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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