Business » World

Tuesday, 7 July 2009

BUSINESS BRIEFS

2009-07-07 br />Recession adds 90m to ranks of poorGENEVA: ECONOMIC recession has reversed a 20-year decline in world poverty and is likely to add up to 90 million to the ranks of the hungry in 2009, an increase of six per cent over current totals, the...

Please stay standing during takeoff

2009-07-07 IRISH no-frills carrier Ryanair yesterday said it was in talks with US planemaker Boeing about adapting its aircraft so that some passengers could be placed in "vertical seating".The low-cost carrier, which in recent months has suggested...

World stocks falter as oil price slides

2009-07-07 WORLD stock markets fell as oil prices fell US$3 a barrel yesterday amid concerns that any recovery in the global economy will be a long, hard slog following disappointing US jobs data last week.In Europe, the FTSE 100 index of leading British...

Hybrids flex muscle in Japan

2009-07-07 TOYOTA MOTOR CORP'S Prius hybrid was Japan's best-selling car in June while Honda Motor Co's rival Insight ranked fourth, helping the two hybrid leaders dominate the list of top-selling models.Sales of the Prius, which was remodelled in mid-May,...

Bank bailouts fan 'deglobalisation': WTO chief

2009-07-07 GOVERNMENT bailouts of the world's big banks pose a threat to free trade, Pascal Lamy, head of the World Trade Organisation (WTO), told the Financial Times newspaper in an interview yesterday. "There is a danger that the finance industry will...

Rio offloads US packaging unit

2009-07-07 GLOBAL miner Rio Tinto further improved its cash position yesterday by agreeing to sell its Americas food packaging business for US$1.2 billion ($1.75 billion), and analysts said they expected more asset sales to follow soon.Rio Tinto, which only...

GM bankruptcy plan cleared

2009-07-07 GENERAL Motors won approval from a bankruptcy judge late Sunday to sell its best assets to a new automaker in which the US government will hold a majority stake.The decision paves the way for a speedy exit for GM, which sought bankruptcy protection...

Seoul allots US$85b for green industries

2009-07-07 SOUTH KOREA will invest US$84.5 billion ($123.2 billion), or two per cent of its annual GDP, in environment-related industries over the next five years, the presidential office said in a statement yesterday.The investment, mainly for encouraging...

2009 still a dangerous year, WB cautions G8

2009-07-07 THE Group of Eight nations should not presume a global economic recovery is near, World Bank President Robert Zoellick said in a letter to G8 host Italian Prime Minister Silvio Berlusconi divulged yesterday.The letter, dated July 1 and copied to...

India lifts spending to boost growth

2009-07-07 INDIA yesterday said its fiscal deficit would blow out to the biggest level in 16 years as it boosts spending to support the slowing economy, disappointing investors who dumped stocks and bonds. Finance Minister Pranab Mukherjee said the fiscal...

France, UK seek curbs to oil price volatility

2009-07-07 FRANCE and Britain yesterday called for action to curtail oil price volatility as part of a move towards tougher global governance to prevent a return to economic problems that existed before the financial crisis.Speaking at a Franco-British summit...

Monday, 6 July 2009

Vatican posts deficit

2009-07-06 THE Vatican said Saturday it ran a budget deficit in 2008 as its finances and donations from across the world were hit by the global economic crisis.The Vatican posted a budget deficit for a second straight year, though the figures improved...

Job market lures upwardly mobile Asians back east

2009-07-06 "GO EAST" is a message being heeded by many Asian professionals in the United States and Europe who see brighter job prospects in a region that is expected to outperform the rest of the world for economic growth.Zhang Zheng Han, 26, is one...

Taiwan benefits from China's stimulus

2009-07-06 TAIWAN has benefited from its giant neighbour's measures to stimulate its economy by offering subsidies to consumers, the island's government said in a report yesterday.Taiwan shipped US$4.65 billion ($6.75 billion) worth of goods to China in...

Kuwait wants oil at above US$60 a barrel

2009-07-06 KUWAIT wants to see the price of oil stay above US$60 ($87) a barrel, the Opec member's oil minister yesterday said. "We will be watching the market very closely," Kuwait's Oil Minister Sheikh Ahmad al-Abdullah al-Sabah told reporters at...

Pay freeze for UK civil servants

2009-07-06 A PAY freeze for Britain's six million public sector workers would be one of the least painful ways of rebalancing the public finances, the head of the country's independent spending watchdog yesterday said.Steve Bundred, chief executive of the...

'UK to probe MG Rover fall'

2009-07-06 THE BBC says Britain will launch a criminal investigation into the 2005 collapse of automaker MG Rover, which led to the loss of more than 6,000 jobs.Without citing a source, the broadcaster says Business Secretary Peter Mandelson will announce the...

China automaker bids for Opel

2009-07-06 CHINESE carmaker Beijing Automotive Industry Corp (BAIC) is in the running for General Motors' European unit with a bid worth €660 million ($1.34 billion), according to reports.BAIC and GM China were both unavailable for comment yesterday.BAIC...

G8 to plot strategy for aftershocks

2009-07-06 EIGHT of the world's most powerful leaders gather in an Italian earthquake zone this week to thrash out a common strategy on how to absorb the tremors of global recession, climate change and Iran.Italy's scandal-mired Prime Minister Silvio...

Aid for trade needed now more than ever

2009-07-06 INTERNATIONAL agencies are set to urge an increase in assistance for trade by developing countries at a conference beginning today, amid fears that aid will be eroded by the economic crisis."Aid for trade is needed now more than ever," said the...

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