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Tuesday, 17 February 2009

Risk of oil supply crunch seen from 2010

2009-02-17 THE International Energy Agency (IEA) said yesterday there could be an oil supply crunch from 2010 once global demand recovers and the impact of delayed investment crimps future supplies.The agency, which advises 28 industrialised countries, is...

Indonesia to decree 'buy local'

2009-02-17 INDONESIAN civil servants will be ordered to buy locally made products for everything from clothes to movies under rules intended to boost demand amid the global economic crisis, a senior official said yesterday."This is an effort for coping...

Asia struggles to spend way out of gloom

2009-02-17 ASIANS should raid their piggy banks and go shopping if the region wants to dodge the worst fallout from the global economic crisis, but analysts doubt entrenched saving habits can be broken.As the global slowdown has spread across the region, the...

India sees spending lift to fight crunch

2009-02-17 INDIA'S government projected spending may have to jump later this year to shield the economy from a global slump and stem job losses, fueling fears of a spiralling fiscal deficit that is headed for a seven-year high.Acting Finance Minister Pranab...

Malaysia needs US$11b stimulus to avoid recession

2009-02-17 MALAYSIA needs at least RM40 billion (US$11 billion) in increased spending to avert a recession, a research group said yesterday.Deputy Prime Minister Najib Razak will introduce a "mini-budget" in Parliament on March 10 to boost the...

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2009-02-17 Apec warns against trade restrictionsSINGAPORE: Senior officials of the Asia Pacific Economic Cooperation (Apec) yesterday stressed the importance of averting pressure on governments to take measures restricting trade by helping individuals and...

Thailand airports lost US$48m amid blockade

2009-02-17 THAILAND'S airports announced a loss of US$48 million in the last quarter of 2008 amid a blockade of its two Bangkok hubs and a poor global economic climate, the airport authority said yesterday.Airports of Thailand (AoT) issued a statement...

Monday, 16 February 2009

G7 central banks mull tools beyond rates

2009-02-16 DESPERATE to pull their economies out of recession, Group of Seven central bankers meeting in Rome this weekend exchanged notes on what they can do once interest rates cannot go down any further.With US and Japanese rates already virtually zero,...

Wealth funds delaying foreign purchases

2009-02-16 MAJOR sovereign wealth funds are holding off big investments abroad expecting markets to fall further this year, with some focusing on investing at home to stimulate economies in the wake of a global crisis, a survey showed.Senior executives of some...

Bonus caps have downside

2009-02-16 FROM Britain to the United States and France, political leaders are clamping down on the bankers' bonus culture they say helped cause the credit crunch but some experts warn this could be counterproductive.The screw-tightening comes amid public...

Indonesia eyes US$4b from global bond issue

2009-02-16 INDONESIA'S finance ministry yesterday said that its global bond issue could raise a maximum of US$4 billion, to be tapped over a period of two years.Indonesia held road shows in Europe, the US and Asia earlier this month to brief investors about...

Obama to sign stimulus bill on Tuesday

2009-02-16 PRESIDENT Barack Obama will sign the US$787 billion economic stimulus bill on Tuesday in Denver, a White House official said on Saturday.Obama on Saturday hailed congressional approval of the stimulus bill as a "major milestone on our road to...

Philippine tuna industry caught in crisis

2009-02-16 LITO Vargas surveys the day's catch of yellowfin tuna as they slide down the steel gutting table at the bustling port at General Santos city in the southern Philippines."We used to haul them in such big numbers once but now the catch has...

White House tells automakers to restructure

2009-02-16 THE White House yesterday demanded deep restructuring from embattled US automakers as General Motors and Chrysler readied to present their plans in return for billions in government loans.David Axelrod, a senior adviser to President Barack Obama,...

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2009-02-16 Emerging market finance gap fearsROME: The IMF and Group of Seven industrialised countries are worried about growing financing gaps in emerging markets which may send more of the countries to the lender seeking cash. Several officials aired their...

Asia unrest seen amid crisis

2009-02-16 THE global economic crisis heightens the potential for social unrest in Asia, where millions of people suddenly out of work will demand governments take swift and decisive action, analysts say.And while the prospect of regimes being overthrown is...

Sunday, 15 February 2009

G7 vows action on crisis, free trade

2009-02-15 THE G7 industrial powers, fearing a rise of protectionism, will do all they can to combat recession without distorting free trade, they said in a final statement published after talks in Rome yesterday.They also adopted a more conciliatory tone...

World Bank calls for vulnerability fund

2009-02-15 THE World Bank wants to persuade wealthy countries to set up a "vulnerability fund" to aid poor countries hit hard by the global financial crisis, its president Robert Zoellick (picture) said Friday."I propose that developed countries...

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2009-02-15 Indonesia container volumes to fallJAKARTA: Indonesia's trade minister yesterday said export volumes for non-oil and gas are set to fall 20-30 per cent this year from 2008 as global trade slows, dealing a blow to Southeast Asia's biggest economy in...

GM to ask US for another bailout

2009-02-15 GENERAL Motors plans to ask the Barack Obama administration for billions of dollars more in financial aid, saying that the only alternative to this is a bankruptcy reorganisation also financed in part by the US government, the Wall Street Journal...

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