Friday, 12 February 2010

Islamic finance still in crisis

2010-02-12 THE fledgling Islamic finance industry is still growing thanks to new markets and an inflow of oil money, but it is struggling to leave behind the legacy of the global financial crisis in the form of a real estate crash in the Gulf Arab region....

Thursday, 11 February 2010

Opec warns 'slow' recovery clouding outlook in 2010

2010-02-11 THE Opec oil producers' cartel held its forecast for modest growth in world oil demand this year yesterday, but warned the slow pace of economic recovery was clouding the outlook."The slow pace of the recovery in the world economy in 2010 is...

Greece hit by strike as EU weighs debt crisis

2010-02-11 A STRIKE by civil servants against government cuts brought Greece to a halt yesterday as European Union ministers held talks on the debt crisis threatening a growing number of euro countries.The EU talks with European Central Bank president Jean-...

Bernanke: US can exit stimulus when needed

2010-02-11 US FEDERAL Reserve chairman Ben Bernanke yesterday said that "accommodative" monetary policies are still needed to sustain an economic recovery but that the central bank can exit from its stimulus "at the appropriate time"....

China to try 4 Rio Tinto staff on bribery charges

2010-02-11 CHINA has indicted four employees of Anglo-Australian mining giant Rio Tinto on charges of bribery and violating commercial secrets, opening the way to a trial in a case which has tested Sino-Australian relations.The four include Australian citizen...

'World faces oil crunch by 2015'

2010-02-11 THE world faces an oil supply crunch within the next five years, British business leaders led by Virgin tycoon Richard Branson warned yesterday.The rate at which oil is produced risks hitting a peak by 2015, sparking a surge in crude prices and...

IN BRIEF

2010-02-11 US trade deficit widens to US$40.2bWASHINGTON: The US trade deficit widened sharply in December to US$40.2 billion, capping a year that saw a massive drop in the trade gap, government data showed yesterday. The Commerce Department reported total US...

Wednesday, 10 February 2010

Opel unveils revamp plan

2010-02-10 GENERAL Motors Co's Opel unit yesterday said that it plans to invest €11 billion (US$15 billion) through 2014 and appealed for government help as it detailed a restructuring drive that will result in about 8,300 job cuts across Europe.Chef...

IN BRIEF

2010-02-10 Time for Asian currencies to start roaringKUALA LUMPUR: It is about time for Asian currencies, especially the Chinese yuan that has been pegged to the US dollar, to start "roaring" as the region takes charge in leading the global economic...

Troubled Swiss bank UBS returns to profit

2010-02-10 TROUBLED Swiss bank UBS yesterday said that it had jumped back into quarterly profit for the first time in more than a year even though it was still grappling with a serious loss of client confidence.The bank, which was severely hit by the...

Boeing's new 747 jumbo jet soars in 1st flight

2010-02-10 US AEROSPACE giant Boeing's newest version of its 747 jumbo jet took to the skies for the first time on Monday, the company said.The 747-8 is Boeing's answer to the A380, the super-jumbo aircraft made by European rival Airbus.Boeing claims the high-...

China ousts Germany as world's biggest exporter

2010-02-10 CHINA overtook Germany last year to become the world's leading exporter as German trade suffered its sharpest slump since 1950, figures from Germany's national statistics office showed yesterday."According to information from the Chinese...

Greece proposes pension overhaul

2010-02-10 GREECE yesterday proposed an overhaul of its near-bankrupt pension system by raising the pension age and banning early retirement, defying pressure from unions on the eve of a 24-hour strike to protest at austerity measures.Amid speculation the...

Tuesday, 9 February 2010

Xstrata sees new commodities boom

2010-02-09 ANGLO-SWISS mining group Xstrata yesterday reported a 41 per cent drop in its annual profit in 2009 and pinned its hopes on a renewed boom in commodities demand in China and other emerging economies.Xstrata Chief Executive Mick Davis predicted...

IN BRIEF

2010-02-09 Greek unions vow to fight austerity cutsATHENS: Greek public works yesterday vowed to defy government austerity plans aiming to save more than US$1.3 billion this year as the country confronts a grave debt crisis. Ahead of a strike tomorrow, ADEDY...

Airline industry sees better business climate

2010-02-09 AIRLINE companies expect a significant narrowing of losses in 2010, a survey by the International Air Transport Association (IATA) shows.It said improvements were seen in all the indicators of airline business confidence but it did not necessarily...

EU backs Dutch aid to Fortis, ABN Amro

2010-02-09 THE EU competition watchdog yesterday temporarily approved a Dutch recapitalisation package for ABN Amro and Fortis Bank Nederland (FBN), while extending its in-depth probe into state aid for the nationalised banks.The €6.9-billion (US$9.5-...

Trade tensions flare as global recovery fades

2010-02-09 TRADE tensions are starting to flare as the pace of the global economic revival shows signs of slowing.Trade figures coming this week from three of the world's biggest exporters Germany, China and the US are likely to show vast gains from a year...

No eurozone contagion risk from Greece, says Fitch

2010-02-09 EUROZONE countries face no risk of "contagion" from the debt and deficit crises afflicting Greece, Portugal and Spain, the chairman of ratings agency Fitch insisted yesterday.Marc Ladreit de Lacharriere told Europe 1 radio that while the...

Monday, 8 February 2010

IN BRIEF

2010-02-08 Dubai pumped US$6.2b into conglomerateDUBAI: Dubai yesterday said it has pumped US$6.2 billion into Dubai World and that it is prepared to put even more money into the conglomerate whose debt woes caused global market jitters late last year. The...