News

Bloomberg Economic growth in the euro area probably picked up at the end of the first quarter, according to Markit Economics, which also said that concerns remain about the health of the region. Markit’s composite Purchasing Managers Index of manufacturing and services rose to a three-month high of 53.7 in March from 53 in February. That keeps the measure well ...

Bloomberg On a typical weekday, hundreds of heavy trucks arrive at the Chempark Leverkusen, a sprawling complex of refineries flanking the Rhine River in western Germany. For the past two years, the trucks have been forced to make long detours to avoid a crumbling Autobahn bridge that dates to when the Beatles were singing Twist and Shout in Hamburg. Designed ...

New Delhi / Bloomberg India is expanding its footprint in China’s backyard by forging deals with Russia for stakes in Siberian fields that supply Asia’s biggest economy and crude consumer. Deals last week between Rosneft and Indian state-run companies beefed up the South Asian nation’s share in two assets that are linked to the East Siberia-Pacific Ocean pipeline. That conduit ...

Beijing / Bloomberg The International Monetary Fund (IMF) is pushing China to disclose data on holdings of derivatives that could shed light on more-opaque methods of intervention in the yuan’s exchange rate, the Wall Street Journal (WSJ) reported. The Washington-based lender is seeking data on the People’s Bank of China’s total holdings of forwards and futures, a step that would be in ...

Sydney / AFP One of the world’s biggest gas plants has begun shipping fuel after months of delays and cost overruns, operator Chevron said, with a vessel leaving Australia bound for Japan. The US$52 billion Gorgon liquefied natural gas (LNG) project off Australia’s northwest coast — the country’s largest resources project — started production in early March, with its first ...

Mumbai / Bloomberg India’s richest tycoon also seems to be its luckiest. While many a formerly gung-ho Indian businessman is being crushed by debt, Mukesh Ambani’s Reliance Industries is getting one break after another. First came the fall in globalcrude prices, which has already given the conglomerate’s refining business $10-plus-a-barrel margins for four straight quarters, its biggest windfall in almost ...

TOKYO / AP Major Japanese airports were crammed with thousands of passengers unable to take domestic flights on Tuesday due to problems with airline computer systems. The delays began in the morning, with major Japanese carrier All Nippon Airways posting a notice on its website apologizing for delays and cancellations due to a “system malfunction.” The airline said Internet check-in, ...

Bangkok / DPA Thai Airways International plans to trim more staff this year to stop the financial bleeding. The company has set a budget of 2.2 billion baht (US$63 million) for the new cost-cutting plan,” Narongchai Wongthanavimok, chief financial officer, said. There is still no targeted number nor time frame for this round, but it should begin in one or ...

Kathmandu / DPA In a bid to shift away from heavy dependence on India, Nepal signed an agreement with China to use transit facilities for third country trade by using the ports of the northern neighbour. However, poor infrastructure on the Nepali side, difficult geographical terrain and without the reach of Chinese train up to Nepali border in Kerung (Gyirong ...

Singapore / DPA The contract to build a four-in-one rail and bus depot in Singapore- said to be the world’s first such facility – has been awarded to South Korea-based GS Engineering & Construction Corporation for around US$1.46 billion. The East Coast Integrated Depot will contain three train depots and one bus depot within a single site of 36ha. It ...