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Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

Sony, Nintendo shares up as China plans 'lifting ban' on video game consoles

Tuesday - Jan 29, 2013, 03:27pm (GMT+5.5)
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London - Shares in Sony and Nintendo have surged as China is considering lifting a 13-year ban on video game consoles, a report has said.

The Chinese government imposed the ban in 2000 to safeguard children's mental and physical development.

In November, Sony's PlayStation 3 received a quality certification from a Chinese safety standards body, prompting speculation of a change in law from Beijing.

Meanwhile, an official at the ministry's cultural market department, which is responsible for the legislation, denied the report suggesting that the country is planning to lift the ban, the Telegraph reports.

According to the paper, in Tokyo, Sony Corp shares traded 8 per cent higher while Nintendo Co Ltd gained over 3.5 per cent, outperforming a broadly weaker Nikkei index.

Yoshiko Uchiyama, a spokeswoman for Sony Computer Entertainment, a unit of Sony, said that their stance towards business in China has not change, but added that they acknowledge China as a promising market for our business, and are always considering and preparing business opportunities and possibilities there.

According to the paper, video game consoles are banned in China, but online gaming and playing games on mobile devices are both extremely common, which analysts say limits the potential upside for Sony and rival game machine makers.


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