Business News

China fifth largest holder of gold in the world

China fifth largest holder of gold in the worldNew Delhi, Apr 25 : China earned 82.5 billion dollars from nearly two trillion dollars in foreign exchange reserves last year, and is now the fifth largest holder of gold in the world.

Hu Xiaolian, head o9f the State Administration of Foreign Exchange (SAFE), said on Friday that the 82.5 billion dollars return was an increase of 8 percent on the year before, and dismissed foreign media reports that China had lost "tens of billions of dollars" on the value of its reserves during the economic crisis.

Bioplastics giant shortlists Thailand for first Asian plant

Bioplastics giant shortlists Thailand for first Asian plant Bangkok  - US-based Natureworks LLC, the world's largest producer of bioplastics, has shortlisted four countries - Thailand, China, Malaysia and Singapore - for a 100-million-dollar plant in Asia, news reports said Saturday.

Marc Verbruggen, president of the Minneapolis-based company, was in Bangkok recently to assess Thailand's potential as a base for its Asia plant which is expected to start operations in 2014.

Apple fires 1,600 from retail stores

Apple fires 1,600 from retail stores San Francisco  - Apple has fired some 1,600 employees from its chain of retail stores due to slackening consumer demand, the Wall Street Journal reported Friday.

The job cuts were referenced in a securities filing by Apple Thursday in which the company said it had 14,000 full-time equivalent employees in its retail division as of March 28, down from the 15,600 as of the end of December.

The move came as Apple's recent earnings report showed a drop in sales for its Mac computer line, which is the biggest earner at the stores.

Capitaland posts net profit drop of 83 per cent for first quarter

Capitaland posts net profit drop of 83 per cent for first quarter Singapore - Capitaland Ltd, one of Asia's largest real estate developers, said Friday its first quarter net profit dropped nearly 83 per cent from the same period a year ago amidst unprecedented challenges arising from the global financial downturn. In the three months that ended March the Singapore-based company reported net profits of 42.9 million Singapore dollars (28.6 million US dollars), down from 247.5 million Singapore dollars a year earlier, Capitaland said in a statement.

Black & Deckeer rolls back prognosis

Black & DeckerNew York  - The tool maker Black & Decker barely scraped into the black with its first quarter results as floundering European demand and the rising dollar ate into profit margins, company results released Thursday showed.

The US firm is projecting diminishing returns for the rest of the year, after earnings dropped by more than 90 per cent from the first quarter last year, to 5 million dollars. Revenues were down by 30 per cent to 1.1 billion dollars.

The results were worse than the firm had expected, prompting an even harsher search to save money, the company said.

Japan's three megabanks to incur losses for past fiscal year

Japan's three megabanks to incur losses for past fiscal yearTokyo  - Japan's three biggest banking groups were expected to report net losses for the fiscal year that ended March 31 amid worsening global financial turmoil, media reports said Thursday.

Such losses would mark the first time in six years that all of Japan's three megabanks would swing into the red.

Mizuho Financial Group Inc was to incur a net loss of more than 500 billion yen (5 billion dollars) because of massive stock and credit losses, Jiji Press quoted sources familiar with the matter as saying.

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