Business » World

Saturday, 30 May 2009

Oil passes US$66, rally seen to persist

2009-05-30 THE biggest monthly oil rally in a decade stoked Opec confidence higher prices would be reached before the year was out, although ministers yesterday said they were still monitoring bloated fuel stocks.Prices rose to a six-month high above US$66...

US economy shrinks less than expected

2009-05-30 THE US economy contracted slightly less than initially estimated in the first quarter, while corporate profits rebounded, according to a government report yesterday that hinted the recession was moderating.Gross domestic product, which measures...

World stocks rise to new 2009 high

2009-05-30 WORLD stocks yesterday posted a new 2009 high, hitting levels last seen six months ago, and the dollar sank to a five-month low against major currencies on hopes the global economy has seen the worst of its downturn. Wall Street looked set to join...

India posts robust growth

2009-05-30 INDIA reported unexpectedly robust economic growth yesterday, sending stocks to a near nine-month high, as analysts said the worst may be over for Asia's third-largest economy.India's economy, which has weathered the global downturn better than many...

Airbus eyes production in US, India

2009-05-30 WEEKS before the first China-built Airbus rolls off the assembly line near Beijing, the European planemaker's top official has pulled out the map and targeted future jetliner production in the US and India.Airbus Chief Executive Tom Enders, writing...

ILO hikes jobless forecast

2009-05-30 THE ILO on Thursday raised its global unemployment forecast, saying that up to a record 239 million people could be jobless this year amid a deteriorating labour market."The labour market situation has continued to deteriorate since the start...

BUSINESS BRIEFS

2009-05-30 Google woos developers to ride WaveSAN FRANCISCO: Google on Thursday encouraged software developers to ride into the future of email with a project called "Wave", which opens inboxes to text, video, pictures, maps and even social network...

Asean, EU agree to spur ties against crisis

2009-05-30 MINISTERS attending the 17th Asean-EU Ministerial Meeting in Phnom Penh have agreed that it is crucial for Asean and the European Union (EU) to intensify cooperation in dealing with the global economic and financial crisis as well as food and energy...

Proton posts loss

2009-05-30 PROTON Holdings Bhd yesterday announced a group pre-tax loss of RM338 million for its financial year ended March 31, 2009, from a pre-tax profit of RM144 million in 2008, mainly due to an exceptional impairment of property, plant and equipment and...

IMF sees world's return to growth in 2010

2009-05-30 THE global economy is likely to emerge from crisis early next year but even after that financial systems will need to be monitored closely, the head of the International Monetary Fund yesterday said. "We expect to get out of the crisis early in...

Hope for Opel as Magna nears deal with GM

2009-05-30 CANADIAN auto parts group Magna has reached a preliminary deal with General Motors Corp to invest in Opel, boosting hopes for a deal with the US and German governments to save the carmaker.Sources close to the negotiations told Reuters yesterday...

Friday, 29 May 2009

Kuok remains Malaysia's richest

2009-05-29 ROBERT KUOK, the Kuok Group patriarch, remains Malaysia's richest with a net worth of US$9 billion, down from US$10 billion a year ago, according to the 2009 Forbes Asia Malaysia Rich List.In a statement yesterday, Forbes said Kuok has held the top...

BUSINESS BRIEFS

2009-05-29 GM secures US bankruptcy dealWASHINGTON: Fallen US auto giant General Motors pulled back from the brink yesterday, winning government and bondholder support for a new restructuring plan while Chrysler waited for a court to decide its future. GM...

M'sia port zone costs may rise to US$3.55b

2009-05-29 A CONTROVERSIAL Malaysian free trade zone project may see its costs spiral to as much as RM12.45 billion (US$3.55 billion), six times the original estimate, in a deal that may have breached rules on conflict of interest, according to a report...

Opec keeps production steady

2009-05-29 OPEC yesterday opted to keep its output unchanged at a meeting in Vienna, with signs of recovering demand for crude and higher prices persuading members to maintain current production levels.The 12-member oil exporter group believes the market is...

Philippine economy slows to 10-year low

2009-05-29 ECONOMIC growth slowed to a 10-year low in the Philippines during the first quarter of the year, hitting just 0.4 per cent and leaving government full-year projections in doubt, officials yesterday said.The 2009 growth target of 3.1-4.1 per cent may...

Stocks off recent highs on govt debt fears

2009-05-29 GLOBAL shares fell from recent 2009 highs yesterday while government bonds tumbled around the world, dragged down by investor concern about mounting Western government debt.The benchmark 10-year Treasury note yield hit a six-month high on Wednesday...

M'sia economy to shrink by as much as 5%, says PM Najib

2009-05-29 MALAYSIA'S economy will shrink by as much as five per cent in 2009, its biggest fall in a decade, and Prime Minister Najib Razak pledged yesterday to enact more reforms to boost competitiveness.Najib told journalists that the economy would shrink by...

AirAsia profits up 26% in first quarter

2009-05-29 BUDGET airline AirAsia said yesterday its profits rose 26 per cent in the three months to March, as it defied the economic downturn and boosted passenger numbers."AirAsia once again delivered record profit growth despite operating in one of the...

Singapore defends Temasek's sale of stake in Bank of America

2009-05-29 THE Singapore government has defended state investment company Temasek's sale of its stake in Bank of America Corp (BofA), saying the loss-generating trade didn't reflect a shift to short-term investing.Temasek sold its Bank of America shares after...

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