SAARI NEWS: Business

Oil prices mixed in Asian trade

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<span id="ContentPlaceHolder1_lblDetail" style="font-style: normal;"><b>SINGAPORE: Oil was mixed in Asia on Wednesday with extreme US weather and renewed conflict in South Sudan providing support to prices amid pressure to lock in profits from recent gains.</b></span><br />
<span id="ContentPlaceHolder1_lblDetail" style="font-style: normal;">New York's main contract West Texas Intermediate (WTI) for March gained 29 cents in late morning trade to 102.72 while Brent North Sea crude eased 26 cents to 110.20 for its April delivery. WTI had surged 2.13 while Brent crude gained 1.28 in closing deals on Tuesday. APP</span><br />

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APP Business Oil prices mixed in Asian trade

SINGAPORE: Oil was mixed in Asia on Wednesday with extreme US weather and renewed conflict in South Sudan providing support to prices am...

Altered landscape for Sony, Microsoft consoles

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<b>NEW YORK: Remember a time before "Angry Birds," the iPad and the iPhone? No?</b><br />
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When Sony and Microsoft last came out with new video game consoles — seven and eight years ago, respectively, the companies touted the machines' high-definition graphics, powerful processors and ability to play DVDs, and in Sony's case, Blu-ray discs.<br />
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But a lot has changed since then. People are playing games on a broader array of devices than ever before, and they have more options to stream movies, TV shows and music. Connecting with friends online is the norm, not an obscure activity for young people.<br />
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That's the world the Sony's PlayStation 4 and Microsoft's Xbox One enter. The PlayStation 4 goes on sale Friday and the Xbox One will be released next week. As Sony and Microsoft once again spar this holiday season over who has the brawnier machine and more enticing online features, hardcore gamers are all but certain to fall for the shiny, powerful new consoles. But what's less clear is how the gadgets will compete for the attention of people who now look to their tablets, smartphones and other devices for entertainment.<br />
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"It's turning out that these consoles, in fighting each other for the love of the hardcore gamer, run the risk of failing to capture people in their homes," says James McQuivey, an analyst with Forrester Research.<br />
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Both Microsoft and Sony position their gaming systems as entertainment devices meant to take over the living room. The Xbox 360 started streaming movies from Netflix in 2008 and the PlayStation 3, which already served as a Blu-ray player, soon followed, along with a bevy of other entertainment options. Experts wondered whether gaming systems would soon replace cable set-top boxes.<br />
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Not so fast, was the reply from a host of other gadget makers. Along came Google's Chromecast, the Roku player, Apple TV and, of course, a slew of tablets. There are many ways to stream movies, TV and music into the home now. In that sense, the Xbox One and the PlayStation 4 are no longer in a traditional, head-to-head battle.<br />
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While game console sales have been falling in the U.S., the worldwide video game market is growing, helped by mobile and online games and downloadable console games. Those sales are more than making up for a declining demand for game discs. Gartner Inc. expects the total video game market to hit $93.3 billion this year, up from $78.9 billion in 2012. The research firm sees the market rising to $111 billion by 2015.<br />
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Both new gaming systems are expected to be in brisk demand around the holidays. Sony expects to sell 5 million units of the PlayStation 4 by the end of its fiscal year in March. The PlayStation 3, in comparison, sold 3.5 million units in that time period seven years ago. Microsoft declined to offer a sales outlook for the Xbox One through the holidays, but demand should be comparable, says Wedbush analyst Michael Pachter. He expects 3 million Xbox Ones to be sold through December and 4.5 million through March.<br />
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Why does the PlayStation get a slight edge? Price could be one reason. The Xbox One, which includes an updated Kinect motion sensor, will cost $500, which is $100 more than the PlayStation 4. In contrast, the PlayStation 3 went on sale at $500 or $600 depending on the model in November 2006 while the Xbox 360 cost $400. Most new game software costs $60.<br />
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Dan Perkins, a gamer who's on the fence about which console to buy, says the "price is certainly a factor" nudging him toward a PS4 purchase — even though he was previously an Xbox man.<br />
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"I bought the Xbox 360 primarily because I preferred the titles it offered to the PS3. A major contributor to this decision was the 'Mass Effect' trilogy, which was initially unavailable on the PS3 at the time of my purchase," says Perkins, 40, a librarian from Syracuse, N.Y. "Neither platform has the edge on games in my opinion," he says. "In the end though, a big factor will be which system my friends adopt."<br />
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The friend factor is why Pedro Amador-Gates decided to stick with the Xbox. The 37-year-old first-time father says he did consider switching, but the PlayStation didn't have a chance. He likes his interface, his username is already set up and his gaming achievements will carry over to the new machine.<br />
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"Ninety percent is because I am already established in the Xbox community," he says.<br />
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Then again, neither the Xbox One nor the PlayStation 4 is backward compatible, meaning the machines don't play games that were made for their predecessors. That gives players a clean slate to start with a whole new set of games.<br />
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"Everyone is starting over to some extent," Stein says.<br />
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The console makers' challenge will be to ensure that everyone does start over, instead of sticking with their own game console or perhaps buying an iPad instead of a new game machine. Tony Bartel, the president of the world's largest videogame retailer, GameStop, expects the new consoles will be in "high demand and short supply" due to a huge pent-up demand for new gaming. After all, unless they bought the Wii U last year, people have been playing the same consoles since before the iPhone came out.<br />
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"There's tremendous demand for innovation," Bartel says.<br />
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Given the choice between an iPad and a PlayStation 4, Sony believes its consoles have an advantage during the holiday shopping season.<br />
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"One purchase offers something that everyone in the family can enjoy together," says Andrew House, president and CEO of Sony Computer Entertainment. "Whereas the other is a single-person experience." (Reuters)<br />
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<b>AFP</b></div>

NEW YORK: Remember a time before "Angry Birds," the iPad and the iPhone? No? When Sony and Microsoft last came out with new v...

EU to hit banks with huge fines over rate-rigging: FT

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<b>London: The European Union is set to impose multibillion-euro fines on banks alleged to have manipulated key interest rate benchmarks Euribor and Yen Libor, the Financial Times reported on its website Tuesday.<span id="more-294401"></span></b><br />
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Royal Bank of Scotland, Deutsche Bank and Societe Generale are ready to pay penalties next month after reaching an agreement with Brussels.</div>
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JPMorgan, HSBC and Credit Agricole could pay later without signing such an agreement, according to the financial daily.</div>
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Societe Generale and Credit Agricole both refused to comment on the report when contacted by AFP.</div>
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The banks who have agreed a settlement can expect a reduced fine.</div>
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Libor and Euribor are estimates of the rates at which banks lend money to each other and are based on estimates provided by a panel of banks.<br />
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The index is used to set rates on a multitude of contracts and financial products.</div>
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The manipulation of such indices has already led to significant fines for banks.</div>
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The scandal erupted last year when Barclays was fined $290 million ($466 million, 339 million euros) by British and US regulators for attempted manipulation of interbank rates between 2005 and 2009.</div>
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More recently, in late October, the Dutch Rabobank announced it would pay a 774 million-euro fine to settle allegations it manipulated Libor.</div>
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<b>AFP</b></div>
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AFP Business EU to hit banks with huge fines over rate-rigging: FT

London: The European Union is set to impose multibillion-euro fines on banks alleged to have manipulated key interest rate benchmarks Eur...

Yen rebound in Asia

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<b>TOKYO: The yen rallied in Asia on Friday, rebounding from the previous day's losses fuelled by a report that Japan would cut corporate taxes to offset the impact of an expected hike in sales tax.</b><br />
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In Tokyo midday trade, the dollar bought 98.72 yen, compared with 98.94 yen late in New York and well below the levels above 99 yen in Asia Thursday.<br />
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The euro slipped to 133.10 yen from 133.48 yen, and to $1.3483 from $1.3488.<br />
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Japan's Kyodo news agency said Thursday that Tokyo was considering the business tax cut to allay fears that the flagged rise in the sales levy -- to 8.0 percent from 5.0 percent -- would hurt the country's economic revival.<br />
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That boosted confidence among traders, who moved out of the safe-haven yen.<br />
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However, on Friday Finance Minister Taro Aso threw into question a timeline for any business tax cuts, which he described as a "long-term issue".<br />
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The dollar received a measure of support in New York from data showing an unexpected improvement in weekly figures for US initial claims for unemployment insurance.<br />
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<b>AFP</b></div>

AFP asian market Business tokyo Yen rebound in Asia

TOKYO: The yen rallied in Asia on Friday, rebounding from the previous day's losses fuelled by a report that Japan would cut corporate ...

Oil flat in Asian trade

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<b>SINGAPORE: Oil prices were flat in Asian trade Thursday as the United States and Russia discussed a plan to remove Syria's chemical weapons.</b><br />
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New York's main contract, West Texas Intermediate for delivery in October, edged down three cents to $107.53 a barrel, while Brent North Sea crude for October was unchanged at $111.50.<br />
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"The risk premium for Syria has come off but it's still there because the potential for military action has only dropped from more likely to less likely," said Kelly Teoh, market strategist at IG Markets in Singapore.<br />
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Investors are hoping Washington and Moscow will reach a deal that will see Syria hand over its chemical weapons and avert an attack from American forces.<br />
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US Secretary of State John Kerry is due to meet his Russian counterpart in Geneva as the two sides seek a diplomatic solution to the crisis, sparked by the Assad regime's alleged use of chemical weapons on its own civilians.<br />
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<b>AFP</b></div>

AFP Business ig markets new york main contract oil singapore oil rates Oil flat in Asian trade

SINGAPORE: Oil prices were flat in Asian trade Thursday as the United States and Russia discussed a plan to remove Syria's chemical w...

Oil prices mixed in Asian trade

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<b>SINGAPORE: Oil prices were mixed in Asian trade Wedenesday after climbing in New York as Concerns over a US-led military strike on Syria returned.</b><br />
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New York's main contract, West Texas Intermediate for delivery in October, eased 26 cents to $108.28 in mid-morning trade, while Brent North Sea crude for October gained 12 cents to $115.80.<br />
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<b>AFP</b></div>

AFP brent north sea Business new york oil prices in singapore singapore news singapore oil rates world oil prices Oil prices mixed in Asian trade

SINGAPORE: Oil prices were mixed in Asian trade Wedenesday after climbing in New York as Concerns over a US-led military strike on Syria ...

PTI rejects hike in POL prices

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<b>LAHORE: Pakistan Tehreek-e-Insaf (PTI) has rejected fresh hike in petrolium product prices and announced to protest against it, Geo News reported.</b><br />
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In a statement on Sunday, PTI Chairman Imran Khan termed the hike in POL prices as 'shameful'. He said PTI will protest against this increase in and outside the parliment.<br />
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Khan said it was failure of the government that it could not enhance the tax net, adding the government was increasing oil prices every month to meet its expenditures.<br />
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<b>GEO NEWS</b></div>

Business GEO TV government imran khan paksitan pol prices in paksitan PTI pti chairman pti strike against hike in pol pti vs pml n PTI rejects hike in POL prices

LAHORE: Pakistan Tehreek-e-Insaf (PTI) has rejected fresh hike in petrolium product prices and announced to protest against it, Geo News ...

POL prices likely to be increased from September

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<b>ISLAMABAD: The Petrolium Product prices are expected to be increased from September, Geo News reported.</b><br />
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Sources said Oil and Gas Regulatory Authority (OGRA) has forwarded the summary to the ministry of petrolium in this regard.<br />
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According to the summary, petrol prices will be raised by Rs4.64 per litre,high speed diesel by Rs2.57 Kerosene oil by Rs 4.70 and HOBC by Rs5.89 per litre.<br />
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<b>GEO NEWS</b></div>

Business GEO TV hobc kerosene oil ministy of petrolium ogra ogra increased prices oil prices in paksitan POL prices likely to be increased from September

ISLAMABAD: The Petrolium Product prices are expected to be increased from September, Geo News reported. Sources said Oil and Gas Regula...

Oil prices lower ahead of US crude stockpiles data

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<b>SINGAPORE: Oil prices inched down ini Asian trade Tuesday as dealers US crude stockpiles data for clues about demand in the world's biggest economy, analysts said.</b><br />
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New York's main contract, West Texas Intermediate for delivery in September, was down seven cents at $107.03 a barrel in mid-morning trade whiel Brent North Sea crude for October eased 25 cent to $109.65.<br />
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<b>AFP</b></div>

AFP Business singapore news singapore oil rates Oil prices lower ahead of US crude stockpiles data

SINGAPORE: Oil prices inched down ini Asian trade Tuesday as dealers US crude stockpiles data for clues about demand in the world's b...

Oil prices mixed in Asian trade

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<b>SINGAPORE: Oil prices were mixed in cautious Asian trade on Wenesday as dealers await the conclusion of the US Federal Reserve policy meetnig analaysts said.</b><br />
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New York's main contract, West Texas Intermediate (WTI) for delivery in September, was up 30 cents at $103.38 a barrel in mid-morning Asian trade, and Brent North Sea crude for September fell four cents to $106.87.<br />
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AFP</div>

AFP afp news brent north sea Business BUSINESS news september agreement singapore news west taxes world Oil prices mixed in Asian trade

SINGAPORE: Oil prices were mixed in cautious Asian trade on Wenesday as dealers await the conclusion of the US Federal Reserve policy mee...

Oil prices dip after weak China data

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<b>SINGAPORE: Oil prices slipped in Asian trade Wednesday as weak Chinese manufacturing activity fuelled concerns over energy demand in the world's second biggest economy, analysts said.</b><br />
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New York's main contract, West Texas Interemediate for delivery in  Septecmber, was down 27 cents at<br />
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<b>$106.96</b> a barrel in mid-morning trade,while Brent North Sea crude for September shed 22 cents to $108.20.<br />
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<b>AFP</b></div>

AFP afp news brent north sea Business latest oil news rate oil news oil rate singapore news singapore oil rates world Oil prices dip after weak China data

SINGAPORE: Oil prices slipped in Asian trade Wednesday as weak Chinese manufacturing activity fuelled concerns over energy demand in the wo...

Oil prices mixed in Asian trade

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<b>SINGAPORE: Oil prices were mised in Asia Tuesday as upbeat US manufacturing data boosted hopes for stronger demand in the world's top consumer, analysts said, while fears are growing over political unrest in Egypt.</b><br />
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New York's main contract, West Texas Intermediate light sweet crude for delivery in August, was down 10 cents at $97.89 a barrel after surging in us trade, while Brent North Sea crude for August gained one cent to $103.01.<br />
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<b>AFP</b><br />
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AFP BREAKING NEWS brent north sea Business egypt crisis oil rates singapore news singapore oil rates west taxes world Oil prices mixed in Asian trade

SINGAPORE: Oil prices were mised in Asia Tuesday as upbeat US manufacturing data boosted hopes for stronger demand in the world's top...

Pakistan talks begin IMF in Islamabad today

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<b>ISLAMABAD: Pakistan Finance officials talks begin with IMF (International Monetary Fund begin toady in Islamabad capital.</b><br />
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<b>Pakistan Finance Minister Ishaq Dar will be heading of Pakistani delegation and other side Frank Jeffery of IMF will be heading other side.</b><br />
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<b>If today talks succeeded , Pakistan will got three to five billions dollars loan.</b><br />
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<b>Sources also said that Islamabad wants loan on easy installment and IMF demanded pakistan to increase power and gas tarrif after three months Pakistan would drop the this loan package.</b></div>

BREAKING NEWS Business imf imf plan for pakistan Ishaq Dar loan package new loan for paksitan PAKISTAN pakistan finance minister talks with imf paksitan talks with imf Pakistan talks begin IMF in Islamabad today

ISLAMABAD: Pakistan Finance officials talks begin with IMF (International Monetary Fund begin toady in Islamabad capital. Pakistan Fina...

Oil down on China worries, US stockpiles buildup

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<b>SINGAPORE: Oil prices were lower in Asian trade Monday, dragged down by prospects of weaker crude demand from China and a buildup in US stockpiles, analysts said.</b><br />
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New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 64 cents to $93.51 a barren in the morning and Brent North Sea crude for July delivery shed 41 cents to $102.23.<br />
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''The crude market has reacted negatively to comments from the Chinese government that it will tolerate a slower rate of economic growth, '' Victor Shum, managing director at IHS Purvin and Gertz in Singapore, told.<br />
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President Xi Jinping on Friday said China, the world's second largest economy and top energy consumer, will not sacrifice the environment for temporary economic growth.<br />
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''The comments by Xi further deepened concerns about the Chinese economy after the poor manufacturing data last week, '' Shum added.<br />
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Meanwhile a less-than-expected drop in Us crude stockpiles was also weighing on prices.<br />
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AFP</div>

AFP BREAKING NEWS Business world Oil down on China worries, US stockpiles buildup

SINGAPORE: Oil prices were lower in Asian trade Monday, dragged down by prospects of weaker crude demand from China and a buildup in US s...

SSGC reschedules CNG closure program

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<b>KARACHI: Sui Southern Gas Company (SSGC) management has rescheduled CNG closure program for current week and decided to suspend  gas supply to all CNG stations in Sindh region from Thursday, 23 May 2013 for 48 hours.</b><br />
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This step has been taken due to short supply of gas from different fields.<br />
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Now the CNG stations will remain closed from 8:00 AM on Thursday, 23 May 2013 till 8:00 AM on Saturday, 25 May 2013. (PPI)<br />
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<span style="font-size: xx-small;">PPI</span><br />
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BREAKING NEWS Business GAS SUPPLY PAKISTAN PPI SSGC SSGC reschedules CNG closure program

KARACHI: Sui Southern Gas Company (SSGC) management has rescheduled CNG closure program for current week and decided to suspend gas supp...

Oil up in Asia ahead of Fed chief's testimony

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<b>SINGAPORE: Oil was up in Asian trade Tuesday ahead of a testimony in Congress by Federal Reserve chief Ben Bernanke on the US economy.</b><br />
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New York's main contract, light sweet crude for delivery in June added 15 cents to $96.86 a barrel and Brent North Sea crude for July delivery increased 15 cents to $104.95 in mid-morning trade.<br />
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AFP</div>

BREAKING NEWS brent north sea Business BUSINESS news oil news oil rate singapore news world Oil up in Asia ahead of Fed chief's testimony

SINGAPORE: Oil was up in Asian trade Tuesday ahead of a testimony in Congress by Federal Reserve chief Ben Bernanke on the US economy. ...

BREAKING NEWS Business karachi stock exchange after election news paksitan URDU NEWS KSE Index crossed 20000 points first time in the history

Oil down in Asia as OPEC boosts supply

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<b>SINGAPORE: Crude prices were lower in Asian trade on Monday, after OPEC  raised its oil output and maintained a flat forecast of global demand, analysts said.</b><br />
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New York's main contract, light sweet crude for delivery in June shed 81 cents to $95.23 a barrel and Brent North Sea crude for June delivery was down 81 cents to $103.10 in morning trade.<br />
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AFP</div>

AFP BREAKING NEWS Business Oil down in Asia as OPEC boosts supply

SINGAPORE: Crude prices were lower in Asian trade on Monday, after OPEC raised its oil output and maintained a flat forecast of global d...

Oil takes breather in Asia after strong rally

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<b>SINGAPORE: Oil prices took a breather in Asia trade Friday as investors locked in profit after a strong rally following the European Central Bank's decision to cut interest rates.</b><br />
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New York's main contract, light sweet crude for delivery in June, dropped 17 cents to $93.82 a barrel and Brent North Sea crude for June delivery shed 16 cents to $102.69.<br />
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AFP<br />
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BREAKING NEWS Business world Oil takes breather in Asia after strong rally

SINGAPORE: Oil prices took a breather in Asia trade Friday as investors locked in profit after a strong rally following the European Cent...

Oil up in Asia on bargain hunting

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<b>SINGAPORE: Oil prices rose in Asian trade Monday as traders bought up cheap crude following a price plunge last week as investors waited for fresh economic data from China, analysts said.</b><br />
<b>New York's main contract , light sweet crude for delivery in May, added 29 cents to $88.30 a barrel and Brent North Sea crude for June delivery gained 28 cents t o$99.93.</b><br />
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<b>AFP</b></div>

Business Oil up in Asia on bargain hunting

SINGAPORE: Oil prices rose in Asian trade Monday as traders bought up cheap crude following a price plunge last week as investors waited ...