Tiger Airways in talks with regulators over grounding

Tiger Airways planes have been grounded in Australia by regulators on safety concerns Tiger Airways will hold crisis talks with Australian regulators to try and counter safety claims and resume its domestic operations.The Singapore-based low cost carrier's aircraft were grounded in Australia on Saturday by the Civil Aviation Safety Authority (CASA) on safety concerns.The disruptions come at the start of peak school holiday season, which means less intense price competition.Shares in Tiger Airways in Singapore plunged almost 20% on Monday.The airline's domestic Australian flights will be grounded until July 9, but its flights to...

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Sony ranks as Asia's top brand, says Campaign magazine

Despite Asia's much hyped appetite for luxury goods, no designer brands were in the the top 25. Sony has been ranked top in a survey of Asia's most valuable brands by the marketing magazine Campaign. The company gained the top spot despite hacking attacks earlier this year that compromised the personal details of 100 million PlayStation users. Japanese and South Korean consumer electronics brands occupied the top five slots, with Sony trailed by Panasonic, LG, Samsung and Canon.No Chinese brand names cracked the top 100. White goods and electronics maker Haier was the highest...

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Japan finds rare earths in Pacific seabed

The number of seabed mining applications is a growing focus for environmentalists' concern Japanese researchers say they have discovered vast deposits of rare earth minerals, used in many hi-tech appliances, in the seabed.The geologists estimate that there are about a 100bn tons of the rare elements in the mud of the Pacific Ocean floor. At present, China produces 97% of the world's rare earth metals. Analysts say the Pacific discovery could challenge China's dominance, if recovering the minerals from the seabed proves commercially viable.The British journal Nature Geoscience reported that a team of scientists led by Yasuhiro...

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Australian retail sales dip, rates to be kept on hold

Analysts were expecting a rise in retail sales Australian sales of retail goods, such as clothes and shoes, fell unexpectedly in May suffering the biggest drop in seven months.Retail sales dropped 0.6% compared to the previous month, according to the bureau of statistics. Most analysts had expected a gain of 0.3%.Other figures out on Monday showed that new home approvals also fell for a second straight month.The data will strengthen arguments for keeping interest rates on hold.The Australian dollar weakened slightly after the figures were released.'Softness across sectors'The Reserve Bank of Australia (RBA) meets on Tuesday to...

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Europe's insurers found to be 'robust'

The French insurance industry owns some 9bn euros in Greek debts A stress test of Europe's biggest insurers has found them to be "robust" despite exposure to Greek debt.More than 90% of the 221 firms examined met minimum solvency standards even in the most adverse scenario considered.However, the exercise identified key vulnerabilities, including exposure to sovereign debts, such as Greece's, and natural catastrophes.The tests were done by a newly-created regulator, the European Insurance and Occupational Pensions Authority.None of the insurance companies - which comprise at...

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Greece crisis: S&P warns of debt default

There have been violent protests against the austerity measures in Greece Standard & Poor's has warned that current proposals for restructuring Greece's debt would effectively constitute a default.The ratings agency said plans for the private sector to roll over debts could trigger a default under its ratings criteria.Last week, the Greek parliament passed tough austerity measures to secure further financial aid.However, there is a growing sense that a debt restructuring is inevitable.German and French banks have already agreed in principle to roll over loans to Greece in order to give the country more time to repay its debts.This...

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Plunge in corn prices may ease food inflation

The price of corn suffered its biggest fall for 15 years on Thursday, prompting speculation that the high cost of food may start to ease.Corn prices fell 10% after a US Department of Agriculture report said that farmers were sowing unexpectedly large amounts of the grain.The price of other crops, including soybeans, also fell on speculation that future stock levels will remain high.Corn prices recently hit a record, helping to fuel inflation worries.The report said farmers in the vast crop regions of Iowa and Minnesota had been planting substantially more grain.Corn futures, which were just...

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Russia rescues Bank of Moscow in record bail-out

The bank's erstwhile head, Andrei Borodin, has fled the country Russia's fifth largest bank, Bank of Moscow, has been given the biggest bail-out in Russian history.The $14bn rescue came after another bank, VTB, gained control through a hostile bid, only to uncover bad loans valued at $9bn - a third of the bank's assets.Bank of Moscow's former head, Andrei Borodin, has fled the country, and a warrant has been issued for his arrest.The bank was used by ex-Moscow Mayor Yuri Luzhkov to fund property projects.'Fraudulent lending'Mr Luzhkov was sacked by Russian President Dmitry...

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Cost of Euro mobile roaming falls

The European Commission wants to make roaming rates the same as domestic rates by 2015 The cost of making and receiving mobile phone calls while travelling in Europe has come down again.From today, operators cannot charge more than 32p per minute (plus VAT) for outgoing calls, and 10p per minute (plus VAT) for incoming calls.The new tariffs are the latest in a series of annual price reductions forced on the mobile industry by the European Commission.Brussels has said it aims to equalise roaming and domestic charges by 2015.Price regulation was introduced in 2007 by the then...

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UBS says Axel Weber set to be its next chairman

Mr Weber had been expected to join Deutsche Bank Swiss bank UBS has said it will nominate former Bundesbank boss Axel Weber to be its next chairman.The bank said the board would nominate him at the annual meeting in May 2012 and, if elected, he will succeed Kaspar Villiger as chairman in 2013.Mr Weber headed Germany's central bank from April 2004 to April 2011.He had been seen as a front runner to succeed Jean-Claude Trichet as chief of the European Central Bank but ruled himself out of the race in February.The appointment will see a German running Switzerland's biggest...

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China manufacturing slows as Beijing reins in growth

The manufacturing sector been one of the biggest drivers of growth in the Chinese economy China's manufacturing sector expanded at its slowest pace in 28 months following government policies to prevent the economy from overheating, according to an official survey.China's purchasing manager's index (PMI) fell to 50.9 in June from 52 in the previous month.The PMI is a key an indicator of conditions in the sector, which is a big contributor to China's growth.China is the world's second-largest economy. Even though the figure remained above the threshold level of 50, indicating...

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Eurozone manufacturing growth at 18-month low

The figures showed weakness across the board Growth in the eurozone's manufacturing sector lost steam in June as both exports and domestic demand slowed, falling to an 18-month low, a key survey has shown.Markit's Manufacturing Purchasing Managers' Index (PMI) fell to 52.0 last month from 54.6 in May, its lowest reading since December 2009.Any reading above 50 indicates growth."Increasing numbers of countries are showing signs of sliding back into recession," Markit said.Italy's manufacturing sector shrank for the first time in 20 months, while Spain's contracted for the second...

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Plunge in corn prices may ease food inflation

The price of corn suffered its biggest fall for 15 years on Thursday, prompting speculation that the high cost of food may start to ease. Corn prices fell 10% after a US Department of Agriculture report said that farmers were sowing unexpectedly large amounts of the grain. The price of other crops, including soybeans, also fell on speculation that future stock levels will remain high. Corn prices recently hit a record, helping to fuel inflation worries. The report said farmers in the vast crop regions of Iowa and Minnesota had been planting substantially more grain. Corn futures, which were just under...

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Sourcing goods from low cost world markets and selling it locally

Business Opportunity: There are thousands of products available to source, you may find the best products which you can judge and ensure the quality will be liked by local buyers. For example if the product market price is 100, your cost price is 25 for buying 10000 quantity, so u may sell same at price 40-50, the buyer will sell at 75-95 or even 100 who buys the product from you. Its a simple fact that no retail buyer will buy 10,000 quantity of 1 product to reduce the cost, and the price gap in market will remain open. If we take a product example, mass volume can be of help like buying 10,000 laptops of 1 model. Process: You may order a single product, test the quality, use it for a sufficient period of time  Do a research with locals, friends and associates if they like...

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Japan's retail sales dip less-than-forecast in May

Related Stories Retail sales in Japan fell less-than-forecast in May as the country starts to recover from the 11 March earthquake and tsunami. Retail sales fell 1.3% in May compared with the same month last year, according to the latest government data. However, compared with the previous month, retail sales rose by 2.4%. Analysts said that the numbers were an indicator that the Japanese economy was starting to recover. "The pace of decline has slowed, reflecting a quick recovery from the damage to supply chains," said Hioshi...

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Citigroup banker pleads not guilty to $19.2m theft

  A former Citigroup banker has pleaded not guilty to charges that he stole $19.2m in the "ultimate inside job". Prosecutors say Gary Foster, a 35-year old former vice president at Citigroup, moved the money from two separate accounts at the bank to his own account at JP Morgan Chase. The offence is said to have taken place between May 2009 and December 2010. Mr Foster, who left the bank in January this year, faces 30 years in prison if convicted. The alleged 18-month fraud went unnoticed until a recent internal audit at the...

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Christine Lagarde named IMF chief

  France's Christine Lagarde, 55, has been named the first woman to head the International Monetary Fund (IMF). The announcement of her appointment came soon after she received the backing of the US and Russia. Ms Lagarde, the French minister of finance since June 2007, was up against Mexico's Agustin Carstens. An IMF statement said that both candidates "were well qualified". The post became vacant following the resignation of Dominique Strauss-Kahn. "The results are in: I am honoured and delighted that the board...

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Greece: Top Italian banker says Europe's banks can help

  The boss of Italy's biggest bank says Europe's banks can work together with European institutions to help Greece. "I think there is room for strong collaboration," said Corrado Passera, chief executive of Intesa Sanpaolo. On Monday, French President Nicolas Sarkozy said French banks had agreed to extend their loans to Greece. Eurozone officials are trying to find a way for banks to support Greece's bail-out without the country being judged to have defaulted on its debt. Credit ratings agencies have warned that if banks agree...

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Free Business Start Up Ideas: Junk Removal

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Italy bank shares dive on credit rating alert

Unicredit was one of the banks whose shares fell sharply in the wake of the Moody's warning Shares in leading Italian banks fell sharply after the credit ratings agency Moody's said it may downgrade their status. Moody's report, published late on Thursday, put 16 Italian banks and two government institutions on review for a possible mark-down. Shares in the country's biggest bank, Unicredit, lost 5.5%. Intesa Sanpaolo, Italy's second-largest bank, and Monte Paschi also dropped. Trading was suspended in some banks. Other factors weighing on bank shares included fears that Italian...

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US consumer spending fails to rise in May

Falling car sales were partly blamed for the unchanged consumer spending US consumer spending was unchanged in May, the first time there has been no growth since September 2009. Adjusted for inflation, spending contracted by 0.1% compared with the month before, according to the Commerce Department. Consumer spending accounts for about 70% of US economic activity. Incomes grew by 0.3% in the month, which was 0.1% above the rate of inflation, reversing a 0.1% inflation-adjusted decline in April. "While there are no major surprises,...

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Greece: French banks ready to roll over loans, Sarkozy

Nicolas Sarkozy is trying to forge a plan for French banks to give Greece longer to repay French President Nicolas Sarkozy says his country's banks would help Greece by giving it 30 years to repay. France's Figaro newspaper said banks are ready to relend - or roll over - 70% of loans they hold. The plan is being worked out by the French government and bankers. Greece, which has not yet exhausted all its first 110bn-euro (£98bn, $158bn) bail-out, is already standing by for further rescue loans expected to be up to 120bn euros. ...

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Enterprise Investors tips IT, retail, manufacturing, finance

Cristian Nacu, president of South Eastern Europe’s Private Equity Association (SEEPEA) and partner in Polish investment fund Enterprise Investors provides some insight into the activity of both organizations, their plans for the future and the hot investment domains for private equity funds on the local market. Otilia Haraga Give me an example of when SEEPEA has lobbied the Romanian authorities during your term? Recently, the EU introduced a law for the regulation of the private equity and hedge funds market. This must be implemented by all member states in their national legislation. We will try to contribute to the creation of this...

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Developer Oasis launches commercial property management division in Romania

Retail developer Oasis has launched its Shopping Center Services division, which will provide commercial management and technical administration services for the retail sector. The new division will be headed by Brigitte Schmitt (pictured), the former head of the property management division of DTZ Romania. The new division already administers a portfolio of 25,000 sqm of retail space in the projects developed by Oasis Development. Oasis Shopping Center Services provides technical and commercial management services for retail developments, as well as analysis for tenants mix reconfiguration. The new division plans to have over 100,000...

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Bucharest Stock Exchange included in Dow Jones Global Exchanges Index

The Bucharest Stock Exchange BSE was included in the Dow Jones Global Exchanges index, which measures the performance of shares issued by stock exchanges and trading platforms across the world. BSE was effectively included in the index after the end of the June 17 2011 trading session. The Dow Jones Global Exchanges index is revised quarterly and is calculated based on the price and total yield. On June 8th of this year the BSE free-float capitalization was of USD 107.4 million. There are 23 other stock exchanges included in the Dow Jones Global Exchanges Index: ASX Limited (Australia), BM&F Bovespa S.A. Bolsa de Valores Mercadorias...

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new 1st Annual Business Event Summit

About the First Annual Business Event Summit Events are simply things that happen. In day-to-day business activity, Business Events happen everywhere, all the time. Many are orderly and highly repetitive, but others can be difficult to detect or predict, or rare. How can you manage and exploit all these Business Events more effectively? How can you respond to Business Events instantaneously and selectively in a manner that scales and supports your business processes? What do you need to know about Business Events to do your job better? Technology to manage Business Events, called complex event processing (CEP), is entering the IT mainstream, opening exciting new opportunities for building better business capabilities. Early adopters have already demonstrated...

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Republicans bail on budget talks, blame Democrats

WASHINGTON – Republicans pulled out of debt-reduction talks led by Vice President Joe Biden with a flourish on Thursday, blaming Democrats for demanding tax increases as part of a deal rather than accepting more than $1 trillion in cuts to Medicare and other government programs. "Let me be clear: Tax hikes are off the table," said House Speaker John Boehner, R-Ohio. Boehner spoke shortly after the House GOP second-in-command, Majority Leader Eric Cantor, announced he would not attend a...

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