Apple prevents Galaxy sales in EU

Apple has been granted a temporary injunction preventing Samsung Electronics from selling iPad tablet computer rival Galaxy Tab 10.1 in the European Union, except the Netherlands. An Apple spokeswoman confirmed the ruling had been made by a court in Germany, after Apple argued the Korean firm had infringed its patents. It is the latest setback for Samsung's launch of the Galaxy. The Galaxy's Australian release has been delayed due to a similar lawsuit. Apple is also seeking a court order to temporarily block sales of the tablet computer in the US until patent claims are resolved. Analyst Tony Cripps said he expected the temporary injunction to have a short-term effect on sales of the Galaxy 10.1 Tab, which is "set to be among the strongest threats to the iPad's current dominance of the tablet market".
----------BBC ONLINE

China manufacturer China CNR recalls 54 bullet trains

Chinese state-owned train manufacturer, China CNR, will recall 54 bullet trains, as problems continue to plague the industry. The particular models were used on the Beijing-Shanghai high-speed rail line, the firm said in a statement. The announcement comes a day after officials placed a temporary halt on all new high-speed rail projects. The government continues to face public fury over a crash that killed 40 people last month. The incident, which took place on a separate high-speed rail line near Wenzhou, lead to allegation of mishandling on the part of authorities and has called the country's flagship project into question. This after the rail link between Shanghai and Beijing had already run into delays because of power cuts and technical reasons after it was launched in June. The State Council said on Thursday that safety checks would be carried out on existing lines, speed limits would be enforced and the safety of all new projects would be re-evaluated before being approved. "We will suspend for the time being the examination and approval of new railway construction projects," the council said in a statement. However, the council also said: "China will unswervingly continue its development of high-speed railways."
----------BBC ONLINE

Four EU nations ban short-selling on banking stocks

France, Italy, Spain and Belgium have banned short-selling on the shares of banks and other financial companies. It follows sharp gains and losses in bank stocks in recent days, especially in France, on fears about their exposure to eurozone government debt. Societe Generale has been the worst affected by the volatility, being forced on Wednesday to deny that its financial stability was at risk. Short-selling is when traders profit from bets on the fall in a share price. It has been blamed for increasing recent market instability. Short-sellers usually borrow shares or bonds, sell them, then buy them back when the stock falls - pocketing the difference. "Naked" short-selling is when a trader sells financial instruments he has not yet borrowed. All forms of short-selling are included in the ban.
----------BBC ONLINE

World oil prices turn higher

Crude prices turned higher in Asian trade Thursday on bargain-hunting following recent sharp falls due to worries about the state of the US and European economies, analysts said. New York’s main contract, light sweet crude for delivery in September, was up 46 cents to $83.35 per barrel in afternoon trade. Brent North Sea crude for September delivery advanced 53 cents to $107.21. Oil prices had tumbled in morning trade following a steep decline in global markets, prompting investors looking for cheaper prices to get into the fray. But analysts said the overall trend remained subdued because of the gloomy outlook for the world economy. ‘I think markets are being weighed down by global equities markets... market sentiment is still uncertain as to what’s going to happen in Europe and the US,’ said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore. US stocks plummeted over four per cent Wednesday, more than wiping out a rebound as European debt troubles and worries of a new US recession kept investors nervous. The Dow Jones Industrial Average closed down 519.83 points (4.62 per cent) at 10,719.94, reversing its 430-point gain on Tuesday, and the broader S&P 500 fell 51.77 points (4.42 per cent) to 1,120.76. The tech-heavy Nasdaq lost 4.09 per cent, or 101.47 points, to 2,381.05. Asian stock markets mostly fell on Thursday but were off their earlier lows in the afternoon as traders went bargain-hunting.
----------NEWAGEBD ONLINE

Bangladeshi PM disclose new currency notes in the market

Bangladesh Bank on Thursday released new currency notes of Tk 2, 5, 100, 500 and 1,000 denomination with the portrait of the country’s founding president Sheikh Mujibur Rahman. The new notes were formally released by prime minister Sheikh Hasina at a function at the prime minister’s office, marking the completion of 40 years of national independence. The new Tk 2 currency bears the signature of finance secretary Mohammad Tareq while the currencies of other denominations have the signature of Bangladesh Bank governor Atiur Rahman. Briefing newsmen after the function, prime minister’s press secretary Abul Kalam Azad said the existing paper currencies of the same denominations will also remain in circulation as usual. Speaking on the occasion, prime minister Sheikh Hasina described the introduction of the new paper currencies with the portrait of Sheikh Mujibur Rahman and depicting the national history and culture as a historic occasion. Appreciating the designs and contents of the currency notes, she said these currency notes will also be helpful for identification by the visually impaired people. Reiterating her government’s firm commitment to free people of poverty, Hasina vowed to expedite socioeconomic development across the country. ‘We all have to work hard unitedly so that people of villages enjoy the fruits of national development and can feel they are part of the development,’ she said. Finance minister Abul Maal Abdul Muhith, Atiur Rahman, and eminent artist Qaiyum Chowdhury also spoke on the occasion. Prime minister’s advisers H T Imam, Alauddin Ahmed, Mashiur Rahman, Gowher Rizvi and Syed Mudasser Ali, principal secretary MA Karim and prime minister’s office secretary Mollah Waheeduzzaman were, among others, present.
-----------NEWAGEBD ONLINE