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Dalian Wand Group to enhance UK presence with luxury hotel and yacht unit

Wed, 19 Jun 2013 17:45:23 -0400

LONDON - China's largest premier commercial property and entertainment conglomerate, Dalian Wanda Group Wednesday entered into 320million pounds definite acquisition deal with leading British yacht company, Sunseeker International Ltd, under which Wanda will acquire a majority shareholding of 91.81% in pre-eminent luxury motor yacht manufacturer. Under the agreement, the remaining 8.19% stake ...

EU antitrust regulator fines Lundbeck and several generic drug firms

Wed, 19 Jun 2013 17:13:25 -0400

BRUSSELS - European Union in its first case over pay-for-delay deals that held back sales of cheaper generic drugs Wednesday fined Danish pharmaceutical company Lundbeck 93.8 million euros and imposed fines totaling 52.2 million euros on several other producers of generic medicines. The European Commission, the EU's antitrust regulator, said the companies had reached agreements that may have ...

S.Korean airlines ban shark fin as cargo

Thu, 20 Jun 2013 06:30:15 -0400

SEOUL (AFP) - South Korea's two largest airlines, Korean Air and Asiana, said Thursday they had both decided to ban shark fin from their cargo flights as part of a growing global campaign against the Asian delicacy.Korean Air, which flies to 45 countries, said in a statement that it had stopped shipping shark fin from June 10."Korean Air has joined a campaign to protect an ecological ...

BRIEF-Rolls-Royce to deliver engines worth $1.4 bln at list prices to Philippine Airlines

Thu, 20 Jun 2013 05:29:23 -0400

LONDON, June 20 | Thu Jun 20, 2013 5:29am EDT LONDON, June 20 (Reuters) - Rolls-Royce Holdings PLC : * Selected by Philippine Airlines to deliver Trent 700 engines, worth $1.4 billion at list prices * Source text for ...

Rajan rules out more steps to curb gold import

Thu, 20 Jun 2013 05:05:13 -0400

Raghuram Rajan said on Thursday there is no need for knee-jerk reaction as blanket bans on import of the previous metal would be harmful. "There is no need for knee-jerk reaction to anything. In general, curbs or blanket bans are harmful because they hurt the economy. We are not going to take actions that impinge the medium-term prospects for India," he told reporters here. Rajan ...

Sebi extends new fund offer period for RGESS

Thu, 20 Jun 2013 05:05:12 -0400

Sebi announced that the subscription period or the window, for which a new fund offer (NFO) of a mutual fund scheme remains open, has been extended to 30 days. Generally, an NFO remains open for a period of 15 ...

Hang Seng Shanghai take a hit

Thu, 20 Jun 2013 04:57:23 -0400

(43 mins ago) Hong Kong and Shanghai stocks sank today after data showed manufacturing activity in China contracted for a second straight month in June. The benchmark Hang Seng Index in Hong Kong ended down 2.85 percent, or 598.27 points, at 20,388.62 on turnover of HK$75.34 billion. Stocks in Shanghai closed down 2.77 percent. The benchmark Shanghai Composite Index slumped 59.43 points to ...

China PMI Slump Will Test Authorities Resolve

Thu, 20 Jun 2013 04:02:21 -0400

Further weakness in China's vast manufacturing sector, which has exacerbated concerns over the health of the world's second biggest economy, will make it harder for the government to resist calls to ease its policy stance, economists tell CNBC.The flash HSBC Purchasing Managers' Index (PMI), an early indicator of Chinese factory activity, fell to 48.3 in June from a final reading ...

Singapore Struggles With Haze

Thu, 20 Jun 2013 04:02:21 -0400

Smog so dense you can hardly see and people walking around with face masks on: scenes often associated with polluted Beijing actually describe Singapore, where the air quality has reached "hazardous" levels this week following burning to clear land in neighboring Indonesia. Singapore's Pollutants Standards Index hit 321 late on Wednesday, the highest since Southeast Asia's ...

NTPC scraps bond sale Sources

Thu, 20 Jun 2013 03:59:11 -0400

The benchmark 10-year government bond rose as much as 10 bps from its previous close. It was last trading at 7.33 per cent. Corporate bonds in India are priced on the government bond yield ...

Asian stocks tumble on China concerns Fed plan

Thu, 20 Jun 2013 03:59:10 -0400

Raising concerns over HCC's move, activists and proxy advisory firms have asked the company shareholders to oppose the board's remuneration proposal for ...

Nikkei skids as weak China data Fed exit plans chill sentiment

Thu, 20 Jun 2013 03:26:16 -0400

* Nikkei down 1.7 pct, Topix off 1.3 pct as Fed comments hurt mood * China's weak flash PMI drags down China-related manufacturers * Real estate shares battered * Weak yen lends some support to currency-sensitive stocks By Tomo Uetake TOKYO, June 20 (Reuters) - Japan's Nikkei share average fell on Thursday as weak China data further unsettled markets coming to grips with Federal Reserve ...

REFILE-RESEARCH ALERT-China GDP Growth HSBC cuts 2013 2014 forecast

Thu, 20 Jun 2013 03:17:28 -0400

Thu Jun 20, 2013 3:17am EDT June 20 (Reuters) - June 20 (Reuters) - : * China GDP Growth Forecast: HSBC cuts 2013 forecast to 7.4% from 8.2%; cuts 2014 forecast to 7.4% from 8.4% * MSCI China index: HSBC cuts end-2013 target for index to 60 from 70 * Chinese stocks: HSBC cuts to neutral from ...

Dukezong Ancient Town Shangri-la

Thu, 20 Jun 2013 02:53:47 -0400

Photo shows the view in Dukezong ancient city of Shangri-la County, Deqen Tibetan Autonomous Prefecture, southwest China's Yunnan Province. Dukezong, which has a history of 1,300 years, means "Moonlight City" in the Tibetan language. [Xinhua ...

Nikkei closes down 1.7pc

Thu, 20 Jun 2013 02:42:46 -0400

(15 mins ago) Stocks in Tokyo fell 1.74 percent after US Federal Reserve chairman Ben Bernanke said the bank could start reeling in its massive stimulus later this year, while weak Chinese manufacturing data also hit sentiment. The benchmark Nikkei 225 index closed down 230.64 points at 13,014.58, while the Topix index of all first-section shares was 1.33 percent, or 14.76 points, lower at ...

Sensex ends higher rises for third month

Thu, 20 Jun 2013 01:49:56 -0400

The rupee hit a record low while the Sensex plunged 400 points after Fed confirmed it would begin reducing its stimulus spending later this ...

Rupee drops 6 paise against dollar

Thu, 20 Jun 2013 01:38:47 -0400

dollar on renewed demand from banks and importers in view of sustained foreign capital outflows. The rupee resumed higher at 58.74 per dollar as against the last closing level of 58.77 per dollar at ...

Japanese Women at Work Conservatives Say No

Thu, 20 Jun 2013 00:35:47 -0400

Days after Kaoru Shimada and other Japanese mothers rallied in Tokyo this year to press for more public daycare, she was shocked to read a local politician's blog blasting their "shameless" demands and asserting kids should be raised at home. Prime Minister Shinzo Abe has vowed to take steps, including expanding daycare, to help mobilize women power as part of his ...

Global Markets Feel the Fed Sting

Thu, 20 Jun 2013 00:35:47 -0400

Equity, bond and commodity markets sold off sharply in Asia on Thursday, picking up the baton from the sharp falls on Wall Street, after the U.S. Federal Reserve suggested it could start to unwind its monetary stimulus program later this year. News that the flash HSBC China Purchasing Managers' Index, a gauge of manufacturing activity, hit ...

Hang Seng Nikkei dive on Fed comments

Thu, 20 Jun 2013 00:23:52 -0400

(20 mins ago) Stocks in Tokyo and Hong Kong plunged today following comments by the US Fed chairman Ben Bernanke overnight. In Tokyo, the Nikkei fell 1.08 percent by the break. The benchmark Nikkei 225 index slipped 143.69 points to 13,101.53, while the Topix index of all first-section shares was 0.93 percent, or 10.32 points, lower at 1,096.25. The Hang Seng Index dived 2.4 percent to ...

Singapore Airlines finalizes order for up to 50 more A350 XWBs

Thu, 20 Jun 2013 00:17:48 -0400

Singapore Airlines (SIA) has increased its orders for the A350 XWB with an additional 30 A350-900s, plus options for a further 20 aircraft. The agreement firms up a commitment announced last month. Under the terms of the agreement, Singapore Airlines will be able to select either the baseline A350-900 or the larger A350-1000 when exercising the options. This is the third order from Singapore ...

Singapores Air Quality Turns Hazardous

Wed, 19 Jun 2013 23:30:36 -0400

Singapore's air quality deteriorated to "hazardous" levels late on Wednesday as smoke from slash-and-burn land clearing in Indonesia enveloped the city-state, inflaming tensions between the Southeast Asian neighbors. Singapore, a major financial centre, will send a delegation to Jakarta on Thursday to discuss the smog that has turned its usually clear skies grey, Environment ...

Sony Spin-Off Plan Under Radar

Wed, 19 Jun 2013 23:30:35 -0400

Sony Corp 's top investor to partially spin off the Japanese company's lucrative entertainment business will be the elephant in the room at an annual shareholders meeting on Thursday. Daniel Loeb, who heads New York-based hedge fund Third Point, will miss the gathering and those attending will not consider his suggestion, sources familiar with the matter said. They gave no reason why ...

Nikkei plunges by break

Wed, 19 Jun 2013 23:19:40 -0400

(29 mins ago) Tokyo stocks fell 1.08 percent on Thursday morning following sharp falls on Wall Street after Federal Reserve chairman Ben Bernanke said the Fed may start tapering off its massive stimulus later this year. The benchmark Nikkei 225 index slipped 143.69 points to 13,101.53 by the break, while the Topix index of all first-section shares was 0.93 percent, or 10.32 points, lower at ...

Nepra to determine upfront tariff for 50MW coal plants

Wed, 19 Jun 2013 22:16:02 -0400

KARACHI: The National Electric Power Regulatory Authority (Nepra) is in the process of determining the upfront tariff for 50MW coal-based power plants. Based on a feasibility study submitted by Punjab Power Development Board (PPDB) for the upfront tariff of 50MW coal-based power projects, Nepra has proposed a levelized tariff of Rs12.46 per per kWh. The PPDB feasibility report was specifically ...

Halfhearted tax measures wont yield desired results

Wed, 19 Jun 2013 22:16:01 -0400

LAHORE: The halfhearted measures taken by Finance Minister Ishaq Dar to bring more sectors in the tax net will not yield the desired results unless the avenues available for tax evasion are completely plugged, economists said. Faisal Qamar, an economist, said that the government has made it mandatory for the tax filers to show evidence of the agriculture income tax paid in their province if they ...

PPL discovers gas in Sindh

Wed, 19 Jun 2013 22:15:58 -0400

KARACHI: The Pakistan Petroleum Limited (PPL) has announced gas and condensate discovery over its exploration well Wafiq X-1 located in Sanghar district, Sindh, a statement said. Pakistan Petroleum Limited is the operator of the Bloc 2568-18 (Gambat South) with 65 percent working interest along with its joint venture partners, Government Holdings (Private) Limited (GHPL) and Asia Resources Oil ...

Pakistan India need to take measures to improve trade ties

Wed, 19 Jun 2013 22:15:57 -0400

LAHORE: Pakistan and India have to take further measures on a reciprocal basis to improve economic relations, Sharat Sabharwal, outgoing Indian high commissioner, said on Wednesday. Speaking at the Lahore Chamber of Commerce and Industry (LCCI) during a farewell reception, the Indian diplomat gave credit to private sectors of the two countries for making right moves at the right time. It is not ...

Switzerland to expose US tax dodgers

Wed, 19 Jun 2013 22:15:57 -0400

GENEVA: Switzerland's upper house on Wednesday again backed a deal with Washington to expose US tax dodgers and fine Swiss banks, which helped hide their money, a day after G8 leaders agreed to chase cheats and corporate fiddles. The upper and lower houses are taking different lines on the tax agreement in the midst of controversy in advanced nations about tax evasion and low tax bills by ...

Pilots urge tax withdrawal

Wed, 19 Jun 2013 22:15:56 -0400

KARACHI: PIA pilots have urged the government to withdraw the proposed enhancement of the tax under the heads of flying allowance and free tickets to maintain the minimum relief to underpaid captains as compared to their counterparts in other airlines of the region. In a letter to the Federal Finance Minister, the president of the Pakistan Airline Pilots Association (PALPA), asked the government ...

German envoy urged to increase investment

Wed, 19 Jun 2013 22:15:56 -0400

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President Haroon Agar has urged Pakistan's Ambassador to Germany Abdul Basit to facilitate German investment in Pakistan. Agar told Ambassador Abdul Basit during his visit to KCCI on Wednesday that within the EU, Germany has become Pakistan's largest trading partner. "There are many opportunities in the economic field and ...

Standard Chartered Saadiq bags award

Wed, 19 Jun 2013 22:15:55 -0400

KARACHI: Standard Chartered Saadiq won the "Islamic Bank of the Year in Pakistan" award by The Banker, an affiliate of Financial Times. The award is in recognition of its structuring and distribution capabilities, and reinforces its leadership position in Islamic Banking. Some of the largest local players in the banking industry were also in the running for the award. The Islamic bank ...

Moot on power sector reforms begins

Wed, 19 Jun 2013 22:15:54 -0400

KARACHI: The National Conference on Power Sector Reforms hosted by the Islamabad Electric Supply Company (IESCO) opens today at the Marriott Islamabad. National and international professionals from the power sector, policy makers, senior government officials, corporate governance experts, regulators, donor and multi-lateral stakeholders and others are attending the day-long moot to identify areas ...

Health insurance plan launched

Wed, 19 Jun 2013 22:15:53 -0400

KARACHI: Bank Alfalah has announced the launch of Alfalah Care - Health Insurance Plan for Senior Citizens as the latest element of its Care account offering. Bank Alfalah's Care account was launched last year, with attractive rates of return especially customised for senior citizens. It aims to provide quality health care to individuals within the age bracket of 55 years to 75 years, in ...

Gems jewellery exports touch $1.2bn

Wed, 19 Jun 2013 22:15:53 -0400

KARACHI: Pakistan's export of gems and jewellery has increased from approximately $47 million to $1.2 billion since inception of Pakistan Gems and Jewellery Development Company (PGJDC) and Pakistan International Gems and Jewellery Exhibition (PIGJE) - 2013 will help enhance exports and capture new markets, Bakhtiar Khan, chief executive officer of PGJDC, said. Khan said that the event will ...

Australia-Pakistan trade body meets

Wed, 19 Jun 2013 22:15:53 -0400

ISLAMABAD: Senior trade officials from Australia and Pakistan met in Islamabad on Wednesday for the fourth joint trade committee trade talks. The Australian delegation, led by the Deputy Secretary of the Australian Department of Foreign Affairs and Trade Paul Grigson held substantive talks with officials led by Secretary of Pakistan's Ministry of Commerce Munir Qureshi. Grigson announced ...

TVET sector in KP and Fata discussed

Wed, 19 Jun 2013 22:15:52 -0400

LAHORE: The Technology Upgradation and Skill Development Company (TUSDEC) has organised a stakeholders' meeting to discuss and nail down the findings of a baseline study reflecting the rundown of technical and vocational education in various districts of KP and Fata. According to a TUSDEC spokesperson, the baseline study was conducted to effectuate the four-year programme, sponsored by the ...

Spanish recession may end soon

Wed, 19 Jun 2013 22:15:52 -0400

MADRID: Spain's biting recession may end soon but the outlook is tough and Madrid must do more to battle the country's unacceptably high unemployment rate, the IMF warned Wednesday. Spain's economy, still reeling from a 2008 property market crash, fell into a double-dip recession in 2011 and the unemployment rate has since soared to more than 27 percent. Prime Minister Mariano ...

The case against telecommuting

Wed, 19 Jun 2013 22:15:51 -0400

LOS ANGELES: Some companies are monitoring employees' every keystroke no matter where they are working. That not only helps reveal who is stealing company secrets, it's also giving some employers a good idea of how their remote workers are performing. In some cases, companies are finding that remote workers can be just as productive, if not more so - especially once they find out that ...

JS Bank goes Solar

Wed, 19 Jun 2013 22:15:50 -0400

Karachi: After saving your money for years, JS Bank is now saving energy for you. JS Bank has been at the forefront of innovative solutions that provide unparalleled convenience. Continuing in this pioneering spirit, JS Bank has initiated a Go Green drive converting the Dhoraji branch in Karachi to solar power. That means all computers, servers; ATM and teller stations are now powered by solar ...

Karachi ports handle 242357 tons of cargo

Wed, 19 Jun 2013 22:15:48 -0400

The Karachi Port and Port Qasim handled a cargo volume of 242,357 tons during the last 24 hours that included 164,668 tons of imports and 77,689 tons of exports, the two ports reported on Wednesday. Accordingly, the Karachi Port handled imports, including containerised cargo (31,906 tons), bulk cargo (9,979 tons), DAP (5,750 tons) and oil / liquid cargo (1,000 tons). It handled exports, including ...

Two mills buy cotton

Wed, 19 Jun 2013 22:15:48 -0400

Karachi Trade turnover of cotton increased to 10,770 bales (155 kilograms each) as two leading spinning mills of Punjab acquired significant number of bales to maintain inventories, a dealer said on Wednesday. Khanpur witnessed the highest trade of 4,700 bales at Rs6,700 per maund. The same station traded another 4,100 bales at Rs6,950 per maund on credit. Other markets traded the minimum of 100 ...

IMF talks help 100-index recover 216 points

Wed, 19 Jun 2013 22:15:48 -0400

The Karachi bourse recovered from its slump in previous sessions on Wednesday to cross the 22,000 barrier once again on hopes that week-long discussions with the IMF for a possible $5 billion bailout package would be successful, dealers said. The marked gained 216.09 points on institutional buying on Wednesday. Furqan Punjani, deputy head of research BMA Capital, said local institutions and ...

Gold slips for third day

Wed, 19 Jun 2013 22:15:47 -0400

Gold fell for a third straight session on Wednesday, hovering near the lowest level in four weeks, as a rally in stocks and investor caution over the Federal Reserve curbing its stimulus programme sapped support for bullion. Fed Chairman Ben Bernanke said last month the bank could scale back its $85 billion monthly bond purchases if the US economy strengthens, but a lack of clarity on the timing ...

Brent holds above $106

Wed, 19 Jun 2013 22:15:47 -0400

Brent crude futures edged up to hold above $106 a barrel on Wednesday as investors looked to a meeting of the US Federal Reserve for clues on the outlook for its stimulus programme that has underpinned commodity prices. Global investors have been on edge since Fed Chairman Ben Bernanke suggested the central bank could be looking to roll back monetary stimulus, and a statement at the end of the ...

Hang Seng slumps 1.5pc

Wed, 19 Jun 2013 22:12:40 -0400

(34 mins ago) Stocks in Hong Kong tumbled 1.52 percent at the open after the US Federal Reserve signalled it would likely begin curbing its huge bond-buying programme later this year. The benchmark Hang Seng Index fell 318.09 points to 20,668.80 in the first few minutes of ...

Nikkei falls on U.S. stimulus withdrawal fears GS Yuasa soars

Wed, 19 Jun 2013 21:34:07 -0400

* Nikkei down 0.7 pct, Topix off 0.6 pct * Real estate shares down * GS Yuasa soars on battery JV with Bosch By Ayai Tomisawa TOKYO, June 20 (Reuters) - Japan's Nikkei share average fell on Thursday after Federal Reserve Chairman Ben Bernanke confirmed market fears that the U.S. central bank could trim its bond buying programme later this year, but a weakening yen lifted some exporters and ...

Claims union boss blocked Toyota wage productivity talk

Wed, 19 Jun 2013 21:24:09 -0400

There are claims that a union official taking part in a recent emergency car industry summit dismissed Toyota Australia’s attempt to discuss labour costs and weak ...

Emirates Qantas named top world airlines

Wed, 19 Jun 2013 21:19:30 -0400

While Emirates was honoured as the world’s best airline, new alliance partner Qantas has made a return to the top ten in the annual World Airline Awards 2013. Qantas jumped five spots from ...

Garuda Indonesia Named The Worlds Best Economy Class By SkyTrax At Paris Airshow

Wed, 19 Jun 2013 21:19:29 -0400

Garuda Indonesia, the airline of Indonesia, was named "The World’s Best Economy Class" at the SkyTrax 2013 World Airline Awards at the Paris Air show yesterday. In addition to being voted "The World's Best Economy Class", Garuda was also named "The World’s Best Economy Class Seats" by SkyTrax – a result of Garuda Indonesia’s continuous ...

Qantas crew sue Rolls Royce over trauma

Wed, 19 Jun 2013 21:19:28 -0400

engine explosion mid-flight in 2010 , are suing the aircraft’s engine markers over trauma suffered during the incident. In November 2010, the A380 was flying from Singapore to Sydney when its Rolls Royce engine malfunctioned as it flew over Batam Island, Indonesia, News.com.au reported. Now, 17 crew members from NSW on board flight QF32 have lodged a class action against engine maker, ...

Nikkei falls as Fed signals possible roll back of stimulus

Wed, 19 Jun 2013 21:16:27 -0400

Reset TOKYO (June 20): Japan's Nikkei share average fell on Thursday after Federal Reserve Chairman Ben Bernanke confirmed market fears that the U.S. central bank could trim its bond buying programme later this year. The Nikkei dropped 1.1 percent at 13,100.86, while the broader Topix shed 0.8 percent to 1,097.75. - ...

Nikkei expected to edge down on Feds stimulus signals

Wed, 19 Jun 2013 19:29:45 -0400

TOKYO, June 20 (Reuters) - Japan's Nikkei share average is expected to lose ground on Thursday after U.S. Federal Reserve Chairman Ben Bernanke said the central bank could trim its bond buying programme later this year, but losses may be contained by a weakening yen. Market players said the Nikkei was likely to trade between 13,000 to 13,300 on Thursday after rising 1.8 percent at 13,245 in ...

Diving Rupee—Heres How Bad It Can Get for India

Wed, 19 Jun 2013 19:08:41 -0400

, which is hovering near lifetime lows, poses a threat to the recovery in Asia's third largest economy that is already on fragile footing, economists say. "I think rupee weakness is going to be a big issue - given how central the rupee is in determining the current account deficit, inflation and macroeconomic stability," said Vishnu Varathan, market economist at Mizuho Corporate ...

Nirma founder sells land to JP Iscon for Rs 500 crore

Wed, 19 Jun 2013 19:05:24 -0400

Karsanbhai Patel has sold his 68,000 sq yard plot, called Nirma Farm, near Science City to a city-based developer, JP Iscon, for Rs 500 crore. The deal size makes it one of the biggest ones in recent times in Ahmedabad. The deal is said to have been sealed at Rs 75,000 per square ...

What do vibrators Qantas and cider have in common

Wed, 19 Jun 2013 18:51:32 -0400

Qantas, vibrators and an acupuncturist and cider are among the Australian winners in the Design Lions category, with Droga5 and M&C Saatchi pitching up well. A collective of creative including The Monkeys creative partner Micah Walker and former Mojo colleagues Pim Van Nunen and Justine Armour picked up a Silver for their Smile Makers range of vibrators, launched last year. Droga5 had ...

Nearly dozen cos announce bonus shares in 1 month

Wed, 19 Jun 2013 17:59:32 -0400

bonus shares for investors. Even as the markets remain volatile resulting in a poor appetite for stocks, companies are showering investors with bonus shares. Nearly a dozen companies including blue-chip ones have announced bonus shares in the past one month. While engineering behemoth Larsen & Toubro has recommended a 1:2 (one bonus share for two shares held) to commemorate its platinum ...

AIRSHOW-Lockheed Mitsubishi sign deal for F-35 assembly in Japan

Wed, 19 Jun 2013 17:02:49 -0400

Wed Jun 19, 2013 5:02pm EDT PARIS, June 19 (Reuters) - Lockheed Martin Corp has signed a contract with Mitsubishi Heavy Industries Ltd to begin work on a final assembly and checkout plant (FACO) for the F-35 Joint Strike Fighter in Japan, the top U.S. arms maker said on Wednesday. Steve O'Bryan, Lockheed vice president of the $392 billion F-35 program, announced the contract agreement at the ...

Asian stocks mixed ahead of Fed announcement Nikkei rallies on exports

Wed, 19 Jun 2013 16:59:16 -0400

Asian stocks were mixed on Wednesday ahead of Fed Chairman Ben Bernanke’s speech later in the day. The U.S. Federal Reserve two-day meeting ends today and investors are looking for clues on the outlook for ...

Ranbaxy 8 other companies fined Rs 1k cr

Wed, 19 Jun 2013 16:49:54 -0400

), is expected to appeal against the EU decision. Lundbeck has to pay damages of 94 million euros while the others fined include Alpharma (now part of Zoetis), Merck KGaA/Generics UK (Generics UK is now part of Mylan) and Arrow (now part of Actavis). In 2002, Lundbeck had entered into agreements with each of these companies to delay the entry of cheaper generic versions of its blockbuster ...

Essar goes slow on realty plans

Wed, 19 Jun 2013 16:49:52 -0400

want to sell stakes or fully exit real estate projects of the unlisted group company Equinox Realty, signaling a cooling off of their ambitions to develop large scale residential and office buildings. Equinox, floated six years ago, is part of the $27-billion conglomerate in which brothers Shashi ...

Airtel slashes 2G data fees by 90

Wed, 19 Jun 2013 16:49:51 -0400

KOLKATA: Telecom players are banking on data or mobile internet to rein in sagging growth in revenues. And they are now looking beyond the metros at tier-I & tier-II cities and rural belts to push data business. On ...

Japan to maintain spending at FY2013 level-Nikkei

Wed, 19 Jun 2013 15:00:18 -0400

June 19 | Wed Jun 19, 2013 3:00pm EDT June 19 (Reuters) - Japan plans to cap spending, excluding debt payments, at the current level of about 70 trillion yen ($736.80 billion) for the next two fiscal years as part of efforts by Prime Minister Shinzo Abe to improve fiscal health, the Nikkei reported. Ministries and agencies will be asked to tighten their belts to curb any rise in social ...

Bosch forms lithium-ion battery JV with GS Yuasa Mitsubishi

Wed, 19 Jun 2013 14:10:25 -0400

FRANKFURT | Wed Jun 19, 2013 2:10pm EDT FRANKFURT (Reuters) - German industrial group Robert Bosch GmbH ROBG.UL said on Wednesday it had agreed to work on next-generation lithium-ion batteries with Japan's GS Yuasa International Ltd. (6674.T) and Mitsubishi Corporation (8058.T). The companies intend to set up a joint venture to conduct research and development and provide sales and ...

Road Test 2013 Toyota Avalon

Wed, 19 Jun 2013 12:13:09 -0400

PITTSBURGH (KDKA) – It looks like Toyota may have finally figured out a way to make the Avalon, well, cool. In previous incarnations of Toyota’s take on the big American family car, Toyota put in a lot of functionality, a lot of value and a lot of reliability — and that’s all well and good — but you gotta bring style and soul to the table if you want to go up ...

FDI dips by 6 to $ 5.47 bn in Jan-March 2013

Wed, 19 Jun 2013 11:01:40 -0400

NEW DELHI: Foreign direct investment (FDI) in India has declined by six per cent to $5.47 billion during January-March quarter of the current calender year even as government is making efforts to promote the country as an investment destination. FDI inflows were worth $5.84 billion in January-March 2012. During the quarter, highest FDI of $2.15 billion was received in January followed by $1.79 ...

Lamborghini launches limited edition of Gallardo LP550-2

Wed, 19 Jun 2013 11:01:38 -0400

Gallardo LP550-2 for sports car enthusiasts in the country. The super sports car is priced a Rs 3.06 crore (ex-showroom Maharashtra). Lamborghini has launched only six cars, designed and manufactured exclusively for India's most discerning super sports car enthusiasts, Lamborghini India Operations Head Pavan Shetty told reporters ...

Qantas attendants sue over explosion

Wed, 19 Jun 2013 10:51:26 -0400

A QANTAS flight crew who endured a near-disastrous engine explosion are leading a class action over the trauma they suffered in the mid-air ...

AIRSHOW-Singapore Airlines orders 30 more Airbus A350s

Wed, 19 Jun 2013 10:29:10 -0400

PARIS, June 19 | Wed Jun 19, 2013 10:29am EDT PARIS, June 19 (Reuters) - Singapore Airlines has placed a firm order for 30 Airbus A350-900 aircraft worth $8.6 billion at list prices, with options for 20 more of the jetliners. The airline could convert the options into larger A350-1000s under the terms of the deal, Airbus said at the Paris Airshow on Wednesday. The carrier now has 70 ...

Car recalls issues From acceleration at Toyota to spiders at Mazda

Wed, 19 Jun 2013 10:07:43 -0400

Toyota suffered a hugely damaging blow to its reputation for quality between late 2009 and early 2011 when it recalled more than 10 million cars due to sudden unintended acceleration as well as brake and fuel pump problems. The acceleration issue was tracked to floor mats getting lodged in the foot pedal well and to the pedal getting mechanically stuck. Numerous lawsuits were launched against ...

Cokes Atul Singh elevated to global role

Wed, 19 Jun 2013 09:51:00 -0400

Atul Singh , presently president & CEO, India and south west Asia as its deputy president, Pacific group. Singh, the first Indian within the Coca-Cola system to be given such a significant global role, will oversee two key and growing markets for the cola major -- India and China -- which together contribute 10% of the company's volumes. It was last year that India moved into the ...

Re snaps 2-day fall up 7 paise vs dollar

Wed, 19 Jun 2013 09:50:56 -0400

Interbank Foreign Exchange (Forex) market, the domestic unit commenced better at 58.74 a dollar from previous close of 58.77, which is its all-time low on a closing basis. However, in a session marked with volatility the rupee moved erratically in a range of 58.61 and 58.91 against the US dollar. It ended at 58.70, a rise of 7 paise or 0.12 per ...

Sensex recovers 22 points on late buying

Wed, 19 Jun 2013 07:36:00 -0400

Members are registered users on Timesofindia.com. Only they are qualified to earn badges and points for their activities. So register and get a badge right ...

Strong Japan Export Data Pushes up Nikkei

Wed, 19 Jun 2013 06:18:14 -0400

Even as investors remain on the sidelines ahead of the conclusion of the Fed's 2 day meeting and especially Ben Bernanke's testimony later in the day, there was great volatility during the Asian session. Traders were either reacting to the bullish Japan export data or setting up positions ahead of the Bernanke testimony later today. In Asia the stocks were broadly ...

Apple chief makes case against Adobe Flash software

Wed, 19 Jun 2013 05:35:16 -0400

Last week, JSPL shares crashed 24% after the CBI registered an FIR against the company and Naveen Jindal over landing coal fields by alleged ...

Hang Seng Shanghai end lower

Wed, 19 Jun 2013 05:16:34 -0400

(1 hr 3 mins ago) Hong Kong stocks finished 1.13 percent lower on Wednesday, hit by reports that property tax trials will be launched in China this year in a bid to cap soaring prices. The benchmark Hang Seng Index ended down 238.99 points at 20,986.89 on turnover of HK$61.88 billion, AFP reports. Chinese stocks closed down 0.73 percent. The benchmark Shanghai Composite Index fell 15.84 points ...

Reckless British bankers could face jail commission

Wed, 19 Jun 2013 05:08:27 -0400

LONDON (AFP) - Bankers found guilty of reckless misconduct in Britain could end up in prison and be stripped of bonuses, under draconian proposals to clean up the City of London published on Wednesday.The radical penalties were put forward by an official commission which said that a string of scandals in British finance had caused an "enormously damaging" loss of trust.The Parliamentary ...

Sensex extends losses drops 102 points

Wed, 19 Jun 2013 03:15:25 -0400

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Nikkei jumps 1.8pc at close

Wed, 19 Jun 2013 03:07:48 -0400

(44 mins ago) Stocks in Tokyo closed 1.83 percent higher, ahead of the Federal Reserve ending its policy meeting and as official data showed Japan's exports soared in May thanks to a weaker yen. The benchmark Nikkei 225 index jumped 237.94 points to 13,245.22, while the Topix index of all first-section shares rose 1.86 percent, or 20.17 points, to 1,106.57. ...

Asian mkts tense before Fed meet Nikkei gains

Wed, 19 Jun 2013 02:59:13 -0400

European stocks were expected to open steady ahead of the conclusion of the Fed's June 18-19 meeting. A policy statement is due at 1800 GMT and Fed ...

Nikkei climbs to 1-week high on SoftBank investment trust

Wed, 19 Jun 2013 02:49:05 -0400

* Nikkei rises 1.8 pct, Topix up 1.9 pct * Japan stocks fwd P/E falls to level not seen since BOJ action * SoftBank gains after Dish says abandons Sprint bid * TEPCO sinks, says finds highly toxic strontium in Fukushima groundwater By Dominic Lau TOKYO, June 19 (Reuters) - Japan's Nikkei average hit a one-week high on Wednesday, with traders citing the launch of a near $780 million investment ...

Nikkei up as softer yen boosts exporters

Wed, 19 Jun 2013 02:19:24 -0400

Sydney - Japanese stocks rose on Wednesday, thanks to a positive lead from Wall Street plus a softer yen, outperforming the rest of Asia which anxiously seeks clarity on the Federal Reserve's next policy ...

What Bust Australia Set for Huge Boom Report Says

Wed, 19 Jun 2013 02:15:22 -0400

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 ...

Analysis French EU-wariness complicates life for Hollande

Wed, 19 Jun 2013 02:00:05 -0400

PARIS (Reuters) - A feeling in France that the European Union no longer works in its interest is fueling tensions between Paris and Brussels and adding pressure on President Francois Hollande to be more assertive in ...

Awaiting China PMI Things Could Get Even Worse

Wed, 19 Jun 2013 01:11:46 -0400

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 ...

Emerging Market Allocations Hit Lows

Wed, 19 Jun 2013 01:11:45 -0400

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 ...

Sensex down 62 points

Wed, 19 Jun 2013 01:08:22 -0400

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Asian businesses optimistic sentiment in India falls

Wed, 19 Jun 2013 00:53:02 -0400

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 ...