Several TV channels have reported that taking into account an expected rise in prices of petrol stations owners had stopped selling gasoline. The people of Pakistan welcomed the step, but now the government will have to offer subsidies to certain sectors of oil for the next two weeks.Pakistan violates an agreement on the price of gasoline decreases.
According to analyst, the investors can exit on rally to Rs 1850. Today, the stock of the company opened at Rs 1770 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 2094 and a low of Rs 1525 on BSE.
Current EPS & P/E ratio stood at 106.76 and 16.81 respectively.
Honda has reached a deal to end their 26-year old JV, Hero Honda, with the Hero Group by selling its complete equity stake in the country’s biggest two-wheeler manufacturer.
Honda Motor Co is likely to sell its complete 26% equity stake in Hero Honda to its associate Munjals-promoted Hero Group and would make $1.2 billion from the sale.
Hero and Honda have sanctioned to the royalty terms of approximately Rs 23 to 24 billion.
The transaction is virtually settled and is on target to meet up its December 31 target.
At present, Hero Honda pays approximately Rs 5 billion on an annual basis as royalty charges, which is about 2.2 to 3% of the overall sales.
Honda will deliver 3 new editions at 8% royalty and has decided to supply before the verdict of ending the joint venture.
FAO Schwarz wasn't always a luxury toy retailer having gotten its start in Baltimore in 1862 where it operated under the name of Toy Bazaar.? The store which was owned by Frederick August Otto Schwarz soon? expanded to Philadelphia and Boston.?? It wasn't until 1880 that the Scwarz family moved its operations to New York City where it laid claim to being the largest dealer of toys in the city.? In 1896, the Schwarz family brought Santa Clause into the mix by proclaiming itself "The Original Santa Headquarters in New York".
bBEIJING: American lawmakers are pressing China for action on currency and high-tech trade in talks this week, and a planned Washington visit by President Hu Jintao next month has raised hopes Beijing might offer concessions.
US lawmakers press China ahead of talks, The meeting of the U.S.-China Joint Commission on Commerce and Trade on Tuesday and Wednesday in Washington comes as Beijing faces rising congressional pressure over its swollen trade surplus. The U.S. House of Representatives has approved a measure to allow Washington to punish currency manipulation and the Senate is considering it.
Both sides are likely hoping for a “successful meeting with some deliverables” ahead of Hu’s arrival in Washington in January, said Christian Murck, president of the American Chamber of Commerce in China.
“Because of the timing, expectations are higher,” Murck said.
A group of 32 U.S. senators, both Democrats and Republicans, wrote to the chief Chinese envoy, Vice Premier Wang Qishan, ahead of the meeting to press for action on a list of chronic irritants.
They cited Beijing’s failure to stamp out rampant product piracy and complaints that its currency controls keep its yuan artificially weak, giving China’s exporters an unfair price advantage and wiping out U.S. jobs.
They also appealed for an end to Beijing’s “indigenous innovation” policy, under which the communist government is trying to nurture domestic technology companies by favoring them in official procurement. Business groups complain that could shut foreign suppliers out of fast-growing markets for computers and other goods.
Beijing promised more exchange rate flexibility in June but the yuan has strengthened by only about 3 percent against the dollar since then. Chinese officials have rejected a faster rise, saying that would lead to huge job losses.
Chinese envoys might be looking for ways to placate American critics but concessions are likely to be limited, said Ren Xianfang, senior analyst in Beijing for IHS Global Insight, a consulting firm.
“It has been almost a Chinese tradition for the government to make certain concessions regarding bilateral issues ahead of state visits,” Ren said.
Beijing might promise more currency flexibility, but “actual implementation will certainly be aligned with China’s own economic priorities at this moment, which means it will be gradual and it will remain unpredictable,” she said.
The U.S. trade deficit with China is especially sensitive at a time when Washington faces pressure to cut high unemployment. The gap widened to a monthly record of $28 billion in August and is running 21 percent higher than in 2009.
“We urge China to demonstrate its commitment to adopting a market-determined exchange rate by allowing its currency to appreciate meaningfully in advance of President Hu’s visit,” said the Senate letter. Signers included Max Baucus, chairman of the powerful Senate Finance Committee, and Chuck Grassley, its senior Republican member.
The U.S. delegation to the 21st meeting of the JCCT is led by Commerce Secretary Gary Locke and Trade Representative Ron Kirk. Agriculture Secretary Tom Vilsack also is due to take part.
The JCCT is lower-profile than the U.S.-Chinese Strategic & Economic Dialogue, which covers cooperation on topics from geopolitics to energy and health. But companies closely watch the JCCT because it focuses on business issues and has produced agreements in the past on some disputes.
This year’s meeting comes amid wrangling over access to each other’s markets for steel pipes, beef, movies and other goods.
Beijing has tried to mollify criticism of “indigenous innovation” by promising to treat Chinese units of foreign companies as domestic suppliers. But that leaves out suppliers that have no operations in China, and business groups worry local governments still exclude foreign companies.
The senators warned Wang that Beijing’s innovation policy has a “corrosive effect” on business confidence and support for U.S.-Chinese economic relations.
“It is in our mutual interest for China to suspend these discriminatory policies,” their letter said.
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The share price has seen a 52-week high of Rs 152.35 and a low of Rs 54.10 on BSE.
UCO Bank is eyeing to sell a few of its stressed assets as part of its attempts to augment the quality of its assets.
Mr. Arun Kaul, Chairman and Managing Director of UCO Bank stated, “We are looking to sell Rs 280 crore of stressed assets. Within the next 10-15 days, we should be able to finalise one deal. We will sell more of these stressed assets so that we can reduce the portfolio.”
UCO Bank eyes to sell around one more portion in the coming time.
Mr. Kaul stated that the banking institution bank is aiming to cut down gross NPAs below 2% during the existing financial year.
During the second quarter, a huge amount of the NPAs came from the agriculture waiver and debt relief plan.
Moreover, the bank has produced a separate recovery vertical, which will focus mainly on revival of bad loans.
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The Air Force plans to fly its second X-37B vehicle this spring. The vehicles were built by Boeing Co’s advanced research lab, Phantom Works.
CAPE CANAVERAL: A miniature robotic space shuttle launched from Cape Canaveral in April has completed a nine-month classified mission for the military and will be headed for a landing as early as Friday, Air Force officials said on Tuesday.
The vehicle, known as the Orbital Test Vehicle or X-37B, is expected to land at Vandenberg Air Force Base in California between Friday and Monday, depending on weather and technical considerations, the Air Force said in a statement.
The project, started by NASA in the late 1990s and later adopted by the military, is intended to test technologies for a next-generation space shuttle.
The military is looking at the space plane as a way to test new equipment, sensors and material in space, with the intention of incorporating successful technologies into satellites and other operational systems.
The Air Force imposed a news blackout on the X-37B’s activities while in orbit, though it was tracked by amateur satellite-watchers throughout its nine-month mission.
The X-37B looks like a space shuttle orbiter, with a similar shape and payload bay for cargo and experiments.
But it measures 29 feet, 3 inches in length and has a 15-foot (4.5-meter) wing span, compared to the 122-foot (37-meter) orbiters with wing spans of 78 feet.
Unlike NASA’s space shuttles, which can stay in orbit about two weeks, X-37B is designed to spend as long as nine months in space, then land autonomously on a runway.
The Air Force plans to fly its second X-37B vehicle this spring. The vehicles were built by Boeing Co’s advanced research lab, Phantom Works.
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The euro held on to overnight gains early in Asia on Thursday, having posted its biggest one-day rise in six weeks in a dramatic turnaround as the market cut short positions ahead of the European Central Bank policy meeting.
SINGAPORE: Oil slipped on Thursday as traders paused following a 3 percent rally in the previous session, when encouraging jobs data in top consumer the United States and factory activity statistics from China sent prices to their highest levels in almost three weeks.
FUNDAMENTALS
Optimism that the U.S. would support debt-burned euro-zone countries, preventing potential defaults in the region, helped cement oil’s gains of 3.1 percent on Wednesday, when January crude jumped $2.64.
On Thursday, the front-month contract retreated 12 cents to $86.63 a barrel at 0315 GMT, staying $2 away from a 25-month peak of $88.63 reached on Nov. 11.
China’s monetary policy is sure to gradually tighten next year as the government moves to counter excessive global liquidity and domestic price pressures, a central bank adviser said in comments published on Thursday.
Production from factories in China, the world’s second-largest oil user, reached a seven-month high in November.
U.S. private sector payrolls rose by the most in three years in November, lifting optimism about the job market ahead of Friday’s monthly government employment report, while manufacturing data showed growth was intact.
The European Central Bank is under pressure to unveil new steps to stabilize the euro zone when it meets Thursday as the currency bloc battles a crippling debt crisis that has stoked contagion fears in the United States and Asia.
U.S. crude oil inventories rose 1.1 million barrels last week, the U.S. Energy Information Administration said on Wednesday, against the forecast for a 900,000 drawdown.
But East Coast gasoline stocks fell 937,000 barrels last week, one of only two regions where supplies of the motor fuel declined in that period, EIA data showed. Overall, U.S. gasoline stocks rose modestly last week, according to the EIA, while distillate stocks fell by 194,000 barrels.
MARKETS NEWS
Japan’s Nikkei share average rose 2 percent to a fresh five-month high on Thursday, after Wall Street gained the most in three months on talk of bold steps to resolve the EU’s debt crisis.
The euro held on to overnight gains early in Asia on Thursday, having posted its biggest one-day rise in six weeks in a dramatic turnaround as the market cut short positions ahead of the European Central Bank policy meeting.
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