SBP opens Twitter account

KARACHI: The State Bank of Pakistan (SBP) has launched its official Twitter account — @StateBank_Pak — to post all relevant updated information.

SBP’s Governor Ashraf Mahmood Wathra inaugurated the account by posting the first tweet: “SBP is pleased to join the social media on its 67th anniversary.”

The State Bank of Pakistan was inaugurated on July 1, 1948 by Quaid-i-Azam Muhammad Ali Jinnah.—Staff Reporter

US Toyota exec in Japan resigns after arrest

TOKYO: Japan’s Toyota Motor said Wednesday that American Julie Hamp, its most senior female executive, has resigned after being arrested for suspected drug law violations.

Hamp, who was recently appointed to head global public relations at the world’s biggest carmaker, was taken into custody last month for importing a controlled substance without permission.

She remains in custody, under laws that allow a suspect to be held for up to 23 days without charge.

She was arrested at her Tokyo hotel after a package containing oxycodone was intercepted at Narita airport.—AFP

S&P moves Sharp back out of ‘selective default’

TOKYO: Ratings agency Standard & Poor’s on Wednesday moved Japanese electronics maker Sharp back out of “selective default”, just a day after lowering its assessment of the troubled company.

The temporary move into selective default (SD) came Tuesday after Sharp announced that it was issuing preferred securities to its main lenders, instead of repaying loans that were due.

“We lowered the long- and short-term corporate credit ratings to ‘SD’ because Sharp carried out a de facto debt-for-equity swap,” Standard & Poor’s said in a statement. “We revised the ratings following completion of the transaction, which resolved the situation that we define as ‘SD’.”—AFP

Court favours Samsung subsidiaries merger

SEOUL: A South Korean court on Wednesday ruled in favour of a proposed merger of two Samsung Group subsidiaries, rejecting a US hedge fund’s motion to stop the eight-billion-dollar acquisition.

US hedge fund Elliott had asked for a court injunction to stop Cheil Industries acquiring Samsung C&T Corp through an all-stock deal, a move seen as an effort by Samsung’s founding Lee family to boost control over the conglomerate ahead of a generational power transfer.

Published in Dawn, July 2nd, 2015

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