Tokyo, Apr 10 (AP/UNB) — Asian shares fell Wednesday following a slide on Wall Street amid growing tensions between the U.S. and the European Union and a dim forecast on global economic growth.
Japan's benchmark Nikkei 225 dropped nearly 0.8% in morning trading to 21,635.16. Australia's S&P/ASX 200 slipped nearly 0.1% to 6,217.30. South Korea's Kospi lost 0.2 % at 2,209.21. Hong Kong's Hang Seng shed 0.8% to 29,925.15, while the Shanghai Composite was down nearly 0.9 percent at 3,211.36.
On Wall Street, the S&P 500 index fell 17.57 points, or 0.6%, to 2,878.20. The Dow Jones Industrial Average dropped 190.44 points, or 0.7%, to 26,150.58. The Nasdaq composite slid 44.61 points, or 0.6%, to 7,909.28. The Russell 2000 index of small-cap stocks gave up 19.32 points, or 1.2%, or 1,559.68.
European indexes also finished broadly lower, giving up early gains, after the U.S. threatened to impose $11.2 billion in tariffs on European products, including cheese, wine and helicopters.
The threat from President Donald Trump could make investors even more concerned about trade disputes hurting an already slowing global economy at a time when the U.S. is trying to resolve a trade conflict with China.
That spat has already made a list of goods more expensive for consumers and is weighing on an already slowing Chinese economy. Negotiators met again last week and both sides have said they are making progress.
Traders also were disappointed to see that the International Monetary Fund lowered its forecast for global growth this year. The IMF now projects 3.3% global growth in 2019, matching the weakest year since 2009. The U.S. fared particularly poorly in the report, with growth now expected at 2.3%, down from 2.9% in 2018.
Investors will get more clues about the Fed's intentions Wednesday, when the central bank releases minutes from its latest policy meeting. The European Central Bank will also meet Wednesday.
"Amid the sporing of growth and trade tension concerns once again, sentiments in Asia markets have once again been undermined," said Jingyi Pan, market strategist at IG in Singapore.
Benchmark U.S. crude rose 11 cents to $64.09. It fell 0.7% to settle at $63.98 a barrel Tuesday. Brent crude added 4 cents to $70.65 a barrel.
CURRENCIES: The dollar fell to 111.14 yen from 111.28 yen Tuesday. The euro inched down to $1.1257 from $1.1277.
Dhaka, Apr 9 (UNB)- United Commercial Bank Limited (UCB) Cardholders will enjoy special benefits on room charge, laboratory, x-ray, medicine, dental treatment etc at Bangkok Hospital.
UCB has signed an agreement with Life and Health Limited, Bangladesh liaison office of Bangkok Hospital at the premises of the bank recently, said a press release on Tuesday.
Mohammed Shawkat Jamil, Managing Director and Chief Executive Officer of United Commercial Bank Limited and Dr Nilanjon Sen, Managing Director of Life and Health Limited have signed the agreement on behalf of their respective organizations.
Nabil Mustafizur Rahman, Deputy Managing Director, Nehal A Huda, FVP & Head of Cards, Dr Enamul Haque, Deputy Managing Director, Kazi Sharhan Saif, Executive Director along with other senior officials of both the organizations were present at the event.
Jakarta, Apr 8 (AP/UNB) — More families of victims of the Lion Air crash in Indonesia are suing Boeing Co. after its chief executive apologized and said a software update for the MAX 8 jet would prevent further disasters.
Family members and lawyers said Monday that CEO Dennis Muilenburg's comment related to an automated flight system in a video statement last week was an admission that helps their cases.
The anti-stall system is suspected as a cause of the Lion Air crash in October and an Ethiopian Airlines crash in March that also involved a MAX 8 jet. The two crashes killed a total of 346 people.
Preliminary reports into both crashes found that faulty sensor readings erroneously triggered the anti-stall system that pushed the plane's nose down. Pilots of each plane struggled in vain to regain control.
Families of 11 Lion Air victims said at a news conference organized by Jakarta law firm Kailimang & Ponto that they are joining dozens of other Indonesian families in filing lawsuits against Boeing.
"Boeing's CEO explicitly apologized to 346 passenger families," said Merdian Agustin, whose husband died in the crash. "We hope this is good momentum to have compensation rights."
Agustin, the mother of three children, said that she and dozens of other families have not received 1.2 billion rupiah ($85,000) compensation they are entitled to in Indonesia because they refused to sign a "release and discharge" document that extinguishes their right to sue Lion Air, Boeing or their subsidiaries.
"We refused to sign such a document containing statements that are treating our loved ones like lost baggage," Agustin said. "It's ridiculous and hurts us."
Lawyer Michael Indrajana said that since the crash, families in Indonesia have faced a complicated and painful process against Boeing and Lion Air in their battle to get compensation.
He said the Boeing CEO's statement shows the airline is now acknowledging responsibility.
"No amount of money can bring their loved ones back," he said. "We want to fight for the orphans, so they have the opportunity to get a better future."
Dhaka, April 8 (UNB)- Walton, one of the best local brand has recently extended the tenure of its ‘AC Exchange Offer’ until April 30 witnessing huge customers’ response.
Under this offer, customers have to submit their old or used air conditioner of any brand to any Walton Plaza or branded outlet and can purchase Walton’s new AC at 25 percent discount. Earlier, the offer was valid till March 31 while a large number of customers across the country exchanged their used ACs with Walton’s new ones.
Apart from the exchange offer, customers will get free electricity bill for a year under the nationwide ongoing Walton Digital Campaign Season 4.
Engineer Ishaque Rony, Chief Operating Officer of Walton Air Conditioner, said Customers of Walton brand 1-ton, 1.5 ton and 2 ton ACs are getting Tk 14,600, Tk 18,000 and Tk 21,600 as one year electricity bill through registering their newly purchased AC.
Moreover, all the customers of Walton ACs are now enjoying free installation facility.
Walton is now manufacturing and producing 15 models of 1 ton, 1.5 ton and 2 ton split air conditioners in the local market. Prices of these ACs are between Tk 35,900 and Tk 76,400. Walton is also producing 4 ton and 5 ton cassette and ceiling type ACs.
Dwelling on the extension of AC exchange offer’s deadline, Walton Group’s Executive Director Uday Hakim said the prime objective of this offer is to give the customers a chance to enjoy the benefits of locally made air conditioners.
Walton is providing 10 years guaranty on the compressors of inverter AC, 6 months replacement guaranty, easy installment facility up to 36 months and swift post sales services through more than 70 service centers all over the country.
Washington, Apr 6 (AP/UNB) — White House press secretary Sarah Sanders says "significant work remains" in trade talks with China, and officials from both nations will be in continuous contact to resolve outstanding issues.
The White House issued the statement Friday after three days of talks in Washington.
United States Trade Representative Robert Lighthizer and Secretary of the Treasury Steven Mnuchin met with the Chinese delegation led by Chinese Vice Premier Liu He.
China and the U.S. are working to end a standoff that has shaken financial markets and darkened the outlook for the world economy.
Sanders says topics the two parties discussed included the protection of intellectual property, non-tariff barriers to trade, agriculture and enforcement.
Sanders describes the negotiations as "productive" and says the two sides made progress on "numerous key issues."