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Wednesday, 31 December 2008

GM financial arm gets new lifeline from US govt

2008-12-31 THE US Treasury unveiled a US$6-billion package on Monday to assist GMAC, the troubled financial arm of General Motors seen as vital to the survival of America's largest automaker.The Treasury said in a statement it would purchase US$5 billion in...

Oil and gold ease, shares in year-end recovery

2008-12-31 OIL and gold prices eased yesterday after recent price spikes related to violence in the Middle East, while the US dollar fell against major currencies and stocks were generally higher.Wall Street looked set for a positive start.It was the last...

Tuesday, 30 December 2008

Crude rises above US$40 on attacks

2008-12-30 OIL prices rose above US$40 a barrel yesterday, boosted by the weak US dollar and violence between Israel and Hamas that served as a reminder of tensions that could threaten crude supplies from the Middle East.US light, sweet crude was up US$3.08 at...

Crisis reshapes business, lifestyles

2008-12-30 CRUMBLING home and auto sales pushed three Japanese insurers into merger talks and Koreans plan to cut spending on children's education, signs the global economic slump is reshaping business and lifestyles around the world.Economic reports this week...

China to boost stockpile of oil

2008-12-30 CHINA will take advantage of falling oil prices to boost imports and build up its fledgling oil reserves against supply shocks, a top official said in a rare disclosure of energy strategies in the wake of the global economic turmoil.Zhang Guobao,...

'Another difficult year' for Vietnam

2008-12-30 THE Asian Development Bank (ADB) yesterday signed loans worth US$60 million for anti-poverty and tourism projects in Vietnam, warning that "2009 will be another difficult year" for the country.The ADB's country chief Ayumi Konishi said...

'US stimulus aimed at long term too'

2008-12-30 SPENDING government money solely to stimulate consumer spending would be a short-sighted mistake, one of US President-elect Barack Obama's (pictured) top economic advisers said on Sunday.Lawrence Summers, a former treasury secretary and Obama's pick...

BUSINESS BRIEFS

2008-12-30 br />War over screw trading eruptsBEIJING: China launched an anti-dumping probe into screws and bolts made in the European Union, following a EU decision this month to impose high import duties on Chinese fastener exports. The investigation,...

Myanmar signs gas deal with S Korea, India, China

2008-12-30 MILITARY-RUN Myanmar has signed a deal with South Korean and Indian companies to pipe natural gas from the energy-rich nation's offshore fields to China, state media reported yesterday.The Myanmar Oil and Gas Enterprise inked the deal last Wednesday...

German minister rules out tax reduction steps

2008-12-30 A SECOND stimulus package up for discussion in the new year to boost Germany's ailing economy will not include slashing taxes or shopping vouchers, the finance minister was quoted as saying yesterday."Those publicly proposing €35 billion (...

600,000 British jobs to go next year

2008-12-30 AS MANY as 600,000 people could lose their jobs in Britain next year, making 2009 the worst year for unemployment since 1991, personnel experts warned yesterday.The Chartered Institute of Personnel and Development (CIPD) said a widely-expected...

Russia also sees half million more to join jobless ranks in '09

2008-12-30 RUSSIA'S unemployed will rise by over half a million in 2009, a government minister said yesterday, reflecting the mounting toll of the global economic slowdown. "We are estimating a level of 2.1 to 2.2 million people," Health and Social...

Oil, commodity stocks, gold surge as Gaza violence flares

2008-12-30 OIL and gold prices surged yesterday following a flare up in Middle East violence, while an ensuing rally in resources-related stocks helped equities post solid gains.Wall Street looked set for a moderately positive start.On currency markets,...

Monday, 29 December 2008

Global financial meltdown hits China in foreign trade

2008-12-29 BEIJING reported US$18.01 billion worth of imports and exports in November, down 5.4 per cent from the same month last year. The negative growth is the first since August 2002, a source from Beijing Customs said on Thursday. The global financial...

Will Malaysian banks fare well next year?

2008-12-29 MALAYSIAN banks will still perform well next year as they are not heavily impacted by the subprime crisis compared to its peers in the US or UK.OSK's head of research, Chris Eng, said local banks were conservative and were not too involved in...

BUSINESS BRIEFS

2008-12-29 br />3 Japan insurers in merger talksTOKYO: Japan's Mitsui Sumitomo Insurance Group Holdings Inc, Aioi Insurance Co Ltd and Nissay Dowa General Insurance Co Ltd are in final talks on merging under a holding company as early as next autumn to form...

AirAsia X to expand routes

2008-12-29 MALAYSIAN budget carrier AirAsia X said it can weather the storm of a sharply deteriorating global economy and is hiring pilots to expand its routes to China, India, South Korea and Japan.Chief executive Azran Osman Rani said that while it was a...

Kuwait scraps US$17.4b petrochem JV

2008-12-29 KUWAIT'S cabinet has cancelled a deal to form a US$17.4-billion petrochemical joint venture with US firm Dow Chemical, which has met with opposition in parliament, Kuwaiti television station Al Rai said yesterday.There was no immediate official...

Oil prices risk tumbling further?

2008-12-29 OIL prices, which hit record highs above US$147 a barrel this year before plunging under US$33, risk slumping more in 2009 as recession curbs the world's appetite for energy, analysts say."We expect oil prices in early 2009 to remain under...

Gulf leaders to discuss economy

2008-12-29 LEADERS of oil-rich Gulf countries assembling in Muscat today will focus on how to use their wealth to shore up their economies, after a discussion yesterday on the bloody situation in Gaza.The annual two-day Gulf Cooperation Council summit seemed...

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