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Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '2401', 'article_category_id' => '165', 'title' => 'Global Business Trends December 2013', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:16px;"><strong>Toyota Eyes Mass Production of Fuel Cell Car by 2015</strong></span></div> <div> <img alt="" src="/userfiles/images/gbt%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 169px;" />Japanese carmaker Toyota has said it is looking to start commercial sales of fuel cell-powered cars by 2015. Toyota set the target as it unveiled a concept fuel cell powered car, called the FCV, at the Tokyo Motor Show. Its cells can be recharged within minutes and it can cover about 500km (300 miles) on a single charge, according to the firm. Earlier this week, rival Hyundai said it plans to start mass production of such cars as early as next year. The South Korean company has announced plans to start commercial sales of a fuel cell-powered version of its sports utility vehicle, the Tucson, in the US market. Honda Motor is also expected to unveil its latest concept version of a fuel cell-powered vehicle later this week.</div> <div> </div> <div> Many carmakers have been looking to develop the fuel cell technology further and bring it to mass production. One of the main reasons is that it is emission-free. The technology uses hydrogen to generate electricity to power the engine and the waste products are heat and harmless water. At the same time, fuel cells charge much faster and travel a longer distance after being charged, compared with battery-operated electric cars.</div> <div> </div> <div> <span style="font-size:16px;"><strong>India Tops US, China as Best Investment Destination </strong></span></div> <div> <img alt="" src="/userfiles/images/gbt1%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 225px;" />India has spurted ahead of China and the US as the most attractive investment destination, a survey by global professional services firm Ernst & Young (EY) says.</div> <div> </div> <div> EY’s ninth bi-annual capital confidence barometer, based on a survey of 1,600 senior executives across more than 70 countries, has ranked India as the most attractive investment destination followed by Brazil, while China is at third place. The top three investing countries into India are the US, France and Japan. Foreign Direct Investments (FDI) from the US, France and Japan during the period April 2000 to August 2013 amounted to Rs. 53,673 crore, Rs. 17,718 crore and Rs. 71,870 crore, respectively.</div> <div> </div> <div> “With sharp currency depreciation and opening up of FDI in various sectors, India has become an attractive destination for foreign investors,” the EY report said. Sectors with the highest level of possible deals include Automotive, Technology, Life Sciences and Consumer Products.</div> <div> </div> <div> </div> <div> <span style="font-size:16px;"><strong>JP Morgan Chase Agrees Record $13bn Settlement Charges </strong></span></div> <div> <img alt="" src="/userfiles/images/gbt2%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 216px;" />JP Morgan Chase, the biggest bank in the United States, agreed a record $13bn (£8bn) settlement with regulators on Tuesday, ending months of tense negotiations with the Justice Department over a string of investigations into its risky mortgage deals.</div> <div> </div> <div> The fine, the biggest civil settlement with any single company, ends several investigations and lawsuits brought by the US authorities related to the sale of home loan bonds between 2005 and 2008. It is more than three times the previous record $4bn fine the US levied against BP for the Deepwater Horizon oil spill.</div> <div> </div> <div> Settlement talks have been fraught and lengthy. JP Morgan chief executive Jamie Dimon went to the US Justice Department to personally negotiate with attorney general Eric Holder in September, a personal summit that led some critics to claim that Holder was giving the bank special treatment. Tuesday’s agreement staves off a costly and potentially embarrassing trial.</div> <div> </div> <div> As part of the settlement, JP Morgan acknowledged it made serious misrepresentations to the public – including to investors – about numerous transactions relating to residential mortgage-backed securities. The deals collapsed in 2008 when the housing market plunged and the scale of the risks was exposed, and the resulting financial tumult led to the biggest crisis since the Great Depression.</div> <div> </div> <div> The admission was a major victory for the Justice Department. Banks have fought shy of such statements fearing yet more legal actions from investors. The settlement leaves open the possibility of potential criminal charges.</div> <div> </div> <div> “Without a doubt, the conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown,” said Holder. “JP Morgan was not the only financial institution during this period to knowingly bundle toxic loans and sell them to unsuspecting investors, but that is no excuse for the firm’s behavior.”</div> <div> </div> <div> The settlement was negotiated through the residential mortgage-backed securities (RMBS) working group, a joint state and federal initiative formed in 2012 to investigate wrongdoing in the mortgage-backed securities market prior to the financial crisis. Holder said the group’s investigations were “ongoing”. JP Morgan sailed through the financial crisis relatively unharmed, but has been beset by legal woes in the crisis's aftermath. The fine is the latest, and largest, in a series that has led for some shareholders to call for Dimon’s resignation despite the bank's financial success and its solid share price.</div> <div> </div> <div> <span style="font-size:16px;"><strong>Switzerland: Best Country for Top Talent</strong></span></div> <div> <img alt="" src="/userfiles/images/gbt3%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;height: 163px; width: 300px;" />Which country is the best at developing, attracting and retaining top talent? Switzerland comes out on top, according to the Global Talent Competitiveness Index, launched on 26th November by European business school Insead. The new index rates 103 countries on 48 factors including education, government policy and quality of life. The U.S. trailed in ninth place.</div> <div> </div> <div> First-placed Switzerland excelled in all categories, and stood out for its long-standing commitment to high-quality education, according to the report. Singapore came second. The authors noted that the city-state was highly competitive because of a clear strategy to grow and attract the best and brightest employees.</div> <div> </div> <div> The index was created, in part, to help global companies identify which countries are most effective in building a talented workforce. "There is a widespread mismatch between what companies need in terms of skills and what local labor markets can offer," said Insead dean Ilian Mihov in a statement. "Obviously, these issues require a collaborative effort among government, business, organized labor and global business schools." The Insead ranking was dominated by European countries, including Denmark, Sweden,Luxembourg, the Netherlands, the United Kingdom and Finland.</div> <div> </div> <div> The U.S. ranking reflected, in part, its long history of immigration and success in attracting top international talent, the report stated. But Insead professor Paul Evans said the U.S. risked undermining that advantage because of a tougher stance on immigration since 9/11. Evans also pointed out that the U.S. scores relatively poorly for basic education and social mobility.</div> <div> </div> <div> A number of the top-ranked countries also boast some of the shortest work weeks in the world and the most generous benefits and perks for working moms and dads. In May, Switzerland was ranked the second most competitive country in the world after the U.S., according to the IMD World Competitiveness Center. Switzerland is known for policy stability, predictability and budgetary discipline.</div> <div> </div> <div> The Insead index was launched in partnership with the Human Capital Leadership Institute of Singapore and HR consulting firm Adecco. It was based on data from a range of international sources such as the World Bank, the World Intellectual Property Organization and UNESCO, and the ranking model was audited by the European Commission's Joint Research Center. </div> <div> </div> <div> <span style="font-size:16px;"><strong>Blackberry Shakes up Senior Management</strong></span></div> <div> <img alt="" src="/userfiles/images/gbt4%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 169px;" />Struggling smartphone maker Blackberry has shaken up its top management as part of its continuing reorganisation. The firm's chief financial officer, Brian Bidulka, will be replaced by James Yersh who has previously served as controller and head of compliance. The chief marketing officer and chief operating officer will leave the firm with no replacements announced.</div> <div> </div> <div> This comes just weeks after the firm appointed a new interim chief executive as it shelved a plan to sell itself. Blackberry named John Chen as the interim chief executive officer as it announced it had abandoned a planned sale to its biggest shareholder, Fairfax Financial Holdings. The management changes are the first major move made by Mr Chen.</div> <div> </div> <div> Blackberry once dominated the smartphone market, but has seen its fortunes dwindle in recent years, It has been hurt by the success and popularity of smartphones launched by rivals such as Apple and Samsung. Its attempts to boost its market share have not yielded the desired results. In September, it reported a net loss of $965m for the second quarter, blaming poor sales of its new smartphone, the Z10. The firm has also announced a plan to cut 4,500 jobs, or 40% of its workforce, to reverse the giant losses.</div>', 'published' => true, 'created' => '2014-01-05', 'modified' => '2014-01-05', 'keywords' => 'new business age global business trends news & articles, global business trends news & articles from new business age nepal, global business trends headlines from nepal, current and latest global business trends news from nepal, economic news from nepal, nepali global business trends economic news', 'description' => 'Japanese carmaker Toyota has said it is looking to start commercial sales of fuel cell-powered cars by 2015. Toyota set the target as it unveiled a concept fuel cell powered car, called the FCV, at the Tokyo Motor Show. Its cells can be recharged within minutes and it can cover about 500km (300 miles) on a single charge, according to the firm.', 'sortorder' => '2243', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2080', 'article_category_id' => '165', 'title' => 'Global Business Trends October 2013', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 16px;"><strong>Switzerland Leads in Global Energy Ranking</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 188px;" />Switzerland and a handful of countries in Europe led the way in a global ranking of energy efficiency, access to resources and environmental sustainability. China ranked 78th and the United States was 15th, according to the report by the World Energy Council, a London-based group that promotes sustainable power. Canada came in sixth and France was 10th, while the worst showing of all 129 countries was made by Zimbabwe. </div> <div> </div> <div> Countries were also given letter grades for their performance in three categories: how well they manage their energy supply, how accessible and affordable energy is across the population, and how much of their power is derived from low-carbon renewables. Only five countries received all A's -- Switzerland, Denmark, Sweden, Britain and Spain. Benin and Zimbabwe received all D's. India, Lebanon, Yemen and Nicaragua also fared poorly with C's and D's. </div> <div> </div> <div> China got an A for energy security but D's for the environment and affordability and equitable access to power. The United States was a top scorer in security and supply but earned a C in environmental friendliness. The report was based on interviews with more than 50 government officials, development banks and international experts from more than 25 countries, the WEC said. Policymakers interviewed for the report urged more proactive energy policies, and called on the energy industry to help developed countries makes strides toward sustainable energy. The report was released three weeks ahead of talks at the World Energy Congress, to be held in Daegu, Korea. </div> <div> </div> <div> <span style="font-size: 16px;"><strong>Asia to have Most Millionaires: Survey</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl1%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 188px;" />Asia will have the world’s largest number of millionaires as early as next year despite the expected tapering of the US Federal Reserve’s stimulus programme, according to a report published on September 25th. With strong growth and high saving rates, the wealth of the region’s millionaires will grow by an annual average 9.8 percent and reach nearly $16 trillion in 2015, according to the wealth management unit of Royal Bank of Canada. </div> <div> </div> <div> Despite concerns of devaluing asset prices due to capital outflows triggered by Fed tapering, Asia is set to lead the world in the number of millionaires and their total wealth, the bank said in a report prepared with consulting firm Capgemini. “The region’s high net worth population and wealth has increased by 31 percent and 27 percent respectively since 2007, far outpacing growth in the rest of the world of 14 percent and nine percent,” George Lewis, group head of RBC Wealth Management, said in a statement. </div> <div> </div> <div> The number of millionaires in Asia surged by 9.4 percent year-on-year to 3.68 million in 2012, still trailing North America’s 3.73 million. Millionaires in the report are defined as individuals with investable assets of $1 million or more, excluding residence, collectibles and others. </div> <div> </div> <div> Asia’s continual population growth, and economic growth expected to continue outperforming the rest of the world, would help it take the lead as early as next year, according to Eric Lascelles, chief economist of RBC Global Asset Management. He said the Fed’s tapering plan could create “hiccups” but would not affect the trajectory of growth in the region. The bank said Japan saw the slowest growth in its millionaire population last year among Asian economies, with only a 4.4 percent increase in 2012 compared to the previous year. Hong Kong topped its Asian peers in the growth of both millionaire numbers and their investable assets in 2012.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>China's Smartphone Shipments to Exceed 450 mn </strong></span></div> <div> <img alt="" src="/userfiles/images/gbl2%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 207px;" />The world's biggest smartphone market China will likely see shipments of more than 450 million devices in 2014, at least a quarter more than this year, research firm IDC said. IDC said the increase will be driven by the government's issuance of 4G licences and expectations that China Mobile Ltd , the world's biggest wireless operator, would carry iPhones by then.</div> <div> </div> <div> China, a market dominated by Samsung Electronics Co Ltd and Lenovo Group Ltd, is expected to ship 120 million 4G-enabledsmartphones to meet consumer demand for Internet connectivity. Smartphone shipments are expected to reach 360 million this year, IDC said.</div> <div> </div> <div> In the second quarter, Samsung and Lenovo maintained their lead in China with market shares of 18.5 per cent and 9.8 per cent respectively, while China Wireless Technologies Ltd's Coolpad moved up a notch from the previous quarter to rank number 3. Apple Inc's iPhones saw market share and ranking fall to 5 percent and number 6 in the second quarter, from 9 per cent and number 5 a quarter ago, IDC analysts said. The US technology giant's market share usually slips a quarter or two before its next product launch.</div> <div> </div> <div> "Affected by the sluggish sales of iPhone 5, Apple's market share has declined dramatically, but its performance is expected to remarkably improve with the launch of the new iPhone," James Yan, an IDC analyst, said in a statement. Apple unveiled two new smartphone models, the iPhone 5S and a less expensive 5C, in China just hours after their US launch. Apple sold 9 million new iPhones during the first three days in stores after China joined the list of launch countries for the first time, though it declined to give a breakdown for the Chinese market.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>Blackberry in $4.7bn Takeover Deal </strong></span></div> <div> <img alt="" src="/userfiles/images/gbl3%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 155px;" />Struggling smartphone maker Blackberry has agreed in principle to be bought by a consortium led by Fairfax Financial for $4.7bn (£3bn). Blackberry said in statement that Fairfax, its largest shareholder with about 10% of the stock, had offered $9 a share in cash to buy the company. But Blackberry said it would continue to explore other options while negotiations with Fairfax continued.</div> <div> </div> <div> Two weeks ago, Blackberry announced 4,500 jobs cuts in a bid to stem losses. The Canadian company said it expected to make a loss of up to $1bn after poor sales of its new handsets. In August, Blackberry said it was evaluating a possible sale. On Monday, 23rd September, the company announced that it had "signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence".</div> <div> </div> <div> The statement continued: "Diligence is expected to be complete by November 4, 2013. The parties' intention is to negotiate and execute a definitive transaction agreement by such date." However, Blackberry said it was not in exclusive talks with Fairfax and would continue to "actively solicit, receive, evaluate and potentially enter into negotiations" with other potential buyers. Canadian billionaire Prem Watsa, Fairfax's chairman and chief executive, said: "We believe this transaction will open an exciting new private chapter for Blackberry, its customers, carriers and employees.</div> <div> </div> <div> Blackberry's financial problems came to a head this year following disappointing sales of its new Z10 model smartphone. Released in January - after many delays - the phone has failed to enthuse consumers.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>Scandals Cost JPMorgan $1 Billion in Fines</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl4%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 156px;" />It's $1 billion in payouts that JPMorgan Chase & Co most likely wants to forget. In agreements with regulators totaling $1 billion and made public on September 19, the biggest bank of US settled four civil investigations into its "London Whale" trading scandal and two more into the wrongful billing of credit-card customers. The deals, which involve five authorities from the United States and one from the UK, are a milestone in the company's push to clean up its legal affairs but leave JPMorgan exposed to additional costs and embarrassment.</div> <div> </div> <div> The bank still faces criminal probes into the trading scandal, its conduct during an energy trading investigation, sales of mortgage securities in the United States and possible bribery in China. Investigators are also looking into its role in setting benchmark interest rates known as LIBOR. The settlements include $920 million of penalties for JPMorgan's London Whale trading scandal, which Chief Executive Jamie Dimon at first dismissed as a "tempest in a teapot" and ultimately resulted in $6.2 billion in losses. The deals included an admission of wrongdoing, which has been rare in past settlements made by the U.S. Securities and Exchange Commission.</div> <div> </div> <div> A second set of settlements includes $80 million of payments for billing of credit-card customers for identity-theft protection services that they did not receive. The deals, made with the U.S. Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, come after the company issued $309 million of refunds to customers. The Comptroller of the Currency also on Thursday ordered JPMorgan to improve its consumer debt-collection practices. That order did not include financial penalties and involved allegations made public more than two years ago. The London Whale deals, reached with the UK's Financial Conduct Authority and the U.S. Federal Reserve, SEC and Comptroller of the Currency, resolve the biggest civil probes into the trading debacle. The deals include citations against JPMorgan for poor risk controls and failure to inform regulators about deficiencies in risk management identified by bank management. The scandal took on the London Whale nickname that hedge funds had given to Bruno Iksil, a trader at JPMorgan's Chief Investment Office in London, for the enormous size of the positions he took for the company.</div>', 'published' => true, 'created' => '2013-11-06', 'modified' => '2013-11-06', 'keywords' => 'new business age global business trends news & articles, global business trends news & articles from new business age nepal, global business trends headlines from nepal, current and latest global business trends news from nepal, economic news from nepal, nepali global business trends economic news', 'description' => 'Switzerland and a handful of countries in Europe led the way in a global ranking of energy efficiency, access to resources and environmental sustainability. China ranked 78th and the United States was 15th, according to the report by the World Energy Council, a London-based group that promotes sustainable power.', 'sortorder' => '1925', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '2401', 'article_category_id' => '165', 'title' => 'Global Business Trends December 2013', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:16px;"><strong>Toyota Eyes Mass Production of Fuel Cell Car by 2015</strong></span></div> <div> <img alt="" src="/userfiles/images/gbt%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 169px;" />Japanese carmaker Toyota has said it is looking to start commercial sales of fuel cell-powered cars by 2015. Toyota set the target as it unveiled a concept fuel cell powered car, called the FCV, at the Tokyo Motor Show. Its cells can be recharged within minutes and it can cover about 500km (300 miles) on a single charge, according to the firm. Earlier this week, rival Hyundai said it plans to start mass production of such cars as early as next year. The South Korean company has announced plans to start commercial sales of a fuel cell-powered version of its sports utility vehicle, the Tucson, in the US market. Honda Motor is also expected to unveil its latest concept version of a fuel cell-powered vehicle later this week.</div> <div> </div> <div> Many carmakers have been looking to develop the fuel cell technology further and bring it to mass production. One of the main reasons is that it is emission-free. The technology uses hydrogen to generate electricity to power the engine and the waste products are heat and harmless water. At the same time, fuel cells charge much faster and travel a longer distance after being charged, compared with battery-operated electric cars.</div> <div> </div> <div> <span style="font-size:16px;"><strong>India Tops US, China as Best Investment Destination </strong></span></div> <div> <img alt="" src="/userfiles/images/gbt1%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 225px;" />India has spurted ahead of China and the US as the most attractive investment destination, a survey by global professional services firm Ernst & Young (EY) says.</div> <div> </div> <div> EY’s ninth bi-annual capital confidence barometer, based on a survey of 1,600 senior executives across more than 70 countries, has ranked India as the most attractive investment destination followed by Brazil, while China is at third place. The top three investing countries into India are the US, France and Japan. Foreign Direct Investments (FDI) from the US, France and Japan during the period April 2000 to August 2013 amounted to Rs. 53,673 crore, Rs. 17,718 crore and Rs. 71,870 crore, respectively.</div> <div> </div> <div> “With sharp currency depreciation and opening up of FDI in various sectors, India has become an attractive destination for foreign investors,” the EY report said. Sectors with the highest level of possible deals include Automotive, Technology, Life Sciences and Consumer Products.</div> <div> </div> <div> </div> <div> <span style="font-size:16px;"><strong>JP Morgan Chase Agrees Record $13bn Settlement Charges </strong></span></div> <div> <img alt="" src="/userfiles/images/gbt2%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 216px;" />JP Morgan Chase, the biggest bank in the United States, agreed a record $13bn (£8bn) settlement with regulators on Tuesday, ending months of tense negotiations with the Justice Department over a string of investigations into its risky mortgage deals.</div> <div> </div> <div> The fine, the biggest civil settlement with any single company, ends several investigations and lawsuits brought by the US authorities related to the sale of home loan bonds between 2005 and 2008. It is more than three times the previous record $4bn fine the US levied against BP for the Deepwater Horizon oil spill.</div> <div> </div> <div> Settlement talks have been fraught and lengthy. JP Morgan chief executive Jamie Dimon went to the US Justice Department to personally negotiate with attorney general Eric Holder in September, a personal summit that led some critics to claim that Holder was giving the bank special treatment. Tuesday’s agreement staves off a costly and potentially embarrassing trial.</div> <div> </div> <div> As part of the settlement, JP Morgan acknowledged it made serious misrepresentations to the public – including to investors – about numerous transactions relating to residential mortgage-backed securities. The deals collapsed in 2008 when the housing market plunged and the scale of the risks was exposed, and the resulting financial tumult led to the biggest crisis since the Great Depression.</div> <div> </div> <div> The admission was a major victory for the Justice Department. Banks have fought shy of such statements fearing yet more legal actions from investors. The settlement leaves open the possibility of potential criminal charges.</div> <div> </div> <div> “Without a doubt, the conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown,” said Holder. “JP Morgan was not the only financial institution during this period to knowingly bundle toxic loans and sell them to unsuspecting investors, but that is no excuse for the firm’s behavior.”</div> <div> </div> <div> The settlement was negotiated through the residential mortgage-backed securities (RMBS) working group, a joint state and federal initiative formed in 2012 to investigate wrongdoing in the mortgage-backed securities market prior to the financial crisis. Holder said the group’s investigations were “ongoing”. JP Morgan sailed through the financial crisis relatively unharmed, but has been beset by legal woes in the crisis's aftermath. The fine is the latest, and largest, in a series that has led for some shareholders to call for Dimon’s resignation despite the bank's financial success and its solid share price.</div> <div> </div> <div> <span style="font-size:16px;"><strong>Switzerland: Best Country for Top Talent</strong></span></div> <div> <img alt="" src="/userfiles/images/gbt3%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;height: 163px; width: 300px;" />Which country is the best at developing, attracting and retaining top talent? Switzerland comes out on top, according to the Global Talent Competitiveness Index, launched on 26th November by European business school Insead. The new index rates 103 countries on 48 factors including education, government policy and quality of life. The U.S. trailed in ninth place.</div> <div> </div> <div> First-placed Switzerland excelled in all categories, and stood out for its long-standing commitment to high-quality education, according to the report. Singapore came second. The authors noted that the city-state was highly competitive because of a clear strategy to grow and attract the best and brightest employees.</div> <div> </div> <div> The index was created, in part, to help global companies identify which countries are most effective in building a talented workforce. "There is a widespread mismatch between what companies need in terms of skills and what local labor markets can offer," said Insead dean Ilian Mihov in a statement. "Obviously, these issues require a collaborative effort among government, business, organized labor and global business schools." The Insead ranking was dominated by European countries, including Denmark, Sweden,Luxembourg, the Netherlands, the United Kingdom and Finland.</div> <div> </div> <div> The U.S. ranking reflected, in part, its long history of immigration and success in attracting top international talent, the report stated. But Insead professor Paul Evans said the U.S. risked undermining that advantage because of a tougher stance on immigration since 9/11. Evans also pointed out that the U.S. scores relatively poorly for basic education and social mobility.</div> <div> </div> <div> A number of the top-ranked countries also boast some of the shortest work weeks in the world and the most generous benefits and perks for working moms and dads. In May, Switzerland was ranked the second most competitive country in the world after the U.S., according to the IMD World Competitiveness Center. Switzerland is known for policy stability, predictability and budgetary discipline.</div> <div> </div> <div> The Insead index was launched in partnership with the Human Capital Leadership Institute of Singapore and HR consulting firm Adecco. It was based on data from a range of international sources such as the World Bank, the World Intellectual Property Organization and UNESCO, and the ranking model was audited by the European Commission's Joint Research Center. </div> <div> </div> <div> <span style="font-size:16px;"><strong>Blackberry Shakes up Senior Management</strong></span></div> <div> <img alt="" src="/userfiles/images/gbt4%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 169px;" />Struggling smartphone maker Blackberry has shaken up its top management as part of its continuing reorganisation. The firm's chief financial officer, Brian Bidulka, will be replaced by James Yersh who has previously served as controller and head of compliance. The chief marketing officer and chief operating officer will leave the firm with no replacements announced.</div> <div> </div> <div> This comes just weeks after the firm appointed a new interim chief executive as it shelved a plan to sell itself. Blackberry named John Chen as the interim chief executive officer as it announced it had abandoned a planned sale to its biggest shareholder, Fairfax Financial Holdings. The management changes are the first major move made by Mr Chen.</div> <div> </div> <div> Blackberry once dominated the smartphone market, but has seen its fortunes dwindle in recent years, It has been hurt by the success and popularity of smartphones launched by rivals such as Apple and Samsung. Its attempts to boost its market share have not yielded the desired results. In September, it reported a net loss of $965m for the second quarter, blaming poor sales of its new smartphone, the Z10. The firm has also announced a plan to cut 4,500 jobs, or 40% of its workforce, to reverse the giant losses.</div>', 'published' => true, 'created' => '2014-01-05', 'modified' => '2014-01-05', 'keywords' => 'new business age global business trends news & articles, global business trends news & articles from new business age nepal, global business trends headlines from nepal, current and latest global business trends news from nepal, economic news from nepal, nepali global business trends economic news', 'description' => 'Japanese carmaker Toyota has said it is looking to start commercial sales of fuel cell-powered cars by 2015. Toyota set the target as it unveiled a concept fuel cell powered car, called the FCV, at the Tokyo Motor Show. Its cells can be recharged within minutes and it can cover about 500km (300 miles) on a single charge, according to the firm.', 'sortorder' => '2243', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2080', 'article_category_id' => '165', 'title' => 'Global Business Trends October 2013', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 16px;"><strong>Switzerland Leads in Global Energy Ranking</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 188px;" />Switzerland and a handful of countries in Europe led the way in a global ranking of energy efficiency, access to resources and environmental sustainability. China ranked 78th and the United States was 15th, according to the report by the World Energy Council, a London-based group that promotes sustainable power. Canada came in sixth and France was 10th, while the worst showing of all 129 countries was made by Zimbabwe. </div> <div> </div> <div> Countries were also given letter grades for their performance in three categories: how well they manage their energy supply, how accessible and affordable energy is across the population, and how much of their power is derived from low-carbon renewables. Only five countries received all A's -- Switzerland, Denmark, Sweden, Britain and Spain. Benin and Zimbabwe received all D's. India, Lebanon, Yemen and Nicaragua also fared poorly with C's and D's. </div> <div> </div> <div> China got an A for energy security but D's for the environment and affordability and equitable access to power. The United States was a top scorer in security and supply but earned a C in environmental friendliness. The report was based on interviews with more than 50 government officials, development banks and international experts from more than 25 countries, the WEC said. Policymakers interviewed for the report urged more proactive energy policies, and called on the energy industry to help developed countries makes strides toward sustainable energy. The report was released three weeks ahead of talks at the World Energy Congress, to be held in Daegu, Korea. </div> <div> </div> <div> <span style="font-size: 16px;"><strong>Asia to have Most Millionaires: Survey</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl1%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 188px;" />Asia will have the world’s largest number of millionaires as early as next year despite the expected tapering of the US Federal Reserve’s stimulus programme, according to a report published on September 25th. With strong growth and high saving rates, the wealth of the region’s millionaires will grow by an annual average 9.8 percent and reach nearly $16 trillion in 2015, according to the wealth management unit of Royal Bank of Canada. </div> <div> </div> <div> Despite concerns of devaluing asset prices due to capital outflows triggered by Fed tapering, Asia is set to lead the world in the number of millionaires and their total wealth, the bank said in a report prepared with consulting firm Capgemini. “The region’s high net worth population and wealth has increased by 31 percent and 27 percent respectively since 2007, far outpacing growth in the rest of the world of 14 percent and nine percent,” George Lewis, group head of RBC Wealth Management, said in a statement. </div> <div> </div> <div> The number of millionaires in Asia surged by 9.4 percent year-on-year to 3.68 million in 2012, still trailing North America’s 3.73 million. Millionaires in the report are defined as individuals with investable assets of $1 million or more, excluding residence, collectibles and others. </div> <div> </div> <div> Asia’s continual population growth, and economic growth expected to continue outperforming the rest of the world, would help it take the lead as early as next year, according to Eric Lascelles, chief economist of RBC Global Asset Management. He said the Fed’s tapering plan could create “hiccups” but would not affect the trajectory of growth in the region. The bank said Japan saw the slowest growth in its millionaire population last year among Asian economies, with only a 4.4 percent increase in 2012 compared to the previous year. Hong Kong topped its Asian peers in the growth of both millionaire numbers and their investable assets in 2012.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>China's Smartphone Shipments to Exceed 450 mn </strong></span></div> <div> <img alt="" src="/userfiles/images/gbl2%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 207px;" />The world's biggest smartphone market China will likely see shipments of more than 450 million devices in 2014, at least a quarter more than this year, research firm IDC said. IDC said the increase will be driven by the government's issuance of 4G licences and expectations that China Mobile Ltd , the world's biggest wireless operator, would carry iPhones by then.</div> <div> </div> <div> China, a market dominated by Samsung Electronics Co Ltd and Lenovo Group Ltd, is expected to ship 120 million 4G-enabledsmartphones to meet consumer demand for Internet connectivity. Smartphone shipments are expected to reach 360 million this year, IDC said.</div> <div> </div> <div> In the second quarter, Samsung and Lenovo maintained their lead in China with market shares of 18.5 per cent and 9.8 per cent respectively, while China Wireless Technologies Ltd's Coolpad moved up a notch from the previous quarter to rank number 3. Apple Inc's iPhones saw market share and ranking fall to 5 percent and number 6 in the second quarter, from 9 per cent and number 5 a quarter ago, IDC analysts said. The US technology giant's market share usually slips a quarter or two before its next product launch.</div> <div> </div> <div> "Affected by the sluggish sales of iPhone 5, Apple's market share has declined dramatically, but its performance is expected to remarkably improve with the launch of the new iPhone," James Yan, an IDC analyst, said in a statement. Apple unveiled two new smartphone models, the iPhone 5S and a less expensive 5C, in China just hours after their US launch. Apple sold 9 million new iPhones during the first three days in stores after China joined the list of launch countries for the first time, though it declined to give a breakdown for the Chinese market.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>Blackberry in $4.7bn Takeover Deal </strong></span></div> <div> <img alt="" src="/userfiles/images/gbl3%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 155px;" />Struggling smartphone maker Blackberry has agreed in principle to be bought by a consortium led by Fairfax Financial for $4.7bn (£3bn). Blackberry said in statement that Fairfax, its largest shareholder with about 10% of the stock, had offered $9 a share in cash to buy the company. But Blackberry said it would continue to explore other options while negotiations with Fairfax continued.</div> <div> </div> <div> Two weeks ago, Blackberry announced 4,500 jobs cuts in a bid to stem losses. The Canadian company said it expected to make a loss of up to $1bn after poor sales of its new handsets. In August, Blackberry said it was evaluating a possible sale. On Monday, 23rd September, the company announced that it had "signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence".</div> <div> </div> <div> The statement continued: "Diligence is expected to be complete by November 4, 2013. The parties' intention is to negotiate and execute a definitive transaction agreement by such date." However, Blackberry said it was not in exclusive talks with Fairfax and would continue to "actively solicit, receive, evaluate and potentially enter into negotiations" with other potential buyers. Canadian billionaire Prem Watsa, Fairfax's chairman and chief executive, said: "We believe this transaction will open an exciting new private chapter for Blackberry, its customers, carriers and employees.</div> <div> </div> <div> Blackberry's financial problems came to a head this year following disappointing sales of its new Z10 model smartphone. Released in January - after many delays - the phone has failed to enthuse consumers.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>Scandals Cost JPMorgan $1 Billion in Fines</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl4%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 156px;" />It's $1 billion in payouts that JPMorgan Chase & Co most likely wants to forget. In agreements with regulators totaling $1 billion and made public on September 19, the biggest bank of US settled four civil investigations into its "London Whale" trading scandal and two more into the wrongful billing of credit-card customers. The deals, which involve five authorities from the United States and one from the UK, are a milestone in the company's push to clean up its legal affairs but leave JPMorgan exposed to additional costs and embarrassment.</div> <div> </div> <div> The bank still faces criminal probes into the trading scandal, its conduct during an energy trading investigation, sales of mortgage securities in the United States and possible bribery in China. Investigators are also looking into its role in setting benchmark interest rates known as LIBOR. The settlements include $920 million of penalties for JPMorgan's London Whale trading scandal, which Chief Executive Jamie Dimon at first dismissed as a "tempest in a teapot" and ultimately resulted in $6.2 billion in losses. The deals included an admission of wrongdoing, which has been rare in past settlements made by the U.S. Securities and Exchange Commission.</div> <div> </div> <div> A second set of settlements includes $80 million of payments for billing of credit-card customers for identity-theft protection services that they did not receive. The deals, made with the U.S. Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, come after the company issued $309 million of refunds to customers. The Comptroller of the Currency also on Thursday ordered JPMorgan to improve its consumer debt-collection practices. That order did not include financial penalties and involved allegations made public more than two years ago. The London Whale deals, reached with the UK's Financial Conduct Authority and the U.S. Federal Reserve, SEC and Comptroller of the Currency, resolve the biggest civil probes into the trading debacle. The deals include citations against JPMorgan for poor risk controls and failure to inform regulators about deficiencies in risk management identified by bank management. The scandal took on the London Whale nickname that hedge funds had given to Bruno Iksil, a trader at JPMorgan's Chief Investment Office in London, for the enormous size of the positions he took for the company.</div>', 'published' => true, 'created' => '2013-11-06', 'modified' => '2013-11-06', 'keywords' => 'new business age global business trends news & articles, global business trends news & articles from new business age nepal, global business trends headlines from nepal, current and latest global business trends news from nepal, economic news from nepal, nepali global business trends economic news', 'description' => 'Switzerland and a handful of countries in Europe led the way in a global ranking of energy efficiency, access to resources and environmental sustainability. China ranked 78th and the United States was 15th, according to the report by the World Energy Council, a London-based group that promotes sustainable power.', 'sortorder' => '1925', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '2401', 'article_category_id' => '165', 'title' => 'Global Business Trends December 2013', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size:16px;"><strong>Toyota Eyes Mass Production of Fuel Cell Car by 2015</strong></span></div> <div> <img alt="" src="/userfiles/images/gbt%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 169px;" />Japanese carmaker Toyota has said it is looking to start commercial sales of fuel cell-powered cars by 2015. Toyota set the target as it unveiled a concept fuel cell powered car, called the FCV, at the Tokyo Motor Show. Its cells can be recharged within minutes and it can cover about 500km (300 miles) on a single charge, according to the firm. Earlier this week, rival Hyundai said it plans to start mass production of such cars as early as next year. The South Korean company has announced plans to start commercial sales of a fuel cell-powered version of its sports utility vehicle, the Tucson, in the US market. Honda Motor is also expected to unveil its latest concept version of a fuel cell-powered vehicle later this week.</div> <div> </div> <div> Many carmakers have been looking to develop the fuel cell technology further and bring it to mass production. One of the main reasons is that it is emission-free. The technology uses hydrogen to generate electricity to power the engine and the waste products are heat and harmless water. At the same time, fuel cells charge much faster and travel a longer distance after being charged, compared with battery-operated electric cars.</div> <div> </div> <div> <span style="font-size:16px;"><strong>India Tops US, China as Best Investment Destination </strong></span></div> <div> <img alt="" src="/userfiles/images/gbt1%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 225px;" />India has spurted ahead of China and the US as the most attractive investment destination, a survey by global professional services firm Ernst & Young (EY) says.</div> <div> </div> <div> EY’s ninth bi-annual capital confidence barometer, based on a survey of 1,600 senior executives across more than 70 countries, has ranked India as the most attractive investment destination followed by Brazil, while China is at third place. The top three investing countries into India are the US, France and Japan. Foreign Direct Investments (FDI) from the US, France and Japan during the period April 2000 to August 2013 amounted to Rs. 53,673 crore, Rs. 17,718 crore and Rs. 71,870 crore, respectively.</div> <div> </div> <div> “With sharp currency depreciation and opening up of FDI in various sectors, India has become an attractive destination for foreign investors,” the EY report said. Sectors with the highest level of possible deals include Automotive, Technology, Life Sciences and Consumer Products.</div> <div> </div> <div> </div> <div> <span style="font-size:16px;"><strong>JP Morgan Chase Agrees Record $13bn Settlement Charges </strong></span></div> <div> <img alt="" src="/userfiles/images/gbt2%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 216px;" />JP Morgan Chase, the biggest bank in the United States, agreed a record $13bn (£8bn) settlement with regulators on Tuesday, ending months of tense negotiations with the Justice Department over a string of investigations into its risky mortgage deals.</div> <div> </div> <div> The fine, the biggest civil settlement with any single company, ends several investigations and lawsuits brought by the US authorities related to the sale of home loan bonds between 2005 and 2008. It is more than three times the previous record $4bn fine the US levied against BP for the Deepwater Horizon oil spill.</div> <div> </div> <div> Settlement talks have been fraught and lengthy. JP Morgan chief executive Jamie Dimon went to the US Justice Department to personally negotiate with attorney general Eric Holder in September, a personal summit that led some critics to claim that Holder was giving the bank special treatment. Tuesday’s agreement staves off a costly and potentially embarrassing trial.</div> <div> </div> <div> As part of the settlement, JP Morgan acknowledged it made serious misrepresentations to the public – including to investors – about numerous transactions relating to residential mortgage-backed securities. The deals collapsed in 2008 when the housing market plunged and the scale of the risks was exposed, and the resulting financial tumult led to the biggest crisis since the Great Depression.</div> <div> </div> <div> The admission was a major victory for the Justice Department. Banks have fought shy of such statements fearing yet more legal actions from investors. The settlement leaves open the possibility of potential criminal charges.</div> <div> </div> <div> “Without a doubt, the conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown,” said Holder. “JP Morgan was not the only financial institution during this period to knowingly bundle toxic loans and sell them to unsuspecting investors, but that is no excuse for the firm’s behavior.”</div> <div> </div> <div> The settlement was negotiated through the residential mortgage-backed securities (RMBS) working group, a joint state and federal initiative formed in 2012 to investigate wrongdoing in the mortgage-backed securities market prior to the financial crisis. Holder said the group’s investigations were “ongoing”. JP Morgan sailed through the financial crisis relatively unharmed, but has been beset by legal woes in the crisis's aftermath. The fine is the latest, and largest, in a series that has led for some shareholders to call for Dimon’s resignation despite the bank's financial success and its solid share price.</div> <div> </div> <div> <span style="font-size:16px;"><strong>Switzerland: Best Country for Top Talent</strong></span></div> <div> <img alt="" src="/userfiles/images/gbt3%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;height: 163px; width: 300px;" />Which country is the best at developing, attracting and retaining top talent? Switzerland comes out on top, according to the Global Talent Competitiveness Index, launched on 26th November by European business school Insead. The new index rates 103 countries on 48 factors including education, government policy and quality of life. The U.S. trailed in ninth place.</div> <div> </div> <div> First-placed Switzerland excelled in all categories, and stood out for its long-standing commitment to high-quality education, according to the report. Singapore came second. The authors noted that the city-state was highly competitive because of a clear strategy to grow and attract the best and brightest employees.</div> <div> </div> <div> The index was created, in part, to help global companies identify which countries are most effective in building a talented workforce. "There is a widespread mismatch between what companies need in terms of skills and what local labor markets can offer," said Insead dean Ilian Mihov in a statement. "Obviously, these issues require a collaborative effort among government, business, organized labor and global business schools." The Insead ranking was dominated by European countries, including Denmark, Sweden,Luxembourg, the Netherlands, the United Kingdom and Finland.</div> <div> </div> <div> The U.S. ranking reflected, in part, its long history of immigration and success in attracting top international talent, the report stated. But Insead professor Paul Evans said the U.S. risked undermining that advantage because of a tougher stance on immigration since 9/11. Evans also pointed out that the U.S. scores relatively poorly for basic education and social mobility.</div> <div> </div> <div> A number of the top-ranked countries also boast some of the shortest work weeks in the world and the most generous benefits and perks for working moms and dads. In May, Switzerland was ranked the second most competitive country in the world after the U.S., according to the IMD World Competitiveness Center. Switzerland is known for policy stability, predictability and budgetary discipline.</div> <div> </div> <div> The Insead index was launched in partnership with the Human Capital Leadership Institute of Singapore and HR consulting firm Adecco. It was based on data from a range of international sources such as the World Bank, the World Intellectual Property Organization and UNESCO, and the ranking model was audited by the European Commission's Joint Research Center. </div> <div> </div> <div> <span style="font-size:16px;"><strong>Blackberry Shakes up Senior Management</strong></span></div> <div> <img alt="" src="/userfiles/images/gbt4%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 169px;" />Struggling smartphone maker Blackberry has shaken up its top management as part of its continuing reorganisation. The firm's chief financial officer, Brian Bidulka, will be replaced by James Yersh who has previously served as controller and head of compliance. The chief marketing officer and chief operating officer will leave the firm with no replacements announced.</div> <div> </div> <div> This comes just weeks after the firm appointed a new interim chief executive as it shelved a plan to sell itself. Blackberry named John Chen as the interim chief executive officer as it announced it had abandoned a planned sale to its biggest shareholder, Fairfax Financial Holdings. The management changes are the first major move made by Mr Chen.</div> <div> </div> <div> Blackberry once dominated the smartphone market, but has seen its fortunes dwindle in recent years, It has been hurt by the success and popularity of smartphones launched by rivals such as Apple and Samsung. Its attempts to boost its market share have not yielded the desired results. In September, it reported a net loss of $965m for the second quarter, blaming poor sales of its new smartphone, the Z10. The firm has also announced a plan to cut 4,500 jobs, or 40% of its workforce, to reverse the giant losses.</div>', 'published' => true, 'created' => '2014-01-05', 'modified' => '2014-01-05', 'keywords' => 'new business age global business trends news & articles, global business trends news & articles from new business age nepal, global business trends headlines from nepal, current and latest global business trends news from nepal, economic news from nepal, nepali global business trends economic news', 'description' => 'Japanese carmaker Toyota has said it is looking to start commercial sales of fuel cell-powered cars by 2015. Toyota set the target as it unveiled a concept fuel cell powered car, called the FCV, at the Tokyo Motor Show. Its cells can be recharged within minutes and it can cover about 500km (300 miles) on a single charge, according to the firm.', 'sortorder' => '2243', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2080', 'article_category_id' => '165', 'title' => 'Global Business Trends October 2013', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 16px;"><strong>Switzerland Leads in Global Energy Ranking</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 188px;" />Switzerland and a handful of countries in Europe led the way in a global ranking of energy efficiency, access to resources and environmental sustainability. China ranked 78th and the United States was 15th, according to the report by the World Energy Council, a London-based group that promotes sustainable power. Canada came in sixth and France was 10th, while the worst showing of all 129 countries was made by Zimbabwe. </div> <div> </div> <div> Countries were also given letter grades for their performance in three categories: how well they manage their energy supply, how accessible and affordable energy is across the population, and how much of their power is derived from low-carbon renewables. Only five countries received all A's -- Switzerland, Denmark, Sweden, Britain and Spain. Benin and Zimbabwe received all D's. India, Lebanon, Yemen and Nicaragua also fared poorly with C's and D's. </div> <div> </div> <div> China got an A for energy security but D's for the environment and affordability and equitable access to power. The United States was a top scorer in security and supply but earned a C in environmental friendliness. The report was based on interviews with more than 50 government officials, development banks and international experts from more than 25 countries, the WEC said. Policymakers interviewed for the report urged more proactive energy policies, and called on the energy industry to help developed countries makes strides toward sustainable energy. The report was released three weeks ahead of talks at the World Energy Congress, to be held in Daegu, Korea. </div> <div> </div> <div> <span style="font-size: 16px;"><strong>Asia to have Most Millionaires: Survey</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl1%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 188px;" />Asia will have the world’s largest number of millionaires as early as next year despite the expected tapering of the US Federal Reserve’s stimulus programme, according to a report published on September 25th. With strong growth and high saving rates, the wealth of the region’s millionaires will grow by an annual average 9.8 percent and reach nearly $16 trillion in 2015, according to the wealth management unit of Royal Bank of Canada. </div> <div> </div> <div> Despite concerns of devaluing asset prices due to capital outflows triggered by Fed tapering, Asia is set to lead the world in the number of millionaires and their total wealth, the bank said in a report prepared with consulting firm Capgemini. “The region’s high net worth population and wealth has increased by 31 percent and 27 percent respectively since 2007, far outpacing growth in the rest of the world of 14 percent and nine percent,” George Lewis, group head of RBC Wealth Management, said in a statement. </div> <div> </div> <div> The number of millionaires in Asia surged by 9.4 percent year-on-year to 3.68 million in 2012, still trailing North America’s 3.73 million. Millionaires in the report are defined as individuals with investable assets of $1 million or more, excluding residence, collectibles and others. </div> <div> </div> <div> Asia’s continual population growth, and economic growth expected to continue outperforming the rest of the world, would help it take the lead as early as next year, according to Eric Lascelles, chief economist of RBC Global Asset Management. He said the Fed’s tapering plan could create “hiccups” but would not affect the trajectory of growth in the region. The bank said Japan saw the slowest growth in its millionaire population last year among Asian economies, with only a 4.4 percent increase in 2012 compared to the previous year. Hong Kong topped its Asian peers in the growth of both millionaire numbers and their investable assets in 2012.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>China's Smartphone Shipments to Exceed 450 mn </strong></span></div> <div> <img alt="" src="/userfiles/images/gbl2%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 207px;" />The world's biggest smartphone market China will likely see shipments of more than 450 million devices in 2014, at least a quarter more than this year, research firm IDC said. IDC said the increase will be driven by the government's issuance of 4G licences and expectations that China Mobile Ltd , the world's biggest wireless operator, would carry iPhones by then.</div> <div> </div> <div> China, a market dominated by Samsung Electronics Co Ltd and Lenovo Group Ltd, is expected to ship 120 million 4G-enabledsmartphones to meet consumer demand for Internet connectivity. Smartphone shipments are expected to reach 360 million this year, IDC said.</div> <div> </div> <div> In the second quarter, Samsung and Lenovo maintained their lead in China with market shares of 18.5 per cent and 9.8 per cent respectively, while China Wireless Technologies Ltd's Coolpad moved up a notch from the previous quarter to rank number 3. Apple Inc's iPhones saw market share and ranking fall to 5 percent and number 6 in the second quarter, from 9 per cent and number 5 a quarter ago, IDC analysts said. The US technology giant's market share usually slips a quarter or two before its next product launch.</div> <div> </div> <div> "Affected by the sluggish sales of iPhone 5, Apple's market share has declined dramatically, but its performance is expected to remarkably improve with the launch of the new iPhone," James Yan, an IDC analyst, said in a statement. Apple unveiled two new smartphone models, the iPhone 5S and a less expensive 5C, in China just hours after their US launch. Apple sold 9 million new iPhones during the first three days in stores after China joined the list of launch countries for the first time, though it declined to give a breakdown for the Chinese market.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>Blackberry in $4.7bn Takeover Deal </strong></span></div> <div> <img alt="" src="/userfiles/images/gbl3%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 155px;" />Struggling smartphone maker Blackberry has agreed in principle to be bought by a consortium led by Fairfax Financial for $4.7bn (£3bn). Blackberry said in statement that Fairfax, its largest shareholder with about 10% of the stock, had offered $9 a share in cash to buy the company. But Blackberry said it would continue to explore other options while negotiations with Fairfax continued.</div> <div> </div> <div> Two weeks ago, Blackberry announced 4,500 jobs cuts in a bid to stem losses. The Canadian company said it expected to make a loss of up to $1bn after poor sales of its new handsets. In August, Blackberry said it was evaluating a possible sale. On Monday, 23rd September, the company announced that it had "signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence".</div> <div> </div> <div> The statement continued: "Diligence is expected to be complete by November 4, 2013. The parties' intention is to negotiate and execute a definitive transaction agreement by such date." However, Blackberry said it was not in exclusive talks with Fairfax and would continue to "actively solicit, receive, evaluate and potentially enter into negotiations" with other potential buyers. Canadian billionaire Prem Watsa, Fairfax's chairman and chief executive, said: "We believe this transaction will open an exciting new private chapter for Blackberry, its customers, carriers and employees.</div> <div> </div> <div> Blackberry's financial problems came to a head this year following disappointing sales of its new Z10 model smartphone. Released in January - after many delays - the phone has failed to enthuse consumers.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>Scandals Cost JPMorgan $1 Billion in Fines</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl4%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 156px;" />It's $1 billion in payouts that JPMorgan Chase & Co most likely wants to forget. In agreements with regulators totaling $1 billion and made public on September 19, the biggest bank of US settled four civil investigations into its "London Whale" trading scandal and two more into the wrongful billing of credit-card customers. The deals, which involve five authorities from the United States and one from the UK, are a milestone in the company's push to clean up its legal affairs but leave JPMorgan exposed to additional costs and embarrassment.</div> <div> </div> <div> The bank still faces criminal probes into the trading scandal, its conduct during an energy trading investigation, sales of mortgage securities in the United States and possible bribery in China. Investigators are also looking into its role in setting benchmark interest rates known as LIBOR. The settlements include $920 million of penalties for JPMorgan's London Whale trading scandal, which Chief Executive Jamie Dimon at first dismissed as a "tempest in a teapot" and ultimately resulted in $6.2 billion in losses. The deals included an admission of wrongdoing, which has been rare in past settlements made by the U.S. Securities and Exchange Commission.</div> <div> </div> <div> A second set of settlements includes $80 million of payments for billing of credit-card customers for identity-theft protection services that they did not receive. The deals, made with the U.S. Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, come after the company issued $309 million of refunds to customers. The Comptroller of the Currency also on Thursday ordered JPMorgan to improve its consumer debt-collection practices. That order did not include financial penalties and involved allegations made public more than two years ago. The London Whale deals, reached with the UK's Financial Conduct Authority and the U.S. Federal Reserve, SEC and Comptroller of the Currency, resolve the biggest civil probes into the trading debacle. The deals include citations against JPMorgan for poor risk controls and failure to inform regulators about deficiencies in risk management identified by bank management. The scandal took on the London Whale nickname that hedge funds had given to Bruno Iksil, a trader at JPMorgan's Chief Investment Office in London, for the enormous size of the positions he took for the company.</div>', 'published' => true, 'created' => '2013-11-06', 'modified' => '2013-11-06', 'keywords' => 'new business age global business trends news & articles, global business trends news & articles from new business age nepal, global business trends headlines from nepal, current and latest global business trends news from nepal, economic news from nepal, nepali global business trends economic news', 'description' => 'Switzerland and a handful of countries in Europe led the way in a global ranking of energy efficiency, access to resources and environmental sustainability. China ranked 78th and the United States was 15th, according to the report by the World Energy Council, a London-based group that promotes sustainable power.', 'sortorder' => '1925', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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Toyota set the target as it unveiled a concept fuel cell powered car, called the FCV, at the Tokyo Motor Show. Its cells can be recharged within minutes and it can cover about 500km (300 miles) on a single charge, according to the firm. Earlier this week, rival Hyundai said it plans to start mass production of such cars as early as next year. The South Korean company has announced plans to start commercial sales of a fuel cell-powered version of its sports utility vehicle, the Tucson, in the US market. Honda Motor is also expected to unveil its latest concept version of a fuel cell-powered vehicle later this week.</div> <div> </div> <div> Many carmakers have been looking to develop the fuel cell technology further and bring it to mass production. One of the main reasons is that it is emission-free. The technology uses hydrogen to generate electricity to power the engine and the waste products are heat and harmless water. At the same time, fuel cells charge much faster and travel a longer distance after being charged, compared with battery-operated electric cars.</div> <div> </div> <div> <span style="font-size:16px;"><strong>India Tops US, China as Best Investment Destination </strong></span></div> <div> <img alt="" src="/userfiles/images/gbt1%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 225px;" />India has spurted ahead of China and the US as the most attractive investment destination, a survey by global professional services firm Ernst & Young (EY) says.</div> <div> </div> <div> EY’s ninth bi-annual capital confidence barometer, based on a survey of 1,600 senior executives across more than 70 countries, has ranked India as the most attractive investment destination followed by Brazil, while China is at third place. The top three investing countries into India are the US, France and Japan. Foreign Direct Investments (FDI) from the US, France and Japan during the period April 2000 to August 2013 amounted to Rs. 53,673 crore, Rs. 17,718 crore and Rs. 71,870 crore, respectively.</div> <div> </div> <div> “With sharp currency depreciation and opening up of FDI in various sectors, India has become an attractive destination for foreign investors,” the EY report said. Sectors with the highest level of possible deals include Automotive, Technology, Life Sciences and Consumer Products.</div> <div> </div> <div> </div> <div> <span style="font-size:16px;"><strong>JP Morgan Chase Agrees Record $13bn Settlement Charges </strong></span></div> <div> <img alt="" src="/userfiles/images/gbt2%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 216px;" />JP Morgan Chase, the biggest bank in the United States, agreed a record $13bn (£8bn) settlement with regulators on Tuesday, ending months of tense negotiations with the Justice Department over a string of investigations into its risky mortgage deals.</div> <div> </div> <div> The fine, the biggest civil settlement with any single company, ends several investigations and lawsuits brought by the US authorities related to the sale of home loan bonds between 2005 and 2008. It is more than three times the previous record $4bn fine the US levied against BP for the Deepwater Horizon oil spill.</div> <div> </div> <div> Settlement talks have been fraught and lengthy. JP Morgan chief executive Jamie Dimon went to the US Justice Department to personally negotiate with attorney general Eric Holder in September, a personal summit that led some critics to claim that Holder was giving the bank special treatment. Tuesday’s agreement staves off a costly and potentially embarrassing trial.</div> <div> </div> <div> As part of the settlement, JP Morgan acknowledged it made serious misrepresentations to the public – including to investors – about numerous transactions relating to residential mortgage-backed securities. The deals collapsed in 2008 when the housing market plunged and the scale of the risks was exposed, and the resulting financial tumult led to the biggest crisis since the Great Depression.</div> <div> </div> <div> The admission was a major victory for the Justice Department. Banks have fought shy of such statements fearing yet more legal actions from investors. The settlement leaves open the possibility of potential criminal charges.</div> <div> </div> <div> “Without a doubt, the conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown,” said Holder. “JP Morgan was not the only financial institution during this period to knowingly bundle toxic loans and sell them to unsuspecting investors, but that is no excuse for the firm’s behavior.”</div> <div> </div> <div> The settlement was negotiated through the residential mortgage-backed securities (RMBS) working group, a joint state and federal initiative formed in 2012 to investigate wrongdoing in the mortgage-backed securities market prior to the financial crisis. Holder said the group’s investigations were “ongoing”. JP Morgan sailed through the financial crisis relatively unharmed, but has been beset by legal woes in the crisis's aftermath. The fine is the latest, and largest, in a series that has led for some shareholders to call for Dimon’s resignation despite the bank's financial success and its solid share price.</div> <div> </div> <div> <span style="font-size:16px;"><strong>Switzerland: Best Country for Top Talent</strong></span></div> <div> <img alt="" src="/userfiles/images/gbt3%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;height: 163px; width: 300px;" />Which country is the best at developing, attracting and retaining top talent? Switzerland comes out on top, according to the Global Talent Competitiveness Index, launched on 26th November by European business school Insead. The new index rates 103 countries on 48 factors including education, government policy and quality of life. The U.S. trailed in ninth place.</div> <div> </div> <div> First-placed Switzerland excelled in all categories, and stood out for its long-standing commitment to high-quality education, according to the report. Singapore came second. The authors noted that the city-state was highly competitive because of a clear strategy to grow and attract the best and brightest employees.</div> <div> </div> <div> The index was created, in part, to help global companies identify which countries are most effective in building a talented workforce. "There is a widespread mismatch between what companies need in terms of skills and what local labor markets can offer," said Insead dean Ilian Mihov in a statement. "Obviously, these issues require a collaborative effort among government, business, organized labor and global business schools." The Insead ranking was dominated by European countries, including Denmark, Sweden,Luxembourg, the Netherlands, the United Kingdom and Finland.</div> <div> </div> <div> The U.S. ranking reflected, in part, its long history of immigration and success in attracting top international talent, the report stated. But Insead professor Paul Evans said the U.S. risked undermining that advantage because of a tougher stance on immigration since 9/11. Evans also pointed out that the U.S. scores relatively poorly for basic education and social mobility.</div> <div> </div> <div> A number of the top-ranked countries also boast some of the shortest work weeks in the world and the most generous benefits and perks for working moms and dads. In May, Switzerland was ranked the second most competitive country in the world after the U.S., according to the IMD World Competitiveness Center. Switzerland is known for policy stability, predictability and budgetary discipline.</div> <div> </div> <div> The Insead index was launched in partnership with the Human Capital Leadership Institute of Singapore and HR consulting firm Adecco. It was based on data from a range of international sources such as the World Bank, the World Intellectual Property Organization and UNESCO, and the ranking model was audited by the European Commission's Joint Research Center. </div> <div> </div> <div> <span style="font-size:16px;"><strong>Blackberry Shakes up Senior Management</strong></span></div> <div> <img alt="" src="/userfiles/images/gbt4%20(Copy).jpg" style="float: left; margin: 0px 10px 0px 0px;width: 300px; height: 169px;" />Struggling smartphone maker Blackberry has shaken up its top management as part of its continuing reorganisation. The firm's chief financial officer, Brian Bidulka, will be replaced by James Yersh who has previously served as controller and head of compliance. The chief marketing officer and chief operating officer will leave the firm with no replacements announced.</div> <div> </div> <div> This comes just weeks after the firm appointed a new interim chief executive as it shelved a plan to sell itself. Blackberry named John Chen as the interim chief executive officer as it announced it had abandoned a planned sale to its biggest shareholder, Fairfax Financial Holdings. The management changes are the first major move made by Mr Chen.</div> <div> </div> <div> Blackberry once dominated the smartphone market, but has seen its fortunes dwindle in recent years, It has been hurt by the success and popularity of smartphones launched by rivals such as Apple and Samsung. Its attempts to boost its market share have not yielded the desired results. In September, it reported a net loss of $965m for the second quarter, blaming poor sales of its new smartphone, the Z10. The firm has also announced a plan to cut 4,500 jobs, or 40% of its workforce, to reverse the giant losses.</div>', 'published' => true, 'created' => '2014-01-05', 'modified' => '2014-01-05', 'keywords' => 'new business age global business trends news & articles, global business trends news & articles from new business age nepal, global business trends headlines from nepal, current and latest global business trends news from nepal, economic news from nepal, nepali global business trends economic news', 'description' => 'Japanese carmaker Toyota has said it is looking to start commercial sales of fuel cell-powered cars by 2015. Toyota set the target as it unveiled a concept fuel cell powered car, called the FCV, at the Tokyo Motor Show. Its cells can be recharged within minutes and it can cover about 500km (300 miles) on a single charge, according to the firm.', 'sortorder' => '2243', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ), (int) 1 => array( 'Article' => array( 'id' => '2080', 'article_category_id' => '165', 'title' => 'Global Business Trends October 2013', 'sub_title' => '', 'summary' => null, 'content' => '<div> <span style="font-size: 16px;"><strong>Switzerland Leads in Global Energy Ranking</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 188px;" />Switzerland and a handful of countries in Europe led the way in a global ranking of energy efficiency, access to resources and environmental sustainability. China ranked 78th and the United States was 15th, according to the report by the World Energy Council, a London-based group that promotes sustainable power. Canada came in sixth and France was 10th, while the worst showing of all 129 countries was made by Zimbabwe. </div> <div> </div> <div> Countries were also given letter grades for their performance in three categories: how well they manage their energy supply, how accessible and affordable energy is across the population, and how much of their power is derived from low-carbon renewables. Only five countries received all A's -- Switzerland, Denmark, Sweden, Britain and Spain. Benin and Zimbabwe received all D's. India, Lebanon, Yemen and Nicaragua also fared poorly with C's and D's. </div> <div> </div> <div> China got an A for energy security but D's for the environment and affordability and equitable access to power. The United States was a top scorer in security and supply but earned a C in environmental friendliness. The report was based on interviews with more than 50 government officials, development banks and international experts from more than 25 countries, the WEC said. Policymakers interviewed for the report urged more proactive energy policies, and called on the energy industry to help developed countries makes strides toward sustainable energy. The report was released three weeks ahead of talks at the World Energy Congress, to be held in Daegu, Korea. </div> <div> </div> <div> <span style="font-size: 16px;"><strong>Asia to have Most Millionaires: Survey</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl1%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 188px;" />Asia will have the world’s largest number of millionaires as early as next year despite the expected tapering of the US Federal Reserve’s stimulus programme, according to a report published on September 25th. With strong growth and high saving rates, the wealth of the region’s millionaires will grow by an annual average 9.8 percent and reach nearly $16 trillion in 2015, according to the wealth management unit of Royal Bank of Canada. </div> <div> </div> <div> Despite concerns of devaluing asset prices due to capital outflows triggered by Fed tapering, Asia is set to lead the world in the number of millionaires and their total wealth, the bank said in a report prepared with consulting firm Capgemini. “The region’s high net worth population and wealth has increased by 31 percent and 27 percent respectively since 2007, far outpacing growth in the rest of the world of 14 percent and nine percent,” George Lewis, group head of RBC Wealth Management, said in a statement. </div> <div> </div> <div> The number of millionaires in Asia surged by 9.4 percent year-on-year to 3.68 million in 2012, still trailing North America’s 3.73 million. Millionaires in the report are defined as individuals with investable assets of $1 million or more, excluding residence, collectibles and others. </div> <div> </div> <div> Asia’s continual population growth, and economic growth expected to continue outperforming the rest of the world, would help it take the lead as early as next year, according to Eric Lascelles, chief economist of RBC Global Asset Management. He said the Fed’s tapering plan could create “hiccups” but would not affect the trajectory of growth in the region. The bank said Japan saw the slowest growth in its millionaire population last year among Asian economies, with only a 4.4 percent increase in 2012 compared to the previous year. Hong Kong topped its Asian peers in the growth of both millionaire numbers and their investable assets in 2012.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>China's Smartphone Shipments to Exceed 450 mn </strong></span></div> <div> <img alt="" src="/userfiles/images/gbl2%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 207px;" />The world's biggest smartphone market China will likely see shipments of more than 450 million devices in 2014, at least a quarter more than this year, research firm IDC said. IDC said the increase will be driven by the government's issuance of 4G licences and expectations that China Mobile Ltd , the world's biggest wireless operator, would carry iPhones by then.</div> <div> </div> <div> China, a market dominated by Samsung Electronics Co Ltd and Lenovo Group Ltd, is expected to ship 120 million 4G-enabledsmartphones to meet consumer demand for Internet connectivity. Smartphone shipments are expected to reach 360 million this year, IDC said.</div> <div> </div> <div> In the second quarter, Samsung and Lenovo maintained their lead in China with market shares of 18.5 per cent and 9.8 per cent respectively, while China Wireless Technologies Ltd's Coolpad moved up a notch from the previous quarter to rank number 3. Apple Inc's iPhones saw market share and ranking fall to 5 percent and number 6 in the second quarter, from 9 per cent and number 5 a quarter ago, IDC analysts said. The US technology giant's market share usually slips a quarter or two before its next product launch.</div> <div> </div> <div> "Affected by the sluggish sales of iPhone 5, Apple's market share has declined dramatically, but its performance is expected to remarkably improve with the launch of the new iPhone," James Yan, an IDC analyst, said in a statement. Apple unveiled two new smartphone models, the iPhone 5S and a less expensive 5C, in China just hours after their US launch. Apple sold 9 million new iPhones during the first three days in stores after China joined the list of launch countries for the first time, though it declined to give a breakdown for the Chinese market.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>Blackberry in $4.7bn Takeover Deal </strong></span></div> <div> <img alt="" src="/userfiles/images/gbl3%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 155px;" />Struggling smartphone maker Blackberry has agreed in principle to be bought by a consortium led by Fairfax Financial for $4.7bn (£3bn). Blackberry said in statement that Fairfax, its largest shareholder with about 10% of the stock, had offered $9 a share in cash to buy the company. But Blackberry said it would continue to explore other options while negotiations with Fairfax continued.</div> <div> </div> <div> Two weeks ago, Blackberry announced 4,500 jobs cuts in a bid to stem losses. The Canadian company said it expected to make a loss of up to $1bn after poor sales of its new handsets. In August, Blackberry said it was evaluating a possible sale. On Monday, 23rd September, the company announced that it had "signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence".</div> <div> </div> <div> The statement continued: "Diligence is expected to be complete by November 4, 2013. The parties' intention is to negotiate and execute a definitive transaction agreement by such date." However, Blackberry said it was not in exclusive talks with Fairfax and would continue to "actively solicit, receive, evaluate and potentially enter into negotiations" with other potential buyers. Canadian billionaire Prem Watsa, Fairfax's chairman and chief executive, said: "We believe this transaction will open an exciting new private chapter for Blackberry, its customers, carriers and employees.</div> <div> </div> <div> Blackberry's financial problems came to a head this year following disappointing sales of its new Z10 model smartphone. Released in January - after many delays - the phone has failed to enthuse consumers.</div> <div> </div> <div> <span style="font-size: 16px;"><strong>Scandals Cost JPMorgan $1 Billion in Fines</strong></span></div> <div> <img alt="" src="/userfiles/images/gbl4%20(Copy).jpg" style="float: right; margin: 0px 0px 0px 10px; width: 275px; height: 156px;" />It's $1 billion in payouts that JPMorgan Chase & Co most likely wants to forget. In agreements with regulators totaling $1 billion and made public on September 19, the biggest bank of US settled four civil investigations into its "London Whale" trading scandal and two more into the wrongful billing of credit-card customers. The deals, which involve five authorities from the United States and one from the UK, are a milestone in the company's push to clean up its legal affairs but leave JPMorgan exposed to additional costs and embarrassment.</div> <div> </div> <div> The bank still faces criminal probes into the trading scandal, its conduct during an energy trading investigation, sales of mortgage securities in the United States and possible bribery in China. Investigators are also looking into its role in setting benchmark interest rates known as LIBOR. The settlements include $920 million of penalties for JPMorgan's London Whale trading scandal, which Chief Executive Jamie Dimon at first dismissed as a "tempest in a teapot" and ultimately resulted in $6.2 billion in losses. The deals included an admission of wrongdoing, which has been rare in past settlements made by the U.S. Securities and Exchange Commission.</div> <div> </div> <div> A second set of settlements includes $80 million of payments for billing of credit-card customers for identity-theft protection services that they did not receive. The deals, made with the U.S. Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, come after the company issued $309 million of refunds to customers. The Comptroller of the Currency also on Thursday ordered JPMorgan to improve its consumer debt-collection practices. That order did not include financial penalties and involved allegations made public more than two years ago. The London Whale deals, reached with the UK's Financial Conduct Authority and the U.S. Federal Reserve, SEC and Comptroller of the Currency, resolve the biggest civil probes into the trading debacle. The deals include citations against JPMorgan for poor risk controls and failure to inform regulators about deficiencies in risk management identified by bank management. The scandal took on the London Whale nickname that hedge funds had given to Bruno Iksil, a trader at JPMorgan's Chief Investment Office in London, for the enormous size of the positions he took for the company.</div>', 'published' => true, 'created' => '2013-11-06', 'modified' => '2013-11-06', 'keywords' => 'new business age global business trends news & articles, global business trends news & articles from new business age nepal, global business trends headlines from nepal, current and latest global business trends news from nepal, economic news from nepal, nepali global business trends economic news', 'description' => 'Switzerland and a handful of countries in Europe led the way in a global ranking of energy efficiency, access to resources and environmental sustainability. China ranked 78th and the United States was 15th, according to the report by the World Energy Council, a London-based group that promotes sustainable power.', 'sortorder' => '1925', 'image' => null, 'article_date' => '0000-00-00 00:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '0' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
