Asian markets trade

Asian markets were trading with moderate losses. Chinese Shanghai Composite was trading at 2,740.81, down 9.48 points or 0.34% and Hong Kong's Hang Seng fell 77.89 points or 0.34% to 22,583.74.


Japan's Nikkei 225 Average was trading at 9,421.59, down 27.87 points or 0.29% and Seoul Composite slipped 5.68 points or 0.27% to 2,077.67. Taiwan Weighted was flat at 9,006.21. However, Straits Times gained 5.95 points at 3,108.93

Singapore 6th and New Delhi 38th most expensive Asian city

Singapore, June 9 The strong Singapore dollar has made the island state the sixth most expensive city in Asia for expatriate living, according to an international cost survey agency.

ECA International said prices of goods and services commonly purchased by international assignees have risen at much faster rates in Singapore than in other developed locations in the region.

Comparatively, New Delhi was ranked the 38th most expensive Asian city, with Mumbai rated 43rd, Bangalore 46th, Chennai 47th, Hyderabad 48th, Pune 50th, and Kolkata 51st.

Other South Asian cities in the ratings were Colombo (42), Dhaka (44), Islamabad (52) and Karachi (53).

Elaborating on Singapore, ECA International said goods and services in the city state now cost almost 3 per cent more than in Hong Kong, reversing a year ago trend when these cost 5 per cent more in Hong Kong.

Singapore was now more expensive for international assignees than Hong Kong, New York, Amsterdam, Frankfurt and Shanghai.

The city state rose to the 36th spot from 68th in the global ranking in one year, said the company, which provides solutions for firms sending their staff overseas.

Lee Quane, ECA International''s regional director (Asia), said the strong Singapore dollar was the main reason for Singapore''s rise in the ranking over the past 12 months.

The Singapore dollar has risen by more than 10 per cent against the US dollar over the year.Companies bringing staff into Singapore would see allowances increasing, as Singapore continues to rise on the ranking table.

Asia''s most expensive cities are: 1) Tokyo, 2) Nagoya, 3) Yokohama, 4) Kobe, 5) Seoul, 6) Singapore, 7) Hong Kong, 8) Beijing, 9) Shanghai and 10) Busan.

Overall, Tokyo continue to maintain its position as the world''s most expensive city, followed by Oslo, Nagoya, Stavanger in Norway, Yokohoma, Zurich, Angola''s capital Luanda, Geneva, Kobe and the Swiss capital of Bern.

Japan was the only Asian country surveyed where the actual cost of goods in the ECA basket of goods has fallen. But a strong currency and already higher costs for goods mean that the cost of living for assignees is significantly more than in other locations in the top ten ranking.

Nifty flat

Indian equity benchmarks were flat in the opening trade despite fall in global markets. The Nifty has been in a tight range of 5500-5600 since last week. Among frontliners, Axis Bank, HDFC Bank, HUL, Kotak Mahindra Bank, Bajaj Auto, Hero Honda, M&M, BHEL, Reliance Capital, ONGC and SAIL were supporting the market.

However, HCL Tech fell 2%. BPCL lost 2%. Sun Pharma and Ambuja Cements too were down. ICICI Bank, Infosys and L&T were marginally in the red.

Strike continues........

The workers' strike at the Manesar plant of the country's largest car-maker Maruti Suzuki India continued for the sixth day today and production continues to be completely stopped. "The situation is the same as yesterday," a company spokesperson told PTI. Around 2,000 workers at the plant have been on strike since Saturday, resulting in a production loss of about 4,200 units till yesterday and the value of the loss is estimated to be around Rs 210 crore.

The striking workers are demanding the recognition of a new union -- Maruti Suzuki Employees Union (MSEU) -- formed by those working at the Manesar plant, among other things.

Bisleri looking to enter Middle East countries

Bottled water major Bisleri International today said it is looking at entering Middle East countries as part of its strategy to expand its overseas presence. As part of the plan, the company said it will consider setting up more manufacturing facilities outside India.

"We are working on getting into the Gulf countries. We are currently finding ways how we should get into those markets," Bisleri International Chairman Ramesh Chauhan told PTI, but did not give details such as the timeline and investment required for the project.