Connect with us

Economy

Hong Kong leads Asia markets down as 2019 starts on sour note

Published

on

HONK KONG: Asian markets sank Wednesday, starting the new year by extending a slide that made 2018 the worst in a decade, with investors jolted by data reinforcing weakness in China’s economy.

With a number of potential banana skins dotting the next 12 months — including the China-US trade row and Brexit — dealers are keeping to the sidelines as they look for signs of stability.

Hong Kong led the losses, tumbling more than two percent, while Shanghai shed one percent after two indicators showed Chinese manufacturing activity shrank in December.

The readings, from the government and another a private survey, are the latest to highlight problems in the world’s number two economy following a slew of downbeat figures including on trade, factory output and inflation.

“The disappointment that came through in December has transferred into January as well,” Jingyi Pan, a market strategist at IG Asia, said in an interview.

She added that the reading was a reminder of the US-China trade tensions and “brings back to the surface worries on growth”.

There were also market losses in Sydney, which dropped 0.7 percent, while Seoul shed one percent and Singapore slipped 0.9 percent. Taipei and Jakarta also fell. Tokyo and Wellington were closed for public holidays.

 

 

app

Business

Is Uber buying Careem for $3.1b?

Published

on

DUBAI: According to the rumors making rounds here today it seems that Uber is about to acquire Careem for $3.1b!

Sources privy to NPTV have insinuated that the deal will be announced tomorrow (Tuesday 26th March). Initially Uber will pay $1.4 billion in cash and the rest in notes convertible to Uber shares.

It comes as Uber prepares for its initial public offering — expected next month — which could see the rideshare giant’s value increase to $100 billion.

Continue Reading

Crime

Confiscated goods’ auction fetches over Rs. 16 b in 5 years

Published

on

ISLAMABAD: The authorities concerned have amassed Rs. 16.124 billion through auction and disposal of different confiscated/smuggled goods during the last five years.
The confiscated goods are disposed of through open public auction as provided in auction/customs rules. A variety of smuggled goods have been confiscated in the country by Pakistan Customs during the period and these included tea, auto parts, cigarettes, medicines, antiques, crockery, vehicles, cloth, tires and tubes, diesel, electronic goods, and narcotics etc.
Elaborating procedure for the auction of confiscated goods, sources at Finance and Revenue Division on Sunday said as per auction rules, the Collector or an authorized officer shall nominate an auctioneer from amongst registered auctioneers to conduct an auction of confiscated goods.  The amounts and names of the highest and second highest bidders are recorded in the file by customs staff supervising the process along with copies of National  Identity Card as well as NTN of the successful bidder.
The auctioneer on receipt of a certificate issued by Collector or an authorized officer to the effect that the whole amount of bid has been realized, issues under his seal, a delivery order. The sources said there are certain items like arms and ammunition, liquor/narcotics and like goods which cannot be put to auction.
It is pertinent to mention here that goods like confiscated narcotics and expired/banned/hazardous items/goods, not fit for human consumption, are destroyed.  However, arms and ammunition of prohibited and non-prohibited bores are disposed of by allocating the same to an agency/department having anti-smuggling powers for their official use.

 

Continue Reading

Economy

Greek homes in Airbnb fever

Published

on

ATHENS: For Dimitra Dionysopoulou, who lives in the shadow of the Acropolis, there is no mistaking the signs of the Airbnb takeover in her neighborhood.
“Renovation noise, debris disposal bins on every street, and rolling luggage,” said the 50-year-old Athenian mother.
Dionysopoulou has lived her entire life in the middle-class district of Koukaki, now in the midst of a home-sharing frenzy. In 2016, it was named Airbnb’s fifth fastest growing neighborhood globally with an 800-percent jump in activity.
Its selling point? Walking distance from one of the world’s most visited archaeological sites, as well as the state-of-the-art Acropolis museum.
Hundreds of apartments in Koukaki’s aging concrete buildings are now on offer. Rents have doubled and entire families of tenants have been pushed out by cash-hungry owners, said Dionysopoulou.
“Three families I know have already left, and we are currently trying to find a home for a fourth,” she told AFP.
Greece is the eurozone country hardest hit by the 2008 economic crisis, losing around a quarter of its gross domestic product, suffering a surge in unemployment and a severe debt crisis that prompted bailouts from the EU and the IMF as wages stagnated and housing prices fell.
Dionysopoulou is not alone in feeling that the Airbnb phenomenon, as in other major cities, has run amok.
Greek authorities this year belatedly introduced registration and tax rules for Airbnb homeowners.
According to Angelos Skiadas, head of Greece’s tenant association, the home-sharing craze has even spread to far-off Athens suburbs with no tourist interest.
“Homeowners think this is a cure-all that will solve their problems for life. Many use Airbnb as a threat (to raise the rent),” he said.
The shortage is particularly acute on popular islands where visiting civil servants, teachers, and university students are unable to find affordable housing beyond May when the tourist season begins to pick up, Skiadas noted.
“It’s a bubble,” he said, before adding: “Things will balance out.”
Hoteliers also say the situation is out of control. Their trade association commissioned a study from Grant Thornton that found that more than 76,000 properties in Greece were available on home-sharing platforms.
The study argued that declining availability had pushed up rents in central Athens by 9.3 percent in a year, disproportionately affecting poorer segments of the population such as pensioners and single-parent families.
In a sign that Koukaki has reached the saturation point, the government this month moved to halt the construction of a nearly completed nine-floor hotel with a stellar view of the Parthenon.

 

app

 

Continue Reading

News Pakistan Trending