructured 80.9 billion rupees ($1.46 billion) in loans in the January-March quarter, far higher than its earlier guidance of 37 billion rupees, a senior executive told Reuters on Thursday. The bank's total restructured book now stands at 431billion rupees, Soundara Kumar, deputy managing director, told Reuters by telephone ...
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KSE-100 index down by 116 points on profit-taking
The Karachi Stock Exchange benchmark 100 index declined by 116.25 points on Thursday to 21,342.65 points on profit-taking, dealers said. The decline came after several positive sessions. Zafar Moti, an analyst and senior member of the KSE, said the market remained volatile throughout the day and traders remained puzzled by its movement. "Finally it ended with some profit-taking by foreign ...
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Karachi ports handle 158954 tons of cargo
The Karachi Port and Port Qasim handled a cargo volume of 158,954 tons during the last 24 hours that included 107,031 tons of imports and 51,923 tons of exports, the two ports reported on Thursday. Accordingly, the Karachi Port handled imports, including containerised cargo (20,636 tons), bulk cargo (591 tons), and oil / liquid cargo (11,000 tons). It handled exports, including containerised ...
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Rupee up against dollar
Karachi The rupee posted gains against the dollar in the foreign exchange market on Thursday despite foreign exchange outflows, dealers said. In the interbank market, the rupee closed at 98.47 against the dollar, increased by five paisas as compared to Wednesday's closing of 98.52. Dealers said that the forex market has been witnessing a fluctuating trend for the last few weeks with the ...
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Gold rebounds from losses
Gold climbed off session lows on Thursday after weak Chinese factory activity jolted stock markets in Asia, sending investors back to the precious metal despite expectations the US Federal Reserve will scale back its monetary stimulus. The Nikkei dropped 7.3 percent, its biggest one-day percentage fall in two years, after a preliminary survey showed China's factory activity contracting, ...
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Oil drops below $102
Oil fell below $102 a barrel on Thursday in a broader commodities selloff as a decline in China's factory activity entrenched concern about weak demand and on worries about an early scale-back in Federal Reserve stimulus. China's factory activity shrank for the first time in seven months in May, a survey showed. The dollar index hit a three-year high on Wednesday, weighing on ...
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Hang Seng opens slightly higher
(57 mins ago) Stocks in Hong Kong opened 0.35 percent higher, recouping some of their losses from the previous session, which saw steep falls in line with a regional sell-off. The benchmark Hang Seng Index gained 79.6 points to 22,749.28 in the first minutes of ...
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Garuda Indonesia Introduces Complimentary Chauffeur Service
Garuda Indonesia, the airline of Indonesia, is proud to introduce a complimentary limousine service for Executive Class passengers in celebration of the airline’s Brisbane relaunch in August. Executive Class passengers departing from Brisbane will experience a seamless door-to-door journey, enjoying a drop off service to Brisbane airport and a pick-up service from Brisbane airport upon ...
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Air New Zealand offers improved check-in with new Melbourne kiosk service
Air New Zealand customers travelling trans-Tasman and Pacific Island routes have flocked to use the new check-in kiosks introduced this week at Melbourne ...
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Japan stocks rebound after slump Nikkei up 3.2
+2.78% climbing 3.2% after diving 7.3% in the previous session, prompted by some relief buying amid expectations that the rally that began late last year may have further to go. The broader ...
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Sensex tanks 388 pts on global slide
MUMBAI: A crash in the Japanese stock market on the back of US Fed chief's statement that he needed more confirmation about the strength of the US economy before he could slowdown his $85-billion-amonth bond buying programme spooked global markets on Thursday, including India. The global sell-off , combined with weak manufacturing data coming out of China, pulled the sensex down by 388 ...
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Phaneesh Murthy may have to pay huge damages
BANGALORE: iGate's ousted CEO Phaneesh Murthy, who has been charged with sexually harassing the company's 31-year-old investor relations head Araceli Roiz, may end up paying huge damages if charges pressed by her are proven under US law. In India, proven sexual offences are liable for criminal punishment and not necessarily a monetary payout. But in the US, the focus is on monetary ...
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Market eyeing Nikkei for signals risk-sentiment recovered in overnight trade
There was a massive 8% intraday reversal yesterday in the Nikkei and this led to a huge clean-out in risk trades like AUD/JPY in particular. The question which will be answered today in the Tokyo stock-market is whether the Nikkei selling was purely technical or whether a reversal is underway. I'd expect the FX market to get most of its leads from the Nikkei. Today's risk events ...
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GLOBAL MARKETS-Asian stocks shaky Nikkei still seen vulnerable
Fri May 24, 2013 12:22am EDT * Nikkei down 0.6 pct, erases earlier gains * Asian stocks outside Japan dip to 1-month lows * Yen rises vs USD and euro as Nikkei trims gains By Ian Chua SYDNEY, May 24 (Reuters) - Japanese stocks turned negative on Friday and the yen reversed early losses, keeping intact worries that the Nikkei's largest one-day drop in two years may be the start of a bigger ...
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A look at weekend Thoroughbred racing
The Memorial Day weekend kicks off summer and, with no Triple Crown hopes to extend the spring, also kicks off a "second season" of racing. There are important turf races at Churchill Downs, Belmont Park, Hollywood Park and Arlington Park. Some of the nation's top steeds will be on display in the Grade I Met Mile at Belmont. Fillies and mares are in action from coast to coast and ...
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Qantas enlists authors to write books that match flight times
Calling the airplane the final bastion for the old-fashioned paperback novel, Aussie airline Qantas is launching a series of specially written books that can be read from start to finish within the duration of the flight. Aimed at appealing to the carrier's frequent flyers -- most often business travelers -- the strategy is meant to strengthen the brand's image as a ...
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$20m upgrade for Qantas jets
Qantas has finished a $20 million makeover of 15 of its 265-seat Boeing 767 jets, which are used on routes such as Perth to Brisbane and weekend flights to Melbourne and Sydney.The makeover includes leather seats in business, in-flight entertainment for all passengers, new carpets and lighting. Qantas domestic chief executive Lyell Strambi said it was done to provide the best travel ...
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Ford still has a long way to go to match Toyota’s brand value
Joe Hinrichs, the former Ford of Canada president who now oversees all of Ford's operations in both North and South America, says he and everyone at Ford have a laser-like focus on quality. Good thing on a bunch of fronts, especially when it comes to brand-building.Ford Motor has suffered a recent series of embarrassing recalls, and the delayed arrival of the new Lincoln MKZ - to fix ...
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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