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Asian shares subdued, nerves frayed ahead of US jobs

SYDNEY: Asian markets steadied on Friday as Japanese shares recouped early losses, though investors were pensive ahead of jobs data that could make or break the case for an imminent scaling back in US stimulus. Defying a soft finish on Wall Street, Tokyo’s Nikkei edged up 0.2 percent in morning trading, recouping a little of the 3.6 percent loss suffered ... Read More »

HTC ‘One Mini’ faces UK ban after court ruling on patent infringement

LONDON: HTC Corp will have to stop selling its One Mini smartphone in Britain from December 6 after a British court ruled the Taiwanese company had infringed patents owned by Finnish rival Nokia. Justice Richard Arnold of the England and Wales High Court on Tuesday granted Nokia a final injunction to stop HTC from continuing to infringe upon a European ... Read More »

EU fines six financial institutions record 1.7 billion euros

BRUSSELS; EU antitrust regulators fined six financial institutions including Deutsche Bank, Royal Bank of Scotland and Citigroup a record total of 1.71 billion euros (1.4 billion pounds) on Wednesday for rigging financial benchmarks. The other banks penalised are Societe Generale, JPMorgan and broker RP Martin. “What is shocking about the LIBOR and EURIBOR scandals is not only the manipulation of ... Read More »

Asian shares retreat as Fed taper talk returns

TOKYO: Most Asian shares slumped on Wednesday as the prospects of a reduction in the US Federal Reserve’s stimulus early next year prompted investors to cash in gains from their recent rallies. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7 percent to its lowest levels in almost two weeks while Japan’s Nikkei share average dropped 2.6 percent from ... Read More »

State Bank tightens security at its Karachi offices

“In view of the deteriorating law and order situation in Karachi, the State Bank of Pakistan has beefed up security,” the central bank said in a statement. The statement said that entry for the general public to Banking Halls of State Bank of Pakistan, SBP BSC Karachi and North Nazimabad Offices shall only be allowed on production of original CNIC. ... Read More »

With gold scarce, wedding buyers in India recycle jewellery

MUMBAI: Faced with high premiums to secure scarce supplies of gold, relatives and guests at Indian weddings are having their old heirlooms melted down to be reused as traditional presents. Along the narrow lanes of Mumbai’s historic Zaveri jewellery bazaar, many shops display placards saying “we buy old gold jewellery”, tempting buyers who face a $125 an ounce premium over ... Read More »

LPG price goes up by Rs46/kg

According to spokesman for the LPG Association of Pakistan, the price of the domestic cylinder has increased to Rs542 while commercial cylinders’ price mounted to Rs2082. Reports said that the association did not get approval from OGRA in this regard. Meanwhile, LPG Distributors Association Chairman Irfan Khokhar termed the price hike as illegal. Read More »

Japan shippers plan to order 90 new LNG tankers worth $17.6 billion by 2020

TOKYO/SINGAPORE: Japan’s top shippers plan to order around 90 new liquefied natural gas (LNG) tankers worth about 1.8 trillion yen ($17.61 billion) by 2020 as they gear up to transport rising volumes of the super chilled fuel from North America and Australia. The expansion plans reflect rising LNG demand in nuclear-free Japan to generate electricity and also in other Asian ... Read More »

Oil drops below $111 on high U.S. output, inventories

CALGARY: Brent oil fell below $111 per barrel on Thursday, weighed down by a bigger-than-expected rise in U.S. crude stockpiles, although Libyan supply disruption kept prices supported. Brent crude fell 46 cents to $110.85 a barrel by 1810 GMT. It is still up nearly 2 percent in November, and around $8 above its low for the month. U.S. oil fell ... Read More »

State Bank suspends exchange company’s license

KARACHI: The State Bank of Pakistan on Thursday suspended with immediate effect the license of M/s Gohar Exchange Company-B (Pvt) Limited till further orders on account of violations of State Bank’s rules and regulations. “The said exchange company, its head office and branches have been debarred from undertaking any kind of business activity during the suspension period,” the central bank ... Read More »

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