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What Bust Australia Set for Huge Boom Report Says
Australia's economy has been clouded with negative forecasts in recent weeks with some even warning of a dip back into recession, but a recent report argues the economy is poised for a rapid acceleration in the coming months. According to Clifford Bennett, chief economist of the financial services firm White Crane Group, which publishes the White Crane Report, Australia is set for a major ...
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Awaiting China PMI Things Could Get Even Worse
Activity in China's vast manufacturing sector may have decelerated further in June, the flash estimate of the HSBC China purchasing manager's index (PMI) is expected to show, exacerbating worries about a downturn in the world's second largest economy. The closely-watched flash PMI survey due on Thursday could fall to as low as 48.7, according to estimates by Credit Agricole and ...
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Emerging Market Allocations Hit Lows
Investor confidence in emerging markets is continuing to plummet, with a recent fund managers' survey showing that equity investment in the group of countries has fallen to its lowest level since December 2008. The BofA Merrill Lynch Fund Manager Survey for June showed that about 9 percent of asset allocators were underweight emerging market equities - the first underweight reading since ...
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Rupee recovers 15 paise against dollar
MUMBAI: The rupee recovered by 15 paise to 58.62 against the dollar in early trade on Wednesday at the Interbank Foreign Exchange market on increased selling of the US currency by exporters. However, dollar's strength against other currencies overseas capped the rupee's gain as investors await the conclusion of ...
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Sensex down 62 points
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Asian businesses optimistic sentiment in India falls
That’s how many engineers graduate in India every year. And they have never found it so hard to land a job. Some blame the slack job market, others point to poor quality of colleges and ...
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Sell-offs across Asia as Nikkei drops 6.4 on BoJ disappointment World Bank weighed
Asian stocks slipped on Thursday as Nikkei triggered sell-offs across the region after falling more than 6%, which places the index in a bear market, while the dollar/yen fell towards the 94-mark on BoJ’s lack of action to calm markets, pushing exporters ...
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Asian stocks jump as Nikkei recovers some losses following strong U.S. data
Asian stocks jumped Friday as strong U.S. data lifted confidence about the ability of the U.S. economy to withstand any cut in stimulus. The upbeat retail sales and jobless claims triggered a rally on Wall Street and soothed the panicking Asian markets ahead of next weeks Federal Reserve policy ...
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Fish Prices Leap to All-Time High Thanks to China
Global fish prices have leapt to all-time highs as China's growing appetite for high-end species - from tuna to oysters - runs up against lower catches. The UN Food and Agriculture Organisation's global fish price index, an industry benchmark that tracks the cost of wild and farmed seafood, hit a record high in May, up 15 per cent from a year ago and above the peak set in mid 2011. ...
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Nikkei rises 1.3 pct on weak yen Fed hopes Softbank soars
* Investors still cautious ahead of Fed outcome * Softbank soars after Dish abandons Sprint bid * Tepco tumbles as highly toxic substance found at plant By Ayai Tomisawa TOKYO, June 19 (Reuters) - Japan's Nikkei share average rose to a one-week high on Wednesday morning, underpinned by optimism that the U.S. Federal Reserve would temper worries about an imminent roll back of its stimulus ...
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Cathay Pacific traffic figures for May 2013
Cathay Pacific Airways released combined Cathay Pacific and Dragonair traffic figures for May 2013 that again show a year-on-year drop in the number of passengers carried and cargo and mail tonnage. Cathay Pacific and Dragonair carried a total of 2,338,703 passengers in May – a drop of 0.8% compared to the same month last year. The passenger load factor was up by 0.5 percentage points ...
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Singapore Airlines May 2013 operating results
The operating results for May 2013 are given in the table below: In May 2013, Singapore Airlines' system wide passenger carriage (measured in revenue passenger kilometres) increased 1.3% on the back of 3.1% growth in capacity (measured in available seat kilometers). Consequently, passenger load factor (PLF) fell by 1.2 percentage points to 74.6%. The number of passengers carried ...
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Hong Kong Investigates HSBC for Manipulating Rates
Hong Kong's de facto central bank said on Tuesday that its investigation into possible benchmark rate manipulation has been extended to include HSBC and a number of other banks.The Hong Kong Monetary Authority (HKMA) announced in December that it was investigating UBS about possible misconduct relating to its submissions for the Hong Kong Interbank Offered Rate ...
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Japanese Exports Soar on Weak Yen
Japanese exports rose a stronger-than-expected 10.1 percent in May from a year earlier, compared with a 3.8 percent rise the previous month in a sign that a ...
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Qantas IT glitch lists $11000 Sydney-Melbourne fares
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Huge revenue losses feared in fake transactions
KARACHI: The national exchequer is likely to suffer huge revenue losses of two percent general sales tax (GST) per product sold by multinational and local companies - as their distributors are charging sales tax rate of 19 percent - rather than the official 17 percent GST - on supplies to retail outlets, retailers told the News. This is done on fake invoices making the transaction illegal, they ...
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Govt borrowing rises by Rs47 billion
KARACHI: Pakistan's government borrowing from domestic banking sources has risen by Rs 47 billion in fiscal year 2012-13, as compared to the same period last year, the State Bank of Pakistan (SBP) reported on Tuesday. This heavy borrowing from the banking system - as shortfall in public finances weighs on the weak economy - means fear is rising of the country slipping into a "debt ...
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Oil consumption rises by 15 percent
KARACHI: Oil consumption shot up by 15 percent on month-on-month basis and seven percent on year-on-year basis in May based on provisional figures. Petrol sales jumped to a record level of 360k tons, up by 24 percent on month-on-month basis and 47 percent on year-on-year basis, as analysts believe the election campaigning and enhanced CNG outages, particularly in Punjab, contributed towards ...
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Circular debt to be wiped out in 60 days
ISLAMABAD: Federal Minister for Finance Ishaq Dar told Korean Ambassador Choongjoo Choi that circular debt will be wiped out in 60 days in a bid to reform the business environment in Pakistan, in a meeting on Tuesday. Pakistan currently has a circular debt of Rs503 billion, which remains a key factor in the country's massive energy imbroglio. The energy shortfall has led to closure of ...
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Deceptive GST increase slammed
KARACHI: The budget presented by Finance Minister Ishaq Dar in parliament last week will stoke up inflation and contradicts the election manifesto of the ruling PML-N govt, experts said at Jang Forum on Tuesday. The proposed increase in General Sales Tax (GST) to 17 percent has already resulted in the increased prices of most goods and reduced the purchasing power of people, speakers at the ...
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KSE struggles to attract investors with new products
KARACHI: Five products launched by the Karachi Stock Exchange to attract local investors after the stock market crashed in 2008 received response from less than 10 percent of traders, officials said on Tuesday. The stock market reached a major milestone when the KSE-100 index crossed the 15,000-point barrier for the first time in the country's history. The market peaked at 15,737.32 points ...
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Group life insurance premium raised
ISLAMABAD: The Securities and Exchange Commission of Pakistan has doubled the minimum premium limit for group life insurance required for certification of an appointed actuary of a life insurer. According to the SECP, the limit has been increased from one million to two million rupees. It has also issued circular No 11/2013 amending circular No.9/2005, which will take effect from July 1, 2013. ...
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KTBA terms levy on moveable assets blow to savings
KARACHI: The Karachi Tax Bar Association (KTBA) has termed the measure of 0.5 percent levy on net moveable assets as a blow to generations of savings, which are already very low in the country. At a post-budget seminar organised by the KTBA on Tuesday, Haider Patel, the president of the bar association, said that the 0.5 percent levy on net moveable assets from all individual taxpayers on an ...
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Businessmen urged to avail opportunities in Ukraine
LAHORE: Pakistan's ambassador designate to Ukraine Wajahat Ali has urged Pakistani businessmen to avail trade opportunities in Ukraine as the country holds a great market for Pakistani products. He was addressing the members of the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday. He said that textiles, textile made-ups, pharmaceuticals, rice, fruits, surgical and sports goods have ...
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ECB rates becoming effective Draghi
JERUSALEM: The European Central Bank is ready to act to aid the Eurozone economy if needed, while signs of market stabilisation mean interest rates are becoming a more effective tool again, ECB chief Mario Draghi said on Tuesday. Speaking in Jerusalem at a farewell conference for Bank of Israel Governor Stanley Fischer, Draghi said there were numerous measures the ECB could and would deploy if ...
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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