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...

Read more »

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...

Read more »

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...

Read more »

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...

Read more »

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...

Read more »

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...

Read more »