Business-Finance-Banking-Economy

Apple prevents Galaxy sales in EU

2011-08-12T12:08:00.001+07:00

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

2011-08-12T12:03:00.001+07:00

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

Four EU nations ban short-selling on banking stocks

2011-08-12T11:53:00.000+07:00

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

World oil prices turn higher

2011-08-12T11:51:00.001+07:00

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

Bangladeshi PM disclose new currency notes in the market

2011-08-12T11:47:00.002+07:00

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

Hong Kong co to invest $8.29m in Bangladesh Adamjee EPZ

2011-06-03T21:00:00.001+07:00

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

E. coli: Russia bans import of EU vegetables

2011-06-03T20:59:00.001+07:00

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

Toshiba prices its new tablet to undercut Apple's iPad2

2011-06-03T20:58:00.001+07:00

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

Groupon share offer to raise up to $750m

2011-06-03T20:56:00.001+07:00

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

Sony network attacked again, hackers claim

2011-06-03T20:54:00.001+07:00

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

Toyota, Honda global output halved after quake

2011-05-28T23:12:00.001+07:00

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

iPhone 4 launched in India

2011-05-28T23:10:00.001+07:00

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.
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Indonesia eyes faster growth

2011-05-28T23:09:00.001+07:00

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

Chinese firm at centre of Yahoo dispute gets licence

2011-05-28T23:07:00.001+07:00

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

Fiat to take majority stake in Chrysler

2011-05-28T23:05:00.001+07:00

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

HSBC faces investor anger on pay

2011-05-27T23:57:00.001+07:00

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

Japan's car production plunges due to parts shortages

2011-05-27T23:55:00.001+07:00

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

Saab resumes car production after Pang Da deal

2011-05-27T23:53:00.001+07:00

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

Cyber-attacks hit e-G8 web forum

2011-05-27T23:51:00.001+07:00

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

IMF race heats up

2011-05-27T23:49:00.001+07:00

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

Sony confirms $3.1bn annual loss

2011-05-27T00:00:00.001+07:00

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

Tata Motors sees profits triple on Jaguar turnaround

2011-05-26T23:59:00.001+07:00

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

SIA to launch new low-cost carrier

2011-05-26T23:56:00.001+07:00

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

World oil prices down

2011-05-26T23:52:00.001+07:00

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

Google unveils mobile payments today

2011-05-26T23:50:00.001+07:00

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

BWCCI gives awards to six women entrepreneurs

2011-05-25T23:35:00.005+07:00

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

GE launches new gas turbine to complement wind power

2011-05-25T23:35:00.000+07:00

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

Greece cuts protection measures

2011-05-24T23:10:00.001+07:00

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

Sony posted loss

2011-05-24T22:59:00.001+07:00

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

Gold price hike

2011-04-27T16:30:00.002+07:00

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

2011-04-27T16:27:00.001+07:00

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

2011-04-25T14:27:00.001+07:00

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

2011-04-25T14:22:00.002+07:00

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

2011-04-25T14:17:00.004+07:00

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

2011-04-25T14:12:00.001+07:00

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

2011-04-25T14:02:00.002+07:00

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

2011-04-25T13:42:00.003+07:00

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.

Toyota Motor’s hybrid vehicles

2010-08-07T15:22:00.000+07:00

Toyota Motor disclosed in Friday, their hybrid vehicle sales in Japan had grown one million marks and worldwide they had sold 2.68 million of the vehicles by the end of July. Toyota is the front line in hybrid cars, which use two power sources a gas engine and another source such as an electric motor. It launched in the Prius, the world’s first produced hybrid car, in 1997. The world’s biggest and greatest automaker later expanded use of its hybrid system to mini vans. Recently, nine Toyota produced hybrid passenger vehicle models and three hybrid commercial vehicle models are sold in Japan and a total of eight passenger hybrid models in overseas. The sales of hybrids have been brisk in recent years because of high gasoline prices and increasing public awareness of global warming.

Sri Lanka earns from tea record highest revenue

2010-08-07T15:21:00.000+07:00

Sri Lanka expected to earn a record $1.4 billion from their tea exports this year. Tea is Sri Lanka’s biggest cash crop; they earned $635 million rupees in the first six months of 2010. Sold on overseas markets as ‘Ceylon tea,’ they earned $1.3 billion in export sales in 2009, despite drought hitting production and shipments suffering from the effects of the global crash in 2008. Tea shipments from January to June rose to 143.3 million from 134.5 million kilogram’s in the same period of 2009, they said.

RIM introduced a new BlackBerry

2010-08-05T13:59:00.001+07:00

RIM unveiled a new BlackBerry aimed away from Apple’s iPhone and other rivals, but someone said that the handset won’t blow away the competition. Even the main features of BlackBerry Torch, including a touch screen and slide out keyboard, were well-known in the industry; investors registered their disappointment. Torch will go on sale in the USA on August for $199.99 with two year contract about the same price as an iPhone. New BlackBerry uses an excellent operating system and has a faster and easier to use net browsing. The analysts at Tuesday’s launch event in New York said the Torch does not represent a major advance but that its customers friendly features were enough to help RIM to catch up to any rivals. They expected new BlackBerry is the benefited the customers.

SEC of Bangladesh announced six companies to merchant banking

2010-08-05T13:58:00.000+07:00

Securities and Exchange Commission of Bangladesh at a meeting gave approval to six companies to perform merchant banking activities. They are Jamuna Bank, Mutual Trust Bank, City Bank, Alfa Capital Management, Cosmopolitan Traders Private Ltd and Green Delta Insurance Company. With this announcement of the six merchant banks, the number of merchant banks has increased to 37 in Bangladesh. SEC also approved right issue offer of Bay Leasing & Investment Ltd. The company will issue 30, 60,000 ordinary shares of Tk 100 each at an issue price of Tk 350 per share (including a premium of Tk 250 each) totaling Tk 107.10 core.

Vietnam earn from garment and textile sector

2010-08-05T00:20:00.001+07:00

Vietnam a development country earned $5.87 billion from garment and textile export in the first seven months of this year and up 17.4% year by year. In July this country earns $1.05 billion from selling garment and textile from world markets and month by month it climbs to 23.5%. Vietnam see a rapid growth in garment markets including the USA, the European Union, the Republic of Korea and countries and textile export to almost every market during this period. It is a bright hope for this country.

Thai motor sales rise

2010-08-05T00:19:00.000+07:00

Thailand’s auto sales rise to 37% this year to 7, 50,000 vehicles and this helped by brisk economic growth, Japan’s Toyota Motor Corp disclose Tuesday. Toyota’s record Thai sales of 3,00,000 vehicles in 2010. Toyota hopes Thai export sales to grow 39% this year to 3,30,000 vehicles. Thai economy is forecast to post solid growth this year thanks to strong demand for its exports and the relatively limited impact of violent political unrest in this year.

MasterCard profit rise

2010-08-05T00:18:00.000+07:00

MasterCard one of the world’s largest credit-card and debit-card processing network raises their second-quarter profit 31%. This New York based company reported net income of $458 million on Tuesday. That compared with $349 million in the year earlier period. This company attributed its results in part to an increase in spending on its cards, especially outside of the USA. The gross of dollar volume of the transactions MasterCard rose about 8.5% in world from the year, to $656 billion and growth in US gross of dollar volume was flat at $244 billion. MasterCard also claimed more consumers have resumed traveling and spending money in abroad. MasterCard cross border volumes increased in 15.2% from a year.

HSBC doubled their profit

2010-08-03T20:35:00.001+07:00

HSBC double their net profits more than in $6.76 billion in the first half of 2010. The British group announced the results recently. They focus on building a high quality asset base for the future, which is encouraging that loan impairment charges now stand at their lowest levels since the start of the financial crisis of the World. This year they want to reach $7.5 billion approximately. It reflects the benefit of more stable economic conditions for many customers and follows their actions. HSBC also revealed that pre-tax profits more than doubled to $11.1 billion in the first half. They grew loans and advances to customers in all regions and by four per cent overall, compared with the end of 2009. Geographically, the strongest growth was in Asia, where they grew lending by 15 per cent. HSBC, born in Hong Kong and Shanghai in 1865 and best ever Asian banking giant. The bank said that across Asia, pre-tax profits increased by 20 per cent to $5.6 billion in the first half.

BMW sale slidly fall

2010-01-30T23:41:00.000+07:00

The German group BMW said Friday that 2009 sales slipped by 4.7 per cent as the luxury car market was hit by the global recession, but added it expected to sell more than 1.3 million autos this year. Group sales fell to 50.68 billion euros ($70.64 billion), according to a statement that provided provisional results. Final results are to be published on March 17, and should show the group achieved a pretax profit last year, it said.

Mukesh Ambani, Mittal among world’s powerful bil lionaires

2010-01-30T23:40:00.005+07:00

Mukesh Ambani and steel baron Lakshmi Mittal have been featured by the US magazine Forbes among the world's most powerful billionaires. The Forbes has named influential people across the world which have great wealth plus political power as well as industrial might. 'A few plutocrats have the mix of money, industrial might and political prowess to earn a spot among the world's most powerful billionaires,' the magazine stated. The list includes the likes of Michael Bloomberg who is the mayor of New York City and also owns 88 per cent of news and data giant Bloomberg LP. Forbes estimates his fortune at $17.5 million. Others on the list are billionaire Sebastian Pi era who won Chile's presidential election, media and banking titan and prime minister of Italy Silvio Berlusconi and Lebanonese premier and industrial heir Saad Hariri. About Mukesh Ambani, Forbes stated: 'Ambani controls oil and gas conglomerate Reliance Industries. With a market value of more than $73 billion, the firm is India's biggest independent company.' Besides, the world's largest steel maker Lakshmi Mittal has also been named in the list and has a market value of $65 billion.

Samsung Electronics back in profit

2010-01-30T23:40:00.003+07:00

Samsung Electronics Co returned to profit in the fourth quarter as demand for flat screen televisions and mobile phones helped push sales to a record high, underlining Samsung's rise to the top tier of global technology companies. The company, a major producer of consumer electronics products and components that make them work, earned 3.05 trillion won ($2.64 billion) in the three months ended December 31 on a parent basis, it said in a statement Friday. Samsung does not release a consolidated net profit figure. Samsung said, however, that sales on a consolidated basis — which includes the performance of its overseas and domestic subsidiaries excluding financial businesses — reached a record 136.29 trillion won or nearly $118 billion at Friday's exchange rate.

Eurozone unemployment problem rise

2010-01-30T23:40:00.001+07:00

One in 10 workers across Europe's core euro currency area is now unemployed, according to new European Union data issued on Friday that showed Spain bearing the brunt of a jobless recovery. The human cost of structural economic adjustment post-recession could be seen when the seasonally- adjusted unemployment rate for the 16 euro countries hit a miserable 10 per cent in December. The EU's Eurostat agency estimated that an extra 87,000 people fell out of work in the weeks before Christmas — down from the 102,000 people joining the benefit queues in November. It was the highest rate since the currency was launched a decade ago and up from a downwards-revised 9.9 per cent in November. Initial figures for November published earlier this month had pegged the eurozone rate at 10 per cent. Across the 27-nation EU, the rate hit 9.6 per cent in December, up from 9.5 per cent and corresponding to 163,000 more people unemployed. The statistics agency says more than 23 million people were out of work across the world's biggest open trading bloc, 15.763 million of whom were in the eurozone. That meant that in the last year, 4. 628 million people joined the ranks of the jobless, 2.787 million of whom were in the core euro area. Spain's rate hit a massive 19.5 per cent, although only very slightly up from the previous month. Separate data from Madrid showed that the unemployment rate in Europe' s fifth-largest economy soared to 18.83 per cent throughout the fourth quarter of 2009, with a total of 4.326 million people out of work, up more than one million from a year ago. Experts have repeatedly expressed fears of a 'double-dip' recession on the Iberian peninsula — itself struggling with huge deficits way above EU targets.

Microsoft in profit

2010-01-30T21:50:00.001+07:00

Microsoft said Thursday that second- quarter net profit hit a record $6.66 billion on unprecedented revenue driven by demand for the new Windows 7 operating system. Microsoft reported that its revenue surged 14 per cent to $19.02 billion in the fiscal quarter that ended December 31. 'We saw record revenue and record profit, driven by strong demand for Windows 7 and PCs,' Microsoft chief financial officer Peter Klein said during a conference call with analysts.

Import increase in Bangladesh

2010-01-30T21:49:00.001+07:00

The country's overall import increased by more than 20 per cent during the second quarter of the current financial year, according to the Bangladesh Bank data. Import orders for capital machinery rose by 24 per cent during the October- December period. The trends of increasing imports, especially capital machinery, indicate increase in industrial investment, said the central bank officials The increase in the overall imports has also been attributed to the growing demand of the essential items such as fertiliser and petroleum products. Letters of credit worth $411 million for importing machinery were opened during the said period of 2009-10 financial year as against $330 million during the corresponding period of the previous financial year. Most of the orders were placed from sectors such as textile, readymade garment, pharmaceuticals and packaging industry. Central bank governor Atiur Rahman said the rise in imports of capital machinery indicate that the overall industrial sector was gaining momentum and it showed increasing confidence among investors. 'We hope the upward trend of import order for capital machinery will continue as major economies are recovering from the global recession,' he added. The central bank statistics showed that the settlement of letters of credit for overall imports increased by more than 22 per cent to $2.11 billion in December alone from $1.717 billion in November. Meanwhile, the value of overall import orders showed an increase in January due to rising trend of prices of commodities including food and edible oil in the global market, according to the Bangladesh Bank. Imports of essentials such as wheat, sugar and onion also increased in terms of both quantity and value in December compared to the previous month. The import of wheat increased by 100,000 tonnes to 416,000 tonnes in terms of quantity, sugar by 85,000 tonnes to 225,000 tonnes and pulses by 11,000 tonnes to 64,000 tonnes during the period.

Onion and sugar price rise in Bangladeshi market

2010-01-30T21:47:00.001+07:00

The prices of onion and sugar increased further in the city's markets over the week. Onion per kilogram was retailed for Tk 34-Tk 40 on Friday in the city, up by Tk 6 in just three or four days, as decrease of supply from India has caused a fresh hike in its prices. Each kilogram of sugar cost between Tk 58 and Tk 60, up by Tk 4 in a week, on Friday in various retail outlets in the city. The price of onion was declining in the previous few weeks when the early harvested local stocks of onion hit the market, but essential spice became dearer due to the shortage in India. During the off-harvest months at least two-third of Bangladesh's demand for onion is met by India, but the dependence remains significant even after the harvest of local onion. Traders at Shyambazar told New Age that unusual rains a couple of months back damaged the crop in the major onion producing regions, and the dip in export by neighbouring countries is affecting Bangladeshi markets unfavourably. Bangladesh, which imports around half a million tonnes of onion annually, is the largest market for Indian onion exporters. Market sources said that the fresh uptrend in sugar prices in the international market has made Bangladesh's import-dependent sugar market volatile, and the crisis in India has played a major role. Sugar price has shot up by Tk 8 per kilogram in a month and doubled in a year. The Trading Corporation of Bangladesh's daily market report shows that the retail price of sugar was Tk 31- 34 per kilogram on 28 January, 2009. The previous period of volatility in the international market pushed up the sugar price to a record Tk 66 per kilogram in mid-September last year. Alleged hoarding and supply manipulation by a section of refiners and wholesalers had caused the September crisis, and the retail price came down to Tk 48-50 by the middle of December last year.

SA investigates World Cup airline price-fixing

2010-01-29T22:59:00.002+07:00

Six South African airlines are being investigated for allegedly colluding to hike fares for local flights during the football World Cup in June. The country's presidency said it had received public complaints that fares had become "drastically high". South African Airways has agreed to provide the Competition Commission with evidence against the other airlines. Fifa recently said fewer foreign fans than expected would go to the World Cup - partly due to a lack of flights. Many fans are likely to fly between different World Cup venues which are spread around South Africa. The airlines being investigated are: Comair, South African Airways (SAA), 1 time, Airlink, SA Express and Mango. Except for SAA, the other airlines have denied the allegations but said they would co- operate with the commission. Extra flights The 2010 co-ordinating unit in the president's office asked the Competition Commission to investigate the complaints. "We hope the commission will resolve this matter timeously to ensure that this does not prove detrimental to the tournament and to tourist attraction," said Zukile Nomvete, head of the unit, report South Africa's Times newspaper. SAA has already provided e-mail correspondence between the airlines, which allegedly backs up the charges of price-fixing. On Wednesday, world football authority Fifa said it was now expecting around 450 foreign fans to travel to South Africa - down from initial estimates of one million. It said they were partly put off by the cost of flying to South Africa - a separate issue to the one now being investigated. Fifa secretary-general Jerome Valcke said the organisation would now work with local football associations to create extra flights and packages for fans to attend the World Cup. In 2006 , SAA was fined 55 m rand ($7 m; £4.5 mat current prices) after being found guilty of price-fixing with German carrier Lufthansa. The airline was also fined on two-charges of anti-competitive behaviour.

US economy in fastest growth

2010-01-29T22:56:00.000+07:00

The US economy grew by an annualised rate of 5.7 % between October and December, official figures have shown. The number, which is a first estimate, is a big rise from the previous quarter's growth rate of 2. %. It suggests the country's economy is growing at its fastest pace for six years and confirms the US economy has left its year-long recession behind. But even with the rebound, gross domestic product (GDP) shrank by 2.4 % across 2009 a whole. That was the worst annual performance since 1946. 'Encouraging news' White House economist Christina Romer said the strong growth in the fourth quarter of 2009 was "the most positive news to date on the economy". "It is important not to read too much into a single report, positive or negative," she added. "There will surely be bumps in the road ahead. Nonetheless, today's report is a welcome piece of encouraging news." US GDP is expressed as an annualised rate, or annual pace, which shows what the three months' economic activity would mean if it carried on for a year. The Bureau of Economic Analysis, which releases the data, emphasised that the fourth-quarter advance estimate was based on incomplete information and was subject to further revision. Growth in the third quarter was originally estimated at an annualised rate of 3.5 was revised down to 2.2 % after more information was received. Most of the growth came from increased manufacturing to rebuild inventories. Consumer spending - the biggest component of the US economy - was down on the previous quarter. Great number? That point was singled out by Manoj Ladwa, a senior trader at ETX Capital: "The 'engine of the economy' that is consumer spending contributed little to the overall improvement in the numbers, indicating the recovery may still falter." Others saw the news as more positive. Jack Ablin, the chief investment officer at Harris Private Bank in Chicago said: "Wow, great number.

Honda recalls car

2010-01-29T22:53:00.000+07:00

Honda has announced the recall of 646 ,000 cars globally to fix a switch defect that could cause a fire. The recall includes Jazz models, also known as Fit in some countries, built in Japan, China, Brazil, Thailand, Malaysia and India, Honda said. Three cases of fires due to the defect have so far been reported - two in the US and one in South Africa. In September, two-year-old Vanilla Nurse was killed in Cape Town when the car she was sleeping in caught fire. The total number of recalls includes 619 Jazz, or Fit, models globally and 27 ,000 models in Asia. In the US, 140 ,000 vehicles are being recalled. Just over 171 ,000 Jazz cars in Britain will be recalled in March. In a statement, Honda said a defective master switch could cause water to enter the power window switch and could, in some cases, cause a fire. On Thursday, carmaker Toyota announced the recall of vehicles in the US, Europe and China over concerns about accelerator pedals getting stuck on floor mats.

Airbus price rise

2010-01-29T22:50:00.000+07:00

Planemaker Airbus has raised the price of its aircraft by an average of 5.8 % to counteract the effects of a weak dollar and rising material costs. In a statement, the company said the increase, which applied from the beginning of January, includes all new aircraft. It is the first price increase by the company in two years. "We have tried to keep prices down for as long as we can," said John Leahy, chief operating officer at Airbus. "However, even with record aircraft deliveries and impressive orders in recent years, the continuing strength of the euro against the US dollar and the ongoing financial challenges ahead have forced us to take action," he said. Earlier this month, Airbus said it delivered 498 aircraft to customers in 2009 - 15 than in 2008. This meant it beat rival Boeing in terms of deliveries for the seventh year running, according to Airbus. At the end of 2009 , Airbus had a total order backlog of almost 3 ,500 aircraft and an order book worth $437 bn.

Boeing back in profit

2010-01-29T22:46:00.001+07:00

US aerospace giant Boeing reported Wednesday a swing into profit in the fourth quarter on soaring sales but said it faces 'significant' challenges that could impact results in 2010. Boeing posted fourth-quarter earnings of $1.268 billion, lifted by a surge in revenues. The aerospace giant's earnings amounted to $1.75 per share, well ahead of analyst expectations of $1.36 a share. The results compared with a loss of $86 million in the same period a year earlier, when earnings were hit by a machinists strike and charges to modify its 747 aircraft. Revenues for the October-December period rose 42 per cent to $17.93 billion, slightly better than expectations. 'We put a strong finish on 2009 by getting the 787 in the air and generating solid core operating performance across the company,' said Jim McNerney, Boeing chairman, president and chief executive, referring to the new Dreamliner aircraft whose first test flight took place last month. 'Focus areas for 2010 are to continue our strong operational performance, certify and deliver the 787 and 747-8, and further reposition our defence, space and security business. 'While the challenges ahead are significant, I believe we have the people and the resources we need to be successful and to begin consistently delivering on this company's great potential.' For all of 2009, Boeing said it had net profit of $1.312 billion, less than half it made in the prior year. Full-year revenue rose to 'a record' $68.281 billion, the Chicago-based firm said, a 12 per cent rise from 2008 driven by an increase in commercial aircraft sales and growth in the defence unit. Earnings per share were $1.84, also beating analysts' expectations of 1.44 dollars and the company's own guidance of $1.35 to $1.55. The commercial aircraft division had a net loss of 600 million dollars for the year due developments with the much- delayed new 787 Dreamliner program and the wide-body 747, the firm said.

ACCA board launches a office in Dhaka

2010-01-29T22:44:00.001+07:00

The Association of Chartered Certified Accountants, a global accountancy body, launched its Bangladesh office on Wednesday night. Commerce minister Faruk Khan attended the inaugural session of the office as chief guest at Westin Hotel in Dhaka. Chaired by ACCA country manager for Bangladesh Mohua Rashid, the function was attended among others, by British high commissioner in Dhaka Stephen Evans, former advisor of caretaker government Akbar Ali Khan, ACCA executive director (markets) Laurie Gillow and director of British Council Charles Nuttal. Mohua Rashid said, 'As the leading professional body for accountants, ACCA and commerce go hand in hand. We are committed to developing the profession in Bangladesh to bring benefits to the economy'. She also said that that there are about 5000 students in Bangladesh studying with ACCA. They are taking examinations under the supervision of British Council and achieving brilliant results to groom themselves for the competitive business environment in the country and across the globe. 'This is the reason for ACCA to establish a local office to benefit its students and members in Bangladesh' she added. Mohua Rasid informed that the ACCA is supporting some 131,500 members and 362,000 students throughout their careers, providing service of 42 offices and active centres across the world and this office will bring better opportunities for Bangladeshi students to get the degree.

Nokia post profit

2010-01-29T22:38:00.000+07:00

The world's top mobile phone maker, Nokia Corp, on Thursday said strong sales of smart phones and lower costs helped profits rise 65 percent in the fourth quarter despite a drop in total revenue. Net profit was 948 million euros ($1.33 billion), up from euro576 million in the last quarter of 2008. But net sales in the last three months of 2009 dropped 5.3 percent to 12.0 billion euros from 12.7 billion euros in the same period a year earlier. The Finnish company said it boosted its share of the mobile phone market to 39 percent, from 38 percent in the previous quarter and 37 percent in the fourth quarter of 2008. Nokia CEO Olli-Pekka Kallasvuo said that included gains in the market for smart phones, driven by the launch of new models.

Toyota will recall another 1.1m car

2010-01-28T17:16:00.001+07:00

Toyota has announced the recall of an additional 1.1 million cars in the US over concerns about accelerator pedals getting stuck on floor mats. The firm also said the recall would be extended to Europe, but exactly where and which models had yet to be decided. The new recall comes just a day after the carmaker said it was suspending sales of eight popular US models. Toyota also announced that 750 jobs would be going at its Burnaston plant in the UK before the end of August. "[Last year] was a tough year for Toyota Manufacturing UK," the carmaker said. "This decision is related to production capacity and efficiency, not to production volumes." Toyota said no decision had been taken about how the jobs would go, but added that it was not currently considering compulsory redundancies. The plant employs about 3 ,800 people. Investor concerns The specifics of the recall in Europe have yet to be decided. Colin Hensley, general manager of Toyota's European operations, said the carmaker was trying to establish how many European models shared the parts used in the cars recalled in the US. Last week, the world's largest carmaker recalled 2.3 million cars in the US with faulty pedals. It has now recalled almost 8 million cars in the US in the past four months. Last October, it recalled 4.2 million cars because of worries over pedals getting lodged under floor mats. "Toyota's remedy plan is to modify or replace the accelerator pedals on the subject vehicles to address the risk of floor mat entrapment," the company said. The latest recall affects five models in the US: the 2008-2010 Highlander and the 2009- 2010 Corolla, Venza, Matrix and Pontiac Vibe. Toyota shares fell a further 3.9 % in Japan, after dropping 4.3 % on Wednesday, as concerns about the impact of the recalls on the carmaker's financial health and reputation gripped investors. "It is still uncertain how this recall problem will affect Toyota's profits.

USA creat more job

2010-01-28T17:12:00.001+07:00

US President Barack Obama has said in his first State of the Union address that creating jobs must be the nation's number one focus. Mr Obama accepted Americans were "hurting" and that his election pledge of change had not come quickly enough. He defended his healthcare reform efforts and bank bailout policy, but said there would be a spending freeze from 2011 to tackle the budget deficit. Bob McDonnell, for the Republicans, criticised the expansion of government. The Virginia governor said the federal government was "simply trying to do too much". 'Devastation remains' Mr Obama was given the traditional warm welcome by all sides of Congress and received several standing ovations. He opened his address by saying the US had to "answer history's call". MARDELL'S AMERICA " There were solid economic measures in this speech, and how they work out will determine the president's popularity more than his words " On the issue of employment, Mr Obama said: " People are out of work. They are hurting. They need our help. And I want a jobs bill on my desk without delay. "Jobs must be our number one focus in 2010. " On the economy, Mr Obama said he had taken office a year ago "amid two wars, an economy rocked by severe recession, a financial system on the verge of collapse, and a government deeply in debt". "The devastation remains," he said. "One in 10 Americans still cannot find work. Many businesses have shuttered. Home values have declined. Small towns and rural communities have been hit especially hard. For those who had already known poverty, life has become that much harder. "I know the anxieties that are out there right now. They're not new. These struggles are the reason I ran for president." He said he would insist on the new jobs bill. " The House has passed a jobs bill... as the first order of business this year, I urge the Senate to do the same." Mr Obama defended the controversial bank bailouts, saying they were necessary to save the economy. "When I ran for president, I promised I wouldn' t just do what was popular - I would do what was necessary," he said. "If we had allowed the meltdown of the financial system, unemployment might be double what it is today. More businesses would certainly have closed. More homes would have surely been lost." But he said the budget deficit had to be tackled. "Starting in 2011 , we are prepared to freeze government spending for three years," he said. President Obama also tackled lobbying. He had openly criticised last week's ruling by the Supreme Court rejecting long-standing limits on how much companies can spend on political campaigns. "I don't think American elections should be bankrolled by America's most powerful interests, and worse, by foreign entities," he said. His words brought a reaction from Supreme Court Justice Samuel Alito, who shook his head and appeared to mouth the words, "No, it's not true". The president also talked about global warming, urging the Senate to "advance" work on climate change, while acknowledging deep disagreement on a bill to cap carbon emissions. On healthcare, Mr Obama said he took his share of the blame for not explaining the situation better. But he said many Americans were losing their insurance, adding: "I will not walk away from these Americans, and neither should the people in this chamber." Military gay law On security, Mr Obama said the war in Iraq was ending and "all of our troops are coming home". He said increased US efforts in Afghanistan would help the Afghans start taking the lead in 2011. International allies had also stepped up their commitment, he said, and would use Thursday's Afghan conference in London to " reaffirm our common purpose". "There will be difficult days ahead. But I am confident we will succeed," he said. Mr Obama also referred to a replacement for the Strategic Arms Reduction Treaty (Start), saying the US and Russia were completing negotiations on the "farthest-reaching arms control treaty in nearly two decades". He also announced he would tackle the controversial law that bars openly gay people from serving in the military. HAVE YOUR SAY Obama's problem is not with his speech-making. The problem is that his policies have been, to date, a complete failure. Gary, Japan He said: "This year, I will work with Congress and our military to finally repeal the law that denies gay Americans the right to serve the country they love because of who they are." He ended the speech with the words: "We don' t quit. I don't quit. Let's seize this moment - to start anew, to carry the dream forward and to strengthen our union once more." The BBC's Richard Lister, in Washington, says it was a sober speech for serious times, primarily devoted to domestic issues. He says the president talked optimistically about the capacity of the American people to endure hardships, and come through stronger, but at times he also sounded defensive, saying he never suggested he could bring the change he promised all by himself. Republican Bob McDonnell said that despite rising unemployment, the Democratic Congress continued "deficit spending, adding to the bureaucracy, and increasing the national debt". "The amount of this debt is on pace to double in five years, and triple in 10 ," he said. "This is simply unsustainable. The president's partial freeze on discretionary spending is a laudable step, but a small one. "The circumstances of our time demand that we reconsider and restore the proper, limited role of government at every level." Republican Senator and former presidential candidate John McCain said he was surprised Mr Obama still wanted to push ahead with a comprehensive healthcare overhaul. "What I thought he would have said was 'Look I hear the message from the Massachusetts election, now let's start over'. Frankly, that would've put the burden on us," he said. Mr Obama's address follows the Democratic Party's loss of a key Senate seat in Massachusetts last week which has deprived them of their filibuster-proof 60- seat majority in the Senate. The loss puts in danger the president's sweeping legislative agenda he set out after taking office a year ago.

Hyundai in profit

2010-01-28T17:08:00.001+07:00

Hyundai has reported a fourfold increase in profits between October and December as government incentives helped to boost car sales. Net profit for the period was 945. 5 bn won ($820 m; £505 m), compared with 243.5 bn won a year earlier. This was considerably higher than analysts had expected. Hyundai's fortunes are in stark contrast with many carmakers across the world that have struggled to cope with falling sales during the downturn. It has benefited from the South Korean government's decision last year to introduce a 70 % cut in taxes for consumers buying new cars. This has boosted sales domestically, but the carmaker has also seen sales in China and India grow strongly.

Airlines suffered record drop traffic in 2009

2010-01-28T17:05:00.001+07:00

International airlines suffered their biggest decline in traffic since 1945 last year as passenger demand fell 3.5 per cent, the International Air Transport Association said Wednesday. Freight also fell, by 10.1 per cent, as ' full-year 2009 demand statistics for international scheduled air traffic ... showed the industry ending 2009 with the largest ever post-war decline,' IATA said in a statement. 'In terms of demand, 2009 goes into the history books as the worst year the industry has ever seen,' said Giovanni Bisignani, director general of the world's biggest airlines' association. 'We have permanently lost 2.5 years of growth in passenger markets and 3.5 years of growth in the freight business,' he added. Passenger traffic had improved in the final months of 2009, after a slump triggered by the financial and economic crisis. In December, passenger traffic increased by 4.5 per cent in December compared to the same month the previous year, and by 1.6 per cent over November, latest IATA data showed. While airlines had continued to cut capacity and flights, yields were still five to 10 per cent below 2008 levels by the end of last year. IATA predicted a slow recovery for cash-strapped carriers. 'Revenue improvements will be at a much slower pace than the demand growth that we are starting to see,' said Bisignani. 'Profitability will be even slower to recover and airlines will lose an expected $5.6 billion in 2010,' she added. The industry association warned last month that airlines faced another turbulent year after they racked up an estimated $11 billion in losses in 2009 despite a recovery in passenger traffic. 'We are ending an Annus Horribilis that rings to a close the 10 challenging years of an aviation Decennus Horribilis,' Bisignani told journalists last month. IATA represents some 230 carriers that account for more than 90 per cent of scheduled air traffic, but does not include most of the budget airlines.

BEPZA urges Toyota to invest in EPZs

2010-01-28T16:54:00.001+07:00

Bangladesh Export Processing Zone Authority has urged Japan's Toyota Tsusho Corporation to invest in the export processing zones in the country. A three-member investment delegation from the TTC, headed by general manager Yasuhiro Miura visited Bangladesh Export Processing Zones Authority office in the city on Wednesday, said a news release. BEPZA executive chairman Jamil Ahmed Khan briefed the delegation members on the activities of BEPZA and present status of EPZs of Bangladesh. He also highlighted the fiscal and non fiscal incentives provided by BEPZA and requested the delegation member to explore the investment opportunity in the EPZs. The delegation members expressed their keen interest to invest in the EPZs, said the news release. AZM. Azizur Rahman, general manager (investment promotion) of BEPZA, was also present at the meeting.

Airlines suffered record drop in traffic

2010-01-28T16:50:00.001+07:00

World airlines suffered their biggest traffic decline since 1945 last year, making 2009 the "worst year the industry has ever seen," and can expect only a slow recovery in 2010 , the International Air Transport Association said Wednesday. Passenger demand fell 3.5 percent while in the freight sector demand was down 10.1 percent. "Full-year 2009 demand statistics for international scheduled air traffic ... showed the industry ending 2009 with the largest ever post-war decline," IATA said in a statement. "In terms of demand, 2009 goes into the history books as the worst year the industry has ever seen," said Giovanni Bisignani, director general of an association that groups the world's biggest airlines' association. "We have permanently lost 2.5 years of growth in passenger markets and 3.5 years of growth in the freight business," he added. Bisignani warned that while the worst appeared to be over with the recovery in the global economic climate, airlines would have to keep their costs reined in during a "Spartan year" in 2010. Passenger traffic improved in the final months of 2009 , after a slump triggered by the financial and economic crisis. In December, passenger traffic increased by 4.5 percent in December compared to the same month the previous year, and by 1.6 percent over November, latest IATA data showed. While airlines had continued to cut capacity and flights, yields were still five to 10 percent below 2008 levels by the end of last year. IATA nevertheless predicted a slow recovery for cash-strapped carriers. " Revenue improvements will be at a much slower pace than the demand growth that we are starting to see," said Bisignani.

Bangladesh Biman gets new look today

2010-01-28T16:47:00.000+07:00

A new-look Biman will show off today as the national flag carrier rebrands to emerge as a commercially viable airline by winning the hearts of domestic and international travellers, officials said yesterday. Prime Minister Sheikh Hasina is expected to unveil the new logo and livery of Biman, which offers promises to improve both the onboard and ground services. The premier is likely to see for herself the two leased aircraft -- Boeing 777-200 ER and Boeing 737-800 -- with the new livery and logo at Zia International Airport, said Muhammad Zakiul Islam, managing director and chief executive of Biman Bangladesh Airlines. The Biman MD said the new livery and modified logo of Balaka will be seen in the aircraft to be inducted in the coming days through lease and purchase. Three leased planes, which are likely to join Biman fleet this year, will get the new look. But DC-10 , Airbus and F-28 planes will bear the legacy of previous look of the 38- year old carrier. Under the rebranding move, Biman comes with the promises of offering what it calls ' hospitability', 'safety', 'reliability' and 'world class' services.

Asian shipping firms faces challenges

2010-01-28T16:40:00.001+07:00

Asian shipping firms face "significant" challenges this year due to weakened earnings and limited access to capital, international ratings agency Fitch said Wednesday. "Weakened earnings, high committed capex ( capital expenditures) and restricted access to capital remain challenges for a number of rated shipping companies," it said in a statement. The majority of the seven Asian shipping companies under Fitch's ratings coverage "will continue to face significant operating and credit challenges in 2010 ," the agency said. Three companies are either on "negative outlook" or "negative rating watch", among them Indonesia's PT Arpeni Pratama Ocean Line and PT Berlian Laju Tanker, and Varun Shipping Company of India. "The oversupply of shipping capacity will continue to exert pressure on shipping rates and utilisation levels in 2010 ," Fitch said. Due to the long time needed to build new ships, the shipping industry is inflexible in terms of its ability to respond to the changing global supply and demand picture, analysts say. "The weak fundamentals in the global shipping markets have even affected domestic revenues of Indonesian and Indian shipping companies that benefit from cabotage laws", Fitch added. Cabotage restricts a nation's coastal trade only to ships belonging to that country.

Japan's exports grow

2010-01-27T16:39:00.000+07:00

Japan's exports grew for the first time in 15 months in December, boosted by demand in Asia and China in particular, official figures have shown. Exports hit 5.4 tn yen ($60 bn; £37 bn), up 12.1 % on a year ago. Shipments to Asia rose by almost a third. The Japanese finance ministry said China had now overtaken the US as Japan's largest overseas market. China is also on the verge of overtaking Japan as the world's second largest economy. Japanese imports fell by 5.5 % to 4.9 leading to a trade surplus for December of 545.3 tn yen. Asian focus Analysts said Japan would continue to rely on Asia to drive its growth in exports. "Most countries around the world are seeing their economies recover but improvements in advanced economies remain fragile," said Takeshi Minami at the Norinchukin Research Institute. "We can't rely too much on strong growth in those countries, so Japanese exports will continue to focus on shipments to Asia." On Tuesday, Japan's central bank kept its key interest on hold at 0.1 % and said the country' s economy would continue to suffer from deflation, or falling prices, for another three years. Japan's economy, which is driven by exports, came out of recession in the April-June quarter last year, but there have been concerns about the strength of its recovery.

Saab will sell to a dutch company

2010-01-27T16:34:00.001+07:00

Sweden's Saab is being sold to Dutch luxury carmaker Spyker, General Motors (GM) has confirmed. GM has been trying to sell Saab since January 2009. Earlier this month, it said it would start to shut down the firm while still looking for a buyer. But GM said wind-down activities would be immediately suspended, " pending the close of the transaction". Spyker sold 43 cars in 2008 , when it posted a loss of $35 m (£21 m). It has yet to make a profit in six years. Spyker has agreed to pay $74 m in cash for Saab, John Smith, GM vice-president for corporate planning and alliances, told reporters. Under the deal, GM would also get $326 worth of preferred shares in Saab. The Swedish government has also agreed to guarantee a 400 million- euro (£349 m; $563 m) loan Saab had requested from the European Investment Bank, which was seen as key to the sale. "Now the deal between Spyker and GM has been finalised, so the government has today taken the decision to give loan guarantees to Saab Automobile," Enterprise Minister Maud Olofsson said. 'Great news' Saab lost 3 bn kronor (£255 m; $412 in 2008 , and has not made a profit since 2001. US group GM rejected an earlier offer from Spyker for Saab in December. Shares in Spyker were earlier suspended on the Amsterdam stock exchange, with the Dutch financial market regulator saying the move was "pending [a] press release" from the company. Its shares were 2.8 % higher before the suspension, after having risen more than 60 on Monday. "Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said GM's John Smith. "General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome," he said.

Yahoo sales fall

2010-01-27T16:31:00.001+07:00

Internet giant Yahoo has posted a $153 m (£95 m) net profit in the fourth quarter of 2009 , but has seen sales continue to fall. The profit figure compares with a $303 m loss in the same period in 2008 , but revenue fell 4 % to $1.7 bn. Yahoo struggled during the global downturn as advertisers trimmed their budgets. The firm cut more than 2 ,000 jobs to try to reduce costs. Shares in Yahoo rose 1 % in after-hours trading in New York to $16.17 ?. "The fourth quarter marked a strong finish to 2009 , which was a transformative year for Yahoo," said chief executive Carol Bartz. "Our business has positive momentum and we feel good as we head into 2010. " For the whole of 2009 , Yahoo made a £598m profit, up 43 % on the previous year.

Toyota suspend 8 model sales

2010-01-27T16:30:00.000+07:00

Toyota has said it will suspend sales of eight of its most popular US models after recalling 2.3 million cars last week over faulty accelerator pedals. The carmaker also said it would temporarily halt production of some models at some US plants at the beginning of February. "This action is necessary until a remedy is finalised," it explained. Last October, Toyota recalled 4.2 million cars in the US because of pedals getting lodged under floor mats. The sales suspension includes the 2007-2010 Camry and Tundra; the 2009-2010 RAV4 Corolla and Matrix; the 2005-2010 Avalon; the 2010 Highlander; and the 2008-2010 Shares in the carmaker fell 2 % on Japan's Nikkei index after the announcement. Suspending sales of eight popular models is a big risk for the world's biggest carmaker, analysts said. "The recall itself won't be a big problem for Toyota's earnings, but suspending production and sales could have a big impact, depending on how long it lasts," said Koji Endo, auto analyst at Advanced Research Japan. Jessica Caldwell at Edmunds.com said: "In this highly competitive market, no automaker, not even Toyota, can afford to stop selling its cars and trucks for long, but perhaps Toyota is banking on the idea that customers will appreciate the priority of their safety in this decision."

Apple will brought a new product in market

2010-01-27T16:27:00.001+07:00

All eyes in the technology world are on Apple as it prepares to unveil its latest creation, amid a swirl of speculation it is a tablet computer. At 1800 GMT on Wednesday the company will hold a news conference in San Francisco to launch the new product. Media and tech blogs have been in overdrive, amid rumours the product will be a keyboard- less tablet device. For weeks, a flurry of photos and videos purporting to show the new device have been circulating. "One never knows what Apple might or might not do on any given Wednesday in January," said Mike Gartenberg, vice-president of strategy and analysis at research firm Interpret. Market winner? "One thing we do know for sure is we are going to see some sort of new device or category of device." The safe money is on the product being a tablet or slate-like computer which traditionally bridges the gap between smartphones and laptops. "The question here is does Apple have a different take on this category? It has to be something that has a reason to exist all by itself and not something that lives between a phone and a computer," Mr Gartenberg told BBC News. Until now the tablet market has been regarded as a middling one with revenue of around $950 m (£597 m). But many industry watchers believe Apple will do for this sector what the iPod did for MP3 players. Apple said it sold 21 m iPods last quarter and, while that represented a drop of 8 % on the previous year, the company boasts a 70 % market share. "Our base case assumes the new tablet adds four million shipments, $3.2 bn (£2.1 bn) revenue and 82 cents of earnings per share in 2010 , but we see potential upside to six million units," said Morgan Stanley analyst Katy Huberty. Interpret's Mr Gartenberg agreed. "Apple is not building products for tens of thousands of enthusiasts. They are building products for tens of millions of customers," he said.

Apple’s profit record rise

2010-01-27T16:18:00.001+07:00

Apple's holiday quarter was especially sweet this year, but Wall Street's response was muted as investors puzzled through an accounting change and lighter-than-expected iPhone sales. Apple Inc. posted its most profitable quarter yet in the October-through- December period after selling twice as many iPhones and 33 per cent more Macintosh computers as the year before. But the company also changed how it accounts for revenue and profit from the iPhone, making it difficult for investors to see at a glance whether Apple lived up to Wall Street's forecast. Shares of Apple crept up less than 1 per cent in extended trading after ending the regular session Monday ahead $5.32, or 2.7 per cent, at $203.07. Apple's shining report reflected the company's ability to lure shoppers without deep cuts to its premium prices, despite tough economic times. The iPhone's rollout in several major new markets, including China and South Korea, helped Apple double sales of the hot gadget to 8.7 million. Still, Shaw Wu, an analyst for Kaufman Bros., was expecting Apple to sell about 800,000 more of the popular smart phone. He attributed the lower number to possible component shortages.

AirAsia will fly five Indian city

2010-01-27T15:51:00.001+07:00

Budget carrier AirAsia said on Tuesday it will launch flights from Malaysia to five major Indian cities in 2010 , with plans to carry two million passengers a year. The new cities are Bangalore, Chennai, Hyderabad, New Delhi and Mumbai. AirAsia already flies from its Kuala Lumpur base to the Indian destinations of Kochi, Kolkata, Trichy and Trivandrum. AirAsia founder Tony Fernandes said the carrier and its Kuala Lumpur hub was being positioned as a gateway between India and the 10- nation Association of Southeast Asian Nations. " AirAsia has well-arrived in the Indian market to change the very definition of low-cost airlines as the India market is booming," he said at a launch function. Transport Minister Ong Tee Keat said the route expansion would help fuel tourism to Malaysia, a Muslim- majority country that is also home to ethnic Indian and Chinese communities. "With the large number of Malaysians of Indian origin, we believe that Indian visitors will find themselves on familiar ground," he said. Fernandes appealed for flexibility from Malaysian authorities, who have tightened visa regulations in an attempt to curb illegal migration, particularly from the southern city of Chennai.

South Africa's tourism

2010-01-27T15:45:00.001+07:00

South Africa's top holiday destination Cape Town weathered a post-recession summer with fewer tourists, but is gearing up to bounce back in 2010 at Africa's first football World Cup. The global economic crisis saw international arrivals to the city drop by up to 12 percent last year, while domestic arrivals fell up to eight percent as South Africa braced its first post-apartheid recession. But industry experts say the country fared better than most, with the World Tourism Organisation (WTO) listing Africa as the only continent to buck negative trends in 2009 with a robust five percent growth. "The world recession really hit us very late," said Calvyn Gilfellan, chief executive of the regional tourism body Cape Town Routes Unlimited. "We are fortunate that our industry hasn't been as negatively affected, but there's nothing to be complacent about. We still need to work hard to ensure that we are on to a road of recovery." Tourism is a top five industry in the Western Cape province which boasts some of South Africa's premier attractions: Cape Town, the Cape winelands, the popular Garden Route and the whale-watching hub of Hermanus. Foreign spending in the region topped 20 billion rand (2.7 billion dollars, 1.9 billion euros) for the first time last year, even though a stronger rand has made South Africa more expensive for foreigners. Domestic tourists brought in a further 4.5 billion rand. "Anything that is happening in the industry is of huge concern for the authorities," said Gilfellan. "It is indeed for us, the goose that lays the golden egg." But even the Cape Town summer -- when long sunny days draw crowds to the city's beaches, mountains and cafes -- did not go unscathed. With summer winding down, foreign arrivals are down six percent and locals three percent during the peak season that runs December 12 to January 13. Part of the visitor drop could be because holidaymakers plan to visit later during 2010 , said Kamilla Swart of the Centre for Tourism Research in Africa, told AFP. "It appears as if some visitors have changed their holiday plans to visit in June/July 2010 instead," she told AFP. "What we will have is another 'high' season, as June and July are generally quieter tourism months in Cape Town." Predictions for the World Cup are "excellent", said Nick Seewer of the Orient-Express group which owns Cape Town's luxury Mount Nelson Hotel. The group, which draws 70-80 percent of business from outside South Africa, reported a healthy summer after knocks during the year. This is despite an overall dip of at least 10 percent among top-end bookings in the province. "We hope that, with a successful World Cup and revitalised world economies... both corporate and leisure travel to South and southern Africa will greatly improve," Seewer said. With a new football stadium wedged between the landmark Table Mountain and Nelson Mandela's Robben Island prison, Cape Town is well-positioned to reap World Cup rewards despite 2010 fixtures ending at a semi-final match. "Cape Town is indeed South Africa's premier destination," said tourism analyst Wolfgang Thomas. "This also explains why it has in the past usually been able to perform better during phases of decline." But he also cautioned on anticipated visitor numbers, which have been tipped as high as 483 ,000 tourists, saying they "may be quite unrealistic". The United Nations' WTO predicts a strong 2010 for African tourism with the World Cup an "extra boost" -- something the industry is banking on. "A lot of people are holding back and wanting to do something in the year of 2010 ," said Gilfellan. "They want to say I've been in South Africa during the historic moment -- for the first time when the World Cup was hosted in Africa."

Hong Kong's exports rising

2010-01-27T15:42:00.001+07:00

Hong Kong's exports rose for the second consecutive month in December, but total shipments in 2009 still recorded a double-digit tumble from the previous year, the government said Tuesday. Orders from around Asia, including India, Taiwan and Indonesia, helped push the city's overseas shipments up 9.2 percent in December with a value of a 224.8 billion Hong Kong dollars (29 billion US dollars), the government said. The rise follows a 1.3 percent year-on-year uptick in November exports. December imports rose 18.7 percent to 258.3 billion Hong Kong dollars, following a 6.5 percent year-on-year increase in November, according to the Census and Statistics Department.

Japan interest rates kept on hold

2010-01-26T21:36:00.000+07:00

Japan's central bank has kept its key interest rate unchanged at just above zero and underlined its determination to overcome deflation. As widely expected, the board of the Bank of Japan unanimously opted to keep interest rates at 0.1 %. It said the world's second largest economy was improving, but further government support was needed to maintain the recovery. The board also said overcoming deflation was a "critical challenge". Falling prices "Japan's economy is picking up mainly due to various policy measures taken at home and abroad, although there is not yet sufficient momentum to support a self-sustaining recovery in domestic private demand," it said. The board added it expected Japan's economy to shrink by 2.5 % in the current financial year, an improvement on its previous estimate of a 3.2 % contraction. It also forecast growth of 1.3 % for the 2010-2011 financial year, up from its previous estimate of 1.2 %. The bank was less optimistic about deflation, saying that prices were likely to continue falling for three years. "The bank recognises that it is a critical challenge for Japan's economy to overcome deflation and return to a sustainable growth path with price stability," it said. Revised outlook Some analysts expressed disappointment at the government's attempts to stop prices falling. "I think deflation will be deeper than they think. I find it very disappointing that the central bank has decided not to change its policy," said Darius Kowalczyk, chief investment strategist at SJS Markets in Hong Kong. "They should expand their quantitative easing policies and be more aggressive, like Western banks were during the crisis." Standard & Poor's credit rating agency also expressed concern about both deflation and the high levels of Japanese government debt. It affirmed the economy's AA rating, but revised its outlook down from "stable" to " negative".

UK economy out of recession

2010-01-26T21:33:00.000+07:00

The UK economy has come out of recession, after figures showed it had grown by a weaker-than- expected 0.1 % in the last three months of 2009. The economy had previously contracted for six consecutive quarters - the longest period since quarterly figures were first recorded in 1955. There have been recent recovery signs - last week, UK unemployment fell for the first time in 18 months. The UK's had been the last major economy still in recession. Europe's two biggest economies - Germany and France - came out of recession last summer. Japan and the US also emerged from recession last year. The weak level of growth took its toll on the value of the pound, which fell against both the dollar and the euro on the money markets. 'Below expectations' "We can say that Britain has just crossed the line in coming out of recession," said BBC chief economics correspondent Hugh Pym. "It [the growth figure] was below analysts' expectations. The figure could be moved down, or indeed upwards."

General Motors will invest in electric car

2010-01-26T21:31:00.000+07:00

General Motors (GM) has announced plans to invest $246 m (£152 m) in the production of electric motors to power electric and hybrid vehicles. GM is currently getting its electric motors from third-party suppliers. "In the future, electric motors might become as important to GM as engines are now," said the carmaker' s vice-president, Tom Stephens. GM said the motors would be built in the US, although it did not say where, and would be ready for use in 2013. "By designing and manufacturing electric motors in-house, we can more efficiently use energy from batteries as they evolve, potentially reducing cost and weight - two significant challenges facing batteries today, " Mr Stephens said. GM plans to launch the Chevrolet Volt hybrid car later this year. It will be a direct competitor to Toyota's Prius, which is the current market-leading hybrid. GM sees electric vehicles as important to reviving its long-term fortunes following its emergence from bankruptcy protection last summer.

Siemens profit up

2010-01-26T21:28:00.000+07:00

German engineering group Siemens has reported a big jump in profits for the final three months of last year, largely as a result of cutting costs. Net income for the quarter came in at 1.53 bn euros ($2.16 bn; £1.33 bn), a rise of 24 % on the 1.23 bn euros recorded for the same period a year earlier. However, overall revenue fell by 12 %, from 19.6 bn euros to 17.4 bn euros. This was largely due to disappointing performance in the industrial sector, where revenue fell by 13 %. Revenue from energy products fell by 10 Challenging year "Earnings for the first quarter provide a gratifying snap-shot of the current situation, " said chief executive Peter Loescher. "The actions we took at a very early stage are now cushioning us from the ongoing repercussions of the global recession." However, the company was cautious in its outlook for the coming year. "Siemens anticipates that conditions in the manufacturing sector and world financial markets will remain challenging in fiscal 2010 " it said. "Following a double-digit decline in orders in fiscal 2009 , we expect only a mid-single-digit percentage decline in revenue in fiscal 2010.

Apple's profit increase

2010-01-26T21:25:00.000+07:00

Apple has announced a 50 % increase in profits after seeing a bumper Christmas period, in which sales of iPhones doubled from a year ago. Net income rose to $3.38 bn (£2.08 bn) in the three months to 26 December, from the $2. 26 bn it made the previous year. Apple said it sold 8.7 million iPhones in the quarter. Sales of Macs also rose 33 %, although iPod sales fell by 8 %. But the results were boosted by a new accounting standard that records revenue at the point of sale. Previously, revenue was deferred over the life of products. On Wednesday, the firm will announce a new product, widely expected to be a touch- screen "tablet" computer. The company has previously used January launches to unveil products including the iPhone and the MacBook Air. Apple shares rose $5.33 , or 2.7 %, to close at $ 203.08 in New York before the results came out. In extended trading the shares rose a further $1.28 to $ 204.36. 'Phenomenal sales' Sales in the first quarter rose to $15.7 bn from $11.9 bn in the same period a year ago. " The new products we are planning to release this year are very strong, starting this week with a major new product that we're really excited about " Steve Jobs, Apple chief executive Sales of the iPhone were boosted by its roll- out in China, the world's biggest mobile phone market. Mac sales rose to 3.36 million during the quarter while sales of iPods fell to 21 million. Analysts were impressed with the results. "It was a very good quarter, as expected. It's a continued sign that Apple has great products that consumers want despite this recession," commented Daniel Ernst from Hudson Square Research. "Mac sales were phenomenal as well... Macs continue to gain share and what's interesting is that it only has 3.6 % share globally so there's a lot of headroom." Apple forecast sales for the current quarter of between $11 bn and $11.4 bn.

Jaguar Land Rover boss to depart

2010-01-26T21:20:00.000+07:00

The chief executive of Jaguar Land Rover, David Smith, is to stand down, the carmaker has confirmed. The firm said his departure was not linked to the recent breakdown of talks with unions over pay and pensions. Jaguar Land Rover, part of India's Tata Motors, is seeking to reduce wages and pension provision for new staff. BBC business editor Robert Peston said Mr Smith's departure would "raise concerns about possible disagreements over strategy". Jaguar Land Rover said director Ravi Kant would now assist with the handover of Mr Smith's duties, and assume the day to day responsibilities of the chief executive role until a permanent successor was announced. The company thanked Mr Smith "for his efforts in the role and for his service to Jaguar and Land Rover over many years". Tata Motors bought Jaguar Land Rover from US group Ford in 2008 for $2.3 bn (£1.4 bn). Proposed changes Talks between Jaguar Land Rover bosses and unions broke down last week after six days of discussions. The talks centred on proposed changes to pay and pensions that the firm announced in September as part of its strategic review. Jaguar Land Rover has offered to guarantee that 8 ,000 full-time staff will be kept on until 2015 in return for cuts to new starters' salaries and pensions. The firm wants to trim the wages of new employees by 20 %, and close its final salary pension scheme to new members. Plant closure Jaguar Land Rover is continuing with efforts to reduce costs after it saw its sales fall by more than a quarter last year. Sales across the firm's two brands declined by 26 % in 2009. Those at Jaguar were down 33 %, while those of Land Rover - including Range Rover - were 23 % lower. However, sales recovered in December, with Land Rover adding 45 % from a year earlier, and Jaguar's rising 5 %. In September, Jaguar Land Rover announced that it planned to cut one of its two factories in the West Midlands - either Castle Bromwich in Birmingham, or Solihull - by 2014.

Toyota Motors glober sales down

2010-01-26T21:14:00.000+07:00

Japan's Toyota Motor Corp said Monday its global vehicle sales fell 13 per cent in 2009 to about 7.81 million vehicles, reducing its lead over Germany's Volkswagen, which enjoyed a record year. It was a dramatic turnaround from 2008, when Toyota ended the 77-year reign of US giant General Motors as the world's top-selling automaker with sales of 8.97 million vehicles, including subsidiaries Hino and Daihatsu. Now Volkswagen, Europe's biggest carmaker, aims to overtake Toyota by 2018 as the global number one. VW has reported 2009 sales of 6.29 million vehicles, up 1.1 per cent from the previous year. Last month it said it would buy 19.9 per cent of Japan's Suzuki for more than $2.5 billion, boosting its global expansion. Toyota — the maker of the Corolla, Lexus and Prius vehicles — was battered by the global economic crisis and fell into the red for the first time in the year to March 2009. It has slashed thousands of jobs. Under president Akio Toyoda — the grandson of its founder — who took the helm in June, it has exited Formula One racing and ended a joint venture with GM. More recently, Toyota's reputation for top-notch safety has been hit by a series of recalls affecting millions of vehicles in the United States and tens of thousands of cars in China.

UK company will invest Dhaka EPZ

2010-01-26T21:12:00.000+07:00

An UK-based company will set up a high fashion garment manufacturing industry in the Dhaka Export Processing Zone. The company, Talisman Limited, will invest $5 million for setting up their unit to produce garment items. It will also create employment opportunity for 1,800 Bangladeshi nationals. An agreement to this effect was signed between the Bangladesh Export Processing Zones Authority and the Talisman Ltd in BEPZA Complex in Dhaka on Sunday. BEPZA member (investment promotion) Moyjuddin Ahmed and chairman and managing director of the company MA Matin signed the agreement on behalf of their respective sides.

Tourism festival begin 30 january in Bangladesh

2010-01-26T21:08:00.000+07:00

A month-long tourism festival is going to be kicked off on January 30, aiming to promote the country's tourism industry during the 11th South Asian Games to be held in Bangladesh. 'We're going to organise the tourism fair at the Public Library coinciding with the South Asian Games,' Bangladesh Parjatan Corporation chairman Hemayet Uddin Talukder told reporters at a press briefing Sunday. The South Asian Games is scheduled to start on January 29 and conclude February 9. The games will be held at 23 venues across the country. As part of the month-long fair, the BPC will arrange various events, including photo exhibition featuring tourism sites, food festival, fashion show and concert. Besides, various tourism organisations will also organise different attractive events like sand-sculpture, beach- football and seafood contest. Terming the festival is a great opportunity for depicting the country's tourism spots, tourism secretary Shafiq Alam Mehedi said the festival will also help send out a message to tourists that Bangladesh is blessed with many attractive tourism sites among the south Asian countries.

Vietnam will develop their larget power plant

2010-01-26T21:04:00.000+07:00

Authorities in energy-hungry Vietnam have approved development of the country's largest thermal power project, worth at least 2.5 billion dollars, the developer said. In a statement Monday, the Vinh Tan 3 Energy Joint Stock Company (VTEC) said its 2 ,000 megawatt project, to be built in southern Binh Thuan province under a build-operate- transfer framework, will use imported coal. The consortium aims to start construction late next year for operation in 2014-15. VTEC is a consortium of CLP Holdings of Hong Kong, Mitsubishi Corp, Electricity of Vietnam and Pacific Corporation of Vietnam.

Philips Electronics see profit

2010-01-26T21:02:00.000+07:00

Royal Philips Electronics NV, the world's largest maker of lights, reported a net profit of 251 million euros ($355 million) for the fourth quarter on Monday, helped by lower one-time charges and by job cuts. The net profit reverses a loss of euro1.18 billion in the same period a year ago, which included 629 million euros in impairment charges on assets. Fourth quarter sales fell 3. 4 percent to euro7.26 billion. Philips has shed 5 ,474 jobs in the past year and now employs around 116 ,000. Chief Executive Gerard Kleisterlee said operating profit margins, excluding restructuring charges, were above 12 percent, their highest level in a decade. Shares rose 4.7 percent in early Amsterdam trading to 21.285 euros. The results "were better than expected on most counts," analyst Eric de Graaf of Petercam Bank wrote in a note on the earnings. Though sales declined at Philips' consumer products and lighting divisions, De Graaf said they were still better than expected, and " margins were better...all across the board."

Taiwan will creat more new job

2010-01-26T21:00:00.000+07:00

Taiwan's President Ma Ying-jeou said Sunday his government aimed to create 100 ,000 jobs this year in a bid to cut the island's unemployment rate significantly. Taiwan's Council for Economic Planning and Development has set a target for lowering the island's jobless rate from just under six percent in 2009 to 4.9 percent this year, a goal that Ma said would be "no easy task." To help achieve that target, "the government will try to create up to 100 ,000 jobs this year, " Ma said during a trip to Hualien, in eastern Taiwan, without providing details of the job- creation scheme. He said there were encouraging signs for employment, including a gradual recovery in the the high-tech and electronic sectors and a consecutive decline in the unemployment rate for the last four months of 2009.

Iran budget will based on oil price next year

2010-01-26T20:57:00.000+07:00

Iran planned next year's budget based on an oil price of $60 per barrel, nearly double the price from the last year, the official news agency reported on Sunday, indicating rising optimism over energy prices. Last year, the parliament approved a budget based on $37.5 per barrel for the fiscal year ending in March, reflecting the steep drop in prices that severely impacted the economy. About 80 percent of Iran's foreign revenue comes from oil exports. Earlier on Sunday President Mahmoud Ahmadinejad submitted the budget to the Iranian parliament for approval, saying more money would be allocated to agriculture, education and research, as well as to the poor. He did not give the size of the budget only saying there was "nothing complicated or untransparent" in it. Iran's parliament speaker Ali Larijani said the amount would be revealed later, according to IRNA. The budget requires approval of the parliament and a constitutional watchdog. Semi-official Mehr news agency, however, said the amount of the budget was about $368 billion, some $89 billion more than the current Iranian year. The report said some $270 billion of the budget is predicted for state banks and public sector companies, a mainstay of the economy.

China airlines in profit

2010-01-26T20:55:00.000+07:00

China's airlines returned to profit in 2009 as traffic rose, fuel prices fell and government policies provided a favourable tailwind, but analysts warn they could face fresh turbulence this year. The country's three biggest carriers -- China Southern Airlines, Air China and China Eastern Airlines -- all suffered heavy losses in 2008 as the global economic crisis struck, but said this month they will be in the black for 2009. The industry as a whole posted a combined profit of 7.4 billion yuan (1.1 billion dollars) in 2009 and passenger volume grew 19.7 percent on-year to 230 million, according to the Civil Aviation Administration of China. But analysts said while the outlook remained solid for 2010 , the airlines would lose steam as the explosive growth in passenger volume slowed, with some travellers opting to stay home and others looking at cheaper forms of transport. "We are generally optimistic about the aviation industry, given the positive fundamentals such as the 2010 World Expo and continued economic recovery," said Chen Huanyu, an analyst at brokerage Guotai Junan in Hong Kong. But he warned the 2009 turnaround was largely underpinned by non-operating profits such as gains in fuel hedging deals and nearly two billion dollars of government aid granted to the top three carriers since late 2008. "We are going to see some uphills and downhills in their earnings in 2010 and maybe the following year," Chen said, noting carriers would be hit with the resumption of payments to an infrastructure fund, halted during the crisis.

Unemployment problem rise in USA

2010-01-24T14:33:00.000+07:00

Unemployment rates rose in 43 states last month, the government said Friday, painting a bleak picture of the job market and illustrating nationwide data released two weeks ago. The rise in joblessness was a sharp change from November, when 36 states said their unemployment rates fell. Four states — South Carolina, Delaware, Florida and North Carolina — reported record-high jobless rates in December. New Jersey's rate, meanwhile, rose to a 33-year high of 10.1 per cent while New York's reached a 26-year high of 9 per cent. Analysts said the report showed the economy is recovering at too weak a pace to generate consistent job creation. 'A lot of states that had started to add jobs (in November) gave up those gains in December,' said Sophia Koropeckyj, managing director at Moody' s Economy.com. Texas and Georgia lost more jobs in December than they had gained the previous month, she noted, while Arizona and South Carolina lost nearly as many as they had gained. That is consistent with nationwide trends. Employers shed a net total of 85,000 jobs in December, the government said earlier this month, after notching a small gain of 4,000 jobs in November. In another nationwide trend, long- suffering states like California and Michigan saw their jobless rates stabilize even as they continued to bleed jobs. That's because thousands of frustrated workers gave up hunting for work and dropped out of the labour force, which means they aren't included in the unemployment rate. California lost 38,800 jobs, the most of any state. But its unemployment rate was unchanged at 12.4 per cent, the fifth-highest in the nation. That's because 107,000 people, or 0.6 per cent of the state's work force, gave up and stopped job-hunting. Michigan shed 15,700 jobs, but 31,000 people left the labour force. That caused the state's jobless rate to fall slightly, to 14.6 per cent from 14.7 per cent. Michigan has the nation's highest unemployment rate.

Global steel output fall

2010-01-24T14:31:00.000+07:00

Global crude steel dropped 8 per cent in 2009, in one of the worst downturns in its history, but analysts expect production to rise around 10 per cent this year as the $500 billion industry slowly recovers. The world produced 1.22 billion tonnes of crude steel in 2009, its lowest level since 1.144 billion tonnes in 2005, figures from the Brussels-based World Steel Association, whose members represent 85 per cent of steel output, showed on Friday. China strengthened its position as the world's top producer, with its production rising to a record high at 567.8 million tonnes. After last year's 13.5 per cent rise in its output, the country now accounts for 46.5 per cent of the world's total production and is set to be the engine of growth once again in 2010. 'Even at a modest growth rate of 8- 10 per cent, the impact on the global industry will be huge,' said John Lichtenstein, global leader of steel at Accenture. 'Global steel production and demand should rise by around 10 per cent in 2010 over 2009, bringing production back to the 2008 level of approximately 1.2 billion tonnes,' he said. Signs of recovery were evident in monthly figures from last year. In December, output rose by 30.2 per cent year-on-year to 106.4 million tonnes although they showed a slight fall compared with November's 117 million tonnes. Macquarie Bank expects crude steel production at 1.365 billion tonnes this year, citing a phase of restocking after a sharp destocking last year, which would boost production. The recovery of steel production and demand is set to vary greatly according to regions and the pace of growth could be faster in the developed world, which has seen falls of over 30 per cent in output last year. 'Mature economies will show a higher recovery rate in 2010, in the range of 12-15 per cent,' Accenture's Lichtenstein said. 'Because the acceleration of growth in the mature economies is from a very low consumption level, it will not be sufficient to close the

Plastic fair begin tomorrow in Dhaka

2010-01-24T14:27:00.000+07:00

The 6th 'Dhaka International Plastic, Packaging and Printing Industrial Fair- 2010' will begin at Bangabandhu International Conference Centre in Dhaka tomorrow for showcasing local plastic goods, raw materials and machinery. President of Bangladesh Plastic Goods Manufacturers and Exporters Association Ferdous Wahed made the announcement at a press conference at the association's Paltan office on Saturday. Speaking on the occasion, 'We are trying to expand the plastic industry sector gradually as the present government has given priority to the trade and commerce sector,' said Ferdous Wahed. The main objective of holding the fair is to bring a opportunity for the Bangladesh plastic industry through developing new alternative sources, he said. Leading plastic technology and manufacturing countries including China, Taiwan, Thailand, India, Vietnam, Korea, Turkey, Austria and host Bangladesh will participate in the fair with their latest plastic items including plastic sack, shopping bag, toys and various household items. Some 200 stalls will be set up in the fair.

China government will help to get employment for college student

2010-01-24T14:23:00.000+07:00

A college diploma is still the ticket to a good job in China, even under the deepest economic slump in decades, the latest official graduate employment rate shows. "Last year, we made all efforts to help the college seniors find jobs and the employment rate reached 87 percent by the end of last year," Yin Chengji, spokesman with the Ministry of Human Resources and Social Security said at a press conference on Friday. The data with the ministry showed that the number of college grads is more than 6.1 million last year and will reach 6.3 million this year. Helping graduates find employment in 2010 is still at the top of the government's agenda, Yin said, adding they will provide employment information and government-funded posts in communities for those unemployed grads. But the large number of graduates this year is posing a great challenge to the authorities in how to help them get employed, he added. Last year alone, in order to increase the graduate employment rate, about half a million government-funded positions were provided to grads, Chen Jianhui, deputy- director of the Chinese Talents Society told China Daily on Friday. "With the efforts taken by the authorities, getting a job for a college grad is not that difficult. For the rest of the unemployed, some of them have impractical expectations for their first jobs," Chen said. Wang Boqing, manager of MyCOS HR Digital Information Co Ltd, said the rate is reasonable, and that many students landed work in the last half of the year. As a senior student majoring in information engineering at Communication University of China, Ai Zeng believes the employment rate among his fellow students who graduated last year could be even higher than 87 percent. "None of my classmates failed to find their bread last year," Ai said.

Malaysian government want to setup textile, electronics and furni ture industries in Bangladesh

2010-01-24T14:19:00.000+07:00

Malaysian government is keen to relocate textile, electronics and furniture industries in Bangladesh for mutual benefit of the two Muslim nations. "A Malaysian business delegation will arrive here soon to carry forward the matter," said president of Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI) Syed Moazzem Hossain at a press conference here. The press conference was organized to disclose key successes of the three-day trade fair titled Showcase Bangladesh-2010 held in Kuala Lumpur on Jan 8-10. Former chamber president Salauddin Quashem, chairman of fair organizing committee MA Salam and other office bearers of the BMCCI were present on the occasion. Hossain described the showcase a successful one and said the entrepreneurs were able to project Bangladesh's potentials in Malaysia. Highlighting achievements of the fair, he said two trade related Memorandum of Understanding (MOUs) on RMG products and electronic banking are among the significant achievements of the trade exposition. During the fair, he said, Malaysian minister of international trade and industry assured the delegation of Bangladesh government of eradicating trade barriers mutually. Moreover, Malaysian high commissioner in Dhaka has expressed his country's interest to invest in Bangladesh's tourism sector, said the BMCCI president. A list of 19 items of Bangladeshi products including jute goods, frozen foods and ceramics already handed over to the Malaysian government for ensuring duty free market access to Kuala Lumpur. Hossain said there are some trade barriers between Malaysia and Bangladesh and Bangladesh could raise its export to Malaysia one billion US dollar if the existing trade barriers with Kuala Lumpur are resolved Malaysia exported goods worth 694 million US dollar to Bangladesh last year while Bangladesh's export stood at only 31.28 million US dollar.

Bangladeshi RMG trade fair in India in april

2010-01-24T14:16:00.000+07:00

Bangladesh is going to hold single country trade fairs of readymade garment (RMG) and textile products for the first time in four Indian big cities in April, which businesspeople see as an icebreaking initiative to increase bilateral trade volume. "Mumbai, Delhi, Bangalore and Hyderabad are the cities where such fairs will be organised," said Abdus Salam Murshedy, president of Bangladesh Garment Manufacturers and Exporters Association. This trade body of Bangladesh and Indian state-run Apparel Export Promotion Council ( AEPC) agreed to organise such a big exposition, following the recent visit of Prime Minister Sheikh Hasina to Delhi. Her entourage included a high profile business delegation, which had BGMEA representation. Business between the two countries among other things came up for discussion during Hasina's January 10-14 official visit to the next door neighbour. BGMEA chief further said, "In connection with organising the fairs, an AEPC team is scheduled to arrive in Dhaka in the first week of February." In another development, India agreed to augment the imports of apparels to 14 million pieces fro 8 million pieces now with a zero tariff benefit every year. Dhaka is entitled to such duty-free benefit from Delhi under a pact for free trade, or Safta (South Asian Free Trade Agreement). During AEPC team's stay in Bangladesh's capital city, it will also visit the BGMEA Institute of Fashion and Technology (BIFT). It, as per an understanding during Dhaka's business team's Delhi visit, may reach an agreement with BIFT to extend technical support in developing innovative fashion and design in Bangladesh's garment items, Murshedy said. Bangladesh will mainly showcase woven ( pants and basic shirts) sweater and knit items in the fairs. "I am hopeful that this time apparel business will pick up with India as it has $27 billion domestic clothing market with 18 percent annual growth rate. India needs to outsource garment items from its neighbouring country, " BGMEA chief said.

Bangladesh Garment Workers want minimum payout 5000 tk

2010-01-24T14:14:00.000+07:00

Bangladesh Garment Workers Unity Council yesterday announced a 90- day programme to press a series of demands, including a raise in minimum wage to Tk 5 ,000 from the existing Tk 1 , 662.50 per month. The two other major demands by the platform of garment workers are amendments to Bangladesh labour law and reversing the move to introduce industrial police. At a press conference at Dhaka Reporters Unity, Towhidur Rahman, president of Bangladesh Poshak Shilpa Sramik Federation, said workers can hardly purchase enough food with the salary they get now. "So, it is our demand to increase the minimum pay to Tk 5 ,000 a month." Meanwhile, Ikteder Ahmed, chairman of Minimum Wages Board, convenes its first meeting today to review minimum pay for garment workers. "I have already informed all the members of the board to attend the meeting," he told The Daily Star. The Minimum Wages Board for garment workers was formed in 2006. Nazma Akter, a member of the board, said the prices of basic commodities almost doubled from 2006. "So, it is a must to review the minimum wages of garment workers for their survival."

Citi officials in Dhaka

2010-01-24T14:11:00.000+07:00

Philip Brown, director (risk) for Citi Micro- finance, arrived in Dhaka yesterday on a four-day visit, says the bank in a statement. During his stay, Brown will meet the bank's major clients in Bangladesh to facilitate the microfinance risk roundtable being held for the first time in Bangladesh. Brown, a member of the Governing Council of the Centre for the Study of Financial Innovation (UK) and the Advisory Council of the Centre for Financial Inclusion (USA), is responsible for developing policies, programmes and risk tools to enable Citi's businesses to commercially engage in the sector. Before moving to Citi Microfinance, he was the risk director for Project Finance and Structured Trade Finance within Europe, Middle East and Africa.

Google co-founder will sale 5m share

2010-01-24T14:09:00.000+07:00

Google founders Larry Page and Sergey Brin each plan to sell five million shares in the Internet giant, a move that would reduce their joint holdings to below 50 percent, according to a filing Friday with the US Securities and Exchange Commission (SEC). The SEC filing said the stock sales, which will occur over the next five years, are part of a pre-determined stock trading plan set up by Page and Brin on November 30 , 2009. It said the Google co-founders currently hold about 57.7 million shares of Google stock, which represents 18 percent of Google's outstanding shares and 59 percent of the voting power. Page and Brin each plan to sell five million shares, which would leave them with approximately 47.7 million shares or 15 percent of Google's outstanding shares and 48 percent of the voting power, the SEC filing said. Although Page and Brin would no longer hold a majority of the voting power, their remaining holdings would allow them to continue to exert control over the Internet search and advertising giant.

Maruti Suzuki profit tripled

2010-01-24T13:57:00.000+07:00

India's leading carmaker Maruti Suzuki reported Saturday its quarterly net profit more than tripled, fuelled by cheap loans and a reviving domestic economy. Maruti, majority owned by Japan's Suzuki Motor Corp, said net profit during the fiscal third quarter soared to 6.88 billion rupees (149 million dollars) from 2.14 billion rupees a year earlier. The figure outstripped market expectations that profit for the three months to December would total about 5.8 billion rupees. The company, which sells about one in two cars in the country, said sales jumped 62.5 percent to 73.34 billion rupees. The car manufacturer attributed the profit increase partly to government stimulus measures aimed at boosting the economy that have put more money into the hands of India's increasingly affluent middle class. "Favourable conditions in the domestic market supported by the government's stimulus package and ease of automobile finance helped achieve good sales," the company said in a statement.