August 25: Snapshots for the day
August 25: Snapshots for the day
A jewellery shop owner counts gold bangles before putting them in a locker, after displaying them to a customer at a jewellery shop in Kolkata
Gold consumption is set to stay strong in 2010, with India and China providing the main thrust to demand growth and investment increasing, the World Gold Council said in a report released on Wednesday.
The WGC said in its second-quarter Gold Demand Trends report that it believes a retreat in prices from the record $1,264.90 hit in June, better seasonal demand for the metal and a more neutral speculative picture all bode well for demand.
The WGC said the major Asian economies, China and India, are set to be the driving force behind gold demand, especially for jewellery.
The WGC said in the report that an argument could now be made that Indian demand was in recovery, as the per centage change in jewellery demand in the year to end June versus the previous twelve months continued to improve.
A Yahoo! sign is seen in New Yorks Times Square
Internet firm Yahoo Inc said it has completed the transition of its US and Canadian English-language search capabilities to Microsoft Corp's Bing platform.
Yahoo web, image, and video search experiences on both desktop and mobile devices are now powered by the Microsoft platform in the US and Canada, with more markets to come, said Shashi Seth, senior vice president of Yahoo search products, in a blog post.
Satya Nadella, senior vice president of Microsoft's Online Services Division, said the company is now working on the migration to adCenter -- a pay-per-click advertising platform -- and is optimistic about completing this phase later this year.
Both Bing and Yahoo lag behind market leader Google Inc in the Internet search business. They have formed a partnership to increase their combined market share to win more ad search dollars.
In July 2009, Yahoo and Microsoft sig
A man walks past a DP World sign in Dubai
Dubai World plans to sell its prized assets over a period of eight years to generate as much as $19.4 billion to pay off creditors burned by its overambitious expansion, according to a restructuring document obtained by Reuters on Wednesday.
The state-owned conglomerate told creditors at a July 22 meeting, held at Dubai's lavish Atlantis Hotel, that its capital structure was inappropriate and needed \"urgent\" restructuring, according to the document handed out at the meeting.
Dubai World, the conglomerate with investments in global luxury hotels to theme parks, said in the document asset disposals over an eight-year period will help generate up to a maximum of $19.4 billion, while similar sales based on current prices would be worth a maximum of $10.4 billion.
It projected mid-point disposal proceeds of $17.6 billion.
Dubai World is restructuring billions of dollars in debt. The g
An investor reacts in front of an electronic board showing stock information at a brokerage house in Huaibei, Anhui province
The yen eased from a 15-year high on Wednesday on a report that Tokyo was considering weakening its currency, while world stocks fell for the fifth day on concerns over the global economy sliding back into recession.
However, a better-than-expected German business sentiment reading from think tank Ifo helped lift European shares into the black.
Crude prices also bounced from a seven-week low as investors looked for relief in US durable goods and oil inventory reports due later in the day, though safe-haven gold prices steadied.
Nikkei business daily reported Japan's Ministry of Finance may consider unilateral yen-selling market intervention if speculators drive up the currency. The dollar has lost nearly 9 per cent against the Japanese currency this year.
Finance Minister Yoshihiko Noda reinforced th
A tourist poses for a photo in front of the Merlion, a mascot of Singapore, and the financial district skyline in Singapore
Office rents in key Asian markets such as Shanghai and Singapore are expected to rise this year due to healthy economic growth and improving business sentiment, global property services firm Jones Lang LaSalle said.
Hong Kong, Shanghai and Singapore are seen leading the recovery in Asia, with rental increases of between 10 to 20 per cent in 2010, while growth momentum will likely pick up in Tokyo and some Indian cities starting in 2011, it said in a statement on Wednesday.
\"Rents are nearing or past the trough in most regional markets with residual declines in a few centres,\" Jane Murray, Jones Lang LaSalle's head of Asia Pacific research, said.
\"With hiring activity now resuming in many markets, expansion demand is expected to strengthen as occupiers position for future growth,\" Murray said.
Naina Lal Kidwai, HSBC country head for India, speaks during an interview with Reuters in Mumbai
UK lender HSBC Holdings plans to beef up its investment banking operations in India, leveraging its balance sheet to help it grow in a deal-making market that is both fast-growing and fiercely competitive.
HSBC aims to add about a dozen staff to its roughly 80-strong investment banking unit in India over the next year, building both its M&A advisory and equity capital markets businesses, Naina Lal Kidwai, country head for India, said in an interview.
\"We are well capitalised in the country already, we have the liquidity and we have the risk appetite to actually grow this business,\" said Kidwai, who was recently appointed to the board of the bank's Asia-Pacific unit.
In India, Europe's biggest bank has not typically been a top-tier player in M&A advisory and equity underwriting, although it ranks fourth on the M&A league tables in 2
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