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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.
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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.
---------------NEWAGEBD ONLINE
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
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