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Asian markets down on European discord

 Asian markets down on European discord

HONG KONG: Asian markets mostly fell on Friday as a meeting between the eurozone’s three biggest economies highlighted their differences on finding a solution to the region’s debt crisis.

Traders remained nervous at the end of a week that saw fears over Europe deepen as the yields on Italian and Spanish bonds sat dangerously high and even Germany — the bloc’s pillar — failed to sell all its bonds at auction.

Tokyo was flat, edging down 5.17 points to end at 8,160.01, while Sydney shed 1.48 percent, or 59.90 points, to end at 3,984.3 and Seoul closed 1.04 percent, or 18.66 points, lower at 1,776.40.

Shanghai was 0.60 percent off and Hong Kong fell 1.21 percent in the afternoon.

The leaders of Germany, France and Italy on Thursday met to discuss plans to address the two-year-old debt crisis in a bid to sooth markets, which have been hammered over fears of a collapse of the eurozone and another global downturn. (AFP)

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Hulkenberg replaces Sutil at Force India

Nico Hulkenberg is determined to make the most of his second chance in Formula One after being given one of Force India’s two race seats for 2012.

The 25-year-old will replace fellow German driver Adrian Sutil, who departs after six years at the UK-based team.

Hulkenberg was Force India’s reserve driver this year behind Sutil and Scottish rookie Paul di Resta, who will retain his seat after finishing 13th overall with 27 points in his debut season.

“It wasn’t easy to watch from the sidelines this season, but I did my best to help the team and show what I was capable of,” said Hulkenberg, who was released by Williams in 2010 despite earning his maiden pole position in his rookie season.
I’m extremely motivated for 2012 and would like to thank everyone for believing in me and giving me this chance. I’m keen to get down to work over the winter to develop our new car and help the team build on this year’s achievements. The first test in Jerez can’t come soon enough.”

The 28-year-old Sutil’s future is uncertain despite finishing ninth overall with 42 points. The only teams with seats available are Williams and HRT.

“Our new line-up means we say ‘goodbye’ to Adrian Sutil, who has been with the team since we entered the sport,” said Force India boss Vijay Mallya.

“He has been an integral part of our success over the past four seasons and we wish him well for the future.”

Di Resta hopes to build on his promising first season.

“I’m really excited about 2012 and there is a real sense of belief that we can continue to push the top teams and take another step forward,” the 25-year-old said.

“I’d also like to thank the team for all their hard work this year and for all the support they’ve given me. I’ll take some time out over the next few weeks to recharge my batteries and hopefully come back even stronger in 2012.”

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Tablets, e-readers closing book on ink-and-paper era

SAN FRANCISCO: Tablet computers and electronic readers promise to close the book on the ink-and-paper era as they transform the way people browse magazines, check news or lose themselves in novels.

Online retail giant Amazon has made electronic readers mainstream with Kindle devices, and Apple ignited insatiable demand for tablets ideal for devouring online content ranging from films to magazines and books.

In 2011, digital books earned about $3.2 billion in revenue, an amount that the combined momentum of e-readers and tablets is expected to triple to $9.7 billion by the year 2016, according to a Juniper Research report.

Readers are showing increased loyalty to digital books, according to the US Book Industry Study Group (BISG).

Nearly half of print book buyers who also got digital works said they would skip getting an ink-and-paper release by a favorite author if an electronic version could be had within three months, a BISG survey showed.

“The e-book market is developing very fast, with consumer attitudes and behaviors changing over the course of months, rather than years,” said BISG deputy executive director Angela Bole.

Concerns about e-book reading are diminishing, with people mainly wishing for lower device prices, according to the survey.

Owning e-readers tended to ramp up the amount of money people spent on titles in what BISG described as a promising sign for publishers.