June 13: The day in pictures
June 13: The day in pictures
Models pose with Samsung Electronics' new smartphone Galaxy S II at the company's headquarters in Seoul
Samsung Electronics Co Ltd will become the world's largest smartphone maker this quarter, overtaking struggling Nokia Oyj which has lead the market since 1996, Nomura said on Monday.
In the next quarter Nomura also sees also Apple Inc overtaking Nokia and pushing it to the third-highest place in rankings.
"In 1996 Nokia launched the Communicator and the smartphone market that it has led in unit terms ever since. After about 14 years at the top, Nokia looks set to relinquish its smartphone crown," Nomura analysts said in a research note.
Nokia has lost initiative in the smartphone market to Apple's iPhone and Google Inc's Android devices, and at the lower end, to more nimble Asian rivals.
Free cash withdrawals are advertised outside a HSBC bank in the city of LondonHSBC Holdings will run down its $33 billion US credit card business if it cannot find a buyer, the bank's chief executive said on Monday, part of efforts to slash costs and cut back on retail banking.
CEO Stuart Gulliver said he was upbeat in the medium term on the economy in the United States but that the card business there did not make strategic sense.
"If we can't find a buyer we will put it into rundown," Gulliver told reporters on the sidelines of a World Economic Forum event in Jakarta, adding the review of the card business was still ongoing.
Europe's largest bank said last month it aimed to slash up to $3.5 billion in costs and cut back in retail banking, to lift its return on equity. As part of this it is deciding whether to keep its US card business, where its customer base is not linked to the rest of the group.
A man looks at a screen displaying stock prices in TokyoWorld stocks fell to a 12-week-low on Monday as Chinese data highlighted concerns about weaker global growth momentum, prompting investors to unwind positions in higher-risk assets and buy government bonds.
The euro was a touch lower, weighed down by the lack of progress on how to get commercial banks involved in a second bailout for Greece.
Chinese stocks ended at a 4-1/2-month low, hit by worries about the impact of monetary policy tightening in an economy which is a key driver of world growth.
China's money growth slowed to a 30-month-low in May and banks extended fewer new loans than expected, while exports to the United States and EU hit their weakest since late 2009.
Uncertainty over future US monetary policy after the Federal Reserve's $600-billion bond buying programme ends this month also added to investor aversion to taking on more riskier assets, especially going into the th
Reliance Industries KG-D6's floating production storage and offloading (FPSO) vessel is seen off the Bay of Bengal
The Comptroller and Auditor General (CAG) has criticised the oil ministry and upstream regulator for allowing some explorers to overstate costs of field developments and explore beyond their contracted areas, newspapers reported on Monday.
The CAG's report said Reliance Industries had inflated development costs on its D6 block in the Krishna-Godavari basin, according to the reports in two major Indian newspapers.
The CAG also cited a joint venture of Reliance with BG and ONGC for hiking development costs in the Panna-Mukta and Tapti gas fields, the newspapers added.
The CAG report also said Cairn India Ltd had been allowed to explore additional areas not stipulated in its contract for the RJ-ON-90/1 block, said one of the newspapers.
Both newspapers said the CAG report focused on Reliance.
A woman walks past the Essar headquarters building in Mumbai
Conglomerate Essar Group plans to acquire more coal and iron ore assets in Indonesia, Australia and Africa as it seeks to meet robust demand in India, Bloomberg reported citing Chief Executive Officer Prashant Ruia.
The company is looking at investing overseas to access natural resources, Ruia told Bloomberg TV in an interview at the World Economic Forum on East Asia in Jakarta.
Essar Group could not immediately be reached for comment.
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