Astounding Foreign Buy Worth $16.47m

Karachi, Pakistan Business News: Given that the net purchases by foreign investors had been sagging around $2 million a day and that for all of last month (August), overseas investment in equities happened to be worth just about $41 million, the net purchase of staggering $16.47 million by foreigners during a single day on Monday, seemed astounding.

The phenomenon, nonetheless, was explainable. Aside from the normal overseas investors' net purchase of $1.1 million, the big block of transaction of 291 million shares took place "off-market" in Atlas Bank Limited.

Traders with elephant memory and analytical skills were quick to fathom that it all represented the settlement of the acquisition deal of Atlas Bank.

Exactly a year ago, the bank had entered into an agreement with Surror Investments Limited ― owned by a Dubai group ― for sale of 58.31 per cent shares in Atlas Bank.

The announcement at the stock exchange at the time had stated the sale-purchase agreement with the Atlas Group shareholders to have taken place at Rs4.50 per share.

The foreign purchase of 291 million shares in Atlas Bank on Monday, accounted for 58.31 per cent of the paid-up stock in the Bank, done at the agreed price of Rs4.50 per share.

At this time last year, Suroor Investments had unfolded plans of completion of merger of the three banks under their control: Arif Habib Bank; Mybank and Atlas Bank by the end of Oct 2010.

Earlier on July 7, this year, Hussain Lawai, President & CEO of Suroor had taken over that office also in Atlas Bank, which it then said: "marked the first step towards the merger of the three banks."

The name of Arif Habib Bank already changed to "Summit Bank," would extend to the proposed new three-bank merged entity.

Oddly enough, on the ready market at the stock exchange, trading took place in only 46,605 shares of Atlas Bank, at a deeply discounted price of Rs1.61 for the stock of par value of Rs10.

Analysts and traders, however, cautioned investors not to be carried away by the "off-market" deal of the majority stake change of hands on Monday, for the Surror acquisition agreement at Rs4.50 per share had taken place in the distant past, when the stock price was that strong. n

Asif Ali Zardari Seeks Comprehensive Edible Oil Policy

Pakistan Business News, Zardari on Friday asked the government to formulate a firm edible oil policy so as to eliminate dependence on imported oil as soon as possible. The current edible oil import bill of $ 1.5 billion a year is constantly rising making it critical for us to produce indigenous edible oil which will also generate thousands of new jobs and revitalise overall economic activity", he observed.

The President said this during an interactive session with other stakeholders, members of the Sindh Chamber of Agriculture and the Sindh Abadgar Board held in Bilawal House here to brainstorm measures for rehabilitation of agriculture destroyed during the floods.

The meeting was attended by Sindh Chief Minister Syed Qaim Ali Shah, Federal Agriculture Minister Nazar Gondal, provincial ministers and senior government officials.

Briefing journalists, the spokesperson to the President Farhatullah Babar said the President also asked the government to prepare a package of incentives for the farmers to grow sunflower for indigenous production of edible oil.

The interactive meeting was informed that sunflower was the most important crop for edible oil extraction as its seed contained over 40 percent oil, having an early maturing quality, needing small quantities of irrigation water and is also drought resistant.

The meeting was informed that Kacha areas and uplands of irrigated areas can be vacated early for sowing rabi wheat crop. However, in low lying irrigated areas which cannot be vacated early the sowing of sunflower was the best option.

President Zardari also advised to consider the proposal of giving interest free loan of Rs ten thousand per acre to the worst hit farmers for a period of ten years. At the same time he asked the farmers to consider waiving the loans of haris to enable them to return to their homes and work with peace of mind to rehabilitate the devastated agricultural landscape. He said that the haris had to be given incentives to return to the lands and asked the provincial government to hold meetings with landowners to address the issue in consultation with them.

The President asked the Federal Food and Agriculture Minister Nazar Muhammad Gondal to firm up strategy and plans for sunflower sowing in the province in consultation with Sindh Agriculture and Irrigation Ministers and representatives of Abadgar, Sindh Chamber of agriculture and other stake- holders. The Federal Agricultural Minister will stay in Karachi for a while to sort out the issues.

President Asif Zardari also reiterated his call urging the well to do and affluent people to play their role by paying a one-time surcharge for flood relief and rehabilitation efforts.

He said that a decision on surcharge had finally to be taken by respective provincial assemblies in case of provincial subjects and by the National Assembly in the case of federal subjects but asked them to keep in mind that international community will generously help the flood victims provided our own people took the load in this regard.

At a time of national calamity like this let our well to do people share their bounties with their grief and poverty- stricken brethren, he said. b

The Canopy Yishun Ec

Latest News Update About The Canopy Yishun Ec: Developer MCC Land is launching its first residential project, The Canopy executive condominium (picture), in Yishun this weekend. The 99-year leasehold project has 406 units and offers a full range of condo facilities. The EC has two-, three- and four-bedroom units ranging from 872 sq ft to 1,410 sq ft in size. It also boasts 22 penthouses of between 2,088 and 2,239 sq ft each.

Prices are expected to range from $600 to $700 per sq ft on average, according to marketing agent CB Richard Ellis.

MCC Land said the Yishun Avenue 11 project had been attracting a lot of interest from potential buyers.

“The apartment sizes are relatively larger than previous EC projects. With its affordable pricing, we are confident that The Canopy will attract a lot of interest,” said Mr Tan Zhi Yong, managing director of MCC Land.

Applications are open from tomorrow to Oct 13 and bookings will start from Oct 16.

The Canopy will be the second EC launched in less than a month. Frasers Centrepoint Homes launched Esparina Residences last Thursday.

ECs are making a comeback after five years, with the government ramping up flat supply to meet demand from middle-income home buyers. r

Global Logistics Properties Ipo

Latets News Update About Global Logistics Properties Ipo: I will update this when the public tranche is out. The information below is what i saw from the ‘bookbuilding’ tranche which i believe the demand is really hot as they will be closing the bookbuilding period earlier than indicated. So in essence, just hoot it and then decide if you want to run later.

The indicative price range is from $1.78 to $1.96 per share at the PB range of 1.03x to 1.09x. The market cap post IPO will be $8.022 billion to $8.833 billion. (to be updated again).

Business Standard

Business Standard: And so it came to pass that on the 55th day ― 55 days, that is, after firing its chief executive, Mark V. Hurd, for playing footsie with a consultant and fudging his expense accounts ― the board of directors at Hewlett-Packard (HPQ) proudly announced it had found a new man to lead the company out of the wilderness.

His name is Léo Apotheker, a suave European ― how many American C.E.O.'s have an accent aigu in their name? ― who had spent most of

Economic Downturn

Latest News Update About Economic Downturn: As the financial markets are melting down, people are terrified to put their money in any investment vehicle. Even the smartest and bravest investor will cower down and tightly hold his money as he watches major corporations fall down. Since people dona??t know what do with their money, they started tuning in to CNN with the hopes of receiving professional financial advice.?? Some of it may be sound advice while some are considered too risky at this point in time. To be honest, knowing where to invest really depends on what your risk tolerance is. But fortunately, there are some investments that cater to all kinds of investors. Here are five good bets for your investment endeavors in the midst of this crisis.

Savings account or certificate of deposit (CD)

They say cash is king. While waiting for that perfect investment opportunity, consider hiding your money in a savings account because it gives you a return. What better way to store cash that can be easily liquidated than in a savings account? Therea??s a double benefit; storing and earning. Presently, savings accounts from ING provide an annual yield of 2.75%. This rate may appear to be small, but it can provide you large sum if you have a large principal. Further, some companies provide larger interest rates, ranging from 3% to 5% on a 12-month CD.

Exchange traded funds

Investing in Exchange traded funds (ETF) is another safe way for you to create a diversified portfolio. Purchasing an ETF is similar to buying a share, but the concept is rather different. A stock represents ownership of one corporation, while an ETF represents the whole index such as the S&P500 or Dow Jones. As a result, an ETF gives you immediate and total diversity. This is considered a safe bet because predicting an index is easier than keeping track of one corporationa??s performance. Also, economic downturns can provide more predictable movements of an index, as the corporations that represent the index move in similar patterns. You can purchase ETFs from leading brokers such as Zecco, TradeKing, Scottrade and Marsco.

Corporate bonds

Bonds, in general, carry less risk than any type of investment because a bond is commonly referred to as a a??promise to paya??. Bonds give significantly less yield, which is why corporations issue bonds during difficult times because they are easier to pay. A popular choice among this type of investment is the Investment Grade Corporate Bond Fund. This fund will give you a broad and diversified financial involvement with several major corporations such as Wal-Mart, IBM, Time Warner, and Johnson & Johnson. This bond fund pays dividends on a monthly basis and it current yield is 6.5%. ?

Mutual funds

This option may raise a few eyebrows, but investing in mutual funds is never a bad type of investment because they are professionally managed and diversified in such a way that the good investments can make up for the bad ones. The idea of a mutual fund is to balance the invested fund in stocks and bonds. There are plenty of great fund managers with brilliant track records. These include CGM Realty Fund and the CGM Focus Fund. Both are managed by investing legend Ken Heebner. You cana??t go wrong when Ken Heebner is handling your money.

About the Author:

If you have ever taken out any payment protection insurance it may have been mis-sold and you could be entitled to claim it back. Real Claims specialises in PPI Compensation Claims and can help you claim your money back. Alternatively if you face financial troubles Wilson Field offer free Debt Management Advice.

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Icici Bank Singapore

Latest News Update About Icici Bank Singapore: Singapore Mercantile Exchange has announced that the Singapore branch of Indian Bank ICICI Bank has come on board as a Special Clearing Member (SCM) of the Exchange. It is the first time that an Indian bank’s branch in Singapore is clearing and settling futures contracts for an exchange based in Singapore. This is in addition to ICICI Bank’s previous appointment as Settlement bank for SMX.

Eng Keat Lee, International Director – Asia Pacific of the Singapore Economic Development Board, said “We are delighted that ICICI has chosen Singapore to be the first location for an Indian bank to clear and settle future contracts for an exchange outside India. This will enhance Singapore?s risk management infrastructure and further strengthen Singapore?s growing position as a regional and global trading hub for the commodities industry.”

Framroze Pochara, Executive Director of SMX and CEO of SMX Clearing Corporation., said: “The appointment of ICICI Bank as a Special Clearing Member of SMX is a significant move for both parties. ICICI Bank’s bold move to step out to be the first Indian clearing bank for an offshore exchange, speaks volumes about its ground-breaking position in the marketplace and SMX as a world-class exchange for derivatives trading during the Asian time zone.”

Chanda Kochhar, Managing Director & CEO, ICICI Bank Limited, said, “Becoming a Special Clearing Member for SMX is part of our strategy to scale up our operations in Singapore, following closely on the opening of our first retail branch here. Singapore is the region?s financial hub and the gateway to the Asia Pacific. We are happy to be building a relationship with Singapore?s flagship commodities and derivatives exchange.” w

Pakistan Faces Fresh Pressure On Taxes For IMF Loan

Business News: Pakistan Faces Fresh Pressure On Taxes For IMF Loan, Pakistan is coming under more pressure in talks with the International Monetary Fund (IMF) to implement a reformed general sales tax as Islamabad attempts to secure the sixth tranche of an $11-billion emergency loan that has kept its economy afloat.

President Asif Ali Zardari's weak government needs all the financial help it can get, especially after summer floods caused nearly $10 billion in losses for the U.S. ally.

But securing funds from the IMF would mean taking unpopular decisions such as raising tariffs to help generate funds for the power sector and broadening the tax base.

Public frustrations already run high with a government critics say is corrupt and ineffective in dealing with crippling power cuts, a Taliban insurgency and deep poverty.

IMF and Pakistani officials are holding talks in Islamabad on the possible release of the sixth tranche of the loan agreed in November, 2008.

"It was always the case, that the sixth tranche would be on the case of progress on RGST (Reformed General Sales Tax)," said a government source, when asked if there were any obstacles in the talks.

Pakistan said in June it would replace its general sales tax (GST) by the RGST by Oct. 1, but that deadline has slipped to Dec. 1.

Another government source familiar with the negotiations said this week that the government was in a position to show progress on some issues of concern to the IMF and a bill on the RSGT would be introduced in parliament soon.

Talks on policy-level issues were expected to resume on Thursday.

The IMF mission is expected to stay in Pakistan until Friday and then return to Washington to present its findings on the country to its board, which will have final say on the tranche.

Pakistan has also agreed to raise electricity tariffs by around 2 percent a month, according to official sources, to try to eliminate its spending of $2 billion annually on power subsidies.

The last IMF review was completed in May and the review for the release of the sixth tranche has been delayed since August over several issues, such as an increase in power tariffs and the implementation of the RGST. h

TCP To Give 100,000 Tons Sugar To Punjab

Business News: The Punjab government will take 100,000MT of sugar from the Trading Corporation of Pakistan (TCP) and off-load it in the open market to check rising sugar prices.

The decision was made in a meeting between Punjab Food Minister Chaudhry Abdul Ghafoor and Chairman TCP here on Wednesday.

The TCP will provide 10,000 tonnes sugar to the province daily, Chaudhry Abdul Ghafoor informed the media in Karachi after the meeting.

He said the sugar crisis in Punjab will come to an end with the TCP supplies.

He said he has been directed by the Chief Minister of Punjab to stay in Karachi and supervise the whole process of sugar lifting and dispatching it to the province.

The TCP will start sugar supplies to Punjab from today. o

Non-Returnable Loans Augment To 4.94 Trillion Rupees

Business News: Non-Returnable Loans Augment To 4.94 Trillion Rupees, he non-returnable loans of the banks have exceeded 4.94 trillion rupees. More or less 32 billion rupee increase has been witnessed in such debts. According to a report of the central bank in the third quarter of 2010, the non-payable or the non-functional loans of the local private banks increased more comparatively whereas the increase in this quarter has been more than the increase during the last six quarters. The report also reveals that the ratio of non-functional loans to the overall loans to 4.5 percent whereas it was 3.8 percent previously.

Yen Eases Ahead Of BOJ

Latest Business News: The yen Eased and Japanese government bond futures rose to a seven-year peak on Tuesday amid reports the Bank of Japan may unveil monetary policy easing steps that are more aggressive than expected at its meeting later. Asian stock markets fell, with resource shares prominent losers, pressured by declines in U.S. equities and in oil and metals prices. (.N) The Bank of Japan policy decision, due around 11:30 p.m.-1 a.m. ET, comes as central banks in Japan, the United States and Britain are under political pressure to do more to support economies showing only tepid recovery from the worst recession in decades.

"The BOJ is being pushed into a corner. It cannot ignore government calls for action as that may prompt it to revise the BOJ law," said Koichi Haji, chief economist at NLI Research Institute.

The BOJ had been expected to take modest easing measures such as expanding its money market operations, but the Nikkei business daily reported on Tuesday it could take more aggressive action such as increasing its purchases of long-term government debt.

Ten-year Japanese government bond futures edged up 0.02 point to 143.47, having reached a seven-year high at 143.59 earlier. The benchmark yield was flat at 0.935 percent, having dipped to 0.925 percent earlier.

Traders said the reaction was muted as the market was unconvinced the BOJ would pile into the long-term JGB market, seeing purchases of asset-backed securities as more likely.

The yen softened, although not dramatically, with the dollar gaining around 0.3 percent against the Japanese currency to around 83.60.

Foreign exchange markets were also watching Australia's central bank, which as due to deliver its interest rate decision at 11:30 p.m. ET.

Expectations the Reserve Bank of Australia will raise borrowing costs by 25 basis points to 4.75 percent kept the Australian dollar firm near a two-year high, although market players said a rate rise was not fully priced in.

"The Australian dollar will probably gain if the RBA raises rates as expected," said a trader at a Japanese brokerage.

Japan's Nikkei share average (.N255) touched its lowest level in three weeks and was flat at the mid-session break. (.T)

MCSI's broadest index of Asian shares outside Japan (.MIAPJ0000PUS) fell 0.6 percent, with its materials sub-index (.MIAPJMT00PUS) the biggest drag, down 1.3 percent. Only the utilities sub-index (.MIAPJUT00PUS) was in positive territory.

U.S. stocks fell on Monday as investors used middling economic data and worries about euro zone debt as a reason to cash in recent gains. The Dow Jones industrial average (.DJI) fell 0.7 percent and the broader S&P 500 (.SPX) 0.8 percent.

Falling resource stocks took their toll on Australia's benchmark index (.AXJO), which fell 0.8 percent, with mining heavyweights BHP Billiton (BHP.AX) and Rio Tinto (RIO.AX) both shedding more than 1.5 percent.

U.S. crude oil futures edged down 0.1 percent to $81.40 a barrel after easing in the previous session due to a stronger dollar, which also pushed down copper prices.

A stronger U.S. currency tends to weigh on dollar-denominated commodities by making them more expensive for holders of other currencies. e

Mapletree Ipo

Latest News Update About Mapletree Ipo: Mapletree Industrial Trust, a property trust linked to Temasek Holdings, the Singapore state-owned sovereign wealth fund, will raise at least 853 million Singapore dollars ($654 million) after pricing its initial public offering at the top of the indicative range, Reuters reported, citing sources.

Mapletree Industrial will sell units at 0.93 Singapore dollars each, which translates to an annualized dividend yield of about 7.6 percent, the news service said. The trust had earlier set a indicative range of 0.88 Singapore dollars to 0.93 Singapore dollars a unit.

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Uob Kay Hian

Latest News Update About Uob Kay Hian: Ii was only a few short years ago that China, for the first time in its modern industrial history, seemingly overnight made the grand transition to net exporter of steel from net importer. And in recent years, overseas iron ore miners and oceanborne shippers have hit paydirt, riding on the back of China's phenomenal ascent to become the world's biggest steelmaker and iron ore importer (thanks in large part to the low Fe content of domestically-mined equivalents).

In fact, seaborne cargo rates from Brazil, India and South Africa to China (and to a lesser extent from Australia given the relative proximity) were in fact the chief culprit behind the shocking annual price increases China paid since roughly 2003.However, as far as cargo shippers are concerned, the recent financial crisis has severely rocked the boat.

The ongoing global economic malaise, coupled with Chinese steelmakers' newfound hyperdependence on external demand, has hit commodity firms and the shipping companies that move their products across oceans especially hard.

Several erstwhile iron ore mining behemoths like Australia's BHP Billiton (BHP: 82.74 0.00 0.00%) and Rio Tinto (RTP: 0.00 N/A N/A), as well as Brazil's CVRD, have become low hanging fruits for cash-rich Chinese SOEs to pluck at will.

But while non-Chinese shipping firms are not seeing the white-hot M&A interest from Chinese firms that is visited upon the miners, they are still facing a dire situation due to the rapid slackening in China's demand for higher quality imported iron ore.

In fact, Credit Suisse (CS: 44.60 0.00 0.00%) said in a report on Thursday that global dry-bulk shipping lines need an "unprecedented" surge in Chinese iron-ore imports to fully use their expanding fleets.

The Swiss banking group said Chinese imports of iron ore � the chief raw material used in the production of finished steel � are expected to decrease over the next several months.

Credit Suisse said the global dry-bulk fleet should rise 6.9% this year, as shipyards deliver vessels ordered during a trade boom that ended last year.

The new ships will enter service as Chinese iron-ore imports, a key market for bulk lines, head for declines because steelmakers are working through inventories, the report said.

Experts elsewhere agree that the near-term future is bleak. "Imports of iron ore will fall in the near future. We will see a widening gap between demand and new ship deliveries in the second half," Bloomberg cited Jack Xu, an analyst at Sinopac Securities Asia Ltd in Shanghai, as saying this week.

The Credit Suisse report went on to say that in order to utilize the expanded fleet, full-year Chinese iron-ore imports would need to rise 63% from 2008.

That would mean an average rate of 67 million tons a month for the rest of the year. Instead, the monthly shipments could average as much as 52 million tons, under the Swiss bank's most optimistic forecast, or as little as 42 million.

The bulk fleet is set to surge as shipyards are working through orders with a combined capacity of 68% of the existing fleet, according to data compiled by Bloomberg. Overall global dry-bulk shipping demand will likely fall 3.4% this year, Credit Suisse concluded.

UOB Kay Hian is also hardly sanguine on any sudden turnaround in Chinese steel mills' demand for imported iron ore, and the blessings that brings to global cargo shippers.

This week, it reaffirmed its "underweight" recommendation on regional dry bulk shipping. It said the Baltic Dry Index (BDI) will likely reverse on China's lower iron ore imports and easing port congestion, thus hitting shippers' margins.

UOBKH said China's iron ore imports have been rising sharply in the last 3 months (Apr 09: +33% year-on-year to 57mt) despite its sluggish crude steel production growth (Apr 09: -2.8% to 43mt).

"This was mainly because traders were stockpiling iron ore in anticipation that prices would rise (according to the China Iron and Steel Association). This has led to a near record high iron inventory of 70mt, resulting in many ore carriers congested at Chinese ports," the note said. e

Landowners To Get Rs.2400 Per Acre For Rabi Crops: ECC

Pakistan Business News Update About The Economic Coordination Committee of Cabinet (ECC) has decided to provide a grant of Rs.2400 per acre to the farmers/ landowners upto 12.5 acres of the flood affected areas for the cultivating Rabi crops in the country.

The ECC which met under the Chairmanship of Finance Minister Dr.Abdul Hafeez Sheikh here also decided to extend a loan facility at the interest rate of 8 per cent from the banks for the farmers who are the flood affectees and the holders of more than 25 acres of land for the cultivation of Rabi crops in the country.

The term of the scheme would be for four months and start with immediate effect.

Briefing the newsmen about the decisions of the ECC here at the Finance Ministry on Saturday, Secretary Finance Salman Saddiq said that ECC decided that the out of Rs.2400 per acre to the farmers of flood affected areas upto 12.5 acrec, half amount will be paid by the federal government while half of the money will be paid by the respective provinces.

"We are transferring the amount on cash basis while its upto the provinces to provide the farmers the incentive in form of cash or inputs", he remarked.

Salman Sadiq said that ECC also deferred the proposal for export of 2 million metric tons of wheat submitted by the Ministry of Commerce.

He further said that ECC also discussed the support price of wheat and procurement targets for the year 2010-11 submitted by the Ministry of Food and Agriculture and decided to constitute a committee comprising Minister for Petroleum Syed Naveed Qamar, Minister for Food and Agriculture Nazar Muhammad Gondal , Deputy Chairman Planning Commission Dr.Nadeem ul Haq , Governor State Bank of Pakistan and Secretary Food and Agriculture .

The Committee on the basis of Agriculture Policy Institute submissions and international prices scenario of the wheat would submit its recommendations within a week in this regard.

The Secretary Finance said that ECC also approved the Ministry of Port and Shipping proposal for the establishment of a Coal, clinker/cement terminal at port Qasim as a cost of US $ 173 million.

He added that the ECC also deferred a proposal of the Ministry of Water and Power for dedicating Kunar-Paskhhi gas supply for power generation and directed both Minister for Petroleum and Minister for Water and Power to come up with their proposal in the next meeting for any decision in this regard.

Salman Sadiq said that the ECC also approved 1100 MW Kohala Hydel Power project to be built with the support of China.

He added that an MoU in this regard has already been signed .

The Secretary Finance said that for ensuring transparency a committee has been set up with Minister for Water and Power, Secretary Economic Affairs Division (EAD) and Secretary Finance in this regard.

Salman Sadiq further said that the ECC also announced incentives, concessions and protection for the development of indigenous coal resources including Thar coal (mining and generation) in the country.

He added that under the incentives 20 percent (Dollar based) was allowed to the firms which achieve Financial close before December 31 2015 for Mining and power projects based on indigenous coal and additional half a percentage of Internal Rate of Return (IRR) which is 20.5 percent IRR for the firms which financial close by or before December 31,2014.

ECC decided that such firms would have zero percent customs duties on import of coal mining equipments and machinery including vehicle for site use.

He added it also decided the exemption of withholding tax to shareholders on dividends for initial 30 years, exemption of withholding tax on procurement of goods and services during project construction and operations.

He added that ECC also decided exemption of 30 years on other levies including excise duty, federal excise duty, WPPF and WWF and in addition to these incentives, Coal based power projects and col mining projects in Sindh shall have also same incentives.

Premier Mulls $500m Bid For BP¡¯s Pakistan Assets-Paper

UK-based explorer Premier Oil PMO.L is mulling a $500 million bid for BP's BP.L gas production business in Pakistan, the Times newspaper said on Tuesday.

Citing people familiar with the talks, the newspaper said it is not certain whether Premier or Mubadala 1/8MUDEV.UL 3/8, the Abu Dhabi sovereign wealth fund which has also expressed an interest in the assets, will participate in the bidding next month.

BP's upstream assets in Pakistan comprise of a number of producing fields and exploration blocks in the Sindh.

The fields are worth $690 million, UBS analysts estimated in a research note in July.

Premier, which already has assets in Sindh, was not immediately reachable for comment. 

Tokyo Shares Rise On US Rally

Latest News Update About Tokyo Shares Rise On US Rally: Tokyo stocks gained in mid-morning trading Tuesday as gains on Wall Street boosted investor sentiment, but the yen’s strength weighed on the market. The benchmark Nikkei 225 Stock Average gained 50.44 points, or 0.53 percent, to trade at 9,548.93 while the broader Topix index was up 3.61 points, or 0.43 percent, at 834.13.

Exporters were mixed as the dollar was still hovering around the lower-81 yen range. A stronger yen makes Japanese exporters less competitive and erodes overseas earnings when the revenues are repatriated.

Overnight, financial shares boosted the major US market indices, leading the S&P 500 to a five-month high. Citigroup rallied 5.4 percent after its earnings topped estimates.

On currency markets at 11 a. m. (0200 GMT), the dollar traded at 81.32-34 yen, up slightly from Monday’s 5 p. m. quote of 81.24-26 yen.

The euro traded at $1.3917-3920, up from $1.3862-3864 Monday, and at 113.17-20 yen, up from 112.62-66 yen. $

BP Bills Japan¡¯s Mitsui 1.9 Billion Dollars For Gulf Spill

BP has billed a subsidiary of Japanese trading house Mitsui & Co. up to 1.9 billion dollars to cover costs from the Gulf of Mexico oil spill, the Japanese company said Tuesday.

The Japanese firm added that MOEX Offshore, wholly owned by a US unit of Mitsui Oil Exploration Co., had withheld payment amid uncertainty "as to how to calculate the total claimed amount".

It said it had not paid given "ongoing investigations to determine the facts and circumstances surrounding the incident and given there is uncertainty at this time as to whether MOEX Offshore will have to make payment". MOEX Offshore owns 10 percent of the Macondo project operated by BP, while US firm Anadarko Petroleum Corp. owns a 25 percent interest and BP owns the rest. The firm added it had asked BP for clarification of its total liability but the British company had not responded as of the end of October.

It added that it saw its share of the costs as being nearly half that demanded by BP.

The oil disaster began on April 20 when the Deepwater Horizon drilling platform exploded in the Gulf, 50 miles (80 kilometres) off the coast of Louisiana, killing 11 workers, and sank two days later.

The broken well was eventually plugged but not before it had gushed about 4.9 million barrels of oil into the Gulf. The spill damaged hundreds of miles of fragile coast and caused BP's shares to collapse.

Robert Dudley, who replaced Tony Hayward as BP chief executive officer in October, said earlier this year that BP would "vigorously" pursue its partners for costs as it also sells off assets to pay for the spill.

The company has said it expects the Gulf of Mexico spill to cost it more than 32.2 billion dollars, taking into account compensation as well as clean up costs.

After receiving earlier invoices, Mitsui said it would withhold payments requested by BP to cover costs for the huge spill until the cause is fully determined.

A presidential commission concluded last week that a faulty cement mix was at the root of the April 20 Deepwater Horizon explosion, without explicitly blaming BP or contractor Halliburton.

Thursday's report was the commission's first set of findings that could ultimately determine who is liable for the accident that is still affecting the fragile Gulf wetlands.

Mitsui & Co. shares were off 1.03 percent in Tokyo trade Tuesday following news of the payment request.

BP last week said it was selling its interests in four Gulf of Mexico deepwater fields to Marubeni Oil and Gas of Japan for 650 million dollars just months after acquiring them.

The cash deal comes as BP looks to sell up to 30 billion dollars of assets by the end of 2011 to help meet its financial obligations from the oil spill.

Barack Obama Announces 10 Billion Dollars in India Trade Deals

President Barack Obama on Saturday announced 10 billion dollars in trade deals with India that he said will create 50,000 US jobs, as he sought to show Americans an economic dividend from his state visit. Obama made the announcements, and also unveiled a major reform of US export controls to benefit trade with India, in a speech to US and Indian businessmen and entrepreneurs soon after arriving in India's commercial capital Mumbai.

"As we look to India today, the United States sees an opportunity to sell our exports in one of the fastest growing markets in the world. "For America this is a jobs' fair. As we recover from this recession we are determined to rebuild our economy on a stronger foundation for growth." "Part of that foundation involves doing what America has always been known for, discovering and creating and building the products that are sold all over the world." The deals announced by Obama include major ventures and sales by several top US blue chips firms, including Boeing and GE. n

Notification of 2pc Hike In Electricity Rates Issued

Lates News About Update Notification of 2pc Hike In Electricity Rates Issued, The notification of 2 percent hike in electricity rates has been issued which will be applied from November 1. The government had increased electricity prices last week by two percent. And the notification in regard has been issued now. One unit of the electricity will be of Rs 12 which will badly affect domestic and industrial users. Two percent increase in the electricity rates every month will gradually end the power subsidy.

I

China Vows To Tame Inflation

Business News :China Vows To Tame Inflation, China will intervene to control consumer prices if they rise too quickly, the government said on Wednesday, a move that will do little by itself to tame inflation but could foreshadow harsher monetary tightening.

Steps to cool demand in China, the world’s fastest-growing major economy, could weigh on global markets at a time when recoveries in Europe and the United States remain fragile.

To begin with, the State Council, or cabinet, said it would aim to increase the supply of commodities, especially food, that have driven inflation to a 25-month high, while also clamping down on speculative demand that has lifted prices higher.

“We need to understand the importance and urgency of stabilizing market prices and take forceful measures,” it said after a routine meeting chaired by Premier Wen Jiabao.

“When necessary, temporary intervention measures will be implemented on prices of some important daily necessities and production materials,” it added in the statement.

The State Council singled out grain, oil, sugar and cotton as markets that it wanted to stabilize. It also vowed to intensify a crackdown on price speculation and to punish those found hoarding commodities and pushing up prices by illegal means. The statement made no mention of monetary policy.

“I don’t believe that they will just stop here,” said Kevin Lai, an economist with Daiwa Capital Markets. “Many people in the government are capable enough to figure out that prices controls are not that effective.”

“They really have to do something more about controlling liquidity and money supply growth if they are serious about containing inflation,” Lai said, adding that he expected the central bank to raise interest rates for the second time this year over the next two weeks.Reuters

Crude Closes Below $75

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Taiwan Tourism Growth Tops Asia On China Boom: Report

Taiwan Tourism Growth Tops Asia On China Boom: Report, Tourism grew in Taiwan faster than anywhere else in Asia last year on the back of an influx of Chinese visitors, a report said Saturday, quoting a top government official. Taiwan reported a 14 percent rise in visitor numbers to 4.395 million in 2009 compared to an average two percent fall across Asia, the Commercial Times quoted tourism bureau deputy director Hsieh Wei-chun as saying.

The number of Chinese visitors increased nearly 200 percent from the previous year to just under one million people, according to the bureau, after President Ma Ying-jeou in 2008 relaxed restrictions on Chinese tourists.

Ties have improved dramatically since Ma took office, although Beijing still claims the island as part of its territory. Taiwan aims to attract 4.8 million visitors this year, generating 240 billion dollars (7.5 billion US) in revenue, the report quoted Hsieh as saying.

Tourism officials were not immediately available to confirm the report.

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Tin Plate Price hiked by Rs 2000 per ton

KARACHI: Local manufacturers have increased tin plate rates by Rs 2000 per ton hiked the price to Rs 1,07,000, industry sources said.

Talking to ARY News, the sources said that constantly plunging Rupee value and hike in steel raw material prices in world market was the key cause behind the soaring prices of tin plate in Pakistan.

The prices of the material have hiked by Rs 6000 per ton during last one month.

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20 Banks Shut Down in US This Year

WASHINGTON: Regulators shut four banks from California to Florida on Friday, boosting to 20 the number of U.S. bank failures this year following the 140 closures last year in the worst financial climate in decades.

The Federal Deposit Insurance Corp. took over La Jolla Bank, FSB, in La Jolla, California. The bank had 10 branches and about $3.6 billion in assets and $2.8 billion in deposits.

Also seized was George Washington Savings Bank in Orland Park, Illinois. It had four branches and about $412.8 million in assets and $397 million in deposits.

The FDIC said OneWest Bank in Pasadena, California, agreed to assume all deposits and essentially all assets of La Jolla Bank. The takeover is expected to cost the deposit insurance fund an estimated $882.3 million.

The FDIC and OneWest will share losses on about $3.3 billion of the failed bank’s loans and other assets.

Meanwhile, FirstMerit Bank, National Association of Akron, Ohio, agreed to take over deposits at George Washington Savings Bank. FirstMerit is also taking over essentially all the assets. For George Washington, the FDIC predicts the takeover will cost the insurance fund $141.4 million.

The loss-sharing agreement for George Washington covers $324.2 million in assets.

The other seized banks were smaller and located in Florida and Texas. They were Marco Community Bank, with a single office on Marco Island, a wealthy barrier island near Naples on Florida’s Gulf Coast, and La Coste National Bank of La Coste, Texas.

Marco Community Bank had about $119.6 million in assets and $117.1 million in deposits. Mutual of Omaha Bank, a division of the big insurance company Mutual of Omaha, agreed to assume the assets and deposits of Marco Community Bank.

The failure of Marco Community Bank will cost the deposit insurance fund an estimated $38.1 million.

In addition, the FDIC and Mutual of Omaha Bank, which is based in Omaha, Neb., agreed to share losses on $104.8 million of the failed bank’s loans and other assets.

Florida is among the states with the highest concentration of bank failures and where the meltdown in the real estate market brought an avalanche of soured mortgage loans. Last year saw the failure of 14 banks in the state. Also high on the list are California, Georgia and Illinois.

La Coste National Bank had a single branch and $53.9 million in assets. Deposits totaled $49.3 million.

Community National Bank of Hondo, Texas, agreed to buy the deposits and assets of La Coste National Bank ― whose failure is expected to cost the insurance fund $3.7 million.

As the economy has weakened, with unemployment rising, home prices tumbling and loan defaults soaring, bank failures have accelerated and sapped billions of dollars out of the federal deposit insurance fund. It fell into the red last year.

The 140 bank failures last year were the highest annual tally since 1992, at the height of the savings and loan crisis. They cost the insurance fund more than $30 billion. There were 25 bank failures in 2008 and just three in 2007.

The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.

What Does Topeka Mean

What Does Topeka Mean, Today as I went to Google to search for more things to boycott, I found that Google itself has done a great thing! Google has changed its name to Topeka after the moral capital of Kansas. Topeka, Kansas, is the place where our good friend Fred Phelps lives. In this town Pastor Fred has established the Westboro Baptist Church, who perseveres to let everyone know that God does not condone gay.

What a great thing to do to show your support for America and Christianity than by showing your support for Fred Phelps' city.

Here is a look at Google's new logo:Upon researching Google's great news even more, we see that even on their campus they have already changed their name to Topeka, KSThis is only more proof of why Google is such a great and successful company. They have a great sense of what the American people want and that is a rise of morality and embracing our nation's Christian heritage. Google could have chosen to name itself after any city, but deep in their hearts they know the message of Pastor Fred Phelps and his city of Topeka is what America does need.

Now some dog liberals will try to claim that Obama has his charcoal demon hands in Topeka, with hiring that mean womean Katheleen Sebelius as in charge of our nation's health.

Sebelius tried to trick us all by sneaking in abortions with Obamacare but we caught her red-handed. Even though she is from Kansas, we see that the state is Godly as proven by how it voted for Team Noble Senator John McCain and Governor Sarah Palin over the inexperienced Obama and whoever is their vice president.

So that makes the liberal argument pointless and the fact that Google, an American company made wealthy by the will of GOD, is now named Topeka more proof of the God ordained switch of their names.

Topeka has named itself Google, Kansas and now Google has named itself Topeka. It is beautiful to see powerful American businesses embrace a Christian city so I say hooray to Topeka and all the fine people who work there, and also to Google, KS, for being a great example of Christians with your leader Fred Phelps.

Oil Prices Edge Higher

Oil Prices Extend Gains

Pakistan On Right Track: World Bank

Pakistan On Right Track: World Bank , The World Bank has committed up to $1.3 billion for Pakistan in the 2009/10 fiscal year and violence in the country will not deter it from continuing its projects, a World Bank official said. Out of new loans committed for this fiscal year, $300 million had been disbursed, Yusupha Crookes, World Bank country director for Pakistan, said in an interview.

“If everything gets delivered, which we very much expect will be done, we will make commitments of around $1.2 billion to $1.3 billion for the current fiscal year,” Crookes said on Friday. A commitment is an undertaking to provide a loan but not all loans get disbursed at the same pace.

Crookes said Pakistan was on the right track after taking some tough decisions, such as eliminating subsidies, to put itself in a much more robust position.

Increased insecurity had not affected bank projects, he said.

“Last fiscal year was the most challenging year that Pakistan has ever encountered up to that point,” Crookes said.

“That year, we basically committed, delivered more assistance to Pakistan than the bank has ever done in its history.”

The World Bank made commitments of $1.6 billion in the 2008/09 (July-June) fiscal year.

Pakistan has been fighting a Taliban insurgency and in retaliation Taliban have bombed markets, schools and military and police facilities.

“We have been able to continue doing business driven only by whether or not there was a need in Pakistan,” Crookes said.

FISCAL DEFICIT

Pakistan is dependent on external flows to keep its fiscal deficit within a target of 4.9 percent for 2009/10. Allies promised $5.7 billion over two years in April last year but only $300 million has come in. Another $1 billion is expected by the end of the 2009/10 fiscal year. The fiscal deficit for the first quarter ending on Sept. 30 was 1.5 percent of gross domestic product (GDP), a slippage of 0.2 percent from the target.

Finance Minister Shaukat Tarin said last week the fiscal deficit might be 5.3 percent of GDP this fiscal year.

The main concern for the World Bank was whether or not Pakistan had the capacity to generate revenue to meet expenditure, Crookes said. “The fundamental issue in Pakistan is basically whether or not the state is generating enough revenues to be able to support the kind of social expenditure that it has contracted with its citizens to deliver,” he said.

Pakistan’s tax as a percentage of gross domestic product is about 9 percent, which is one of the lowest in the world.

The World Bank has this year worked on a major social safety net programme and reforms to support higher education. Crookes said projects scheduled up to June 30 were a poverty reductioprogramme, several power projects and building Karachi port’s capacity to handle traffic.

State Of Delaware State Of Emergency

State Of Delaware State Of Emergency , State of delaware state of emergency – A state of emergency remains in effect in Delaware. Non-essential vehicles are still not to be on the roads.

State of snow emergency

SALISBURY – Roofs collapsed, drivers who have taken on the roads caused accidents or disabled vehicles and some residents were forced to seek refuge in shelters across Delmarva in the third major winter storm this year.

The snowstorm has covered the peninsula with another blanket of snow while the state agencies, counties and municipalities struggling to keep pace. A storm last weekend dumped 20 centimeters in some towns of the Lower Shore and follow anothersnow one day from a week before.

“This is the deepest snow I’ve seen since 1979,” said Ray Stevens, a 42-year member of the Selbyville Volunteer Fire Company. “We had about 21 inches on the ground then.

The State Emergency

In Delaware, Governor Jack Markell said the state of emergency Wednesday morning, limiting travel to essential personnel.

And “because of poor visibility driving conditions dangerous,” Delmarva Power Recovery suspension of electrical service and ordered his workers off the roads in Delaware in central and southern and eastern shore of Maryland noon Wednesday.

“This is not a day that joy riding or take a cruise,” said Police Chief Ken McLaughlin Ocean View. “We just ask each of us a favor and stay off the roads.”

Those who refused to obey the ban on travel to pay fines up to $ 500 or six months in prison, he said, and Delaware State Police said more than 20 accidents and over 30 vehicle down.

Stevens, also a former president of the Firefighters Association of Sussex County and the Association of the Delaware Volunteer Fireman’s, said many roads across the county are not cleared Wednesday afternoon, making them difficult to navigate.

“I do not see equipment plow snow on the roads before the storm had passed, and the snow was so deep, so that even the plows had a job to get through it,” he said. “It was very, very hard on the emergency equipment. Ambulances bogged down. ”

Stevens said he plans to stay at home until the travel ban is lifted.

A driving ban has been issued in Salisbury at 2 pm, when Mayor Jim Ireton declared a state of emergency, with a blizzard warning from the National Weather Service. The town of Princess Anne has declared a state of emergency and the ban of lead in 6 hours

Snow totals cause State of Emergency in Pennsylvania, Delaware

High totals due to a snow-producing bizzard Noreaster caused a state of emergency in Pennsylvania and Delaware today. The bad weather from a major winter storm that came in the mid-Atlantic and hit the Pennsylvania has thousands to lose power.

An emergency disaster has been declared at 6.30am, only 60,000 people in Allegheny County are without power and downed trees and downed power lines have to make travel dangerous road, and in some cases impossible .

In addition to Pennsylvania, Maryland, Ohio and Delaware, according to a clock emergency disaster. On Friday, most federal offices closed.

Google apps marketplace

Google apps marketplace, Whenever an app marketplace launches―especially one focused on business―the primary issue is selection. Does the store offer enough apps, reviews, service providers and refinement tools to make a solid business decision?

Google Apps Marketplace delivers on most of those questions. Overall, the Google Apps Marketplace is well stocked and highlights a budding ecosystem. It has a bevy of business friendly categories ranging from accounting and finance to document management to sales and marketing to security. Google also has a decent roster of service providers that can be sorted by focus and company size. In addition, Google's enterprise search products ride shotgun.

Nokia, Microsoft Launch New Mobile Software

HELSINKI : Nokia and Microsoft unveiled on Wednesday the first result of their new software collaboration aimed at breaking the dominance of Research in Motion’s BlackBerry in wireless services for corporations.

Nokia and Microsoft, at one time fierce rivals in the mobile telecommunications business, announced the alliance in August 2009. They expect to offer Nokia phones running Microsoft’s Office programmes later this year.

On Wednesday the companies unveiled Communicator Mobile software, which enables people to see their colleagues’ availability, and click to communicate with them using instant messenger, e-mail, text or phone call.

The names and status of colleagues are embedded directly in the devices’ contacts application. Owners of Nokia E52 and E72 models can download it as of today from Nokia’s Ovi Store.

Mseb Bill Payment

Latest Update News About Mseb Bill Payment: Tamilnadu Electricity Board, [TNEB] bill payment just a mouse click away! This has been a dream for many.. the long winding queues, grime, dust, inconvenient timings to pay the electricity bills; these hassles for chennaites has gone with the online payment option. Both online banking and credit cards are accepted..hope more net banking options are added soon! The EB deserves a pat on the back for catching up with the rest of the services by offering this facility to its customers!!

http://www.tnebnet.org/awp/TNEB/

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Wapda, Met Office Asked To Determine Causes Of Flood

Latest PK Business News Update About: ISLAMABAD ,Pakistan News The Prime Minister Inspection Commission (PMIC) directed the Ministry of Food and Agriculture to analyse the utility and impact of the "National Programme for the Improvement of Water Courses" on the livelihood, poverty reduction and improvement of the rural economy in the country.

The PMIC met here at the Prime Minister Secretariat with its Chairman Malik Amjad Ali Noon in the chair and was attended by its members Rukhan Abdullah Gardezi, Athar Mehmood Khan, A.B.Awan, Tanvir Butt, Dr.M.Aslam and Sikandar Aqeel Ansari.

The officials of the Ministry of Food and Agriculture Abdul Gaffar Arian (Monitoring and Evaluation ) and Tahir Anwar, Director General Water Management briefed the committee about the progress of National Programme for the Improvement of Water Courses (NPIWC).

The meeting noted that after the 18th Constitutional Amendment and 7th NFC Award the provincial financial resources have increased and called upon the provinces to initiate projects from their own sources.

The meeting also urged the Met office and Water and Power Development Authority (WAPDA) to determine the causes of the recent floods which caused severe damage to the agriculture and infrastructure and take steps to avoid losses due to such kind of calamities in future.

He said that in the next meeting on the programme, which would be convened soon, representatives of the provincial agricultural departments would also be invited.

On the directive of the Prime Minister, PMIC has initiated inspection, monitoring and assessment of the pace of work and quality of the Public Sector Development Projects (PSDP) relating to power, water, health and agriculture and food sectors. The PMIC will submit a comprehensive report on these projects to the Prime Minister.

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KSE Closes Above 10,000 Points

Lates News About Update KSE Closes Above 10,000 Points ,The Karachi Stock Exchange witnessed a bullish trend on Saturday. The KSE-100 index gained 133 points. The index closed at 10,042 points. Trading volume of 45.35 million shares was recorded.

Singapore Exchange

Latest News pudate About Singapore Exchange: In Singapore shares closed higher on Tuesday, with the benchmark Straits Times Index at 3,036.09, up 0.05 per cent, or 1.51 points. About 1.31 billion shares exchanged hands.

Losers beat gainers 252 to 184.

Visitor arrivals to Singapore have registered a 18 per cent growth to reach 996,000 in August this year.

The Singapore Tourism Board said this is the highest number of arrivals recorded for the month of August.

It is also the ninth consecutive month of record visitor arrivals.

The August visitor arrivals can be attributed to the ongoing draw of the two Integrated Resorts, the hosting of the inaugural Youth Olympic Games, and the continuing strength of the Asian economy, said STB.

Indonesia, China, Malaysia, Australia and India were Singapore's top five visitor-generating markets in August .

These markets accounted for 50 per cent of total visitor arrivals for August.

Midas Holdings released the final offer price for its global offering on the Hong Kong stock exchange at HK$5.43 a share.

That is equivalent to about 93 Singapore cents per share and represents a discount of 7 per cent to the firm's closing price on the Singapore Exchange on Monday.

Last week, the Singapore-listed supplier of aluminium alloy products received an approval in principle from the Hong Kong stock exchange for its proposed secondary listing.

Changes In Oil Pricing Formula Soon: Naveed

Changes In Oil Pricing Formula Soon, Federal Minister for Petroleum Naveed Qamar changes will soon be brought in the pricing formula for petroleum products in the light of Bhagwandas Commission Report. Addressing a press conference here Friday, the Petroleum Minister said the fluctuations in oil prices are caused by international prices and that OGRA only monitors the prices. He said the new contracts for LPG will be granted through open bids or signature bonus. Naveed Qamar said the government had received Rs540 million through open bids for LPG in Bobi and Kuntar. The surplus quotas for LPG have been scrapped with immediate effect, he said.

Budget 2010 Time

Budget 2010 Time latest News about upate, budget 2010 india, budget 2010, indian budget 2010, india budget 2010, union budget 2010 It is time for Indian Budget 2010 and Finance Minister Pranab Mukherjee will announce the budget after few hours in Indian Parliament. There is a lot of hope in the business community because the ruling Congress Party and its allies won a decisive victor in the General Elections of 2009 and they did not need the support of the left parties to form the government in the center. So, the business community is expecting a business friendly budget this time that would help the private sector to flourish. If Pranab Mukherjee does that then there is no problem. However, he must remember that food inflation is becoming the major challenge for Indian economy right now.

In 2006 and 2007, it was high fuel price in International market that was the major problem. Now, the price of food is getting out of control. Most people in India are still farmers and poor. So, the agricultural sector needs all the support from the government now so that production gets increased and this way, price can remain stable. India has a population of over and food security is of vital importance to the country.

U.S. Home Prices Drop By 3.2 Percent in First Quarter

According to official reports, a quarterly S&P/Case-Shiller report on home prices showed U. S. home prices dropped by 3.2 percent in the first quarter of 2010.

It has been reported that prices remain higher than a year ago, but 13 of 20 metropolitan areas covered in the report showed declines from February to March, as did both the 20-city and 10-city composite indexes used in the price study.

The report said that overall, first quarter figures “indicate some weakness in home prices.”

The report further said that behind the numbers, the housing market has been influenced by the April 30 cessation of a federal tax credit for home buyers and by climbing foreclosure rates.

David Blitzer, chairman of the Standard & Poor’s Index Committee, said, “The housing market may be in better shape than this time last year; but, when you look at recent trends there are signs of some renewed weakening in home prices.”

In the larger, 20-city composite index, prices dropped 0.5 percent from February to March although the index rose 2.3 percent compared to a year ago.

It was also reported that looking at the extremes over the past 12 months, prices have fallen 12 percent in Las Vegas, but risen 16.2 percent in San Francisco.

Declines were shown by ten cities from a year ago while 10 others showed higher prices.

Gold Hits All Time High

Gold price continued to rise in local and international markets as gold hit all time high on Wednesday and reached Rs 42,200 per tola in Pakistan.

According to Sindh Sarafa Association, price of 10 grams increased to Rs 36,131. Gold price has been increased by Rs 3000 per tola during the month of September.

Gold in international markets hit a lifetime high on Wednesday, its 10th record in 12 sessions.

Posb Internet Banking

Latest News Update About Posb Internet Banking, Dbs Ibanking, Now, all Android and iPhone users can do their Internet Banking at their convenience. Get the DBS Internet Banking iPhone Application user review here and information about how to use DBS Internet Banking on iPhone. For their Internet Banking user, DBS bank, the Development Bank of Singapore launched a full iPhone Application. With the iPhone, one can download an actual app and find out the DBS online banking website easily. To access the website on iPhone, you need to have Java. The usual Java applet that was previously used to capture your password has been removed now by DBS.

Using DBS Internet Banking on iPhone

1. Search for DBS Internet Banking, from the App Store.

2. Once you find, you can login with DBS User ID and Password which will take only few minutes.

3. After completing the login process go on one step ahead where you should enter DBS Internet banking Secure PIN for the security purpose.Click Hare..

4. Then the welcome page will be opened, where you can do three different things at one place that saves your time. The options like Account Information, Funds Transfer and Bill Payment, you can see from up to bottom on the page. In Account Information, check your account balance and also get account history.

5. DBS makes your balance transfer possible, it can be done to your account, other DBS and POSB as well as other bank. You can see payments history and the current transaction details too. The bill payment also can be done through credit card on the DBS.

Pakistan Pays off $ 600 Million for Sukuk bonds

Oil Near $72 Amid US Cold Snap

Anand Topalov World Championship Match

Anand Topalov World Championship Match, Indian chess Grandmaster and world champion Viswanathan Anand has said that he will refuse to play in silence during the world championship, and has escalated a dispute over rules allowing players to demand a ban on communication.

Anand will compete against Bulgarian Veselin Topalov to retain his title and a prize of 1.7 million pounds during the 12-match tournament, which starts today in the Bulgarian capital Sofia.

The rules were introduced in 2005 in order to curb the practice of competitors offering each other draws during drawn-out games, but Anand has argued that "a world championship should be played with world championship rules".

However, Topalov's manager Silvio Danailov said his man would refuse to communicate with Anand even if spoken to.

"If Vishy [Anand] doesn't agree to the rules he will be forced to, because Topalov will not offer him a draw and he will not speak to him," The Telegraph quoted Danailov, as saying.

"In our personal opinion they show no respect to the organisers, the sponsors and the city of Sofia. Veselin in general doesn't like to be disturbed by talks and draw offers during the game. What is the problem here? Why do you call this provocation?" he added.

Anand has held the title for two years. He won the 2007 World Chess Championship in an eight-player tournament, and successfully defended the title in 2008 against former champion Vladimir Kramnik.

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Corporation Bank Recruitment 2010

Corporation Bank Recruitment 2010, Vacancies in Banks 2010, Corporation Bank, Sbi Bank Recruitment 2010, Sbi Po Recruitment 2010, Dena Ban: Today an announcement for Corporation Bank Recruitment 2010 for 1250 Clerk Posts come out. As per this Recruitment advertisement No. CRPO-3-2010? for Corporation Bank jbs are offered in various states.

Important Dates

* Opening date for On-Line Registration : 01.07.2010

* Closing date for On-Line Registration : 31.07.2010

* (For All Applicants, including those from Far Flung Areas)

* Call Letters to be downloaded from website of the Bank after : 24.08.2010

* Likely date of Examination : 12.09.2010

Please visit at http://www.corpbank.com/uploadedfiles/custom/6_04_020_3527338.pdf to download the full details about Current 2010 recruitment by the Corporation bank

State Bank Closes Overdraft; Govt Issues Rs 3bn To AJK

The State Bank of Pakistan on Friday closed the overdraft of Azad Kashmir government. The AJK government didn't have funds to pay salaries. The federal government has issued Rs 3 billion to AJK government. It is worth mentioning that the step is taken after the news was broadcast on.

According to SBP Karachi spokesman, the limit of Rs 70 crore was fixed for overdraft of Azad Kashmir government.

However, overdraft of AJK government has reached Rs 1.20 billion with an increase of Rs 50 crore. Due to which, overdraft facility for AJK government has been suspended. This facility would be restored when AJK government will return additional overdraft money.

Thanks for your comments

Google co-Founders to each sell five million shares

WASHINGTON: Google founders Larry Page and Sergey Brin each plan to sell five million shares in the Internet giant, a move that would reduce their joint holdings to below 50 percent, according to a filing with the US Securities and Exchange Commission (SEC).

The SEC filing said the stock sales, which will occur over the next five years, are part of a pre-determined stock trading plan set up by Page and Brin on November 30, 2009.

It said the Google co-founders currently hold about 57.7 million shares of Google stock, which represents 18 percent of Google’s outstanding shares and 59 percent of the voting power.

Page and Brin each plan to sell five million shares, which would leave them with approximately 47.7 million shares or 15 percent of Google’s outstanding shares and 48 percent of the voting power, the SEC filing said.

Although Page and Brin would no longer hold a majority of the voting power, their remaining holdings would allow them to continue to exert control over the Internet search and advertising giant.

The filing said the trading plan was adopted “to allow Larry and Sergey to sell a portion of their Google stock over time as part of their respective long-term strategies for individual asset diversification and liquidity.

“Using these plans, they can gradually diversify their investment portfolios and can spread stock trades out over an extended period of time to reduce market impact,” it said.

Five million shares of Google are currently worth 2.75 billion dollars.

Google lost 5.66 percent to close at 550.01 dollars on Wall Street on Friday.

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Southern Punjab CNG Stations Closed For 2 Days

The CNG stations have been closed for two days in southern Punjab including Multan on Thursday. According to schedule issued by Sui Northern Gas Company, the stations have been closed for two days from 6:00 am today in Multan, Dera Ghazi Khan and Bahawalpur. In case of violation, the gas connection will be disconnect for 10 days. The consumers have demanded government to adopt another strategy instead of closure of gas stations. The stations will be reopened on February 6.

17.4% Inflation reached

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Pirate Bay Torrent Search Engine

Pirate Bay Torrent Search Engine: The Pirate Bay was first 'censored' in Italy in the summer of 2008, when ISPs were ordered to prevent millions of Italians from accessing the world's largest BitTorrent tracker.

The Pirate Bay chose to appeal the decision and eventually won the court case. The Court of Bergamo ruled that no foreign website can be censored for alleged copyright infringement and the block was lifted temporarily as the case was appealed once again.

A few weeks ago the Supreme Court reviewed the case and ruled that ISPs can be forced to block BitTorrent sites, even if they are not hosted in Italy or operated by Italian citizens. According to the decision by the Supreme Court, sites offering torrent files that link to copyrighted material are engaging in criminal activity.

This week the case once again appeared before the Court of Bergamo where it was decided that all Italian ISPs will have to deny their customers access to The Pirate Bay.

Pirate Bay lawyers Giovanni Battista Gallus, Giuseppe Campanelli and Francesco Micozzi told TorrentFreak that the Court followed the same reasoning as the Supreme Court, and deemed it unnecessary to bring the case before the European Court of Justice.

According to the two lawyers The Pirate Bay is still considering whether to appeal this decision or not, but that will not prevent or delay the block. "We don't know when Italian ISPs will begin to re-apply the Pirate Bay filters, but we think that this will happen very soon," Micozzi commented.

Aside from appealing to the Supreme Court, the Pirate Bay's legal team is also considering bringing the case before the European Court of Justice.

It is doubtful that the verdict will have a strong impact on the piracy rate in Italy. The proposed DNS-filtering scheme can be easily bypassed by Pirate Bay users and there are hundreds of alternative torrent sites that can replace The Pirate Bay.

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Gold Price Crosses Rs 38,600 Per Tola

Gold price witnessed bullish trend in local and international gold markets on Thursday. Gold prices crossed Rs 38,650 per tola.

Gold prices increased to Rs 38,650 per tola, up by Rs 150 whereas the price of 10 grams increased to Rs 33,128, up by Rs 128.

In the international market, gold price reached to $1200 per ounce, up by $12.

Bullish Trend in Asian Markets

Asian Stocks Gain on Greece Support Plan

Online Tds Payment

Latest News About UPdate: Online Tds Payment TDS is the best way to collect taxes from citizens, without any further complications, such as the liability of deduction is not the government but the citizen taxpayer. Tax Department attaches great importance to TDS as a source of income generation and administration of the provisions of TDS stronger. Therefore, various payments and practically the whole world (with the exception of members of the Tax Inspectorate and HUF) make these payments fall under the provisions of TDS and scope, it is a day to day.

Following the implementation of the recommendations of the Sixth Pay Commission, have paid substantial arrears to pensioners of the nationalized banks. Therefore, many retirees who previously subject to an income below the exemption limit, the tax can, in this year and in coming years due to the growing pension per month. As part of the parallel audit of the banks, the question arose of the applicability of TDS on thepayment of pensions to be considered.

The experiment was carried out in this paper to the provisions of TDS on payments of pensions review � its applicability and consequences.

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Sell ICICI Bank With Target Of Rs 820

Business News: Stock market analyst Deepak Singh has maintained ‘Sell’ rating on ICICI Bank stock with target of Rs 820. According to Mr. Singh, the investors can sell the stock with stop loss of Rs 868. Today, the stock opened at Rs 840 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1009.50 and a low of Rs 621.90 on BSE.

Current EPS & P/E ratio stood at 36.10 and 23.25 respectively.

ICICI Bank, on May 25, announced that it has given nod to the merger of Bank of Rajasthan with it for a share exchange ratio of one share of ICICI Bank for every 4.72 shares of BoR.

The said merger will boost ICICI Bank’s branch network plus fortify its attendance in northern and western India.

However, there’re reports that BoR’s staff started a two-day nationwide strike on Friday to protest against the bank’s management plan to amalgamate with the ICICI Bank. The report also said that two-day stir would be accompanied by a 3-day strike commencing from June 17 to June 19. Mr. Vishwas Utagi, Secretary of All India Bank Employees Association (AIBEA) asked the central bank to investigate the whole matter and not sanction the merger of the banks.

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Standard Chartered Online Banking India

Standard Chartered Online Banking India, Banking Solutions for Customer Convenience, Banking has evolved with time. The entire infrastructure and concept of traditional piled files and documents has given away to a much more sophisticated and sleek outlook. Moreover with technology growing with a rapid pace the time consuming factor has been replaced with doorstep banking methods which permits you to carry on with your banking 24/7 without having to pay the bank any visit. Money orders and transfers have taken a backseat for Online Money transfers, Card and mobile banking.

When Banking started of for Independent India, you had Nationalized and regional banks handling the country's finances. As the years progressed you had more branches opening up. The 80s and 90s saw a whole lot of Global Banks like Standard Chartered, Barclays, Grindlays opening their banks up in India. Still banking didn't seem to be convenient. The modus of transaction was pretty gloomy and boring with people having to wait their turns to visit the teller's counter to complete their transactions. With technology coupled with the internet coming into play banking solutions have become more custom made for the average consumer. Online Banking ensures that a person is tuned completely with his finances at any given point from any part of the world. Ditto for mobile banking. The last couple of decades also saw numerous Indians migrate abroad on a bid to pursue their lives and carrier. Getting monetary transactions wasn't easy then. Postal services and courier faux passes weren't that convincing. Now with banks offering many solutions NRI Banking has also been made easier.

Various facilities for NRI Banking consist of NRI Savings account, NRI Term Deposits and provision to remit money to India. Mobile Banking and Online Banking also offer Mobile bill payment and online bill payments respectively. Typical business banking ensures commercial as well as retail banking services. In Commercial Banking, various corporate entities and major industrial houses are liable to be offered loans to proceed with their business and financial commitments. This kind of banking is generally profitable as it includes a large amount of money. Incase of retail banking services which is basically mass marketing business transactions, direct transaction with individuals which includes loans, various accounts and deposits, and locker facilities banks look to improve their consumer base. Establishing good customer relationship strengthens your financial base as with every major deal that you incorporate via your customers adds to your treasury. As of now the Retail section is undergoing a strain courtesy the recession. The failure to repay debts has seen the fall of global financial houses. So it is very important that a thorough examination is done to ensure know your customer (KYC) norms prior to issuing major loans.

Banks also provide special facilities to their HNI (High net individual) worth customers. These people generally have a huge amount invested with the financial house and indulge in hefty transactions. They are provided with world class banking facilities termed as Priority Banking and Premier Banking, both words justifying their meaning. Savings account for the average investor has also been made easier where you no longer need a referral to open an account or minimum balance to save in your account (* condition applies in both cases). Currently the major Global players in the Indian Finance Sector include Standard and Chartered, HSBC and Barclays. Banks of Indian origin that have gradually made waves include ICICI, HDFC, SBI and Axis Bank. All in all modern day banking has every element that ensures Wealth Management Services for the longer run.

Banking Consultant with a major financial household. To read more about Business Banking and Wealth Management Services click here.

Nationwide Insurance www.nationwide.com featuring a funny Nationwide commercial with the Life Comes at You Fast theme. In this episode a man has a winning lottery ticket, but accidentally drops it in the shredder.

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Bearish Spell Continues As KSE Sheds sixty two Points

Bearish Spell Continues As KSE Sheds sixty two Points. The Karachi Stock Exchange (KSE) remained under selling pressure on Wednesday as stocks ended close to 9,600 psychological level. The local bourse was positive in the opening, however, heavy selling in banking and energy sectors changed the direction towards red zone. Investors avoided taking new positions amid continuous rupee devaluation against dollar. The KSE-100 index lost 63 points to close at 9,603 points.

Total market turnover decreased to 145 million shares, while Lotte Pak was witnessed as the volume leader with a loss of Rs0.37/share to close at Rs10.72.Meanwhile, parallel KSE-30 index closed at 10,038 points with a loss of 109 points.Market experts expect a correct phase near the level of 9,500 points.

Case Shiller

Latest News About update:Case Shiller, The headline 20-city housing decline of 3.1% in the Case-Shiller index appears to be right in line with what analysts were expecting. On a sequential basis, home prices fell 0.2%, which Robert Shiller attributes entirely to seasonal behavior (via CNBC) Once again, we get evidence that there’s no national housing market, as some cities like New York continue to fall sequentially, while Las Vegas is bouncing back a little.

The other big theme: If you’re waiting for the market to come “back,” then you’re going to have to wait for years.

We’ll add the full release and charts once it’s out, however the bottom line is that this isn’t a market-moving report. (And it’s actually been awhile since a Case-Shiller report had a big impact). Futures are where they were before the report hit. For a little more macro perspective, see here on why the numbers are big win for the economy, since they’re clearly superior than what the Fed had anticipated when it stress-tested the banks.The headline 20-city housing decline of 3.1% in the Case-Shiller index appears to be right in line with what analysts were expecting. On a sequential basis, home prices fell 0.2%, which Robert Shiller attributes entirely to seasonal behavior (via CNBC) Once again, we get evidence that there’s no national housing market, as some cities like New York continue to fall sequentially, while Las Vegas is bouncing back a little.

The other big theme: If you’re waiting for the market to come “back,” then you’re going to have to wait for years.

We’ll add the full release and charts once it’s out, however the bottom line is that this isn’t a market-moving report. (And it’s actually been awhile since a Case-Shiller report had a big impact). Futures are where they were before the report hit.

For a little more macro perspective, see here on why the numbers are big win for the economy, since they’re clearly superior than what the Fed had anticipated when it stress-tested the banks.

Business Standard

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