Business » World

Saturday, 27 June 2009

Japan deflation worsens

2009-06-27 JAPAN suffered a record slide deeper into deflation as the world's second biggest economy struggles with feeble consumer demand, but an expected drop in German prices is unlikely to happen this month at least.Swiss authorities, who are also fighting...

Oil above US$70 after Nigeria attack

2009-06-27 OIL ticked up above US$70 a barrel yesterday after Nigerian rebels said they blew up a wellhead in a Royal Dutch Shell oilfield and as equity markets rallied on perceptions the global recession was easing.The move followed a two per cent gain on...

China bats for super-sovereign currency

2009-06-27 CHINA yesterday renewed its call for the creation of a super-sovereign currency to reduce the dollar's domination of the world's monetary system.In its annual financial stability report, China's central bank did not mention the dollar by name but...

Friday, 26 June 2009

Flu woes weigh down already troubled airlines

2009-06-26 AIRLINES need to tackle a "dramatic" plunge in revenues in the industry's "worst" crisis ever, IATA said yesterday as international air travel continued to drop in May partly due to the Influenza A (H1N1) flu.Despite signs that...

US economy shrinks 5.5%

2009-06-26 THE US economy shrank slightly less in early 2009 than previously thought, the government reported yesterday, though there was widespread weakness in activity and demand was soft.Gross domestic product, which measures total output within US borders...

Moody's sees risks for SE Asia banks

2009-06-26 MOODY'S Investors Service yesterday said it has a negative outlook on Southeast Asian and Indian banks as it expects weakness in the global economy to lead to a rise in bad debts.The ratings agency also said the sovereign ratings for most Asian...

Fed US warning dampens world stocks

2009-06-26 WORLD stocks yesterday slipped after the Federal Reserve cautioned that the US economy would remain weak for a time, adding to concerns about the sustainability of a recent recovery.The US central bank signalled it was less concerned about deflation...

BUSINESS BRIEFS

2009-06-26 New BP chairman namedLONDON: Ericsson said Chief Executive Carl-Henric Svanberg is stepping down to become Chairman of BP Plc in a surprise appointment that ends the oil major's lengthy search for a new chairman. His successor at the Nordic telecoms...

Toyota to review product lineup

2009-06-26 AKIO TOYODA promised a nimbler Toyota that will be more responsive to regional needs in his first public appearance as head of the Japanese automaker his grandfather founded.Toyoda, the automaker's first president from the founding family in 14...

Swiss chocolate giant tastes acidity of crisis

2009-06-26 THE economic crisis is taking its toll on chocolate consumption, Swiss chocolate and cocoa products giant Barry Callebaut said yesterday as it announced moderate growth in nine month sales.The world's biggest chocolate manufacturer said in a...

Poor states want bigger role in economy

2009-06-26 DEVELOPING countries have joined UN officials in calling for more money and a greater role in regulating the world economy in the wake of the worst global financial crisis since the Great Depression, which has taken a disproportionate toll on poor...

Thursday, 25 June 2009

Oil price could surge on Iran crisis

2009-06-25 WORLD oil prices have so far not been pushed up much by post-election violence in key crude producer Iran but they could spike higher if the situation deteriorates, analysts warn.Iran has ruled out cancelling the disputed presidential June 12 vote...

China defends export restrictions

2009-06-25 CHINA yesterday rejected charges from the United States and Europe that its restrictions on raw materials exports violated international trade rules, saying that its policies were in keeping with WTO regulations.The European Union and the United...

BUSINESS BRIEFS

2009-06-25 br />World's rich lost 20% of wealthNEW YORK: The world's rich lost nearly 20 per cent of their total wealth in 2008 as volatile markets wiped out two years of growth, a Merrill Lynch study showed. The total value of the wealth of people with net...

Stocks up on strong US durable goods data

2009-06-25 A JUMP in durable goods orders is giving stocks a boost before the Federal Reserve's decision on interest rates.The stock market got a welcome surprise yesterday when the US Commerce Department said orders for big-ticket manufactured items rose 1.8...

Japan trade surplus grows

2009-06-25 JAPAN announced yesterday its biggest monthly trade surplus in a year, supporting hopes that the world's second-largest economy is slowly recovering from its worst recession on record.Exports exceeded imports for a fourth straight month, giving a...

Russia economy to shrink 7.9%

2009-06-25 THE Russian economy will shrink by 7.9 per cent in 2009 amid the global economic crisis, a sharper contraction than previously expected, the World Bank said yesterday. "Real economy and social impact on Russia was also larger than anticipated a...

Britain's economy to shrink 4.3%

2009-06-25 BRITAIN'S economy will shrink by 4.3 per cent this year, its fastest pace of decline since World War II, and stagnate in 2010, top international researchers said yesterday.The Organisation for Economic Cooperation and Development, a Paris-based...

Islamic markets fret anticipated rules revamp

2009-06-25 ISLAMIC financial markets heaved a sigh of relief after dodging the securitisation crisis which hit traditional banks, but the fallout may spark a global regulatory overhaul that could stifle the US$1 trillion industry.As Western governments and...

AirAsia scraps admin charges

2009-06-25 MALAYSIAN budget carrier AirAsia yesterday scrapped administrative charges to boost passenger numbers but said it has not been hurt by the downturn that has affected most airlines worldwide.Chief executive officer Tony Fernandes said the company...

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