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Retailers happy at Eid sales

The shopping malls in the capital witnessed a heavy rush on Friday, just a few days before Eid-ul-Fitr, as huge number of customers went for shopping on the occasion of the greatest festivals of the Muslims. Majority number of shop owners in the... Full story

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Commodity prices shoot up ahead of Eid

Prices of most commodities witnessed spiral rise on retail markets in the capital over the week ending Friday ahead of Eid-ul-Fitr. The essential commodities which are consumed in larger quantities in the Eid... Full story

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Facebook plumbs new lows as sales curbs start to expire

Facebook Inc shares sank 6.3 per cent to a record closing low after early investors got the greenlight to sell for the first time since the No 1 social network went public, starting a string of insider lockup expirations... Full story

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Eurozone posts record trade surplus

The eurozone posted a record surplus in the trade of goods in June, the EU said Friday, in what analysts said was a clear sign that austerity and structural economic reforms are working. The European Union’s data agency... Full story

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Visa prepares to enter Myanmar market

The credit and debit payments company Visa is preparing to enter the Myanmar market and has started training local bank workers on how to use electronic transfer systems, a report said Friday. Full story

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Asian markets mostly up on Merkel comments

Asian markets were mostly higher Friday as spirits were lifted by comments from German chancellor Angela Merkel reasserting her desire to save the eurozone. Tokyo’s Nikkei added to the previous day’s healthy gains... Full story

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Oil prices fall in Asia

Oil prices eased in Asian trade Friday as traders cashed in gains from a recent rally, analysts said. New York’s main contract, West Texas Intermediate light sweet crude for delivery in September, was down... Full story

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Dollar gains against yen

The dollar strengthened against the yen in Asian trade on Friday afternoon, boosted by US economic data that pointed to signs of recovery and dollar-buying among Japanese importers. Full story

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Indian PM warned of ratings downgrade risk by advisers

Advisers to the Indian prime minister issued a stern warning to the government on Friday on the need to rein in the country’s fiscal and current account deficits to avoid the risk of a credit ratings downgrade to junk status. They urged the government to... Full story

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China tightens lending rules for trusts, corporate bill market

China is readying twin initiatives to curb opaque financing practices that threaten the stability of the country’s $864 billion investment trust industry and booming corporate paper market, sources with direct knowledge... Full story

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Bad bank loans mount to record high in Spain

Spanish banks’ bad loans leapt to a record high in June, data showed Friday, a sign of deepening woes as they await a eurozone rescue of up to 100 billion euros ($124 billion). The value of loans at risk of not being repaid... Full story

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Japan caps spending, borrowing, targets growth in 2013-14 budget

Japan’s government approved on Friday budget guidelines for the next fiscal year from April 2013 with a focus on promotion of its growth strategy as Tokyo aims to strike a balance between efforts to prop up the economy and rein in snowballing debt. Full story

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British city goes rogue with own currency amid euro crisis

As Britain loses faith in its banks and feels shockwaves from the euro crisis, one city is trying to keep local wealth in local pockets with the launch of its own currency. The Bristol pound — usable only with member businesses in the city in southwest... Full story

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Ethiopia receives Africa’s first Boeing 787 Dreamliner

Ethiopian Airlines received Africa’s first Boeing 787 Dreamliner on Friday, making Ethiopia the only country aside from Japan to operate the innovative aircraft. ‘As a continent this shows how much we are making... Full story

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