September 1: News pics for the day
September 1: News pics for the day
Hyundai cars are seen ready for shipment at a port in Chennai
Asian auto sales rose strongly in August, benefiting from government moves to encourage purchases of new and cleaner vehicles, though an uncertain US economy and slowing growth in China look set to curb demand.
In China, the world's biggest auto market, passenger car sales jumped almost 60 per cent for the month, a sharp improvement from the sales rise seen in July.
Runaway growth has been tapering in the world's second-largest economy since the second quarter as the government slams the brakes to keep the economy from overheating.
Industry executives and analysts are cautious about the demand outlook for the rest of the year.
A truck passes shipping containers stacked at the Container Terminal at the Cochin Port on Willingdon Island in Kerala
Exports grew by 13.2 per cent to $16.24 billion in July compared to the same period last fiscal, posting growth for the ninth month in a row.
Imports too jumped by 34.3 per cent to $29.17 billion in July compared to the same month last fiscal, according to the official data released today.
During April-July this fiscal, exports posted a growth rate of 30 per cent to $68.62 billion on year-on-year basis. Imports during the April-July period grew by 33.3 per cent to $112.2 billion.
Oil imports in July grew by 4.4 per cent to $7.6 billion, while non-oil imports jumped by 49.6 per cent to $21.5 billion.
The country's trade deficit widened to $12.93 billion in July compared to the year-ago period.
A sign for a BP petrol station is seen in London
BP is to sell its ethylene and polyethylene operations in Malaysia to Petronas for $363 million in cash, continuing a disposal programme as a result of the huge financial cost of the Gulf of Mexico oil spill.
The British oil giant said on Wednesday that it would sell its 15 per cent stake in Ethylene Malaysia (EMSB) and its 60 per cent interest in Polyethylene Malaysia to state owned Petronas, which already operates the two businesses.
\"Whilst these are attractive businesses with strong domestic and regional markets, BP recognizes that Petronas is their natural owner,\" BP said in a statement.
Under the terms of the deal BP will also receive a pre-closing dividend of $48 million from EMSB.
An employee sorts currency notes at a cash counter inside a bank in Agartala
The rupee retreated from a more than one-month low on Wednesday, boosted by firm domestic shares and with losses in the dollar overseas also aiding.
At 2:12 pm, the partially convertible rupee was at 46.895/900 per dollar, stronger than 47.07/08 at close on Tuesday when it had fallen to 47.0950, its weakest since July 22. In August, the rupee declined 1.4 per cent.
The BSE Sensex was trading 0.95 per cent higher, while the index of the dollar versus six majors was down 0.44 per cent. Other Asian currencies also rose versus the US unit.
The yen's rise was tempered on Wednesday as faster-than-expected growth in Australia's economy and a rebound in China's manufacturing sector stabilised shaky equity markets and gave a boost to risk sentiment.
One-month offshore non-deliverable forward contracts were quoted at 47.07, weaker than the onshore s
A man walks past logos of Sony Corp at an electronics shop in Tokyo
Sony, hoping to spur sales ahead of the holiday shopping season, has slimmed down its electronic readers and also given them touchscreen control.
The three new versions of its Reader line also feature an improved screen with better clarity, the manufacturer said on Wednesday.
Sony was first to the market with its Reader in 2006 but has struggled to keep up with rival Amazon.com, whose Kindle e-reader is the top-selling device of its kind, according to analysts. Amazon does not disclose sales data.
In July, Amazon undercut competitors by offering a $139 wireless Kindle. The crowded e-reader market also includes traditional bookseller Barnes & Noble and electronics giant Apple, whose fast-selling iPad device has e-reader functions.
Steve Haber, president of Sony digital reading unit, said the touchscreen was one of the top requests made by consumers, who are wil
Businessmen walk past a bank's signboard advertising its foreign currency exchange centre in front of the bank in Seoul
As US companies shed millions of workers during the recession, the CEOs who laid off the most people brought home pay that was significantly higher than that of their peers, a study released on Thursday found.
The CEOs of the 50 US companies that laid off the most workers between November 2008 and April 2010 were paid $12 million on average in 2009, or 42 per cent more than the average across the Standard & Poor's 500, according to a study by the Institute for Policy Studies, a Washington think tank.
The companies in the list range from ones that were hard hit by the slump, such as General Motors and Citigroup Inc, to better-positioned businesses including Verizon Communications Inc and Caterpillar Inc.
The cuts also came at a time when the companies were increasing profit -- 72 per cent of companies announced
An investor sits in front of an electronic board displaying live market data at a stockbroker's office in central Bangkok
World stocks kicked off September on a stronger note on Wednesday as data showed a manufacturing rebound in China and stronger-than-expected growth in Australia, while the yen held near recent 15-year peaks against the dollar.
China's manufacturing sector staged a moderate rebound in August after slowing for several months while Australia's economy grew at the fastest pace in three years last quarter.
The strong readings from Asia helped offset concerns that the US economy is slowing to an extent that would force the Federal Reserve to embark on a policy of unconventional easing.
\"After what could be considered a washout August, September is starting with a flourish,\" said Ben Potter, research analyst at IG Markets.
The MSCI world equity index rose 0.3 per cent, moving further away from a seve
A labourer works in a ferrochrome factory at Bharibramna, 20 km west of Jammu
Nomura said on Wednesday it had upgraded India's Sterlite Industries to \"buy\" from \"neutral\", following a recent fall in its share prices.
The non-ferrous metals producer is down more than 28 per cent in the year to date, while the main BSE Sensex is up more than 3 per cent.
\"We believe the market has over-reacted to the Vedanta-Cairn deal and the loss of mining assets at Niyamgiri,\" Nomura analysts said in a note.
\"In our opinion, the fundamentals of Sterlite remain unchanged. The company is not involved in the Cairn India acquisition.\"
At 1:58 pm, Sterlite shares were up 2.1 per cent at Rs 154.2 while the main index firmed 0.9 per cent.
A salesman arranges gold necklaces at a jewellery shop in Agartala
India gold buying remained weak for a third session on Wednesday, as prices traded near the record high, deterring buyers from placing new orders, dealers said.
\"There is no much demand at these levels, traders are a bit nervous before prices hit new record,\" said a dealer with a state-run bank, which deals in bullion.
Gold futures was trading 0.03 per cent lower at 19,128 rupees per 10 grams at 1:24 p.m., after hitting a high of 19,142 rupees, nearing the previous record high of Rs 19,198 struck on June 8.
\"There has been a rise of $15 in prices since yesterday, any fall of about $10 could bring in small-ticket buyers,\" said a dealer with a private bank.
The Microsoft logo hangs from a window during the grand opening of Microsoft's first retail store in Scottsdale, Arizona
Software giant Microsoft Corp is looking for a partner in China to help the company play a major role in China's internet search market, Wall Street Journal said.
Simon Leung, Microsoft's Chief Executive for greater China, told the Journal in an interview that the company plans to invest about $100 million in Chinese companies.
Leung told the paper that Microsoft will target companies in sectors including software, cloud computing and possibly even gaming.
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