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Saturday, 28 February 2009

BUSINESS BRIEFS

2009-02-28 br />US economy shrank at 6.2%WASHINGTON: The US economy contracted more sharply than initially estimated in the fourth quarter, government data showed, as exports plunged and consumers cut spending by the most in over 28 years amid a severe...

Sony CEO tightens grip on power

2009-02-28 SONY CORP announced yesterday a business overhaul and management reshuffle that will tighten chief executive Howard Stringer's grip on power at the high-tech giant, which is facing its biggest ever loss.Sony said president Ryoji Chubachi is stepping...

European equities slide, banking sector in focus

2009-02-28 EUROPEAN equities fell yesterday after losses overnight on Wall Street and earlier in most Asian markets as investors tracked renewed turmoil in the banking sector.In late morning trade, London dived 1.83 per cent, Paris sank 1.32 per cent and...

China economy shows signs of recovery: planning body

2009-02-28 CHINA'S economy is showing signs of recovering even though the impacts of the global crisis are still being felt, a senior planning official said yesterday, as he promised to steer clear of protectionism."Despite the downward pressure on the...

'Buy Local is not protectionism'

2009-02-28 NATIONAL "branding campaigns" that try to promote local products are not a new form of protectionism and do not violate international trade rules, Indonesia's trade minister Mari Pangestu said yesterday.Promotional campaigns that countries...

India economy slows on global downturn

2009-02-28 INDIA'S economy grew at its slowest pace in nearly six years in the third quarter as the Asian giant started to feel the full brunt of the deepening global downturn, official data showed yesterday.The worse-than-expected 5.3 per cent expansion in...

Friday, 27 February 2009

Affluent Asians save close to quarter of income

2009-02-27 AFFLUENT Asians habitually stash away nearly a quarter of their monthly income, with South Koreans saving the most, a survey released yesterday showed.The survey, conducted by global payments firm Visa, showed that more than four in five top earners...

BUSINESS BRIEFS

2009-02-27 br />Obama forecasts US$1.75t deficitWASHINGTON: President Barack Obama will forecast the biggest US deficit since World War Two in a budget that urges a costly overhaul of the healthcare system and would spend billions to arrest the economy's...

D8 food security meet

2009-02-27 DATUK Seri Abdullah Ahmad Badawi has called on the Developing Eight (D8) members to explore the possibility of providing assistance to each other and mobilising funds in a coordinated and efficient manner to address food security in the grouping of...

US govt to stress test banks seeking assistance

2009-02-27 THE United States launched a "stress test" programme to judge banks' resistance to a possible deeper recession, as investors await President Barack Obama's budget proposal to see what support it will give the economy.The US stress tests,...

Stocks rise; UK unveils new bank aid

2009-02-27 FRESH steps by the British government to shore up the ailing banking sector helped European stocks shrug off a negative lead from Asia yesterday and took the shine off US dollar gains versus major currencies.But worries about the Japanese economy...

Islamic banks can weather oil price drop, global crisis

2009-02-27 THE worldwide fall in oil prices and the global economic crisis has affected the Islamic finance industry, but the institutions' accumulated liquidity and capital will help them withstand these pressures, says Moody's in a new Special Comment....

US may split AIG to keep it afloat: FT

2009-02-27 AMERICAN INTERNATIONAL GROUP and US authorities are in advanced discussions over a radical restructuring that would split the insurer into at least three government-controlled divisions in an attempt to keep it afloat, the Financial Times reported...

Global crisis to test Asean leaders

2009-02-27 SOUTHEAST ASIAN leaders are to seek ways of insulating their export-driven economies from the global financial meltdown when they hold their annual summit in Thailand this weekend.Until recently a relative bright spot in the world economy, several...

S'pore economy contracts 4.2%

2009-02-27 SINGAPORE'S economy, already in recession, shrank 4.2 per cent in the fourth quarter of 2008 from a year earlier, with overall annual growth coming in at 1.1 per cent, the government said yesterday.The Ministry of Trade and Industry (MTI) maintained...

Thursday, 26 February 2009

No sign of respite from global economic woes

2009-02-26 JAPAN yesterday posted a record trade deficit and Hong Kong said its economy would shrink by up to three per cent in 2009 as recession woes deepened across Asia.US President Barack Obama, meanwhile, unveiled plans to help pull the world's biggest...

Crisis could cost S'pore 99,000 jobs, says DBS

2009-02-26 SINGAPORE could lose a total of 99,000 jobs during the current recession, with more than half of the cuts in the key manufacturing sector, an analysis by local bank DBS said yesterday."There will be a net loss of about 99,000 jobs due to the...

EU vows to fight unfair govt aid for auto sector

2009-02-26 THE European Union's executive will use the force of the law to fight countries which give unfair support to their car industries, whether it happens in the EU or the United States, officials in Brussels said yesterday. The threat comes as the US...

WTO to G20: Keep fighting Buy Local

2009-02-26 LEADERS from the G20 developed and emerging countries should not backtrack on their agreement last year to fight protectionism when they meet in London in April, the head of the World Trade Organisation said yesterday.Despite the G20's decision in...

HK economy to shrink this year

2009-02-26 HONG KONG'S government forecast yesterday that the territory's economy will shrink this year for the first time since the Asian financial crisis more than a decade ago, but offered few handouts despite the global crisis.Financial Secretary John...

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