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Apple has been granted a temporary injunction preventing Samsung Electronics from selling iPad tablet computer rival Galaxy Tab 10.1 in the European Union, except the Netherlands. An Apple spokeswoman confirmed the ruling had been made by a court in Germany, after Apple argued the Korean firm had infringed its patents. It is the latest setback for Samsung's launch of the Galaxy. The Galaxy's Australian release has been delayed due to a similar lawsuit. Apple is also seeking a court order to temporarily block sales of the tablet computer in the US until patent claims are resolved. Analyst Tony Cripps said he expected the temporary injunction to have a short-term effect on sales of the Galaxy 10.1 Tab, which is "set to be among the strongest threats to the iPad's current dominance of the tablet market".
----------BBC ONLINE
China manufacturer China CNR recalls 54 bullet trains
Chinese state-owned train manufacturer, China CNR, will recall 54 bullet trains, as problems continue to plague the industry. The particular models were used on the Beijing-Shanghai high-speed rail line, the firm said in a statement. The announcement comes a day after officials placed a temporary halt on all new high-speed rail projects. The government continues to face public fury over a crash that killed 40 people last month. The incident, which took place on a separate high-speed rail line near Wenzhou, lead to allegation of mishandling on the part of authorities and has called the country's flagship project into question. This after the rail link between Shanghai and Beijing had already run into delays because of power cuts and technical reasons after it was launched in June. The State Council said on Thursday that safety checks would be carried out on existing lines, speed limits would be enforced and the safety of all new projects would be re-evaluated before being approved. "We will suspend for the time being the examination and approval of new railway construction projects," the council said in a statement. However, the council also said: "China will unswervingly continue its development of high-speed railways."
----------BBC ONLINE
----------BBC ONLINE
Four EU nations ban short-selling on banking stocks
France, Italy, Spain and Belgium have banned short-selling on the shares of banks and other financial companies. It follows sharp gains and losses in bank stocks in recent days, especially in France, on fears about their exposure to eurozone government debt. Societe Generale has been the worst affected by the volatility, being forced on Wednesday to deny that its financial stability was at risk. Short-selling is when traders profit from bets on the fall in a share price. It has been blamed for increasing recent market instability. Short-sellers usually borrow shares or bonds, sell them, then buy them back when the stock falls - pocketing the difference. "Naked" short-selling is when a trader sells financial instruments he has not yet borrowed. All forms of short-selling are included in the ban.
----------BBC ONLINE
----------BBC ONLINE
World oil prices turn higher
Crude prices turned higher in Asian trade Thursday on bargain-hunting following recent sharp falls due to worries about the state of the US and European economies, analysts said. New York’s main contract, light sweet crude for delivery in September, was up 46 cents to $83.35 per barrel in afternoon trade. Brent North Sea crude for September delivery advanced 53 cents to $107.21. Oil prices had tumbled in morning trade following a steep decline in global markets, prompting investors looking for cheaper prices to get into the fray. But analysts said the overall trend remained subdued because of the gloomy outlook for the world economy. ‘I think markets are being weighed down by global equities markets... market sentiment is still uncertain as to what’s going to happen in Europe and the US,’ said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore. US stocks plummeted over four per cent Wednesday, more than wiping out a rebound as European debt troubles and worries of a new US recession kept investors nervous. The Dow Jones Industrial Average closed down 519.83 points (4.62 per cent) at 10,719.94, reversing its 430-point gain on Tuesday, and the broader S&P 500 fell 51.77 points (4.42 per cent) to 1,120.76. The tech-heavy Nasdaq lost 4.09 per cent, or 101.47 points, to 2,381.05. Asian stock markets mostly fell on Thursday but were off their earlier lows in the afternoon as traders went bargain-hunting.
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Bangladeshi PM disclose new currency notes in the market
Bangladesh Bank on Thursday released new currency notes of Tk 2, 5, 100, 500 and 1,000 denomination with the portrait of the country’s founding president Sheikh Mujibur Rahman. The new notes were formally released by prime minister Sheikh Hasina at a function at the prime minister’s office, marking the completion of 40 years of national independence. The new Tk 2 currency bears the signature of finance secretary Mohammad Tareq while the currencies of other denominations have the signature of Bangladesh Bank governor Atiur Rahman. Briefing newsmen after the function, prime minister’s press secretary Abul Kalam Azad said the existing paper currencies of the same denominations will also remain in circulation as usual. Speaking on the occasion, prime minister Sheikh Hasina described the introduction of the new paper currencies with the portrait of Sheikh Mujibur Rahman and depicting the national history and culture as a historic occasion. Appreciating the designs and contents of the currency notes, she said these currency notes will also be helpful for identification by the visually impaired people. Reiterating her government’s firm commitment to free people of poverty, Hasina vowed to expedite socioeconomic development across the country. ‘We all have to work hard unitedly so that people of villages enjoy the fruits of national development and can feel they are part of the development,’ she said. Finance minister Abul Maal Abdul Muhith, Atiur Rahman, and eminent artist Qaiyum Chowdhury also spoke on the occasion. Prime minister’s advisers H T Imam, Alauddin Ahmed, Mashiur Rahman, Gowher Rizvi and Syed Mudasser Ali, principal secretary MA Karim and prime minister’s office secretary Mollah Waheeduzzaman were, among others, present.
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Hong Kong co to invest $8.29m in Bangladesh Adamjee EPZ
JJ Garment Bangladesh Limited, a Hong Kong (China) company, will set
up a knit and woven garments manufacturing industry in the Adamjee
Export Processing Zone. This fully owned company will invest $8.286
million in setting up their unit and will manufacture all kinds of
knit and woven garments items. The company will also create employment
opportunity for 3,339 Bangladeshi nationals. An agreement to this
effect was signed between the Bangladesh Export Processing Zones
Authority and JJ Garment Bangladesh in BEPZA Complex in the city
Thursday. Md Moyjuddin Ahmed, member (investment promotion) of the
BEPZA and Jim Sun Yiu, chairman of the company, signed the agreement
on behalf of their respective organisations.
---------------NEWAGEBD ONLINE
up a knit and woven garments manufacturing industry in the Adamjee
Export Processing Zone. This fully owned company will invest $8.286
million in setting up their unit and will manufacture all kinds of
knit and woven garments items. The company will also create employment
opportunity for 3,339 Bangladeshi nationals. An agreement to this
effect was signed between the Bangladesh Export Processing Zones
Authority and JJ Garment Bangladesh in BEPZA Complex in the city
Thursday. Md Moyjuddin Ahmed, member (investment promotion) of the
BEPZA and Jim Sun Yiu, chairman of the company, signed the agreement
on behalf of their respective organisations.
---------------NEWAGEBD ONLINE
E. coli: Russia bans import of EU vegetables
Russia has banned the import of all fresh vegetables from the European
Union because of the E. coli outbreak centred on Germany. The
country's chief medical officer said EU-produced vegetables would be
seized across Russia. More than 1,500 people have been infected by
enterohaemorrhagic E. coli (EHEC), which can cause the deadly
haemolytic-uraemic syndrome (HUS). Seventeen people have died - 16 of
them in Germany and one in Sweden. The World Health Organization says
that the E. coli bacterium behind the outbreak is a new, mutant
strain. Earlier suggestions that infected Spanish cucumbers were the
source of the outbreak have now been discounted, with German health
officials admitting they do not know where this particularly virulent
strain of of E.coli has come from. The EU regarded the Russian ban as
"disproportionate" and would be lodging a protest, European Commission
spokesman Frederic Vincent said.He added that the total value of EU
exports of fresh vegetables to Russia was 600m euros a year, a quarter
of the total exported. Spain, France, Germany and Poland are the
biggest exporters. Russia banned vegetable imports from Germany and
Spain earlier this week.
---------------BBC ONLINE
Union because of the E. coli outbreak centred on Germany. The
country's chief medical officer said EU-produced vegetables would be
seized across Russia. More than 1,500 people have been infected by
enterohaemorrhagic E. coli (EHEC), which can cause the deadly
haemolytic-uraemic syndrome (HUS). Seventeen people have died - 16 of
them in Germany and one in Sweden. The World Health Organization says
that the E. coli bacterium behind the outbreak is a new, mutant
strain. Earlier suggestions that infected Spanish cucumbers were the
source of the outbreak have now been discounted, with German health
officials admitting they do not know where this particularly virulent
strain of of E.coli has come from. The EU regarded the Russian ban as
"disproportionate" and would be lodging a protest, European Commission
spokesman Frederic Vincent said.He added that the total value of EU
exports of fresh vegetables to Russia was 600m euros a year, a quarter
of the total exported. Spain, France, Germany and Poland are the
biggest exporters. Russia banned vegetable imports from Germany and
Spain earlier this week.
---------------BBC ONLINE
Toshiba prices its new tablet to undercut Apple's iPad2
Toshiba has announced its foray into the fast-growing tablet market
with its latest gadget called Thrive. The Japanese electronics maker
has priced its entry level model at $429 (£262), which is cheaper than
the base model of Apple's iPad2. The company said its base model comes
with wi-fi ability and is targeted at consumers who use tablets at
home. The tablet will go on sale in the US on 10 July. 'Non-Apple
products' The success of Apple's iPad has encouraged many computer and
electronics companies to enter the segment. Samsung has launched its
Galaxy tab, while Sony has also announced its entry with two new
models. While none of them have been able to make a significant dent
in Apple's market share, Toshiba said demand for other products was
increasing gradually. "There is a market out there of folks who want
to buy non-Apple products," said Jeff Barney of Toshiba America.
---------------BBC ONLINE
with its latest gadget called Thrive. The Japanese electronics maker
has priced its entry level model at $429 (£262), which is cheaper than
the base model of Apple's iPad2. The company said its base model comes
with wi-fi ability and is targeted at consumers who use tablets at
home. The tablet will go on sale in the US on 10 July. 'Non-Apple
products' The success of Apple's iPad has encouraged many computer and
electronics companies to enter the segment. Samsung has launched its
Galaxy tab, while Sony has also announced its entry with two new
models. While none of them have been able to make a significant dent
in Apple's market share, Toshiba said demand for other products was
increasing gradually. "There is a market out there of folks who want
to buy non-Apple products," said Jeff Barney of Toshiba America.
---------------BBC ONLINE
Groupon share offer to raise up to $750m
Daily discount website Groupon is seeking to raise up to $750m (£460m)
in an initial public offering (IPO). It is the latest move by an
internet company seeking to cash in on investor appetite for social
media firms. Last month, business networking site LinkedIn saw its
shares more than double in value on their first day of trading after
the company went public. IPOs are when companies list their shares on
the stock market for the first time. Groupon offers daily discounts to
members on items ranging from meals out and beauty treatments to
flying lessons. The offers are typically available for a set period
and for a limited number of buyers. Groupon then takes a commission of
30-50% from the merchants who provide the services. The company has 83
million members in 43 countries and employs more than 7,000 staff.
---------------BBC ONLINE
in an initial public offering (IPO). It is the latest move by an
internet company seeking to cash in on investor appetite for social
media firms. Last month, business networking site LinkedIn saw its
shares more than double in value on their first day of trading after
the company went public. IPOs are when companies list their shares on
the stock market for the first time. Groupon offers daily discounts to
members on items ranging from meals out and beauty treatments to
flying lessons. The offers are typically available for a set period
and for a limited number of buyers. Groupon then takes a commission of
30-50% from the merchants who provide the services. The company has 83
million members in 43 countries and employs more than 7,000 staff.
---------------BBC ONLINE
Sony network attacked again, hackers claim
A hacker group has claimed it has attacked the Sony network and stolen
more than one million passwords, e-mail addresses and other
information. Lulz Security said it had broken into servers that run
SonyPictures.com. The Japanese electronics giant said it was aware of
Lulz Security's statement and was investigating the claims. Sony had
to apologise in April after its PlayStation Network was attacked and
hackers stole data from more than 77 million accounts. That attack was
considered the biggest in internet history and led to Sony shutting
down the PlayStation Network and other services for almost a month.
The company has estimated the data breach will result in a $170m
(£104m) hit to its operating profit. Since then, Sony's networks have
become targets for hackers and the company has confirmed at least four
other break-ins prior to the claimed attack on Sony Pictures. Lulz
Security claims to be behind one of those attacks, an assault on Sony
Music Japan. The latest alleged attack will come as a blow to the
Japanese firm, 24 hours after it announced the PlayStation Network
would be fully restored in the US and Europe, and said it had beefed
up its security systems.
---------------BBC ONLINE
more than one million passwords, e-mail addresses and other
information. Lulz Security said it had broken into servers that run
SonyPictures.com. The Japanese electronics giant said it was aware of
Lulz Security's statement and was investigating the claims. Sony had
to apologise in April after its PlayStation Network was attacked and
hackers stole data from more than 77 million accounts. That attack was
considered the biggest in internet history and led to Sony shutting
down the PlayStation Network and other services for almost a month.
The company has estimated the data breach will result in a $170m
(£104m) hit to its operating profit. Since then, Sony's networks have
become targets for hackers and the company has confirmed at least four
other break-ins prior to the claimed attack on Sony Pictures. Lulz
Security claims to be behind one of those attacks, an assault on Sony
Music Japan. The latest alleged attack will come as a blow to the
Japanese firm, 24 hours after it announced the PlayStation Network
would be fully restored in the US and Europe, and said it had beefed
up its security systems.
---------------BBC ONLINE
Toyota, Honda global output halved after quake
Production at Toyota Motor Corp and Honda Motor Co is likely to
recover more quickly than initially feared after Japan's massive
earthquake wreaked havoc with their supply chains and halved output in
April. Japanese automakers have been plagued by shortages of hundreds
of components after a magnitude 9.0 earthquake and tsunami damaged
factories in Japan's northeast, and have said they expect to lose
significant share in some markets as a result. But their public
predictions of a recovery to pre-quake production levels late this
year are increasingly seen as conservative. 'April is likely to be the
bottom and we might see back-to-normal production levels in July or
August,' said Yoshihiko Tabei, chief analyst at Kazaka Securities.
'Some parts suppliers say they are resuming full production in June in
time for automakers' summer operations. And the widely anticipated
disruption in power supply during summer is not likely to have a big
impact on production,' he said. Toyota, which is this year set to lose
its crown as the world's biggest automaker, said its global output
tumbled 47.8 per cent in April versus a year ago to 3,08,555 vehicles.
Honda said its production fell by 52.9 per cent, while Nissan Motor Co
logged a 22.4 per cent decline. The Nikkei business daily said on
Friday that domestic output for Nissan is expected to return to normal
levels in June while Toyota's is likely to rise to 90 per cent of
normal levels. Officials at Toyota and Nissan said the report was not
based on company announcements and their plans have not changed.
Toyota has said it expects its production at home and overseas to be
around 70 per cent of normal levels in June while Nissan has said it
expects a recovery to full-capacity production globally in October.
Honda expects a recovery by the year end but has also said that this
was a worst-case scenario. It said on Thursday it said its North
American assembly plants will not reach full production until August
for most vehicles, and the high-volume Civic compact car will take
even longer.
---------------NEWAGEBD ONLINE
recover more quickly than initially feared after Japan's massive
earthquake wreaked havoc with their supply chains and halved output in
April. Japanese automakers have been plagued by shortages of hundreds
of components after a magnitude 9.0 earthquake and tsunami damaged
factories in Japan's northeast, and have said they expect to lose
significant share in some markets as a result. But their public
predictions of a recovery to pre-quake production levels late this
year are increasingly seen as conservative. 'April is likely to be the
bottom and we might see back-to-normal production levels in July or
August,' said Yoshihiko Tabei, chief analyst at Kazaka Securities.
'Some parts suppliers say they are resuming full production in June in
time for automakers' summer operations. And the widely anticipated
disruption in power supply during summer is not likely to have a big
impact on production,' he said. Toyota, which is this year set to lose
its crown as the world's biggest automaker, said its global output
tumbled 47.8 per cent in April versus a year ago to 3,08,555 vehicles.
Honda said its production fell by 52.9 per cent, while Nissan Motor Co
logged a 22.4 per cent decline. The Nikkei business daily said on
Friday that domestic output for Nissan is expected to return to normal
levels in June while Toyota's is likely to rise to 90 per cent of
normal levels. Officials at Toyota and Nissan said the report was not
based on company announcements and their plans have not changed.
Toyota has said it expects its production at home and overseas to be
around 70 per cent of normal levels in June while Nissan has said it
expects a recovery to full-capacity production globally in October.
Honda expects a recovery by the year end but has also said that this
was a worst-case scenario. It said on Thursday it said its North
American assembly plants will not reach full production until August
for most vehicles, and the high-volume Civic compact car will take
even longer.
---------------NEWAGEBD ONLINE
iPhone 4 launched in India
Apple's iPhone 4 hit store shelves in India on Friday, nearly a year
after the next-generation version of the popular smartphone was rolled
out worldwide. Mobile phone carrier Aircel launched the iPhone 4 with
a new pricing model, allowing customers to recover the upfront cost of
the smartphone on select plans over 24 months, the company said in a
press release. Aircel will charge 34,500 rupees for iPhones with a 16
GB capacity and 40,900 rupees for the 32 GB model, it said. Bharti
Airtel, India's top mobile phone carrier, also launched the phone. The
iPhone 4 boasts a higher-quality screen and longer battery life than
the previous model. With more than 800 million mobile subscribers,
India is the world's second-biggest market for mobile phone services
and is also the fastest-growing. But smartphones are estimated to
account for just over 5 per cent of the mobile handset sales. Indian
carriers have recently started rolling out high-speed third-generation
mobile networks, which is expected to boost sales of smartphones.
---------------NEWAGEBD ONLINE
after the next-generation version of the popular smartphone was rolled
out worldwide. Mobile phone carrier Aircel launched the iPhone 4 with
a new pricing model, allowing customers to recover the upfront cost of
the smartphone on select plans over 24 months, the company said in a
press release. Aircel will charge 34,500 rupees for iPhones with a 16
GB capacity and 40,900 rupees for the 32 GB model, it said. Bharti
Airtel, India's top mobile phone carrier, also launched the phone. The
iPhone 4 boasts a higher-quality screen and longer battery life than
the previous model. With more than 800 million mobile subscribers,
India is the world's second-biggest market for mobile phone services
and is also the fastest-growing. But smartphones are estimated to
account for just over 5 per cent of the mobile handset sales. Indian
carriers have recently started rolling out high-speed third-generation
mobile networks, which is expected to boost sales of smartphones.
---------------NEWAGEBD ONLINE
Indonesia eyes faster growth
Indonesian president Susilo Bambang Yudhoyono on Friday unveiled a
plan to boost economic growth to as high as 9.0 per cent a year
between 2015 and 2025, from the 6.1 per cent expansion last year.
Southeast Asia's biggest economy will focus on investments in six
designated growth centres in four provinces, while slashing inflation
to 3.0 per cent annually, he said. 'With strong economic growth, we
will reduce poverty and unemployment rates,' the ex-general said in a
speech that elaborated on an economic expansion plan unveiled last
year. The government is offering incentives to private investors to
increase the contribution of investment to economic growth after
decades of relying primarily on household consumption. Long-term
targets hinge on attracting private investment of $465 billion until
2025. Direct foreign investment last year was $24.4 billion, according
to official figures. Economists have said property ownership rules
will have to be liberalised for foreigners, infrastructure will have
to be overhauled, corruption tackled and red tape in the form of
levies and taxes slashed. 'The biggest hurdles for infrastructure
(investments) are regulatory in nature — land acquisition, competing
regulatory jurisdictions, cost recovery issues, corruption, and lack
of effective disbursal of public funds, among others,' Citigroup said
in a report Friday. 'Unfortunately, near-term prospects for resolving
these issues remain uninspiring,' it added. The World Bank said
earlier this month that Indonesia, along with Brazil, China, India,
South Korea and Russia, would account for more than half of global
growth by 2025. Among the projects planned for the growth centres, PT
Weda Bay Nickel will invest around $5.8 billion to develop a nickel
and cobalt mine and a hydrometallurgical processing plant in North
Maluku.
---------------NEWAGEBD ONLINE
plan to boost economic growth to as high as 9.0 per cent a year
between 2015 and 2025, from the 6.1 per cent expansion last year.
Southeast Asia's biggest economy will focus on investments in six
designated growth centres in four provinces, while slashing inflation
to 3.0 per cent annually, he said. 'With strong economic growth, we
will reduce poverty and unemployment rates,' the ex-general said in a
speech that elaborated on an economic expansion plan unveiled last
year. The government is offering incentives to private investors to
increase the contribution of investment to economic growth after
decades of relying primarily on household consumption. Long-term
targets hinge on attracting private investment of $465 billion until
2025. Direct foreign investment last year was $24.4 billion, according
to official figures. Economists have said property ownership rules
will have to be liberalised for foreigners, infrastructure will have
to be overhauled, corruption tackled and red tape in the form of
levies and taxes slashed. 'The biggest hurdles for infrastructure
(investments) are regulatory in nature — land acquisition, competing
regulatory jurisdictions, cost recovery issues, corruption, and lack
of effective disbursal of public funds, among others,' Citigroup said
in a report Friday. 'Unfortunately, near-term prospects for resolving
these issues remain uninspiring,' it added. The World Bank said
earlier this month that Indonesia, along with Brazil, China, India,
South Korea and Russia, would account for more than half of global
growth by 2025. Among the projects planned for the growth centres, PT
Weda Bay Nickel will invest around $5.8 billion to develop a nickel
and cobalt mine and a hydrometallurgical processing plant in North
Maluku.
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Chinese firm at centre of Yahoo dispute gets licence
Alipay, the firm at the centre of a dispute with Yahoo, has received a
licence from China's central bank. Alipay was spun off from China's
Alibaba Group, which is 43% owned by Yahoo, in order to apply for the
online payments licence. These are only available to wholly Chinese
firms. Earlier in May, Yahoo said Alibaba had spun off Alipay without
informing it, sending its shares down sharply. Investors are concerned
Yahoo may lose control over its Chinese investments. Yahoo and Chinese
partner Alibaba have said they are trying to resolve their
disagreement, presenting a united front after a public spat. In a
joint statement, the two companies said that they were "engaged in and
committed to productive negotiations", but provided no other details.
Shares in Yahoo continued to fall in New York on Thursday, closing
more than 1% lower.Alipay is an online payment system.
---------------BBC ONLINE
licence from China's central bank. Alipay was spun off from China's
Alibaba Group, which is 43% owned by Yahoo, in order to apply for the
online payments licence. These are only available to wholly Chinese
firms. Earlier in May, Yahoo said Alibaba had spun off Alipay without
informing it, sending its shares down sharply. Investors are concerned
Yahoo may lose control over its Chinese investments. Yahoo and Chinese
partner Alibaba have said they are trying to resolve their
disagreement, presenting a united front after a public spat. In a
joint statement, the two companies said that they were "engaged in and
committed to productive negotiations", but provided no other details.
Shares in Yahoo continued to fall in New York on Thursday, closing
more than 1% lower.Alipay is an online payment system.
---------------BBC ONLINE
Fiat to take majority stake in Chrysler
Fiat says it will buy the US government's 6% stake in Chrysler, which
will give the Italian carmaker a majority share in the US company.
After Chrysler emerged from bankruptcy protection in 2009, Fiat agreed
with the US government to share technology and management in return
for a 20% stake and has quickly built that up. Buying out the
government would give Fiat 52% ownership of Chrysler. The price will
be negotiated within 10 business days, Fiat said. In a statement, Fiat
notified the US Treasury that it was exercising its option to buy the
government's share. Its stake is likely to increase to 57% by the end
of the year, when it is expected to have met certain government
targets. On Tuesday, Chrysler said it had repaid $7.6bn (£4.7bn) in US
and Canadian government loans, six years ahead of schedule. Earlier
this month, it reported a profit of $116m (£69m) in the first three
months of the year, its first quarterly profit since it emerged from
bankruptcy protection.
---------------BBC ONLINE
will give the Italian carmaker a majority share in the US company.
After Chrysler emerged from bankruptcy protection in 2009, Fiat agreed
with the US government to share technology and management in return
for a 20% stake and has quickly built that up. Buying out the
government would give Fiat 52% ownership of Chrysler. The price will
be negotiated within 10 business days, Fiat said. In a statement, Fiat
notified the US Treasury that it was exercising its option to buy the
government's share. Its stake is likely to increase to 57% by the end
of the year, when it is expected to have met certain government
targets. On Tuesday, Chrysler said it had repaid $7.6bn (£4.7bn) in US
and Canadian government loans, six years ahead of schedule. Earlier
this month, it reported a profit of $116m (£69m) in the first three
months of the year, its first quarterly profit since it emerged from
bankruptcy protection.
---------------BBC ONLINE
HSBC faces investor anger on pay
HSBC bosses faced shareholder anger over lacklustre returns and high
executive pay, at the bank's annual general meeting. Chairman Douglas
Flint admitted that shareholder returns had been disappointing and
inadequate. A fifth of investors refused to back the bank's
remuneration plan, marking stronger opposition over pay than that
faced by other banks in the UK. Under the plan, chief executive Stuart
Gulliver could earn up to £12.5m. The remuneration report contained
new arrangements for paying board members in the wake of protests at
last year's shareholder meeting. But some investors at this year's
meeting were still unhappy. "How greedy is this board of directors?"
asked private shareholder Michael Mason-Mahon. Ahead of the AGM, both
share advisory group Pirc and the Association of British Insurers had
raised concerns about the scheme. But another institutional investor,
Standard Life - which had been one of the bank's fiercest critics over
executive pay last year - backed the plan.
---------------BBC ONLINE
executive pay, at the bank's annual general meeting. Chairman Douglas
Flint admitted that shareholder returns had been disappointing and
inadequate. A fifth of investors refused to back the bank's
remuneration plan, marking stronger opposition over pay than that
faced by other banks in the UK. Under the plan, chief executive Stuart
Gulliver could earn up to £12.5m. The remuneration report contained
new arrangements for paying board members in the wake of protests at
last year's shareholder meeting. But some investors at this year's
meeting were still unhappy. "How greedy is this board of directors?"
asked private shareholder Michael Mason-Mahon. Ahead of the AGM, both
share advisory group Pirc and the Association of British Insurers had
raised concerns about the scheme. But another institutional investor,
Standard Life - which had been one of the bank's fiercest critics over
executive pay last year - backed the plan.
---------------BBC ONLINE
Japan's car production plunges due to parts shortages
Japanese car production plunged in April as manufacturers continued to
face a shortfall in parts supply. Toyota, the world's biggest
carmaker, said its domestic production fell 74.5% compared with the
same month last year. Honda's Japanese output plummeted 81%, while
Nissan reported a 48.7% decline at its factories in Japan. Japan's
carmakers have been facing a shortage of parts as the 11 March
earthquake and tsunami disrupted the country's supply chain. As a
result, the country's top car manufacturers have been forced to
suspend or slow down production at their factories. Global impact The
effects of the disruption in Japan's supply chain have been felt well
beyond the country's shores. Leading Japanese carmakers have reported
a sharp drop in their global production numbers as well. Toyota
Motors, which has curbed production at its plants in various
countries, said its factories outside Japan produced 25% fewer
vehicles in April. Honda Motors has reported a decline of 43.5% in
output at its overseas factories, while Nissan Motors said its foreign
output dipped by 12.7%.
---------------BBC ONLINE
face a shortfall in parts supply. Toyota, the world's biggest
carmaker, said its domestic production fell 74.5% compared with the
same month last year. Honda's Japanese output plummeted 81%, while
Nissan reported a 48.7% decline at its factories in Japan. Japan's
carmakers have been facing a shortage of parts as the 11 March
earthquake and tsunami disrupted the country's supply chain. As a
result, the country's top car manufacturers have been forced to
suspend or slow down production at their factories. Global impact The
effects of the disruption in Japan's supply chain have been felt well
beyond the country's shores. Leading Japanese carmakers have reported
a sharp drop in their global production numbers as well. Toyota
Motors, which has curbed production at its plants in various
countries, said its factories outside Japan produced 25% fewer
vehicles in April. Honda Motors has reported a decline of 43.5% in
output at its overseas factories, while Nissan Motors said its foreign
output dipped by 12.7%.
---------------BBC ONLINE
Saab resumes car production after Pang Da deal
Saab has resumed car production after a layoff of nearly seven weeks
caused by financial problems. Last week, China's Pang Da Automobile
agreed to buy 24% of Saab's parent company Spyker Cars and make an
upfront payment for 1,300 Saab cars. Saab says it now had orders for
more than 8,000 cars. The shutdown began after several parts suppliers
stopped delivering to the Trollhattan factory, saying Saab had failed
to pay its bills. The deal with Pang Da still needs to be approved by
the Chinese government, the European Investment Bank, the Swedish
National Debt Office and Saab's former owner General Motors. "We have
gone through a rough patch in recent weeks but Saab is back in action
again," said Spyker chief executive Victor Muller. "We will work hard
in the coming period to regain confidence and show our ability to
become a successful carmaker." Pang Da's chief executive Pang Qinghua
visited the Trollhattan plant for the first time on Friday.He met
Sweden's industry minister and the Debt Office on Thursday.
---------------BBC ONLINE
caused by financial problems. Last week, China's Pang Da Automobile
agreed to buy 24% of Saab's parent company Spyker Cars and make an
upfront payment for 1,300 Saab cars. Saab says it now had orders for
more than 8,000 cars. The shutdown began after several parts suppliers
stopped delivering to the Trollhattan factory, saying Saab had failed
to pay its bills. The deal with Pang Da still needs to be approved by
the Chinese government, the European Investment Bank, the Swedish
National Debt Office and Saab's former owner General Motors. "We have
gone through a rough patch in recent weeks but Saab is back in action
again," said Spyker chief executive Victor Muller. "We will work hard
in the coming period to regain confidence and show our ability to
become a successful carmaker." Pang Da's chief executive Pang Qinghua
visited the Trollhattan plant for the first time on Friday.He met
Sweden's industry minister and the Debt Office on Thursday.
---------------BBC ONLINE
Cyber-attacks hit e-G8 web forum
French president Nicolas Sarkozy's 'e-G8' summit on the power of the
internet suffered a technical hiccup when cyber-attacks disrupted the
forum's wireless connection, organisers said Wednesday. Since Tuesday
'we have been undergoing a series of attacks and attempted attacks
from people outside' the wireless service providing internet access to
journalists and delegates, an e-G8 official who asked not to be named
told the AFP. The cyber-attacks failed to cut off access but caused
'disruption' of the wifi connection and the forum's video streaming in
the tent where politicians and the world's top media bosses were
meeting, the official added.
---------------NEWAGEBD ONLINE
internet suffered a technical hiccup when cyber-attacks disrupted the
forum's wireless connection, organisers said Wednesday. Since Tuesday
'we have been undergoing a series of attacks and attempted attacks
from people outside' the wireless service providing internet access to
journalists and delegates, an e-G8 official who asked not to be named
told the AFP. The cyber-attacks failed to cut off access but caused
'disruption' of the wifi connection and the forum's video streaming in
the tent where politicians and the world's top media bosses were
meeting, the official added.
---------------NEWAGEBD ONLINE
IMF race heats up
The United States was tight-lipped about its pick for the next head of
the International Monetary Fund after Europe threw its support behind
France's finance minister, Christine Lagarde. As the biggest IMF
shareholder, the US could cement Lagarde in the powerful global
finance post if it joins forces with the seven European IMF directors
on the IMF board. Yet, after Lagarde officially launched her candidacy
in Paris Wednesday, and Jose Manuel Barroso, head of the European
Commission, declared his support, the United States took the quiet
tack. By tradition at the 66-year-old institution, a European is the
IMF managing director, while an American holds the number-two IMF post
and the World Bank presidency. The resignation of Dominique
Strauss-Kahn a week ago, after he was charged with sexual assault and
attempted rape of a New York hotel maid, has focused the spotlight on
the developing world's drive to end the power-sharing agreement.
Lagarde, who announced her bid amid swelling support in European
capitals after Strauss-Kahn's May 14 arrest, has drawn backing outside
Europe from one country—Congo, on Sunday —but cautious comments
elsewhere, including the United States. US treasury secretary Timothy
Geithner on Wednesday called Lagarde and Agustin Carstens, the
governor of Mexico's central bank, 'very credible' candidates to lead
the International Monetary Fund, without endorsing either. The two are
the first declared candidates in the race to succeed Strauss-Kahn, who
denies the sex charges. 'Two very credible people now said they'd like
to run the institution,' Geithner said at a Politico news event in
Washington. 'There may be others that join them.' Nominations close
June 10 and the 24-member executive board is expected to select the
next managing director of the 187-nation IMF by the end of June.
Washington's North American neighbours, Mexico and Canada, praised the
qualifications of Lagarde and Carstens, but only Mexico has taken a
position, nominating Carstens.
---------------NEWAGEBD ONLINE
the International Monetary Fund after Europe threw its support behind
France's finance minister, Christine Lagarde. As the biggest IMF
shareholder, the US could cement Lagarde in the powerful global
finance post if it joins forces with the seven European IMF directors
on the IMF board. Yet, after Lagarde officially launched her candidacy
in Paris Wednesday, and Jose Manuel Barroso, head of the European
Commission, declared his support, the United States took the quiet
tack. By tradition at the 66-year-old institution, a European is the
IMF managing director, while an American holds the number-two IMF post
and the World Bank presidency. The resignation of Dominique
Strauss-Kahn a week ago, after he was charged with sexual assault and
attempted rape of a New York hotel maid, has focused the spotlight on
the developing world's drive to end the power-sharing agreement.
Lagarde, who announced her bid amid swelling support in European
capitals after Strauss-Kahn's May 14 arrest, has drawn backing outside
Europe from one country—Congo, on Sunday —but cautious comments
elsewhere, including the United States. US treasury secretary Timothy
Geithner on Wednesday called Lagarde and Agustin Carstens, the
governor of Mexico's central bank, 'very credible' candidates to lead
the International Monetary Fund, without endorsing either. The two are
the first declared candidates in the race to succeed Strauss-Kahn, who
denies the sex charges. 'Two very credible people now said they'd like
to run the institution,' Geithner said at a Politico news event in
Washington. 'There may be others that join them.' Nominations close
June 10 and the 24-member executive board is expected to select the
next managing director of the 187-nation IMF by the end of June.
Washington's North American neighbours, Mexico and Canada, praised the
qualifications of Lagarde and Carstens, but only Mexico has taken a
position, nominating Carstens.
---------------NEWAGEBD ONLINE
Sony confirms $3.1bn annual loss
Japanese electronics giant Sony has reported a loss of $3.1bn (£1.9bn)
for the year to 31 March. The net loss was largely due to writing off
$4.4bn related to a tax credit, and Sony added that the stronger yen
had also affected earnings during the year. Sony's business was also
affected by the earthquake in Japan in March. This is the third
successive year that Sony has reported a loss. However, it forecast
that it would return to profit in the current financial year. Sony
said that it was seeking to improve its profitability by cutting
costs, and has forecast a profit of 80bn yen ($976m; £600m) for the
current fiscal year.
---------------BBC ONLINE
for the year to 31 March. The net loss was largely due to writing off
$4.4bn related to a tax credit, and Sony added that the stronger yen
had also affected earnings during the year. Sony's business was also
affected by the earthquake in Japan in March. This is the third
successive year that Sony has reported a loss. However, it forecast
that it would return to profit in the current financial year. Sony
said that it was seeking to improve its profitability by cutting
costs, and has forecast a profit of 80bn yen ($976m; £600m) for the
current fiscal year.
---------------BBC ONLINE
Tata Motors sees profits triple on Jaguar turnaround
The Indian carmaker made total profits after tax for the last 12
months of 92.7bn rupees ($2bn, £1.3bn), up 260% from a year earlier,
thanks to a 33% rise in revenues to 1.2tn rupees. Business at its
Jaguar Land Rover subsidiary saw a sharp turnaround, with £1.1bn in
profits before tax, having hardly broken even in the 2009-10 year. The
firm said it planned to expand exports by its UK subsidiary.
---------------BBC ONLINE
months of 92.7bn rupees ($2bn, £1.3bn), up 260% from a year earlier,
thanks to a 33% rise in revenues to 1.2tn rupees. Business at its
Jaguar Land Rover subsidiary saw a sharp turnaround, with £1.1bn in
profits before tax, having hardly broken even in the 2009-10 year. The
firm said it planned to expand exports by its UK subsidiary.
---------------BBC ONLINE
SIA to launch new low-cost carrier
Singapore Airlines said Wednesday it would launch within one year a
new budget airline using wide-body aircraft to tap into growing
consumer demand for low-cost travel over longer distances. SIA already
runs a short-haul mid-price airline called SilkAir and owns 32.9 per
cent of budget carrier Tiger Airways but said it decided to establish
the new subsidiary after 'an extensive review and analysis' of the
market. It did not give a name for the future airline, saying more
details will be announced 'in due course' including its branding,
services and routes. 'Operations are expected to begin within one
year. The airline will be wholly owned by Singapore Airlines, but will
be operated independently and managed separately from SIA,' the
company said in a press statement. SIA said the new carrier will
'enable the airline to serve a largely untapped new market and cater
to the growing demand among consumers for low-fare travel.' The move
will put the new carrier in competition with AirAsia X, the long-haul
affiliate of Malaysian budget carrier AirAsia and British tycoon
Richard Branson's Virgin Group. Unlike most other budget airlines
using single-aisle planes for short hops, the new carrier will operate
widebody, double-aisle aircraft to ply medium- and long-haul routes.
'We are seeing a new market segment being created and this will
provide another growth opportunity for the SIA Group,' SIA chief
executive Goh Choon Phong said. 'As we have observed on short-haul
routes within Asia, low-fare airlines help stimulate demand for
travel, and we expect this will also prove true for longer flights.'
Shukor Yusof, an aviation analyst with Standard and Poor's Equities
Research, said SIA was making a foray into a largely untapped market,
which is dominated in the region by AirAsia X.
---------------NEWAGEBD ONLINE
new budget airline using wide-body aircraft to tap into growing
consumer demand for low-cost travel over longer distances. SIA already
runs a short-haul mid-price airline called SilkAir and owns 32.9 per
cent of budget carrier Tiger Airways but said it decided to establish
the new subsidiary after 'an extensive review and analysis' of the
market. It did not give a name for the future airline, saying more
details will be announced 'in due course' including its branding,
services and routes. 'Operations are expected to begin within one
year. The airline will be wholly owned by Singapore Airlines, but will
be operated independently and managed separately from SIA,' the
company said in a press statement. SIA said the new carrier will
'enable the airline to serve a largely untapped new market and cater
to the growing demand among consumers for low-fare travel.' The move
will put the new carrier in competition with AirAsia X, the long-haul
affiliate of Malaysian budget carrier AirAsia and British tycoon
Richard Branson's Virgin Group. Unlike most other budget airlines
using single-aisle planes for short hops, the new carrier will operate
widebody, double-aisle aircraft to ply medium- and long-haul routes.
'We are seeing a new market segment being created and this will
provide another growth opportunity for the SIA Group,' SIA chief
executive Goh Choon Phong said. 'As we have observed on short-haul
routes within Asia, low-fare airlines help stimulate demand for
travel, and we expect this will also prove true for longer flights.'
Shukor Yusof, an aviation analyst with Standard and Poor's Equities
Research, said SIA was making a foray into a largely untapped market,
which is dominated in the region by AirAsia X.
---------------NEWAGEBD ONLINE
World oil prices down
Crude oil prices fell on Wednesday as many traders took profits before
a bank holiday weekend and the latest snapshot of energy inventories
in the United States. New York's main contract, light sweet crude for
delivery in July, sank $1.22 to $98.37 per barrel.Brent North Sea
crude for July retreated $1.13 to $111.40 a barrel in morning London
trade. The market had rebounded on Tuesday, lifted by a weak dollar
and a bullish price forecasts from US banks Goldman Sachs and Morgan
Stanley. 'Investors might be taking in profits as it is approaching a
long weekend in the US market,' said Ker Chung Yang, commodity analyst
for Phillip Futures in Singapore, referring to a public holiday on
Monday to mark Memorial Day. Later on Wednesday, the US government's
Department of Energy will unveil the state of American reserves in the
week ending May 20. 'Today, the market briefly turns its attention to
inventory numbers,' said VTB Capital commodities analyst Andrey
Kryuchenkov. Crude inventories are expected to drop by 1.2 million
barrels, according to analysts polled by Dow Jones Newswires.Gasoline
or petrol stockpiles are seen falling by 1,00,000 barrels, while
distillates—including diesel and heating fuel—are forecast to remain
unchanged. Kryuchenkov added that the gasoline figures will be eagerly
awaited ahead of the peak-demand driving season in the United States,
which sees many Americans hit the road for the holiday season.
---------------NEWAGEBD ONLINE
a bank holiday weekend and the latest snapshot of energy inventories
in the United States. New York's main contract, light sweet crude for
delivery in July, sank $1.22 to $98.37 per barrel.Brent North Sea
crude for July retreated $1.13 to $111.40 a barrel in morning London
trade. The market had rebounded on Tuesday, lifted by a weak dollar
and a bullish price forecasts from US banks Goldman Sachs and Morgan
Stanley. 'Investors might be taking in profits as it is approaching a
long weekend in the US market,' said Ker Chung Yang, commodity analyst
for Phillip Futures in Singapore, referring to a public holiday on
Monday to mark Memorial Day. Later on Wednesday, the US government's
Department of Energy will unveil the state of American reserves in the
week ending May 20. 'Today, the market briefly turns its attention to
inventory numbers,' said VTB Capital commodities analyst Andrey
Kryuchenkov. Crude inventories are expected to drop by 1.2 million
barrels, according to analysts polled by Dow Jones Newswires.Gasoline
or petrol stockpiles are seen falling by 1,00,000 barrels, while
distillates—including diesel and heating fuel—are forecast to remain
unchanged. Kryuchenkov added that the gasoline figures will be eagerly
awaited ahead of the peak-demand driving season in the United States,
which sees many Americans hit the road for the holiday season.
---------------NEWAGEBD ONLINE
Google unveils mobile payments today
Google Inc takes the wraps off a mobile payment system today that lets
consumers pay at checkout with phones instead of cards, a source said,
hoping to beat Visa and others to the punch. The internet search and
advertising leader will work with MasterCard Inc, the world's
second-largest credit and debit card processing network, to launch the
system, the source familiar with the matter told Reuters on Tuesday.
Google has teamed with MasterCard and Citigroup Inc to develop the
system, the Wall Street Journal reported in March. It has now signed
up retail partners Macy's Inc, American Eagle Outfitters Inc and
Subway, though it is unclear if the project will be launched
nationwide or just in New York initially, the Journal cited sources as
saying Tuesday. Google invited reporters to attend a 'partner event'
on Thursday in New York to demonstrate what it called its 'latest
innovations.' It plans to unveil a mobile payments system that will
run on the Android operating system and be available on phones from
Sprint Nextel Corp, Bloomberg reported on Tuesday. A source familiar
with the matter confirmed Google would launch the program. Citigroup
did not respond to requests for comment. Google, Sprint and MasterCard
declined comment. About a decade after they were dreamed up by
engineers and marketers, mobile wallets are still far from commonplace
in the United States, stymied by industry infighting, consumer tastes
and regulatory hurdles. Shoppers abroad, especially in Asia, can
already wave cellphones at the check-out counter to pay for everything
from groceries to gasoline.
---------------NEWAGEBD ONLINE
consumers pay at checkout with phones instead of cards, a source said,
hoping to beat Visa and others to the punch. The internet search and
advertising leader will work with MasterCard Inc, the world's
second-largest credit and debit card processing network, to launch the
system, the source familiar with the matter told Reuters on Tuesday.
Google has teamed with MasterCard and Citigroup Inc to develop the
system, the Wall Street Journal reported in March. It has now signed
up retail partners Macy's Inc, American Eagle Outfitters Inc and
Subway, though it is unclear if the project will be launched
nationwide or just in New York initially, the Journal cited sources as
saying Tuesday. Google invited reporters to attend a 'partner event'
on Thursday in New York to demonstrate what it called its 'latest
innovations.' It plans to unveil a mobile payments system that will
run on the Android operating system and be available on phones from
Sprint Nextel Corp, Bloomberg reported on Tuesday. A source familiar
with the matter confirmed Google would launch the program. Citigroup
did not respond to requests for comment. Google, Sprint and MasterCard
declined comment. About a decade after they were dreamed up by
engineers and marketers, mobile wallets are still far from commonplace
in the United States, stymied by industry infighting, consumer tastes
and regulatory hurdles. Shoppers abroad, especially in Asia, can
already wave cellphones at the check-out counter to pay for everything
from groceries to gasoline.
---------------NEWAGEBD ONLINE
BWCCI gives awards to six women entrepreneurs
Bangladesh Women Chamber of Commerce and Industry on Tuesday awarded six women entrepreneurs from country’s six divisions for their significant success in their respective small businesses. The award ceremony ‘BWCCI-EBL Progressive Award-2011’ in cooperation with Eastern Bank was held in Dhaka. Two reporters, one each from print media and electronic media, were also awarded. The recipients of the women business entrepreneur award are Diya Boutique’s owner Dilara Amzad from Rajshahi, Priya Boutique’s owner Lutfunnahar Priya from Khulna, Anchol Boutique’s Bilkis Ahmed from Barisal, Yasmin Morshed from Chittagong, Charka’s owner Shaila Sultana from Dhaka and Aparupa Beauty parlour’s owner Laily Akhter. Sanaul Haq, special correspondent of ATN Bangla got award in electronic category and Munima Sultana, senior reporter of the Financial Express in print media category for their contributions toward women entrepreneurship development. Commerce minister Faruk Khan gave away the awards, which include a certificate, a crest and Tk 10,000 in cash, among the winners and inaugurated a small fair which showcased the products of the winners. BWCCI president Selima Ahmad said ‘BWCCI-EBL Progressive Award-2011’ has been launched by BWCCI from this year to commemorate 100 years of International Women’s day. EBL acting MD Mukhlesur Rahman, award function convener Farzana Rahman and BWCCI senior vice-president Sangita Rahman, among others, were present.
----------NEWAGEBD
----------NEWAGEBD
GE launches new gas turbine to complement wind power
US conglomerate General Electric has launched a new gas turbine it says will complement renewable energy. The firm claims to have made $11bn worth of purchases to strengthen its natural gas division.The new turbine will be able to respond quickly to changing weather patterns affecting wind and solar power. But with its sales of wind turbines falling, the product is also part of a push by the US firm to exploit rising interest in cheap gas. The firm claims the new turbine will be able to turn on and off far faster than other high-efficiency gas turbines - about twice the current average. It invested $500m developing the technology. But while experts say the claims are impressive, they warn products like this are likely to be expensive - so companies will want to use them, and so burn gas, more of the time. "This is more a base load machine. People investing in this will want to squeeze the last kilowatt out of it," says Nick Cumpsty, emeritus professor of mechanical engineering at Imperial College, London.
----------BBC
----------BBC
Greece cuts protection measures
Greece launched on Monday deep reforms of 136 service occupations from
bread making to butchering to end restrictive practices as the cabinet
met on new measures to fight a second debt crisis. The European Union
and International Monetary Fund have made the application of such
measures a condition of the release in March of the fourth slice of
rescue loans, in this case 15 billion euros ($ 21.1 billion). A broad
law to remove restrictive practices was passed three months ago, and
on Monday the finance ministry published a list of 136 professions and
independent service activities which will no longer be protected by
rafts of conditions, such as quotas and geographical limits. The
activities concerned range from music teaching to beauty care, from
money changing, bread making and insurance broking to interpreting,
electrician services and operating butchers' shops. Physiologists are
also on the list, which was described as a guideline. Press reports in
Athens say every ministry has dragged its feet in preparing lists and
measures to enact following the enactment of the deregulation law in
February. The reports say the delay on service occupations has greatly
irritated auditors from the International Monetary Fund, European
Union and European Central Bank. They are here for a regular analysis
of how Greece is enacting reforms promised in return for a rescue
package of 110 billion euros last May which enabled the country to
avert bankrupty.
---------------Newage
bread making to butchering to end restrictive practices as the cabinet
met on new measures to fight a second debt crisis. The European Union
and International Monetary Fund have made the application of such
measures a condition of the release in March of the fourth slice of
rescue loans, in this case 15 billion euros ($ 21.1 billion). A broad
law to remove restrictive practices was passed three months ago, and
on Monday the finance ministry published a list of 136 professions and
independent service activities which will no longer be protected by
rafts of conditions, such as quotas and geographical limits. The
activities concerned range from music teaching to beauty care, from
money changing, bread making and insurance broking to interpreting,
electrician services and operating butchers' shops. Physiologists are
also on the list, which was described as a guideline. Press reports in
Athens say every ministry has dragged its feet in preparing lists and
measures to enact following the enactment of the deregulation law in
February. The reports say the delay on service occupations has greatly
irritated auditors from the International Monetary Fund, European
Union and European Central Bank. They are here for a regular analysis
of how Greece is enacting reforms promised in return for a rescue
package of 110 billion euros last May which enabled the country to
avert bankrupty.
---------------Newage
Sony posted loss
Japan's Sony on Monday said it expected to swing to a $ 3.2 billion
net loss for the fiscal year ended March, after delaying its corporate
results to gauge damage from the March 11 earthquake and tsunami. The
latest setback for the technology and entertainment giant comes as it
tries to recover from the impact of the disasters and a massive online
hacking attack that compromised millions of users of its network
services. In a preliminary earnings statement, Sony revised February's
forecast for a 70 billion yen net profit and now expects a net annual
loss of 260 billion yen ($3.2 billion), citing a charge for deferred
tax assets. The firm is due to report its full earnings on Thursday.
The technology and entertainment giant said consolidated sales and
operating revenue are expected to be in line with February's forecasts
despite the impact of the earthquake and tsunami on production. The
maker of PlayStation consoles and Bravia televisions was forced to
shutter plants after the disasters battered supply chains and damaged
facilities. The company said it would book a 360 billion yen non- cash
deferred tax-asset related charge. Cyber attacks in recent weeks
involved the theft of personal data that include names, passwords and
addresses from more than 100 million accounts on its PlayStation
Network and Sony Online Entertainment services. Sony shut down the
PlayStation Network and Qriocity services on April 20.
------------Newagebd
net loss for the fiscal year ended March, after delaying its corporate
results to gauge damage from the March 11 earthquake and tsunami. The
latest setback for the technology and entertainment giant comes as it
tries to recover from the impact of the disasters and a massive online
hacking attack that compromised millions of users of its network
services. In a preliminary earnings statement, Sony revised February's
forecast for a 70 billion yen net profit and now expects a net annual
loss of 260 billion yen ($3.2 billion), citing a charge for deferred
tax assets. The firm is due to report its full earnings on Thursday.
The technology and entertainment giant said consolidated sales and
operating revenue are expected to be in line with February's forecasts
despite the impact of the earthquake and tsunami on production. The
maker of PlayStation consoles and Bravia televisions was forced to
shutter plants after the disasters battered supply chains and damaged
facilities. The company said it would book a 360 billion yen non- cash
deferred tax-asset related charge. Cyber attacks in recent weeks
involved the theft of personal data that include names, passwords and
addresses from more than 100 million accounts on its PlayStation
Network and Sony Online Entertainment services. Sony shut down the
PlayStation Network and Qriocity services on April 20.
------------Newagebd
Gold price hike
Gold and silver tumbled on Tuesday as investors sold on uncertainty about the direction of monetary policy in the United States, but a softer dollar helped support prices and sentiment. Gold hit a record high of $1,518.10 a troy ounce on Monday. It was last bid at $1,504.36 from $1,508.45 on Monday. Spot silver ceded nearly 5 per cent to $44.61 an ounce after touching $49.31 an ounce on Monday, within reach of $49.48 hit in January 1980. It was bid at $45.77 an ounce at 1143 GMT from $46.90 late in New York on Monday and is heading for its biggest daily loss since March 15. ‘The rally has been strong, it’s not surprising to see profit-taking ahead of the FOMC meeting,’ said Peter Fertig, a consultant at Quantitative Commodity Research. ‘Markets expect it will be a dovish statement from the US Fed, but there are worries about them ending (Quantitative Easing) ahead of time.’ Tighter US policy would mean less cash floating around the financial system looking for a home and fewer worries about inflation, which investors protect against by buying gold. The Federal Open Market Committee meeting starts later on Tuesday and concludes on Wednesday. The US central bank is expected to confirm it will stick to plans to complete a $600 billion bond-buying program. The post-meeting news conference by Fed chairman Ben Bernanke on Wednesday will be the first regularly scheduled briefing by a Fed chief in the bank’s 97-year history. ‘The ... meeting is a possible event risk but we believe post-meeting comments will confirm that US short-term rates will remain low for the time being which would be positive for precious metals,’ Credit Suisse Private Banking said in a note.
ADB's food warning to ASIANS
Soaring global food prices threaten to push tens of millions of Asians into extreme poverty and cut the region’s economic growth this year, the Asian Development Bank warned in a report Tuesday. Coupled with skyrocketing oil prices, the spike poses a serious setback for developing Asia after having rebounded rapidly and strongly from the 2008 global economic crisis, said chief ADB economist Rhee Changyong. ‘Left unchecked, the food crisis will badly undermine recent gains in poverty reduction made in Asia,’ Rhee said in a statement. Domestic food inflation in developing Asian nations hit 10 per cent at the start of this year, with double-digit rises in the price of wheat, corn, sugar, edible oils, dairy products and meat, the Manila-based institution said. If this rate continues, as is likely, 64 million people in developing Asia could be pushed into extreme poverty and economic growth could be reduced by up to 1.5 percentage points this year, the bank warned. Vietnam has been one of the hardest hit nations in terms of rice inflation, despite being a major exporter, according to the ADB. It has seen domestic rice retail prices shoot up 36.7 per cent since June last year, while Indonesia and Sri Lanka have endured increases of least 21 per cent. China recorded rice price rises of 12.6 per cent, near the average for developing Asia. Wheat price increases were most severe in Kyrgyzstan, with a jump of 67 per cent since June last year, and Bangladesh, 50 per cent, according to the ADB. Wheat prices spiked by about a third in Sri Lanka, Mongolia and Tajikistan. On a positive note, the bank said there was ample room to improve rice and wheat yields, with the world’s top 10 rice producers averaging just 4.074 tonnes per hectare (2.47 acres) compared with top performing Egypt’s 9.883 tonnes.
General Electric has profit
Profits have surged at US conglomerate General Electric (GE), adding to the wave of corporations whose earnings have exceeded expectations. GE said net earnings had risen by 79% to $3.4bn (£2.01bn) for the first three months of 2011 from a year earlier. It also increased its dividend. Revenue rose 6% to $38.45bn, when many analysts had expected a decline for the quarter. Apple, Intel, Nokia and McDonald's have all beat forecasts this week. GE is seen as a bellwether for the US economy, given the breadth of its operations, which include a financial arm as well as industrial units. The profit growth was fuelled by growth in its healthcare and transport divisions, and net profits of $1.8bn at GE Capital. "As today's results show, GE has emerged from the recession a stronger, more competitive company," said GE chief executive Jeff Immelt. The dividend increase - by one cent to 15 cents - is the third in the past 12 months, and is effective from the third quarter of this year.
Nokia has posted profit
Mobile phone maker Nokia has posted better-than-expected profits for the first three months of 2011, down 1% to 344m euros (£304m). But its market share fell 4% to 29% as cheaper rivals and the popularity of competitors' smartphones ate into Nokia's dominance. Nokia also said that it had struck a long-awaited deal to develop smartphone technology with Microsoft. Investors welcomed the news, sending Nokia shares up almost 3%. Stephen Elop, chief executive, said: "In the first quarter, we shifted from defining our strategy to executing our strategy. On this front, I am pleased to report that we signed our definitive agreement with Microsoft and already our product design and engineering work is well underway." The Finnish company's slow response to the smartphone threat from Apple's iPhone and the Blackberry handsets has been one of investors' key concerns. On Wednesday Apple unveiled a 95% rise in first-quarter profits, and said it had sold a record 18.65 million iPhones during the quarter. Consultants Strategy Analytics said that Apple had now overtaken Nokia as the world's largest handset seller in revenue terms.
BP has to pay $1bn for gulf sea
The US Justice Department, which helped form the agreement, said the funds would go to Alabama, Florida, Louisiana, Mississippi and Texas. It will be used to clean up affected areas, including beaches. Other recipients of the $1bn include the Department of the Interior and the National Oceanic and Atmosphere Administration. Hundreds of miles of coastal wetlands and beaches were contaminated, a third of the Gulf's US waters were closed to fishing, and the economic costs have reached into the tens of billions. The Justice Department said the release of the money was the largest restoration agreement of its kind ever reached and was "a first step towards fulfilling BP's obligations to fund the complete restoration of injured public resources". The department said the agreement does not affect the ultimate liability of BP or any other company for environmental damages or other liabilities, but lets restoration projects get started sooner.
China restict out banking in Taiwan
China could allow its banks to widen access to Taiwanese lenders and remove current restrictions on branches opened on the mainland, Beijing’s banking regulation chief told local media on Sunday. Liu Mingkang, chairman of the China Banking Regulatory Commission, extended the olive branch upon his arrival Saturday, according to the Taipei-based Commercial Times. Liu and his Taiwanese counterpart Chen Yu-chang will hold talks in Taipei Monday in the first meeting since Taipei and Beijing set up a banking supervisory cooperation platform in January. According to Liu, under the pending new measures, Taiwanese lenders will be allowed to start doing rendering business once they have opened branches on the mainland, the Times said. Existing measures require Taiwan lenders to open branches for a minimum of a year and become profitable before they are permitted to do rendering business.
Toyota company's production reduce highly
The company has been facing shortages in supplies of parts as production has been disrupted because of last month's earthquake and tsunami. While it has restarted production in Japan, its factories have been working at a reduced output. The firm has said output would return to normal only by the end of 2011. The world's biggest car manufacturer also announced more cuts in production at its factories in Asia. The automaker said plants in eight Asian countries, including Thailand and India, will operate at 50% capacity from 25 April to 4 June. It also said that factories in these countries will operate for just three days a week during the period. The company had already announced that its factories in China will operate at 30-50% of capacity until 3 June. Meanwhile, another Japanese automaker, Nissan Motors also announced that output at its Japanese plants had slumped by 52% in March compared with last year.
Chittagong port will introduce CTMS
Chittagong port is Bangladesh's gateway to international trade, will expect to go for automation with the digital container terminal management system. On the occasion of the 124th founding anniversary of the port, Chittagong Port Authority chairman hoped for it. The automation will transform the port into a world class global shipping. It has become a crying need for catering to the global demand and for supporting transit facilities if those are allowed to neighboring countries. It will make the container handling very easy. It need to digitalized the port as early as possible.
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