Business » World

Thursday, 12 March 2009

UBS earnings 'at risk for some time'

2009-03-12 TROUBLED Swiss bank UBS issued a grim outlook yesterday, saying that its earnings would be "at risk for some time to come" after it revised upwards its full-year loss for 2008 to 20.9 billion franc.The new figure equivalent to US$17.9...

Analysts doubt potency of M'sia stimulus plan

2009-03-12 MALAYSIA'S massive US$16.2 billion stimulus package met with scepticism yesterday, as analysts questioned if it will avert recession and how cleanly it will be implemented.Deputy premier Najib Razak announced the package on Tuesday, saying the much...

Madoff faces life in prison

2009-03-12 BERNARD Madoff, accused of an "unprecedented" US$50 billion financial swindle, was charged on Tuesday with 11 criminal counts that could put him in prison for the rest of his life.Madoff, 70, a former Nasdaq stock market chairman and money...

BUSINESS BRIEFS

2009-03-12 br />Obama wants action for world's poorWASHINGTON: US President Barack Obama called for global coordination to protect food supplies for the world's poorest countries as the economic crisis deepens. Obama issued the appeal as he met United...

Wednesday, 11 March 2009

Manila exports plummet 41%

2009-03-11 PHILIPPINE exports plummeted 41 per cent in January to their lowest level in eight years as demand tumbled due to the worldwide slowdown, the government said yesterday.The drop followed a 40.4 per cent year-on-year export decline in December,...

Seafarers in dire straits

2009-03-11 DRIVING on the West Coast Highway along Singapore's port, it's easy to see the signs of recession. Cranes that usually move containers 24 hours a day have their booms fixed up in the air. "Hands up," the seafarers call it.The view to the...

RM60b to save jobs in Malaysia

2009-03-11 MALAYSIA yesterday unveiled new spending worth RM60 billion (US$16.27 billion) over two years in an attempt to save jobs in the export-dependent Asian economy that is teetering on the edge of recession. Deputy Prime Minister Najib Razak, who will...

Oil above US$47, Opec, supplies in focus

2009-03-11 OIL rose above US$47 ($72.09) a barrel yesterday after reports Saudi Arabia was largely maintaining its supply curbs to Asia and Europe and as analysts expected a drop in US crude inventories.The Organisation of the Petroleum Exporting Countries...

Australia business conditions at 17-year low in Feb

2009-03-11 AUSTRALIAN business conditions slumped to a 17-year low in February in further evidence the economy was on the brink of recession, according to a survey published yesterday.The National Australia Bank (NAB) monthly survey found business conditions...

World faces 'Great Recession': IMF

2009-03-11 THE world is now in the grip of the "Great Recession" and economic growth could dip below zero in 2009, the head of the IMF warned yesterday, as stock markets hit their lowest levels in decades.As China grappled with deflation, Germany was...

BUSINESS BRIEFS

2009-03-11 br />Govts debate stimulus budgetsTOKYO/FRANKFURT: Japan and China added to divisions among top nations over whether they are doing enough to fight the financial crisis. Finance ministers from the G20 group of rich nations and big emerging powers...

China price fall 'worrying'

2009-03-11 CHINA yesterday reported its first drop in consumer prices in more than six years, adding to worries about how the world's third-largest economy is weathering the global slowdown.With the cost of food, clothing and fuel declining, the consumer price...

World equities bounce after falls

2009-03-11 WORLD stocks rose yesterday after three days of consecutive declines knocked them to six-year lows, while government bonds slipped as fears grew governments may need to issue huge debt to fund economic stimulus packages.Wall Street looked set to...

Tuesday, 10 March 2009

Central bankers see global slowdown, hope of pickup: Trichet

2009-03-10 THE global economy may be nearing a turning point although financial markets are still underestimating the potential for a recovery, top central bankers said yesterday.European Central Bank President Jean-Claude Trichet, who chaired the central...

Bankruptcies rise steadily in Japan

2009-03-10 JAPANESE bankruptcies rose 10.4 per cent in February, marking a ninth straight year-on-year increase, a survey showed yesterday.Figures revealed 1,318 companies collapsed, underlining the growing strains on Japan's corporate sector, which is...

EU supports call to boost IMF funding

2009-03-10 THE European Union is set to back an International Monetary Fund call for US$500 billion to fight the global financial crisis, a document showed yesterday as Japan posted its first current account deficit in 13 years.A key US policymaker said a...

Global losses at US$50t: ADB

2009-03-10 THE global financial crisis slashed the value of financial assets worldwide by US$50 trillion last year, a study commissioned by the Asian Development Bank (ADB) said yesterday.Financial asset losses in developing Asia, which suffered more than...

Stocks near 14-year lows

2009-03-10 WORLD stocks sank towards 14-year lows in a broad-based sell off yesterday, dragged lower in Europe and Asia by economic gloom and worries about the US banking system.Wall Street looked set to join in the decline.Japan recorded its largest current...

Tax havens defend bank secrecy

2009-03-10 LUXEMBOURG, Austria and Switzerland vowed on Sunday to protect their banking secrecy and speak with one voice to influence how the G20 group of nations crack down on tax havens.The G20 holds a summit in April and tackling tax havens is on its agenda...

Shippers to lose money, some may close shop

2009-03-10 ALL container shipping companies are likely to lose money this year and some will go out of business if freight rates do not recover, said Maersk Line's chief executive.Eivind Kolding said in an interview that Maersk, the world's largest container...

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