Business » World

Saturday, 28 November 2009

Banks in firing line of Dubai debt rout

2009-11-28 JITTERY investors yesterday dumped stock in the two foreign banks with the heaviest exposure to Dubai HSBC and Standard Chartered as ripples from a feared debt default spread worldwide.Analysts played down fears of major problems at the two London...

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2009-11-28 EU leadership team to boost economyBRUSSELS: European Commission President Jose Manuel Barroso unveiled the EU executive's new line-up yesterday, handing Finn Olli Rehn a key role overseeing monetary affairs as part of efforts to revive the...

Friday, 27 November 2009

Islamic bond problems herald due-diligence era

2009-11-27 ISLAMIC bond defaults and the standstill requested for Dubai's Nakheel will transform the market as investors demand more transparency and subject new issues to forensic due diligence. Investors in real estate developer Nakheel were stunned...

Dubai default threat rattles world stocks

2009-11-27 GLOBAL stock markets tumbled yesterday on mounting anxiety over a debt default request by Dubai and tighter lending conditions in China, analysts said.London lost 1.86 per cent to 5,264.97 points in late morning trade but was suspended at about...

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2009-11-27 Lloyds Banking gets okay for cash callBIRMINGHAM, ENGLAND: LLOYDS Banking Group investors yesterday overwhelmingly approved the bank's record rights issue but gave executives a grilling for mistakes made during the financial crisis. Lloyds said...

M'sia to impose value added tax

2009-11-27 MALAYSIA plans to impose a goods and services tax, likely from 2012, in a bold but potentially unpopular move to boost revenues as it faces its largest budget deficit in more than 20 years.A top Malaysian finance official yesterday said that the...

South Korea launches WTO dispute against US on steel

2009-11-27 SOUTH Korea has launched a dispute at the World Trade Organisation against the US over US measures to raise prices on imports of steel, a South Korean embassy official said yesterday. The move by Seoul is the latest challenge to a controversial...

Developing countries close to tariff cut deal

2009-11-27 TWENTY-TWO developing countries are close to an agreement on cutting tariffs that could be signed when ministers gather here next week for a World Trade Organisation meeting, diplomats told AFP yesterday.Negotiators from countries including...

Thursday, 26 November 2009

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2009-11-26 Opec likely to maintain output levelALGIERS: The Opec oil exporting group is likely to maintain its production levels when cartel ministers meet in Luanda, Angola December 22, the Algerian energy minister said yesterday. "We are going to keep...

Ecuador buys US$442m Chinese warplanes

2009-11-26 ECUADOR and China signed three cooperation agreements on Tuesday worth US$442 million dollars and obtained credit to buy four warplanes, officials here said.The agreements were signed during the visit of Jia Qinglin, chair of the National Committee...

Ethiopia not ready for WTO liberalisation steps

2009-11-26 ETHIOPIA is not ready to bow to pressure to liberalise its telecoms and banking sectors while negotiating terms to join the World Trade Organisation (WTO), its trade minister said yesterday.Analysts say the giant Horn of Africa country's hopes for...

Weak US data halts dollar rebound

2009-11-26 THE dollar came under fresh pressure against the yen and euro in Asian trade yesterday after lacklustre US data dampened hopes for a quick and sustainable rebound in the global economy.Investors waited for a batch of fresh US indicators including...

'Landmark treaty seeking to slash illegal fishing a major achievement'

2009-11-26 A LANDMARK treaty aimed at denying port access to foreign boats engaged in illegal fishing has been signed by the United States and a host of other nations, as well as the EU, the UN said yesterday.Ichiro Nomura, assistant director-general of the UN...

JC Flowers pursues UK bank assets

2009-11-26 US PRIVATE equity investor JC Flowers is circling Britain's weakened banking industry, prepared to swoop on forced divestments over the next 12 months, according to the firm's new European and Asia Pacific boss. David Morgan, a former chief of...

US affirms tariff plans on Chinese steel pipes

2009-11-26 THE United States has firmed up plans to impose up to 15 per cent tariffs on imported Chinese steel pipes targeted for wideranging sanctions for alleged unfair subsidies.The Commerce Department said Tuesday it made a "final determination"...

IMF to expand crisis fund to US$600b

2009-11-26 PARTICIPANTS in the International Monetary Fund's crisis credit facility agreed to expand it by up to US$100 billion, add new contributing countries and make the facility more flexible, the IMF said on Tuesday.At a meeting in Washington, the 26...

Wednesday, 25 November 2009

Kremlin orders probe of fund lawyer's death

2009-11-25 RUSSIAN President Dmitry Medvedev yesterday ordered an inquiry into the death of a jailed lawyer whose supporters say was an innocent victim in a legal battle between officials and an investment fund.Sergei Magnitsky, a 37-year-old lawyer for...

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2009-11-25 Nomura fined for product mis-pricingLONDON: Japanese brokerage Nomura has been fined £!1.75 million by Britain's financial regulator after one of its Hong Kong traders helped trigger an over-valuation of complex financial instruments. The...

Dollar falls to 6-week low vs yen

2009-11-25 THE dollar fell to a six-week low against the yen yesterday after data showed the US economy in the third quarter grew at a slower pace than previously thought.That report slightly weighed on the market's appetite for risk, which boosted the yen and...

Oil falls below US$77 a barrel

2009-11-25 OIL dropped below US$77 a barrel yesterday ahead of data expected to show crude inventories rose in the United States but trade was thin ahead of the Thanksgiving holiday on Thursday. A weekly report from the American Petroleum Institute (API) due...

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