Aereo aims to eat US broadcasters’ lunch

Barry Diller, the billionaire media mogul who is backing the startup Aereo TV service, said it expects to reach between 25 and 30 per cent of the US television audience with the wireless service that broadcasters say undermines the economics of their business.

On April 1 a federal appeals court denied a motion by major media companies to shut down Aereo, which uses large numbers of TV antennas to capture broadcast signals for its subscribers, who do not want to pay cable and satellite operator’s higher cable fees.

via Business feed http://www.scmp.com/business/companies/article/1226576/aereo-aims-eat-us-broadcasters-lunch

Santander boss Saenz steps down after legal battle

Alfredo Saenz, chief executive of the euro zone’s biggest bank, Santander, has stepped down ahead of a decision that could have banned him from banking because of a criminal conviction.

His departure spares the central bank from making a definitive call on whether Saenz should be declared unfit for banking, after a number of conflicting court rulings and changing government rules.

The regulator had been due to decide in the coming weeks.

via Business feed http://www.scmp.com/business/banking-finance/article/1226570/santander-boss-saenz-steps-down-after-legal-battle

For Rajapakse regime, dissent in Sri Lanka means ‘treason’

The Sri Lankan government is intensifying a crackdown on critics by sanctioning abuses often committed by security forces or their proxies, Amnesty In...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35521

(NHL) Avalanche to pick first in draft lottery

The Colorado Avalanche, who finished with the second-worst record in the National Hockey League this season, will pick first in June's NHL Draft aft...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35520

Taiwan economy runs out of steam

Taiwan's economy grew by a much lower-than-expected 1.54 percent in the three months to March as it was hit by sluggish exports, the government said...



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NBA's Collins admits being gay

Basketball center Jason Collins on Monday became the first active player in a major American professional team sport to reveal he is gay -- a groundbr...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35519

Nikkei edges down at break

Tokyo's benchmark Nikkei 225 index was 0.43 percent lower in subdued trading after a three-day weekend. The Nikkei was down 59.47 points to 13,824.66...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35517

(NBA playoffs) Hawks tie series with Pacers

The Atlanta Hawks pulled even with Indiana in their Eastern Conference first-round NBA playoff series on Monday while the Brooklyn Nets avoided being ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35516

Kodak nears bankruptcy end with 2-for-1 UK pension deal

Photography pioneer Eastman Kodak has cleared the last two hurdles to ending its bankruptcy in one leap, with an agreement to sell its remaining non-core businesses to its British pension fund for US$650 million (HK$5.05 billion).

The pension plan also agreed to give up a US$2.8 billion (HK$21.73 billion) claim against Kodak, resolving the largest unsecured claim against the company.

The agreement is subject to approval by the US Bankruptcy Court in Manhattan.

via Business feed http://www.scmp.com/business/companies/article/1226564/kodak-nears-bankruptcy-end-2-1-uk-pension-deal

EU votes to ban Bayer, Syngenta bee-killer pesticides

The European Commission said it would impose a continent-wide ban on three pesticides which environmentalists say are killing the bees that pollinat...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35515

Rural demand drives China to top of PC market

China unseated the United States last year as the top market for personal computers due to demand in rural areas where people opt for desktops, acco...



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Teacher, pensioners among Spanish child sex predators who distributed porn from Southeast Asia

Spanish police detained 25 suspects and charged another 16 for possessing and distributing videos over the internet that showed young children and i...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35513

Zames, rising star at JPMorgan, has seen worst of finance

Matt Zames, who on Sunday became sole chief operating officer at JPMorgan Chase, is no stranger to market calamity.

The 42-year-old traded at Long-Term Capital Management in the late 1990s as it was melting down. He helped stabilise Bear Stearns after JPMorgan took it over during the financial crisis. And when JPMorgan’s chief investment office was haemorrhaging money last year from bad credit investments, Zames was told to fix the situation.

via Business feed http://www.scmp.com/business/banking-finance/article/1226560/zames-rising-star-jpmorgan-has-seen-worst-finance

Singapore OCBC’s Q1 net profit slumps 16pc

Oversea-Chinese Banking Corp , Singapore’s second-biggest lender, posted a 16 per cent fall in first quarter profit, hurt by lower contributions from its insurance unit and weak interest rate margins.

OCBC earned S$696 million (HK$6.06 billion million) in the three months ended March, compared with S$832 million (HK$5.23 billion) a year earlier. Its profit was above the S$656 million average forecast of eight analysts polled by Reuters.

Business momentum is strong and asset quality remains sound, chief executive Samuel Tsien said.

via Business feed http://www.scmp.com/business/banking-finance/article/1226559/singapore-ocbcs-q1-net-profit-slumps-16pc

South Korea industrial output shrinks for third month

South Korea’s industrial output in March contracted on monthly terms for a third consecutive month, government data showed on Tuesday, severely undershooting expectations and underscoring weak momentum in the trade-dependent economy.

Industrial output fell by a seasonally adjusted 2.6 per cent in March from the previous month, following a revised 0.9 per cent fall in February, Statistics Korea said in a statement. The revised February reading was also slightly worse than a provisional 0.8 per cent fall reported in late March.

via Business feed http://www.scmp.com/business/economy/article/1226557/south-korea-industrial-output-shrinks-third-month

Japan April manufacturing PMI rises in March

Japanese manufacturing activity expanded in April at the fastest pace in just over a year in an encouraging sign that stabilising overseas demand and a weaker yen are helping the economy.

The Markit/JMMA Japan Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 51.1 in April from 50.4 in March.

The index remained above the 50 threshold that separates expansion from contraction for the second consecutive month and showed that activity grew at the fastest pace since March last year.

via Business feed http://www.scmp.com/business/economy/article/1226553/japan-april-manufacturing-pmi-rises-march

Income linked to well-being, study finds

Money does indeed buy happiness, and more money leads to more happiness, according to a study released by economic researchers. While a link betwee...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35512

Catalan fare ranks tops in best restaurants list

Spain's El Celler de Can Roca seized the title of the world's best restaurant from Denmark's Noma, one month after dozens of people came down with a...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35511

ANZ posts 10pc 1H profit rise

Australia and New Zealand Banking Group, the country’s fourth-largest bank, on Tuesday reported a 10 per cent rise in first-half cash earnings to A$3.18 billion (HK$25.48 billion) and announced a forecast-busting dividend.

The result was slightly ahead of analysts’ expectations of a A$3.14 billion (HK$25.16 billion) profit, according to Thomson Reuters StarMine data, as the bank booked solid earnings in international and institutional banking, and its Australian retail banking unit.

via Business feed http://www.scmp.com/business/banking-finance/article/1226552/anz-posts-10pc-1h-profit-rise

Software bug caused massive glitch: CBOE

A software bug that cropped up when CBOE Holdings was making initial preparations to lengthen the trading day was the ‘root cause’ of the problems that kept the Chicago Board Options Exchange from opening for half of Thursday.

CBOE staff identified and addressed the bug early Thursday, CBOE Chief Executive Bill Brodsky said in a memo to clients.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1226548/software-bug-caused-massive-glitch-cboe

Japan factories power up; unemployment falls

Japan logged a modest pickup in factory output in March as the nation’s unemployment rate hit a multi-year low, official data showed on Tuesday, with the government pointing to brighter times ahead.

The new figures also come days after the Bank of Japan (BoJ) boosted its inflation and economic growth projections for the world’s third-largest economy as it eyes an end to years of deflation.

via Business feed http://www.scmp.com/business/economy/article/1226547/japan-factories-power-unemployment-falls

Seoul factories slow down further

South Korea's industrial output fell for a third straight month in March as carmakers struggled in the face of a weaker yen, official data show. Pr...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35510

Yahoo! loads up with new online content

Yahoo! pulled back the curtain on a new line-up of online shows along with new ways it will pair advertising with Web content. The struggling inter...



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Hang Seng bounces 1pc

Stocks in Hong Kong opened 1.06 percent higher following gains in the US and as investors eye interest rate decisions by the ECB and Federal Reserve...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35508

Rajapakse regime brutalizing opponents in Sri Lanka

Amnesty International says the Sri Lankan government of President Mahinda Rajapakse is intensifying a crackdown on critics though harassment, imprison...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35507

Shanghai markets closed for holiday

Financial markets in China are closed today for a public holiday. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35506

Washington reiterates recognition of Japan control over islands

Islands at the center of a territorial dispute between Japan and China are covered by a military protection accord between Washington and Tokyo, US De...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35505

Apple prepares for first debt issue

Apple moved toward its first debt issue, filing documents describing plans for bond sales which would be used to pay dividends in an effort to stem i...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35504

China’s Africa aid tops US$75b in decade, most to debt relief, transport, agriculture

China committed more than US$75 billion to Africa in the past decade, coming close to the level of US money although the nature of Beijing's support...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35503

Children retuning to US risk allergies, asthma

Children born outside the United States have a lower risk of asthma, skin and food allergies, and living in the United States for a decade may raise...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35502

Canada retailer to support Dhaka factory tragedy victims

Canadian supermarket giant Loblaw said it would pay compensation to employees of one of its suppliers and their relatives after a Bangladeshi factor...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35501

Slight uptick at Japan factories

Japan's factory output gained again in March, official data show. It is the fourth consecutive monthly uptick. The Economy, Trade and Industry Minis...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35500

Dutch set to swear in young king

Dutch Crown Prince Willem-Alexander becomes Europe's youngest monarch today when his mother, Queen Beatrix, abdicates and his country hails the avow...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35499

US central bank likely to keep foot firmly on stimulus pedal

The US central bank is poised to keep its foot firmly on the stimulus pedal as the economy shows signs of slowing, analysts said. The Federal Reser...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35498

US loans from China at issue in debt-ceiling fight

After all, China isn’t the US’ biggest creditor. America is.

The bulk of the national debt – soon to exceed a staggering US$17 trillion – is held by the Federal Reserve, Social Security (public pension) system, private pension plans, US banks, mutual funds, insurance companies and individual domestic investors.

via Business feed http://www.scmp.com/news/world/article/1226504/us-loans-china-issue-debt-ceiling-fight

HSBC sells stake in Korean insurer

The banking giant said its subsidiary HSBC Insurance (Asia-Pacific) had agreed to sell its 50 per cent less one share in Hana HSBC Life Insurance to Hana Financial Group.

via Business feed http://www.scmp.com/business/banking-finance/article/1226316/hsbc-sells-stake-korean-insurer

Little upside projected for ZTE this year

ZTE, the world's fifth-largest telecommunications equipment supplier, may be hard-pressed to boost sales and profit this year, despite growing global demand for smartphones and the expansion of 4G networks on the mainland.

In a report published yesterday, Bernstein Research maintained its "underperform" rating on ZTE due to increased competition against telecommunications equipment providers with vastly bigger resources.

via Business feed http://www.scmp.com/business/companies/article/1226314/little-upside-projected-zte-year

Move fast when overheating hits, IMF warns Asia

Asian policymakers must be ready to respond "early and decisively" to overheating risks in their economies stemming from rapid credit growth and rising asset prices, the International Monetary Fund said.

Growth is set to pick up gradually this year and inflation is expected to stay within central banks' comfort zones, the lender said in a report yesterday. Greater exchange-rate flexibility in the region would play a "useful role" in curbing overheating pressures and coping with speculative capital inflows.

via Business feed http://www.scmp.com/business/economy/article/1226311/move-fast-when-overheating-hits-imf-warns-asia

Contender rises in JP Morgan's top ranks

JP Morgan Chase, the biggest bank in the United States, named Matt Zames sole chief operating officer as Frank Bisignano left to become the chief executive of First Data Corp.

"Zames is expanding his role," JP Morgan chairman and chief executive Jamie Dimon said in an internal memorandum.

Paul Compton, a co-chief administrative officer of the corporate and investment bank, will become the chief administrative officer and report to Zames, according to the notice.

via Business feed http://www.scmp.com/business/banking-finance/article/1226129/contender-rises-jp-morgans-top-ranks

In the race for yuan trade, Hong Kong must raise its game

Few would remember why Hong Kong became the first city involved in the yuan business in early 2004. It came about after an agreement signed between the central banks of Hong Kong and the mainland in November 2003. Back then, Beijing had not yet decided to let the yuan become an international currency. That only occurred in 2009.

via Business feed http://www.scmp.com/business/article/1226128/race-yuan-trade-hong-kong-must-raise-its-game

Telecoms firms push links after stake deal collapses

China Mobile, the mainland's dominant carrier, and Far EasTone Telecommunications, Taiwan's No 3 operator, will share services and sales channels as part of a broad co-operation deal after a strategic stock investment accord collapsed, underlining how much they both need each other.

via Business feed http://www.scmp.com/business/companies/article/1226126/telecoms-firms-push-links-after-stake-deal-collapses

A decade of growth but no sign of a fair share

The mainland economy is five times as big as it was 12 years ago but Shanghai's stock market has gone nowhere amid barriers to profitability.

via Business feed http://www.scmp.com/business/article/1226216/decade-growth-no-sign-fair-share

Pegging Hong Kong dollar against yuan 'could take years'

The yuan will eventually be a feasible currency for Hong Kong to peg its dollar against, in place of the US dollar, said John Greenwood, known as the "father of the Hong Kong-dollar peg".

via Business feed http://www.scmp.com/business/economy/article/1226313/pegging-hong-kong-dollar-against-yuan-could-take-years

Hong Kong homebuyers hail 'honest' sales law

Homebuyers have embraced a new law requiring developers to promote sales in a more transparent and honest way, although some said the provisions, which came into effect yesterday, were still unfamiliar.

At the same time, the director of the Sales of First-hand Residential Properties Authority, Eugene Fung Kin-yip, said it was a good sign that the new law had halted most sales of new homes, as many developers withdrew their sales brochures and were reworking them.

via Business feed http://www.scmp.com/business/article/1226215/homebuyers-hail-honest-sales-law

US economic recovery could spell disaster for Hong Kong

Last Friday, the United States released data showing the world's biggest economy grew at a weaker than forecast 2.5 per cent annualised rate over the first three months of this year.

With US consumer inflation subdued at just 1.5 per cent last month, the soft first-quarter growth number has bolstered expectations that the Federal Reserve will continue its programme of quantitative easing for the time being at least, and keep interest rates ultra-low until the end of next year.

Whether that's good or bad news for Hong Kong depends on how you see the local property market.

via Business feed http://www.scmp.com/business/article/1226208/us-economic-recovery-could-spell-disaster-hong-kong

Time for more easy money

Slowing inflation is giving central bankers scope to provide the world economy with more liquidity and lower interest rates for longer, all in the name of price stability.

European Central Bank president Mario Draghi may cut his benchmark rate to a record low this week as ebbing price pressures let him deliver more stimulus to the euro area's recession-riddled economy.

via Business feed http://www.scmp.com/business/economy/article/1226206/time-more-easy-money

Struggling Nokia aims high with low-end phone

As Nokia battles to catch Apple and Samsung Electronics in the market for smartphones costing US$500 or more, it's counting on a bare-bones handset that sells for just US$20 to give it an edge.

Priced 97 per cent below the latest iPhone, the Nokia 105 features preloaded games, a colour screen, a radio, a speaking clock and a torch.

The phone, Nokia's cheapest, has been available for a few weeks in India and Indonesia and will soon start selling in Europe.

via Business feed http://www.scmp.com/business/companies/article/1226307/struggling-nokia-aims-high-low-end-phone

Youku turns to mobile, new content for profits

Viewership on mobile applications for smartphones and tablets like Apple's iPad rose by half this month than at the end of last year, Victor Koo, chairman and chief executive of Youku Tudou, said on the weekend.

via Business feed http://www.scmp.com/business/companies/article/1226306/youku-turns-mobile-new-content-profits

Mainland Chinese go abroad to shop for luxury watches says Swiss firm

The Swiss luxury watchmaker Piaget said its sales on the mainland might grow less than 10 per cent this year, the slowest in eight years, as mainland consumers take advantage of the stronger yuan and travel overseas to buy premium goods.

via Business feed http://www.scmp.com/business/china-business/article/1226308/mainland-chinese-go-abroad-shop-luxury-watches-says-swiss

Stern's warning on Chinese luxury watch market proves timely

The chairman of Patek Philippe, Thierry Stern, had advice for Swiss watchmakers several years ago that most rivals did not heed: do not overinvest in China. Amid the recent slowdown on the mainland, Stern's call has proved prescient.

via Business feed http://www.scmp.com/business/china-business/article/1226305/sterns-warning-chinese-luxury-watch-market-proves-timely

Hong Kong shares inch higher, China coal slumps as earnings disappoint

Hong Kong’s Hang Seng Index edged higher on Monday as strength in retailer Esprit Holdings offset weakness in Chinese commodities counters after disappointing corporate earnings doused recovery hopes.

But there were emerging signs of a differentiation within these cyclical sectors, particularly with the leading players in the coal, steel and cement sectors that are seen controlling costs more effectively.

via Business feed http://www.scmp.com/business/money/stock-talk/article/1225933/hong-kong-shares-inch-higher-china-coal-slumps-earnings

Aussie radio jockey Greig to testify at Saldanha suicide inquest

An Australian radio DJ linked to the tragic suicide of an unsuspecting Indian nurse who was tricked into putting through a call to the London hospital...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35470

Opposition slams Gillard ‘crocodile tears’ after Australia predicts ‘spectacular’ hole in coffers

Australian families faced with weak economic growth and high unemployment have been told to brace for an austere election-year budget. Prime Ministe...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35469

Draughty London mansion, anyone?

So, London’s reputedly most expensive mansion has been trumped by London’s even more expensive mansion. This comes only a few weeks after reading that Heath Hall, on north London’s Hampstead Heath had its asking price slashed by a thumping £35 million (HK$420 million) from its previous £100 million (HK$1.2 billion) tag.

According to the Huffington Post, this is after current owner, property magnate Andreas Panayiotou, who might possibly be needing some cash for his tax bill in Greece--had splashed out £40 million (HK$480 million) on fixing it up.

via Business feed http://www.scmp.com/comment/blogs/article/1225897/draughty-london-mansion-anyone

Bribery case involving Joseph Lau adjourned

The Macau graft trial involving two local businessmen in was again adjourned until June as Joseph Lau Luen-hung -- Chinese Estate chairman of -- was a...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35468

Four arrested for suspected triad murder

Police have arrested four men in connection with the murder of a suspected senior triad society member in Sheung Shui yesterday. The victim, 30, was h...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35467

Filibustering during budget debate

The Legislative Council has resumed its debate on the budget, amid an ongoing filibuster by radical pan-democrats pressing for a universal pension sch...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35466

Sumitomo Mitsui stalks Indonesian prey: sources

Japan’s Sumitomo Mitsui Banking Corp is in advanced talks to buy a US$1.3 billion (HK$10.09 billion) stake in BTPN, an Indonesian lender backed by TPG Capital, people familiar with the matter told Reuters, lifting BTPN’s shares 9 per cent on Monday.

via Business feed http://www.scmp.com/business/banking-finance/article/1225877/sumitomo-mitsui-stalks-indonesian-prey-sources

Hang Seng swings in see-saw trade

Stocks in Hong Kong ended the morning session flat after US data showed the world's biggest economy had picked up in January-March but at a slower p...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35465

Asia's sandwich classes could end up in limbo: IMF

Middle-income Asian economies enjoy better growth prospects than countries in other parts of the world but they must improve government institutions and liberalise rigid labour and product markets if they wish to reach the level of developed countries, the International Monetary Fund (IMF) said on Monday.

“Emerging Asia is potentially susceptible to the ‘middle-income trap,’ a phenomenon whereby economies risk stagnation at middle-income levels and fail to graduate into the ranks of advanced economies,” IMF said in its latest Regional Economic Outlook for Asia and the Pacific.

via Business feed http://www.scmp.com/business/economy/article/1225868/asias-sandwich-classes-could-end-limbo-imf

Indian hedge funds thumb their noses at foreign rivals

Indian hedge fund manager Kalpesh Kinariwala is so sure of his equity strategies in a country that has stumped foreign rivals that he sends a daily e-mail tracker of his performance - including to competitors.

Kinariwala’s Capveda Capital (India) Advisory fund, which he runs from a modest office in a decrepit industrial estate in Mumbai, has returned 11.86 per cent so far this year, outperforming average negative returns of 2 per cent from India-focused foreign hedge funds.

via Business feed http://www.scmp.com/business/banking-finance/article/1225861/indian-hedge-funds-thumb-their-noses-foreign-rivals

Red tape, Raj combine to strangle Indian reforms

An Indian Parliament deadlocked yet again over corruption scandals threatens Finance Minister P Chidambaram’s ambitious reform agenda, dealing a harsh dose of political reality on the heels of his North American roadshow to sell the India story.

Two long-stalled reforms - one to lift the foreign ownership cap in insurers to 49 per cent from 26 per cent and another that would simplify land acquisition for factories - were due to be introduced in the legislature during the past week ended up being side-tracked by the political ruckus.

via Business feed http://www.scmp.com/business/banking-finance/article/1225860/red-tape-raj-combine-strangle-indian-reforms

Carson Yeung denies laundering charges

Birmingham City football club owner Carson Yeung ka-sing pleaded not guilty today in the district court to charges of laundering HK$721.3 million. Ye...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35464

Investors salivating over high street banks

Investors will have their pick of British banks in the next couple of years with up to five lenders looking to float on the stock market, offering a potentially lucrative, and nostalgic, punt on high street banking.

A failure to attract buyers from the banking sector means that state-backed groups Lloyds and Royal Bank of Scotland are racing to prepare stock market flotations of hundreds of branches they have been told to sell by European regulators.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1225849/investors-salivating-over-high-street-banks

(H7N9 watch) Five infected in four provinces

Five more H7N9 bird flu cases were confirmed last night in four provinces in mainland China, local health authorities say. The latest confirmed cases...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35463

Wheezing global economy stuck in life support

Five years after the onset of the global financial crisis, the world economy is in such a chronic condition that the European Central Bank might cut interest rates this week and the Federal Reserve is likely to indicate no let-up in the stimulus it is providing the US economy.

With the euro zone economy in recession, momentum is building for the ECB to lower interest rates for the first time since July last year, according to senior sources involved in the deliberations.

If the bank does not act on Thursday, a quarter-point cut in June is considered a racing certainty.

via Business feed http://www.scmp.com/business/economy/article/1225843/wheezing-global-economy-stuck-life-support

Sina, Alibaba resurrect tie-up talks

It looks like I may have been premature in declaring last month that talks for a tie-up between leading web portal Sina and e-commerce leader Alibaba were dead.

via Business feed http://www.scmp.com/comment/blogs/article/1225834/sina-alibaba-resurrect-tie-talks

Zames’ star ascends in latest JPMorgan shakeup

JPMorgan Chase said Matt Zames will fully assume the role of chief operating officer as his former partner in the job leaves, which was part of the latest management shakeup at the biggest US bank.

Zames, who has been seen as a strong candidate to succeed the bank’s chief executive and chairman Jamie Dimon, had been co-chief operating officer with Frank Bisignano, the bank said.

In the latest move, Zames now has sole responsibility in another critical senior post at JPMorgan.

via Business feed http://www.scmp.com/business/banking-finance/article/1225833/zames-star-ascends-latest-jpmorgan-shakeup

Collapsed building owner Rana in bed with Dhaka politics

When the cracks in the building appeared early Tuesday afternoon, a stocky man in his early 30s, a feared political operative who a neighbor says drop...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35462

Japan factory output seen up for 4th straight month, recovery slow

Japan’s industrial production is expected to have risen for a fourth consecutive month in March albeit at a modest pace, a Reuters survey showed, in a sign that factory output is recovering slowly as exports struggle to gain momentum.

The median forecast was for a 0.4 per cent rise from the previous month, which would follow a 0.6 per cent increase in February and a 0.3 per cent rise in January. The figures are due on Tuesday.

via Business feed http://www.scmp.com/business/economy/article/1225829/japan-factory-output-seen-4th-straight-month-recovery-slow

(NBA playoffs) Spurs cast spell over Lakers

Tony Parker led five San Antonio players in double figures yesterday as the Spurs beat the depleted, dispirited Los Angeles Lakers 103-82 to knock th...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35461

Kenyan Kiprop claims Madrid marathon

Francis Kiprop of Kenya won the Madrid Marathon yesterday. Kiprop finished in 2 hours, 10 minutes, 37 seconds, with Vanessa Veiga of Spain winning th...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35460

(Premier League roundup) Van Persie silences howling masses

Reading and Queens Park Rangers were put out of their misery and relegated from the Premier League, while Robin van Persie ensured his former club Ars...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35459

Austerity is hurting our health, say researchers

Austerity is having a devastating effect on health in Europe and North America, driving suicide, depression and infectious diseases and reducing access to medicines and care, researchers said on Monday.

Detailing a decade of research, Oxford University political economist David Stuckler and Sanjay Basu, an assistant professor of medicine and an epidemiologist at Stanford University, said their findings show austerity is seriously bad for health.

via Business feed http://www.scmp.com/business/economy/article/1225824/austerity-hurting-our-health-say-researchers

(Golf) Park on the money at Shootout

Inbee Park shot a bogey-free 4-under 67 yesterday to win the inaugural North Texas LPGA Shootout by a stroke over Carlota Ciganda, whose chance for a ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35458

(Champions League) Barca, Madrid expect the unexpected

Fierce rivals Barcelona and Real Madrid are bound to a common cause after heavy losses in the Champions League: the need to believe in miracles. Barc...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35457

Seven Olivier gongs for drama

The stage adaptation of Mark Haddon's novel The Curious Incident of the Dog in the Night-Time, claimed seven prizes at Britain's Laurence Olivier Awa...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35456

BHP raises US$650m in US copper assets sale

Global mining titan BHP Billiton announced the sale of its Pinto Valley mining operation and rail assets in the United States to Capstone Mining Corp...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35455

Chips, mobile phones boost Seoul current account, imports tumble

South Korea posted its biggest current account surplus in four months in March, bolstered by robust exports of mobile devices and other high-tech pr...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35454

Aging Thai king on the mend from lung inflammation

Thailand's 85-year-old King Bhumibol Adulyadej is recovering from mild lung inflammation that caused a fever. The palace issued a statement saying th...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35453

NBA great Jordan says 'I Do' again

Retired NBA great Michael Jordan married model Yvette Prieto at a ceremony in Florida on Saturday with a lavish reception at a luxury golf community...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35452

Shanghai closed for holiday

Financial markets in China are closed today for a public holiday. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35451

Greece families brace for more pain, following move to shed 15,000 civil servant jobs

The Greek parliament voted late to adopt a law providing for the dismissal of 15,000 civil servants as part of austerity measures imposed by the cou...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35450

Hang Seng opens flat

Stocks in Hong Kong opened flat with financial markets in mainland China and Japan closed for national holidays and following a mixed close on Wall S...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35449

Greece adopts bill to cut 15,000 civil servant jobs

The Greek parliament voted late on Sunday to adopt a law that provides for the dismissal of 15,000 civil servants as part of austerity measures imposed by the country’s international creditors.

After heated debate, 168 deputies voted for the bill, with 123 voting against and one abstaining.

The new law will overturn what had been a guarantee for workers in Greece’s notoriously bloated civil service of a job for life.

Around 800 people turned up outside the parliament to protest against the measure in a demonstration called by trade unions.

via Business feed http://www.scmp.com/news/world/article/1225766/greece-adopts-bill-cut-15000-civil-servant-jobs

Big or small, patience may be the clue to investment success

Does big really mean good, or even successful? Or is it time for us to think differently? I raised these questions in a report I wrote last week about foreign investments in China, which attracted mixed reactions from readers. I examined the performance of some of TPG's and Bain Capital's investments in China in recent years and the conclusion, in short, was that more people were beginning to realise that size or brand did not guarantee success when it came to making investments in China.

via Business feed http://www.scmp.com/business/article/1225451/big-or-small-patience-may-be-clue-investment-success

China overseas direct investment to exceed FDI by 2017 says study

The study predicts that the mainland's outbound direct investment (ODI) will jump from US$115 billion last year to US$172 billion in 2017, exceeding the amount of foreign funds coming into the country, and driven by mainland firms' ambition to tap overseas markets and their growing awareness of enhancing research capabilities.

via Business feed http://www.scmp.com/business/china-business/article/1225439/china-overseas-direct-investment-exceed-fdi-2017-says-study

Material world

For Tadashi Yanai, Japan's wealthiest man, Hong Kong represents a special place where his vision to create a world-class apparel and retailing business was honed.

Yanai is the chairman, president and chief executive of Tokyo-based Fast Retailing and its rapidly growing subsidiary, casual-wear chain Uniqlo, which opened its 10th global flagship store in Hong Kong last Friday.

via Business feed http://www.scmp.com/business/companies/article/1225449/material-world

Swire Pacific eyes property expansion across region, says chairman

In an interview with The South China Morning Post, Christopher Pratt said Swire was looking to expand its property investment footprint across China and Southeast Asia, and the firm had high hopes of Cathay Pacific's ties with shareholder Air China, which he felt would define this decade for the airline.

via Business feed http://www.scmp.com/news/article/1225530/swire-pacific-eyes-property-expansion-across-region-says-chairman

Hutchison to develop herbal drug with Nestle

Hutchison Whampoa's pharmaceutical unit has joined forces with Swiss food giant Nestle to develop a new drug, which they said had the potential to be the first Chinese herbal-ingredient-based drug candidate to conduct a large-scale clinical trial for registration in a major disease area.

via Business feed http://www.scmp.com/business/companies/article/1225520/hutchison-develop-herbal-drug-nestle

Blue-chip chiefs keep hands in pockets after buying spree

Directors bought fewer of their own company shares for the second straight week in the last full week of April, according to filings to the stock exchange, after seven weeks of increased buying.

A total of 34 companies reported 163 purchases worth HK$172.8 million, down from the previous week's 40 companies reporting 171 insider purchases valued at HK$276.1 million.

via Business feed http://www.scmp.com/business/article/1225413/blue-chip-chiefs-keep-hands-pockets-after-buying-spree

Mandarin Oriental has no fear of crackdown by Beijing

The luxury hotel chain operator Mandarin Oriental, brushing aside concerns that a crackdown by Beijing on wasteful spending of public money will dent hotel revenues, said it would continue expanding in China to tap into the rising affluence on the mainland.

"For anybody who does a good job of understanding their customers, China will always be a place to be," said Andrew Hirst, the group's operations director for Asia.

via Business feed http://www.scmp.com/business/companies/article/1225529/mandarin-oriental-has-no-fear-crackdown-beijing

Yuan funds' image hit by meagre returns

Asset managers may find their yuan-denominated fund products a hard sell because of high investment fees, a clouded investment outlook, and weakening fundamentals in the domestic bond and equity markets, key market players say.

Many of the world's major fund managers are queuing to get a bite of the yuan investment pie as Beijing prepares to release a 200 billion yuan (HK$251 billion) quota under its renminbi qualified foreign institutional investor (RQFII) scheme as early as this week.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1225518/yuan-funds-image-hit-meagre-returns

Hong Kong faces mainland China challenge as ports expand

Guangdong's plan to spend billions of yuan to create a network of ports, railways and waterways will pose a competitive threat to Hong Kong. But it may benefit Hong Kong exporters as a strike at the city's port enters its fifth week, say industry players.

"Look at the mess we have with the port strike now. With the strike in Hong Kong, we Hong Kong exporters depend on Guangdong to help us now," said Willy Lin Sun-mo, the chairman of the Hong Kong Shippers' Council.

via Business feed http://www.scmp.com/business/china-business/article/1225412/hong-kong-faces-mainland-china-challenge-ports-expand

Stronger yuan a boost for Hong Kong banks

The recent strengthening of the yuan against the US dollar might mean we have to shell out more for "Made in China" labels, but it is good news for local banks and depositors with yuan on hand.

The currency reached its highest level against the US dollar in 19 years on Thursday, on the back of rising usage worldwide.

With countries such as Australia, Britain, France, Singapore and Japan all eyeing the growing yuan business, the Hong Kong Monetary Authority the same day decided to throw its weight behind the local banking industry.

via Business feed http://www.scmp.com/business/banking-finance/article/1225438/stronger-yuan-boost-hong-kong-banks

A thrift-seekers' guide to massages and manicures

The stress of Hong Kong means you need some relaxation, but the big hotel spas charge like wounded bulls for a simple massage. So where to get a decent kneading at a decent price?

The key is a balance between cheap and clean. Plenty of hole-in-the-wall joints offer a nice price but not such nice hygiene.

via Business feed http://www.scmp.com/business/money/spending/article/1225515/thrift-seekers-guide-massages-and-manicures

New rules complicate buying property in China

The mainland's recent property market cooling measures have perplexed foreign nationals, who wonder what the new rules mean for them. Time for a quick call to Chris Dillon, author of mainland property buying guide Landed China, for an explanation.

Many of the new measures apply only to locals, and those for foreigners are not that complicated, says Dillon.

A national rule stipulates that to buy property, you must have lived on the mainland for one year, you can only own one property, and you must live in it. Renting it out is banned.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1225513/new-rules-complicate-buying-property-china

A bird in the hand may cost you a flock

I'm buying a Hong Kong residential property. Should I buy it in my own name or through a company and trust arrangement?

If you are a permanent resident with no other residential property and you buy in your own name, your stamp duty rates are half the new rates and you are exempt from the 15 per cent buyer's stamp duty announced last October. On a HK$10 million property purchase you save HK$1.875 million in stamp duty.

via Business feed http://www.scmp.com/business/money/expert-qa/article/1225509/bird-hand-may-cost-you-flock

With fees, a little understanding goes a long way

Fees are central to investing, but they are also much misunderstood. They are split into many categories, and disclosure varies from fund to fund.

Managed funds

Managed funds are unlisted unit trusts. They are the standard mutual funds you see in banks.

The first thing you pay is a selling commission, usually a one-off charge of up to 5 per cent. High-value (in other words, rich) clients will often be offered a discount on this fee, down to as little as 2 per cent. Even if you're not loaded, always ask for a discount.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1225511/fees-little-understanding-goes-long-way

Twitter jitters

It took less than 140 typed characters to wipe US$140 billion off the value of US stocks last Tuesday. After hackers broke into Associated Press' Twitter account and tweeted that there had been two explosions at the White House, injuring President Barack Obama, the markets went into a tailspin.

Within minutes of the false tweet, Twitter suspended the account and both AP and the White House confirmed that it was a hoax. But the message had already been retweeted more than 3,000 times, sending the benchmark S&P 500 index down almost 1 per cent.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1225507/twitter-jitters

China's economic recovery hit as profit growth wanes

Growth in Chinese industrial firms' profits slowed last month, adding to evidence the mainland's economic recovery is losing steam.

Net income rose 5.3 per cent to 464.9 billion yuan (HK$580 billion) from last March, down from a 17.2 per cent pace in the first two months of this year, the National Bureau of Statistics said yesterday.

via Business feed http://www.scmp.com/news/china/article/1224933/chinas-economic-recovery-hit-profit-growth-wanes

Scottish independence gets boost from Hong Kong's money markets

In a week that has seen Britain discuss the very future of the pound sterling and the possible break-up of the United Kingdom, Hong Kong's money changers have provided an unwitting boost to the Scottish independence movement by offering a separate - and more favourable - rate for Scottish pound notes.

via Business feed http://www.scmp.com/news/hong-kong/article/1224903/scottish-independence-gets-boost-hong-kongs-money-markets

Ethiopian Airlines first to fly 787 Dreamliner since grounding

Ethiopian Airlines on Saturday became the world’s first carrier to resume flying Boeing’s 787 Dreamliner passenger jets, landing the first commercial flight since the global fleet was grounded three months ago following incidents of overheating in the batteries providing auxiliary power.

The flight from Addis Ababa to Nairobi was the first since regulators grounded all Dreamliners on January 16 after two lithium-ion battery meltdowns that occurred on two jets with other airlines within two weeks that month.

via Business feed http://www.scmp.com/business/companies/article/1224721/ethiopian-airlines-first-fly-787-dreamliner-grounding

Chinese strong talk on yuan reform masks policy quandary

China’s central bank has been talking tough on currency reform while it has also intensified market intervention, highlighting the fine line it must walk in trying to liberalise the yuan.

Critics, including the United States, see the intervention as another sign that Beijing is dragging its feet in letting market forces determine the yuan’s exchange rate.

But the wall of money being printed by China’s trading partners under their super-loose monetary policies is flooding emerging markets with speculative cash, which has put the yuan under strong upward pressure this year.

via Business feed http://www.scmp.com/business/economy/article/1224644/chinese-strong-talk-yuan-reform-masks-policy-quandary

Li Keqiang tells France's Hollande China wants more balanced trade

French President Francois Hollande wrapped up a two-day visit to China on Friday, confident that France could achieve more balanced trade with the world’s second largest economy.

Hollande became the first Western leader to meet China’s new president Xi Jinping and picked up a deal potentially worth billions for 60 new Airbus aircraft.

France runs a 26-billion-euro (HK$261 billion) trade deficit with China and Hollande said Beijing “responded perfectly to the requests that we made”.

via Business feed http://www.scmp.com/news/china/article/1224625/li-keqiang-tells-frances-hollande-china-wants-more-balanced-trade

Multicultural packaging

The French and Chinese may be poles apart in terms of language and culture, but Jean-Baptiste Dabadie, a French businessman based in Hong Kong, has been able to break down the barriers. Running a team of 200 mainland Chinese staff at his Shenzhen packing business has helped.

via Business feed http://www.scmp.com/business/companies/article/1224178/multicultural-packaging

US growth at 2.5pc but misses forecasts

Much of the acceleration in gross domestic product was probably a result of unusually slow growth at the end of last year, when the economy grew at an annual pace of just 0.4 per cent.

via Business feed http://www.scmp.com/business/economy/article/1224183/us-growth-25pc-misses-forecasts

Swire first to sell homes under new 'honest marketing' rules

The developer will launch the first batch of 30 units at Dunbar Place in Ho Man Tin on Tuesday at an average of HK$20,869 per square foot in terms of saleable area.

via Business feed http://www.scmp.com/business/companies/article/1224179/swire-first-sell-homes-under-new-honest-marketing-rules

China Telecom ends slide in profit

Net profit rose 10 per cent year on year in the first quarter at China Telecom, the world's biggest fixed-line network operator, to 4.7 billion yuan (HK$5.9 billion).

It was the first increase in earnings since the country's third-biggest mobile-telephone operator in terms of users started offering Apple's iPhone in March last year.

Revenue grew 14.6 per cent to 77.8 billion yuan, the company said in a filing with the stock exchange after trading closed yesterday.

via Business feed http://www.scmp.com/business/companies/article/1224182/china-telecom-ends-slide-profit

SpiceJet plans more India-China flights

SpiceJet, the discount carrier controlled by the billionaire Kalanithi Maran, will add flights to mainland China as trade expands between India and its neighbour amid intensifying competition at home.

The carrier, which flies four times a week to Guangzhou, plans to fly to three more destinations on the mainland this year as it taps business and leisure travellers from both countries, chief executive Neil Mills said.

The state-owned Air India is the only other local carrier that offers direct services connecting the combined 2.5 billion people in India and the mainland.

via Business feed http://www.scmp.com/business/companies/article/1224171/spicejet-plans-more-india-china-flights

Three factors keeping reits in good shape, say analysts

Goldman Sachs' head of real estate investment banking for Asia excluding Japan, Michael Smith, said low interest rates, a strong commercial property market and capital flows were the three factors that had made the reit market more attractive.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1224163/three-factors-keeping-reits-good-shape-say-analysts

Profits rise at mainland China banks but headwinds hit growth

The mainland's three largest banks yesterday posted first-quarter growth in net profit ranging from just over 8 per cent to almost 16 per cent year on year.

Those increases were smaller than last year's as the lenders felt the effects of the country's economic slowdown.

via Business feed http://www.scmp.com/business/banking-finance/article/1224191/profits-rise-mainland-china-banks-headwinds-hit-growth

Monetary Authority chief takes home HK$9.4m

While Norman Chan Tak-lam's basic salary remained at HK$6 million, the raise mainly came in the form of a 20 per cent increase in variable pay, an amount that depends on individual performance and is equivalent to a bonus at private firms.

via Business feed http://www.scmp.com/business/banking-finance/article/1224196/monetary-authority-chief-takes-home-hk94m

Sharp price fall triggers surge in China gold imports

Volumes for the benchmark spot contract on the Shanghai Gold Exchange exceeded 20 tonnes every day since April 16, when prices tumbled to the lowest since August 2010. That is more than four times the daily average last year, according to exchange data.

via Business feed http://www.scmp.com/business/commodities/article/1224194/sharp-price-fall-triggers-surge-china-gold-imports

China mutual funds told to buy more stocks to boost market

The mainland's securities regulator is ratcheting up pressure on mutual funds to increase equity purchases after the key stock market indicator lost nearly 3 per cent this week.

The move was seen as the first substantial step by the newly appointed chief regulator, Xiao Gang, to support the beleaguered stock market since he took office five weeks ago.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1224192/china-mutual-funds-told-buy-more-stocks-boost

Hard landing for mainland China airlines

Mainland airlines faced turbulence in the first quarter, with China Eastern Airlines yesterday going from a profit to a loss and China Southern Airlines stocks taking a hammering after the company barely managed to stay in the black.

China Eastern reported last night a loss of 132 million yuan (HK$164.5 million) in the quarter, compared with a net profit of 266 million yuan in the same period last year.

via Business feed http://www.scmp.com/business/companies/article/1224181/hard-landing-mainland-china-airlines

Beijing gets back stolen bronzes from French billionaire Pinault

French billionaire Francois-Henri Pinault will return two rare Chinese relics whose auction in 2009 outraged Beijing, his company said during a visi...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35448

More checks for bird flu at border

Health Secretary Ko Wing-Man says screening for bird flu will be stepped up on both sides of the border during the coming Labour Day holiday, in a bid...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35447

Tough punishment after lending crackdown

China said on Friday it has jailed or given the death penalty to more than 1,400 people for underground money lending during a crackdown on informal ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35446

Singapore anti-immigration rally discourages foreigners

Foreigners are being discouraged from joining a protest next month against controversial policies outlined by Singapore to bring in more workers from ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35445

ICAC needs time to sort out details involving fomer boss

It will take time to look into the audit report involving the spending of former chief Timothy Tong Hin-ming, the Independent Commission Against Corru...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35444

Senior Malaysian customs officer assassinated

A top Malaysian customs official was shot dead on the way to work today, police said. Shaharuddin Ibrahim, deputy director-general of Malaysian custo...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35443

SKorea to withdraw staff from Kaesong

Seoul says it has decided to withdraw the roughly 175 South Koreans still at a jointly run factory complex in North Korea. The statement Friday by t...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35442

Weak lending to firms: ECB

The European Central Bank says bank lending to companies remains weak -- another sign that the economy in the 17 countries that use the euro is still ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35441

Citigroup acquires ING custody services in eastern Europe

US bank Citigroup announced Friday it was acquiring the eastern Europe custody services business of its Dutch rival ING. The acquisition covers asset...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35440

Japan allows Dreamliners to resume flying

Japan's transport minister said Friday the government is poised to allow Japanese airlines to resume flying grounded Boeing 787s once they complete in...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35439

Indian businessman, 40, held for raping American charity worker

Police in eastern India have arrested a local businessman for allegedly raping a US charity worker, an official said today, as anger grows over the h...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35438

Mortgage percentage down in March

The average mortgage percentage among new drawn loan declined to 54 percent in March 2013 from 64 percent in June 2009, according to the data submitte...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35437

Injunction granted over dockers' sit-in

The High Court has decided to grant a temporary injunction against striking dockers camping outisde the Cheung Kong Center until next Friday. Workers...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35436

Taiwan jails former agent for spying

A retired Taiwanese intelligence agent has been jailed for six years after luring his colleagues to China to force them to give up sensitive informati...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35435

Terminal contract to pay HK$11m in severance

Global Stevedoring Service, a contractor of Hongkong International Terminal (HIT), wrote to the Labor Department to announce closure of the firm. It w...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35434

Hang Seng ends higher

Hong Kong shares ended 0.65 percent higher on Friday, bucking a regional downtrend as dealers followed a positive lead from Wall Street. The benchmar...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35433

(NBA playoffs) Grizzlies claw back a win over Clippers

The Memphis Grizzlies clawed their way back into their NBA first-round playoff series against the Los Angeles Clippers on Thursday with a much neede...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35432

Baidu sees higher first-quarter profit

Mainland's top search engine Baidu booked a first-quarter net profit of 2.04 billion yuan, up 8.5 percent from a year ago, but missed an estimate of 2...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35431

Man convicted of manipulating derivatives

Lee Lam-chong was convicted of manipulating a callable bull-bear contract, or CBBC, during a pre-opening session. He pleaded guilty to the offence. L...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35430

Former Apple store staff jailed

A former salesman in IFC's Apple Store was sentenced to 10-month in prison after pleading guity for dealing 40 iPhones. Kan Siu-kei, 28, stole 40 uni...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35429

Chen Deming to head Taiwan affairs office

Chen Deming has been named as the new chairman of the quasi-official Association for Relations Across Taiwan Straits to succeed current chairman Chen...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35428

Asian banks woo commodity clients as Western lenders exit

Cash-rich Asian banks are ramping up their commodity and energy business as they push to secure a bigger share of the market before Western rivals, wrestling with regulation and fitful recoveries, return to the region.

Asian lenders are building on links to local companies to expand into trade and project financing, and using strong ties to identify opportunities, connecting, say, a Mongolian miner with a Chinese investor or an Indian trading house with an Indonesian smelter.

via Business feed http://www.scmp.com/business/banking-finance/article/1223755/asian-banks-woo-commodity-clients-western-lenders-exit

Australian statistics bureau systems hacked

The Australian Bureau of Statistics revealed on Friday it has been targeted by hackers many times, as they reportedly look to access market-sensitive information before public release.

According to newly declassified documents and internal incident reports obtained by The Australian Financial Review, the ABS has been the subject of numerous attacks over the past four years.

via Business feed http://www.scmp.com/business/economy/article/1223753/australian-statistics-bureau-systems-hacked

European markets open mixed

Europe's main stock markets were mixed at the start of trading on Friday as traders awaited US economic growth data. London's benchmark FTSE 100 inde...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35427

Rules for new home sales in place next week

The Residential Properties (First-hand Sales) Ordinance will come into effect on Monday. Housing Secretary Anthony Cheung Bing-leung said it is too e...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35426

GrainCorp, ADM ready for long wait for China approval

Australia’s GrainCorp and US suitor Archer Daniels Midland are hunkering down for a long wait for Chinese regulatory approval after agreeing a A$3.0 billion (HK$24.80 billion) takeover deal on Friday.

In a sign of China’s growing scrutiny of global M&A deals, GrainCorp and ADM have tailored the deal to include an extra payment for shareholders from October to reflect an expected delay in approval from China’s Ministry of Commerce.

via Business feed http://www.scmp.com/business/companies/article/1223748/graincorp-adm-ready-long-wait-china-approval

Honda fourth quarter net profit rises 6.6pc on falling yen

Honda Motor posted a 6.6 per cent year-on-year jump in quarterly net profit, helped by the yen’s rapid depreciation and strong sales of its Accord and CR-V models in its biggest market the United States.

In the quarter ended March 31, the third biggest-selling Japanese automaker booked net profit of 75.7 billion yen (HK5.92 million), compared with 71.5 billion yen (HK$ 5.59 billion) it booked in the same period last year.

via Business feed http://www.scmp.com/business/companies/article/1223741/honda-fourth-quarter-net-profit-rises-66pc-falling-yen

Pyongyang warns of grave measures on Kaesong issue

North Korea said Friday that it would take grave measures should the South aggravate the situation on the Kaesong joint industrial zone issue. The N...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35425

Field hockey player dies after snake attacks

A field hockey player who was bitten by a venomous king brown snake in Australia's tropical north and proceeded to go for a 2-kilometer training run h...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35424

(NHL) Senators secure playoff berth

Sergei Gonchar scored 47 seconds into overtime, Erik Karlsson set up Ottawa's first goal in his sooner-than-anticipated return from a torn Achilles te...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35423

Musharraf under house arrest over Bhutto killing

A Pakistan court slapped a three-day house arrest order on former military ruler Pervez Musharraf over the murder of Benazir Bhutto more than five ye...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35422

Alcatel-Lucent losses mount in first quarter

Struggling French telecommunications equipment maker Alcatel-Lucent on Friday posted a wider than expected loss for the first quarter as sales nearly stalled and restructuring costs continued to mount.

The Paris-based supplier to operators such as AT&T, Verizon and Orange says it lost 353 million euros (HK$3.57 billion) in the January-March period, compared to a 259 million euros (HK$2.62 billion) gain a year earlier. Sales were nearly flat at 3.23 billion euros (HK$32.68 billion).

via Business feed http://www.scmp.com/business/companies/article/1223733/alcatel-lucent-losses-mount-first-quarter

Baidu foresees rising costs as competition heats up

Baidu, China’s largest search engine, will increase marketing expenditures for the rest of the year to counter competition from rival Qihoo 360 Technology, which may further put the brakes on profit growth.

Baidu posted on Friday its slowest quarterly profit growth since end-September 2008, citing a rise in traffic acquisition costs, or what a search engine pays to partner websites and software applications to show its search box or results.

via Business feed http://www.scmp.com/business/companies/article/1223732/baidu-foresees-rising-costs-competition-heats

Weakened yen lifts Honda profit

Automaker Honda said net profit for the year to March soared 73.6 percent on-year to US$3.7 billion, thanks to robust overseas sales, a weaker yen, ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35421

Kia Motors income drops 35pc, sales weaken

Kia Motors Corp. says first quarter net profit tumbled 35 percent from a year earlier due to a fall in vehicle production at domestic plants and lower...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35420

Nikkei ends week lower

Stocks in Tokyo lost 0.30 percent, dragged by a stronger yen after the Bank of Japan held off announcing any new measures to kickstart the economy. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35419

Bank of Japan forecasts 2.9pc economic growth

The Bank of Japan boosted its inflation and economic growth projections as it eyes an end to years of deflation. The report, which came as the BoJ s...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35418

(Sichuan quake) Province remembers the dead tomorrow

China will tomorrow mourn the 200 people who died in the 7-magnitude quake that destroyed homes and buildings in Lushan County in Sichuan Province las...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35417

China’s April official PMI to show recovery stabilising

China’s factory activity in April probably expanded at its fastest pace in 12 months, shoring up expectations that China’s economic recovery is stabilising into the second quarter, a Reuters poll found.

The median forecast from a Reuters poll of 15 economists showed China’s official manufacturing managers’ index (PMI) in April may have risen to 51.0 from March’s 50.9.

That suggests a recovery in China’s vast manufacturing sector gathered momentum on the back of a revival in domestic demand, according to analysts.

via Business feed http://www.scmp.com/business/economy/article/1223726/chinas-april-official-pmi-show-recovery-stabilising

Samsung Electronics profit jumps ahead of Galaxy S4 debut

Samsung Electronics reported on Friday its sixth straight quarter of profit growth ahead of the debut of its latest Galaxy smartphone, the South Korean IT giant’s biggest assault on rival Apple yet.

By launching the Galaxy S4 in the United States on Saturday, Samsung is taking aim at Apple’s home market at a time when the iPhone maker appears to have hit a snag. Earlier this week, Apple reported its first profit decline in more than a decade and indicated no major product releases until the fall.

via Business feed http://www.scmp.com/business/companies/article/1223570/samsung-electronics-profit-jumps-ahead-galaxy-s4-debut

Vale says giant Valemax ships gain access to Asian ports

Brazil’s Vale said it has increased access of its “Valemax” iron ore carriers to Asian ports and has even docked one of its ships in China where a ban on the giant vessels has been in effect for more than a year.

The Vale Malaysia docked at China’s port of Lianyungang April 15 and left April 17 after unloading its cargo, Reuters reported on April 18. The 402,285 deadweight tonne (dwt) ship, one of the world’s largest bulk freighters, was only partly loaded, according to Jose Carlos Martins, Vale’s head of ferrous metals.

via Business feed http://www.scmp.com/business/companies/article/1223564/vale-says-giant-valemax-ships-gain-access-asian-ports

Positive start for Hang Seng, Shanghai

Stocks in Hong Kong gained 0.92 percent in the opening minutes of trade, following the release of improved US jobless claims data but a mixed bag of...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=35387

Cost controls help Wynn Resorts beat Wall Street estimates

Wynn Resorts posted a first-quarter profit that handily beat Wall Street expectations as operating margins got a boost from a drop in general and administrative expenses and entertainment and retail costs.

Wynn’s Macau casino operations, which account for more than 70 per cent of the company’s total revenue, also showed an improvement after underperforming in recent quarters.

Revenue from Macau rose 4.4 per cent to US$992.1 million (HK$7.70 billion) after falling 9.7 per cent in the fourth quarter.

via Business feed http://www.scmp.com/business/companies/article/1223554/cost-controls-help-wynn-resorts-beat-wall-street-estimates

Amazon growth slows, while profit margins expand

Amazon.com’s revenue growth slowed in the first quarter as the world’s largest Internet retail struggled overseas, but margins jumped on lower shipping expenses and the expansion of more profitable new businesses.

“The message there is North America was better than expected but international was softer. The question is ... ‘Is this a reflection of macro trends in Europe, or is there something else going on there?’” said Telsey Advisory Group analyst Tom Forte.

via Business feed http://www.scmp.com/business/companies/article/1223535/amazon-growth-slows-while-profit-margins-expand

Honda, Mazda poised to expand, but face high costs in build-out

Honda Motor and Mazda Motor are both likely to post near-record profits this financial year as they take advantage of export-friendly currency moves, but will face a fresh challenge: high costs of expansion.

The Japanese carmakers, due to report quarterly profit figures on Friday, are cranking up the pressure on South Korea’s Hyundai Motor Co and other foreign rivals.

Analysts expect Honda, the third biggest-selling Japanese automaker, to post January-March profits up by over a third, helped by strong sales of its Accord sedan in the United States, its biggest market.

via Business feed http://www.scmp.com/business/companies/article/1223530/honda-mazda-poised-expand-face-high-costs-build-out

Honda, Mazda poised to expand, but face high costs in build-out

Honda Motor and Mazda Motor are both likely to post near-record profits this financial year as they take advantage of export-friendly currency moves, but will face a fresh challenge: high costs of expansion.

The Japanese carmakers, due to report quarterly profit figures on Friday, are cranking up the pressure on South Korea’s Hyundai Motor Co and other foreign rivals.

Analysts expect Honda, the third biggest-selling Japanese automaker, to post January-March profits up by over a third, helped by strong sales of its Accord sedan in the United States, its biggest market.

via Business feed http://www.scmp.com/business/companies/article/1223529/honda-mazda-poised-expand-face-high-costs-build-out