Seoul shares end lower, weighed by techs

July 28, 2010 By Leave a Comment

SEOUL, July 27 (Reuters) – Seoul shares were mixed on Tuesday after gains among automakers such as Hyundai Motor (005380.KS) were offset by declines in Hynix (000660.KS) and other technology stocks after the index reached a new 2-year high.

The Korea Composite Stock Price Index (KOSPI) ended 0.04 percent lower at 1,768.31 points, after earlier rising to 1,778.72 points, a fresh 25-1/2-month closing high.

“Investors are acting more cautiously at the index’s current level as economic uncertainties still exist,” said Hong Soon-pyo, an analyst at Daishin Securities, noting that declines in U.S. index futures were added pressure.

Confidence among big South Korean firms fell to a one-year low for August due to an uncertain economic outlook. A consumer sentiment index paused in July after setting a five-month high in June, because incomes have been lagging the rapid economic growth. [ID:nTOE66P08D]

Domestic institutional investors were sellers of a net 294 billion won ($246.8 million) worth of stocks.

Technology issues declined amid a selling spree to lock in profits on their recent sharp gains and due to a cautious earnings outlook for the second half.

Shares in Hynix (000660.KS) declined 1.9 percent despite a successful block sale of its stake by shareholders.

Shareholders of Hynix sold 584.4 billion won ($490.7 million) in shares, or a 4.1 percent stake, in the world’s No. 2 memory chipmaker at Monday’s closing price of 23,950 won. [ID:nSEU003102]

The company’s shares have risen more than 40 percent so far this year.

“There are concerns about its fourth quarter performance due to chip prices,” said Hwang Yoo-shik, an analyst at SK Securities.

Shares in Samsung SDI (006400.KS) fell 0.6 percent after its second quarter profit rose by a third.

“There are worries within the market the momentum of demand for electronic components will not catch the usual peak season between August and October,” said Kiwoom Securities analyst Kim Byung-ki.

Samsung SDI shares have risen nearly 70 percent so far in 2010.

Automakers advanced on upbeat hopes about their earnings and new models, analysts said. Shares in Hyundai Motor (005380.KS), South Korea’s top automaker, rose 2.5 percent and Kia Motors (000270.KS) gained 0.2 percent.

“Hyundai Motor is set to unveil the new Avante next month, and the new model is expected to further boost Hyundai’s already solid earnings performance,” said Ko Tae-bong, an analyst at IBK Investment & Securities.

Shares in Daewoo Engineering & Construction (047040.KS) declined 1.9 percent after posting an 86 percent drop in second quarter net profits to 22.5 billion won.

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Maersk sees unprecedented container shortage

June 18, 2010 By Leave a Comment

COPENHAGEN, June 17 (Reuters) – Maersk Line, the world’s biggest container shipping group, said on Thursday a strong rebound in global trade has led to an unprecedented shortage of containers as shipping enters its peak season.

Maersk Line, part of Danish oil and shipping group A.P. Moller-Maersk (MAERSKb.CO), announced unusually high peak season surcharges on freight rates from Asia to Europe last week. [ID:nLDE65A0FY]

“The present market situation is unique,” Lars Reno Jakobsen, head of Network and Product and member of Maersk Line’s management board, said in a statement.

“We are experiencing a demand surge in most trades, which is a development that is both unprecedented and unexpected by us and our customers,” Jakobsen said.

The Asia-Europe trade is growing by 23 percent year-on-year, outpacing the market’s 3-6 percent forecast from six months ago, he said.

“We expect an even more pronounced and serious shortage of containers in the coming months as we enter the peak season,” he added.

After a plunge in the market from late 2008 through last year, the global shipping industry is recovering with world trade.

“Maersk Line expects the equipment (container) shortage to last through the third quarter of this year and will continue to work closely together with all stakeholders, not least our customers, to further reduce equipment turnaround times,” it said.

During the slump of 2008-2009, many container shipping and container leasing companies stopped sourcing and producing containers, Maersk said.

“As carriers and shippers did not expect the current demand surge, the necessary equipment has not been ordered in 2010, ultimately resulting in the global shortage in equipment,” it said.

In response to the equipment shortage, Maersk Line has begun producing new containers and leasing containers, it said.

It has also re-activated laid-up vessels to help reposition containers as fast as possible from, for instance, the east coast of North America and Latin America to Asia, it said.

Last week, Maersk Line announced a peak season surcharge (PSS) for the Far East-Europe trade applicable from July 2010, Maersk said.

The surcharge will help Maersk recover the higher costs caused by the increased volumes and equipment shortages, such as port costs and costs of extraordinary vessels deployed to reposition containers, Maersk said.

Maersk said it would apply only one peak season surcharge so it would not announce separate surcharges or rate increases in connection with the peak season. (Reporting by John Acher; Editing by Louise Heavens)

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Nainital prepares for the tourist season

March 22, 2010 By Leave a Comment

Nainital, March 22 (ANI): Hoteliers and traders in Nainital, one of the country”s favourite tourist destinations in Uttarakhand state, are gearing up ahead of the approaching tourist season (April to June).

Hoteliers are working day and night to come up to the expectations of the customers.

“We are updating our hotel rooms, repairing furniture and other preparations are also going on. As you see the weather is pleasant here and we are expecting the same for rest of the months. So we are working hard and preparing for the season,” said Kamal Jagati of Nainital Hotel Association.

Also, the boat owners in Nainital are giving a face-lift to their boats and making them attractive for the tourist season.

Talking to reporters Pratap Ram, a boat owner said that they are repairing boats as part of their preparation for the upcoming tourist season.

“We are preparing for the peak season. We are repairing boats for the coming season; the season will start from the month of April. This season is for three months and we are preparing for it,” said Pratap Ram.

Nainital is a tourist zone that extends upto Mulwa Tal to the east where Bhimtal, Sattal and Naukachiatal have developed as tourist centres. (ANI)

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Poor monsoon lowered hydro electricity generation in HP

August 29, 2009 By Leave a Comment

Kullu (HP), Aug. 29 (ANI): Scanty rains have resulted in low hydro electricity generation in Himachal Pradesh this year.

Lack of snowfall is being attributed as another big reason that affected the flow of rivers and streams in the region and resulted in lower power generation.

86 megawatt Malana Hydro Electric Project is one the hydel projects which has been affected.

According to the General Manager of the Hydro electric project, J.K.Beri, Compared to 2008, the production level of electricity has decreased by 5,49,68,808 units.

“Last year from April 2008 to August 25, 2008, we generated 24,71,97,856 units of electricity. This year in the same period, we have managed to generate just 19,22,38,048 units of electricity. The reason is less rainfall and low temperature during the melting time of glaciers,” Beri said.

The peak season to generate power starts from June and ends in September.

Beri added that as the peak season is over, they might not be able to fulfil the generation loss.

“I think we may not be able to recoup our generation loss this year as we don’t expect enough rainfall in future,” he said.

Himachal Pradesh plays a significant role in the supply of electricity to northern grid.

The state supplies electricity to Punjab, Haryana, Delhi, Uttarakhand, Rajasthan and Uttar Pradesh. (ANI)

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Recession-hit UK couples helping boost lingerie sales

July 6, 2009 By Leave a Comment

London, July 6 (ANI): Recession-hit UK couples are increasingly heading towards lingerie shops, and have boosted the sales of racy underwear by almost 50 per cent ever since the economy has slumped.

New figures have revealed that fishnet stockings, suspenders, basques, and cleavage-boosting bras are all selling at a “record rate”.

Department store Debenhams, which conducted the survey, has said that with the increased unemployment rates, thousands of British couples are now rediscovering the benefits of nights in. Losing a job is never good news, but our lingerie sales suggest that many people are using the opportunity to become fully employed at home,” the Telegraph quoted Annette Warburton, the store’s head of lingerie buying, as saying.

Traditionally Christmas happens to be the peak season for sales of sexy underwear, with men being the biggest buyers as they choose risque clothing, which their partners may not think to buy for themselves.

However, for the first time, figures have shown that the Christmas peak has continued till May.

In fact, initial figures for June have indicated that the upward trend is still on.

Sales of fishnet stockings are up 83 per cent, suspenders by 50 per cent, and basques by 45 per cent.

Garters are also up by 71 per cent and cleavage-boosting bras up 61 per cent.

Silk, satin, black lace and animal print are the most popular materials. (ANI)

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Hundreds stranded in Jammu as train, bus services disrupted

May 25, 2009 By Leave a Comment

Jammu, May 25 (IANS) Several hundred people, mostly pilgrims to the Vaishno Devi shrine, were stranded in this winter capital of Jammu and Kashmir as bus and train services were disrupted following violent protests in neighbouring Punjab after a Sikh sect leader was killed in Austrian capital Vienna.

More than 20 trains run between Jammu and other parts of the country, mostly Delhi, Mumbai, Ahmedabad, Kolkata and Haridwar. All of them pass through Punjab.

The railway’s Divisional Traffic Manager Ashok Sharma said: “Sixteen trains going out of Jammu and nine coming in to Jammu have been cancelled.”

He said about 8,000 to 9,000 passengers were affected and all possible steps taken to refund their fares. Extra eatable and water stalls had been put up at the station, he added.

Most of the Vaishno Devi pilgrims are sheltering at the railway station.

“There is no other place for us to go,” said Pushpa Devi of Delhi, who had come along with her brother’s family for the pilgrimage.

There was widespread fluster and confusion at the railway station, with the stranded passengers at a loss about how or when they would be able to leave for their homes.

Hari Krishan Sharma, of Delhi, who was to travel in Jammu express Monday along with eight others was feeling harassed. “Just giving us refunds will not make a difference in this sweltering heat. How are we going to reach home?” he asked.

“Even road traffic is off,” said Prithvi Dutt, a resident of Jaipur.

The period between May and October is the peak season for the pilgrims visiting the Vaishno Devi shrine, nestled in the Trikuta hills, about 60 km north of Jammu. It attracts more than 7.5 million pilgrims every year.

Several parts of Punjab saw violence Monday as followers of the Dera Sachh Khand, opposing the attack on their leaders, brought the state to a standstill. Train bogies were torched at the Jalandhar Cantonment station, a key highway blocked and vehicles and shops set afire.

Meanwhile, the protesters also blocked the Jammu-Pathankot highway at Kathua and pelted stones at passing vehicles, also affecting road transport.

In Jammu, more than 5,000 dalits held a demonstration protesting against the attack on their religious leaders in Vienna and demanded action against the culprits.

Sect leader Sant Rama Nand, 57, the sect’s second-in-command, died in a hospital in Vienna, following an armed attack involving rival Sikh groups at a gurdwara the previous day. The attack also left at least 16 people injured.

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