Business » World

Saturday, 21 March 2009

Spotlight on Asia's water woes

2009-03-21 BURGEONING population growth, poor resource management and floods and droughts amplified by climate change hamper efforts by Asian countries to provide clean water and decent sanitation, the World Water Forum heard yesterday.Ministers from major...

US$ bounces, stocks steady

2009-03-21 THE US dollar recovered ground yesterday and US stock index futures pointed to a steady open on Wall Street, as markets regained some poise after falling on concern over a Federal Reserve plan to buy government debt.The US dollar has fallen 4.5 per...

Germany's ThyssenKrupp to cut more than 3,000 jobs

2009-03-21 THYSSENKRUPP plans to shed more than 3,000 jobs, a press report said yesterday, the first time a German industrial group would slash permanent posts as a result of the country's recession.ThyssenKrupp, a steel maker and manufacturer of industrial...

EU poised to change SE Asian trade policy

2009-03-21 THE European Union is poised to alter its southeast Asia trade policy to deal with individual members of the Asean trade alliance rather than with the bloc as a whole, a senior official said yesterday. The German daily Handelsblatt quoted EU Trade...

Global contraction: OECD

2009-03-21 THE head of the OECD said yesterday that even continuing growth in China and India will not stop the world economy shrinking, as EU and US leaders remained at odds over how to fight the slowdown.Angel Gurria echoed a statement from the International...

Economic slowdown hits HK demand for goods

2009-03-21 HONG KONG'S headline inflation rate dropped to 0.8 per cent in February, officials said yesterday, as the economic slowdown hit demand for goods.The year-on-year increase in the consumer price index, the main gauge of inflation, was down markedly...

Sony Ericsson sales warning stuns sector

2009-03-21 SONY ERICSSON sparked fresh fear of crumbling consumer demand yesterday when the world's No 4 handset maker said it would sell barely half of the phones it sold last quarter.Shares across the wireless sector dropped sharply on the news, with...

Off blacklist of tax havens

2009-03-21 THE European Union has reassured Luxembourg, Austria and Belgium that they will not figure on an international blacklist of tax havens to be drawn up at next month's key Group of 20 summit.Switzerland, a non-EU member, was told it had also escaped...

Friday, 20 March 2009

Japan plans US$15.6b fund to stem jobless tide

2009-03-20 JAPAN plans a ¥1.5 trillion (US$15.6 billion) jobs package, the labour minister said yesterday, as a new survey showed manufacturer sentiment falling to a record low, suggesting more jobs may be cut.The package follows a wave of layoffs and...

Major banks dim SE Asian GDP outlook

2009-03-20 MAJOR investment banks slashed growth forecasts for Southeast Asian economies, with one predicting an eight-per cent contraction in Singapore, as the weakening global economy hits the region's key export industry.Goldman Sachs now expects Singapore'...

UK budget shows highest February deficit on record

2009-03-20 BRITAIN posted its biggest February budget deficit on record last month, taking the total for the fiscal year to date to its highest since comparable records began in 1993, official figures showed yesterday.Public sector net borrowing stood at...

BUSINESS BRIEFS

2009-03-20 br />M'sia aims top 10 trading nations spotKUALA LUMPUR: Malaysia aims to be among the world's top 10 trading nations by 2020, International Trade and Industry Minister Tan Sri Muhyiddin Yassin said. "This is our new target at the ministry....

China, India toy ban row at WTO

2009-03-20 CHINA complained at the World Trade Organisation (WTO) on Wednesday at India's ban on toy imports from China.While stopping short of launching a formal trade dispute, China used a meeting of the WTO's technical barriers to trade committee to raise...

US Fed bolsters its arsenal

2009-03-20 THE Federal Reserve, unwilling to bet that an economic recovery is taking hold, has dramatically boosted its arsenal against the crisis with a pledge to pump another US$1.15 trillion into the financial system.This unprecedented step announced on...

South Korea vows to create 550,000 new jobs

2009-03-20 SOUTH KOREA yesterday pledged to spend US$3.5 billion from an extra budget to create 550,000 jobs as the economy heads into its first recession in more than a decade and job losses stand at a five-year high.The promise is the latest in a raft of...

China Mobile posts 30% profit rise

2009-03-20 CHINA MOBILE, the world's largest mobile phone network operator, said yesterday its profits jumped by 30 per cent last year, but warned China's telecoms market faced a tough 2009.Net profit rose to 112.79 billion yuan (US$16.50 billion) in 2008, up...

Citi, RBS cancel jets for execs

2009-03-20 ROYAL Bank Of Scotland and Citigroup have cancelled orders for private jets for top executives in the wake of the financial crash and a public backlash over corporate perks, French planemaker Dassault Aviation said yesterday.RBS was bailed out by...

China denies protectionism in veto of Coke bid for juice-maker

2009-03-20 CHINA denied trade protectionism yesterday after vetoing Coca-Cola's record takeover bid for Chinese drinks-maker Huiyuan Juice Group, as both companies expressed their frustration.The government said China was open to foreign investment and...

Oil breaches US$50 on Fed

2009-03-20 OIL prices hit four-month highs above US$50 ($75.37) yesterday after the US Federal Reserve's latest bid to lift the world's biggest energy consuming nation out of recession, analysts said.New York's main futures contract, light sweet crude for...

Europe shares up as Fed splashes cash

2009-03-20 EUROPEAN stock markets advanced yesterday as traders tracked overnight gains on Wall Street after a surprise decision by the US Federal Reserve to pump US$1.15 trillion into the financial system.In morning European trade, London's FTSE 100 index...

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