Funds to put tourism firms on map

Tourism businesses in the north east of Scotland are being urged to help put themselves on the map by using an untapped funding package. VisitScotland's Growth Fund has awarded more than £670 ,000 but no applications have been made in Aberdeen or Aberdeenshire. The national tourism body said awards range from just over £3 ,000 to a maximum of £65 , 000. It was launched in 2008 and is part-funded by the European Union. The fund is open to national, regional and local groups of tourism businesses, and is intended to help them reach new markets and increase visitor numbers. " We would urge businesses to apply for the funding " Rita Stephen Aberdeen City and Shire Economic Future VisitScotland regional director Ken Massie said: "Aberdeen City and Shire are very much under-represented. "This area boasts a fantastic tourism product and great potential for cross-selling and partnership working between businesses - which is exactly what the Growth Fund is all about - and I strongly encourage businesses throughout the region to apply." Emma Wilson, VisitScotland's Growth Fund advisor for the North of Scotland, said: "The fund offers significant sums of money. "My role is to help groups develop their marketing ideas and funding application, and provide general guidance throughout the lifetime of their project." Rita Stephen, development manager for Aberdeen City and Shire Economic Future ( Acsef), added: "This fund will enable these businesses to get the support they need to work in partnership and further enhance the tourism product in this area. "We would urge businesses to apply for the funding."

Bank of America see lose

Wall Street giant Bank of America has reported a net loss of $194 m (£120 m) in the last three months of 2009. That compared with a loss of $1.8 bn in the same period a year earlier. It added that it had repaid the $45 bn government bail-out money it had received, but taking the impact of this into account, it made a loss of $5.2 bn. Meanwhile, Morgan Stanley said it made a profit of $413 m in the fourth quarter, helped by a return to profit in its investment banking business. A year ago, the bank reported a $10.5 bn loss, the bulk of which came from investment banking, which made massive losses at the height of the financial crisis. Morgan Stanley also said it had set aside $14. 4 bn in compensation expenses for 2009 - a 31 % increase on the previous year. Earlier this week, fellow US bank JP Morgan Chase reported a profit of $3.3 bn, while Citigroup said it made a $7.6 bn loss in the final quarter. 'Disappointing' loss For the whole of 2009 , Bank of America made a net profit of $6.3 bn, an increase on the $4 bn profit it made in 2008. The bank also said it had set aside $10.1 bn to cover bad loans during the quarter. "While it's disappointing to report a loss for the fourth quarter, there were a number of important accomplishments worth noting," said chief executive Brian Moynihan. "First, we repaid the American taxpayer, with interest, for the Tarp [Troubled Asset Relief Program] investment. "Second, we have taken steps to strengthen our balance sheet through successful securities offerings. And third, all of our non- credit businesses recorded positive contributions to our results." 'Strange creature' Bank of America said paying back the Tarp money cost it $4 bn. It received the money after agreeing to buy Merrill Lynch in September 2008 in a deal worth $50 bn. The chief executive at the time, Ken Lewis, was widely criticised for going ahead with the purchase of Merrill, and he left the bank at the end of 2009.

Surprise fall in UK unemployment

The number of people unemployed in the UK has fallen unexpectedly for the first time in 18 months. Total unemployment stood at 2.46 million for the three months to November, down 7 ,000 the figure for the previous three months. It ends the continuous rise in unemployment that begin in the summer of 2008 after the recession began. Ministers welcomed the figures but warned that joblessness could rise again in the coming months. The rate of unemployment now stands at 7. %, down from the 7.9 % reported last month, the Office for National Statistics (ONS) said. Meanwhile, the number of people claiming Jobseeker's Allowance fell to 1.61 million in December. That is a fall of 15 ,200 over the month - significantly greater than the 2 ,500 anticipated by analysts. The number of 16-24- year-olds out of work also fell over the three-month period between September and November, down from 943 ,000 to 927 ,000. Part-time impact But the fall in unemployment was fuelled partly by an increase in people taking part- time work. The number of people in part-time employment increased by 99 ,000 over the quarter to reach a record high of 7.71 million. More than a million of these were working part-time because they could not find a full- time job - the highest figure since records began in 1992 , according to the ONS. The number of people neither employed nor looking for work - not included in unemployment figures - was up to 21.2 % of the population. That was the highest rate since August 2007. George Buckley, chief UK economist at Deutsche Bank, said workers were more willing in this recession to accept low pay and shorter hours in return for keeping their jobs, helping to stem job losses. "These figures are encouraging," he said. "In previous recessions it took years for unemployment to stop rising, but that hasn't happened this time." Mr Buckley admitted previous predictions of the unemployment rate reaching 10 % now looked unrealistic.

Euro hits five-month dollar low

The euro has hit a five-month low against the dollar as continuing concerns about the Greek economy weigh heavily on the currency. The European single currency touched $ 1.4127 at one point on Wednesday, before recovering slightly to $ 1.4135. Although Greece has passed measures to reduce its budget deficit dramatically, some analysts believe the country's financial woes will persist. Against the pound, the euro also fell, with a euro worth as little as 86.85 p. This was also its weakest position against sterling since August. "Greece's debt problems look to be deep- rooted and they cannot be resolved immediately," said Takeshi Makita at the Japan Research Institute. High debts The euro rose steadily against the dollar for most of 2009 , but recent falls will come as a welcome relief to European exporters. A weaker euro means their products become cheaper for overseas customers. Earlier this week, eurozone finance ministers said they welcomed the efforts being made by the Greek government to reduce the country's huge budget deficit. Last week, the Greek parliament approved a three-year plan to cut the country's deficit from the current 12.7 % of its annual gross domestic product (GDP) to 2.8 %. Greece also plans to reduce its debts, which amount to 113 % of its GDP.

IPL will shown live in Youtube

Internet search giant Google has announced it will stream all Indian Premier League cricket matches live via its YouTube video-sharing website. Under the terms of the agreement, Google will have exclusive online rights over the contents for two years. Both Google and the Indian Premier League ( IPL) will share revenues from sponsorships and advertising jointly. Google says it is the first time that it is live streaming a cricket tournament, which starts on 12 March. "We are thrilled to have the IPL as our global partner," said Shailesh Rao, a senior manager of Google India. "YouTube offers an open platform for sports and entertainment companies to take their content to a global audience and a great opportunity for advertisers." The third edition of the popular T20 tournament, featuring the world's top players in eight teams owned by rich businessmen and Bollywood stars, has attracted much media attention. On Tuesday, auctions to secure players' services were held in Mumbai (Bombay) with West Indies all-rounder Kieron Pollard and New Zealand paceman Shane Bond both attracting the highest bids, which were in excess of $750 ,000. "This unique initiative by IPL to partner Google India will give the league a global reach on a single distribution platform," IPL Chairman Lalit Modi said.

Hongkong job cricis down

Job creation in the construction, import- export and hotel sectors drove Hong Kong's unemployment rate below five per cent for the first time since late 2008, the government said on Tuesday. The city's jobless rate fell to 4.9 per cent between October and December, which was also the fourth consecutive decline since the start of the global financial crisis, the Census and Statistics Department said. The seasonally adjusted jobless rate fell from 5.1 per cent in the September to November period, the government said. Hong Kong said it last recorded a jobless rate below five per cent in the period between November 2008 and January 2009. In the most recent period, the number of jobless declined by 8,200 to 172,800, while the overall workforce fell slightly from 3,678,600 to 3,669,900 in the three months ending December, the government said. Matthew Cheung, secretary for labour and welfare, said Hong Kong could see a further drop in unemployment as firms hire staff for the busy Chinese New Year holiday next month. '(But) a solid recovery of the labour market in the longer term would hinge on the pace of job creation in the corporate sector,' he warned in a statement.

Airtel profit flat

Top mobile operator Bharti Airtel is set to announce flat quarterly profit growth after a vicious price war in the world's fastest-growing wireless market began eating into its market share and margins. Rival Reliance Communications, which has been more aggressive in cutting call prices, is expected to be the worst- hit by the price competition and may report its quarterly profit has almost halved. 'I don't think there is room for the situation to worsen, but the pressure on earnings may continue for the next one or two quarters until some consolidation happens,' said KK Mital, head of wealth management at Globe Capital. 'I think it is better to stay away from telecoms stocks for the time.'

Condition of CTG port

The country's premium sea port in Chittagong is likely to have Malaysia's Penang sea port as its 'sister' to enhance trade and relationships between two nations. Shipping minister Shahjahan Khan, now leading a delegation to Malaysia, welcomed the suggestion of making Chittagong port as 'sister port' of the Malaysian port by Penang Port Authority at a meeting, according to messages received in Dhaka Tuesday. 'We welcome the idea of a sister port relationship to enhance co-operation and increase trade and commerce between our two countries,' the Malaysian media quoting Khan said. Khan said that he was expecting to strike a deal in this regard after approval from Prime Minister Sheikh Hasina. The government has taken the initiative to develop Chittagong port as a regional hub to cater the needs of neighbours like India, Nepal and Bhutan. Penang Port Commission chairman Tan Cheng Liang Tan said the deal could be signed soon as it would help enhance the development of the ports. 'If we sign the memorandum of understanding with Chittagong port, it will help strengthen the relationships between the two nations in terms of port operations,' she added. She said Penang port's handling capacity increased by 3.1 per cent to 958,476 twenty-foot containers last year from 929,639 TEUs in 2008.

Bangladeshi apparel leaders said to supply more gar

Leaders from the garments and textile sectors yesterday urged the government to ensure uninterrupted gas supply to avoid disruption in production. Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Textile Mills Association (BTMA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) made the demand at a joint meeting at the BKMEA office. The meeting expressed concerns about the disrupted production in export-oriented factories in Dhaka, Narayanganj, Chittagong, Gazipur, Ashulia and Savar due to poor gas supply. BGMEA President Abdus Salam Murshedi, BKMEA President Fazlul Hoque and BTMA President Abdul Hai Sarker, were present at the meeting.

China called for stronger business with India

China on Tuesday called for stronger trade and investment ties with India, stressing the world's two most populous nations were friends and not enemies. "The scale and level of bilateral trade is far from enough given the size of our two economies," Chinese Commerce Minister Chen Deming told a news conference after meeting his visiting Indian counterpart Anand Sharma. "There is great potential and room for growth in investment between the two nations." Trade between China and India reached 43.4 billion dollars in 2009 , down from 51.8 billion dollars in 2008 , accounting for about two percent of China's total global trade, official figures show. Earlier, Chen told a forum on China and India trade and investment cooperation that the Asian neighbours should "eliminate misunderstandings and bias" and work towards a more balanced trade relationship. "China and India are friendly neighbours and cooperative partners. We are not rivals nor enemies," Chen said. "The world has enough room for cooperation between us in our pursuit for development."

Japan Airlines vicitim of Japan economics

Japan Airlines, a former state-owned flag carrier that was once a source of national pride, has become one of the highest profile victims of the country's long economic malaise. JAL's rise and fall mirrors the nation's economic "miracle" after World War II as well as its years of stagnation after the bubble burst in the 1990 s. The airline was established in 1951 , half controlled by the government. It made its international debut in 1954 , connecting Tokyo, Honolulu and San Francisco. Flying to 217 airports in 35 countries and regions, the biggest carrier of the world's second-largest economy is saddled with huge debt and filed for bankruptcy Tuesday in a court-led rehabilitation process. With estimated debts of about two trillion yen (22 billion dollars), a JAL bankruptcy would be the biggest failure outside the financial sector since World War II, according to Tokyo Shoko Research, an advisory firm. Despite the airline's current woes, Japan's government said it will do everything possible to ensure that JAL keeps flying during a restructuring that is expected to include drastic route reductions and thousands of job cuts. Its landing slots also remain coveted, with US carriers American Airlines and Delta Air Lines locked in a bidding war for a slice of JAL as they look to increase their share of the Asian market. Sporting its trademark crane logo, JAL rapidly widened its operations at home and overseas during the 1960 s and 70 s, at one stage becoming the world's largest carrier in terms of regular flights. Disaster struck in 1985 when a JAL jumbo jet crashed into a mountain in central Japan, killing 520 of the 524 people aboard in the worst single-airplane accident in aviation history. As it battled to overcome the tragedy, the carrier was fully privatised in 1987 and expanded its fleet in the early 1990 s, a move that soon turned out to be a financial burden as the economic "bubble" burst. The carrier now has 279 aircraft, including 113 leased planes, most of them Boeing jets. It transported about 53 million passengers last fiscal year, 41 million of them on domestic routes. As the global aviation industry was battered by the fall-out from the September 11 , 2001 attacks as well as the SARS and bird flu scares, JAL plunged into huge losses and sought massive credit lines from the government. In a bid to survive the tougher business environment, JAL and domestic carrier Japan Air System merged to form JAL Group, changing the logo to the current "Arc of the Sun" resembling the national flag.