Business » World

Monday, 9 March 2009

Stop the bailouts: Let some big banks fail

2009-03-09 THE United States should let some big troubled banks fail rather than commit more federal funds to prop them up, two key congressional Republicans said yesterday.Senator Richard Shelby, top Republican on the Banking Committee, said the US should...

M'sia 2nd stimulus at RM10b

2009-03-09 MALAYSIA will this week unveil a second stimulus plan worth up to RM10 billion ($4.1 billion) in a bid to prevent its export-driven economy sliding into recession, a government official said.Finance Minister Najib Razak, who is expected to take...

Sunday, 8 March 2009

BUSINESS BRIEFS

2009-03-08 US-Anadarko oil royalty fight WASHINGTON: The US government, fearing the loss of up to US$10 billion in old drilling royalties from oil companies, may take a dispute with Anadarko Petroleum Corp to the US Supreme Court, Interior Secretary Ken...

US sheds 651,000 jobs in Feb

2009-03-08 THE US economy hemorrhaged 651,000 jobs in February, pushing the unemployment rate to a 25-year high of 8.1 per cent, according to official data Friday pointing to an ever-deepening recession.The number of nonfarm job losses in the Labour Department...

IMF admits faults for failing to spot crisis

2009-03-08 THE International Monetary Fund (IMF) gave itself a scathing review for its mistakes in spotting the roots of the global crisis and acknowledged it fell short in its job as the world's global financial overseer.In a series of papers that look at the...

Low oil price will hurt investment, says Opec

2009-03-08 LOW oil prices could provide economic stimulus in the short term, but at the cost of a supply shortfall in future due to low investment, Opec's secretary general said on Friday.The comments follow statements from the International Energy Agency (IEA...

UK buys majority stake in Lloyds

2009-03-08 BRITAIN yesterday said it will take a majority stake in Lloyds Banking Group and guarantee toxic assets, leaving only two major British banks outside the state's control. The state will increase its ownership of the group from 43 per cent to 65 per...

New Fortis bailout

2009-03-08 THE Belgium government and BNP Paribas have clinched a new deal to carve up struggling financial group Fortis, the prime minister's office said yesterday.The Belgian government and the French banking group had given themselves until midnight on...

Saturday, 7 March 2009

China sees signs of economic recovery

2009-03-07 CHINA served glum markets a dose of optimism yesterday, saying its economy was recovering and promising more swift action to absorb the shock of the global financial crisis and deepening recession in rich nations.Top Chinese officials said...

US First Lady serves at soup kitchen

2009-03-07 HUNDREDS of down and outs at a local soup kitchen saw their luck change briefly on Thursday when they spotted First Lady Michelle Obama dishing out mushroom risotto during a surprise visit.For about 15 minutes, Obama scooped steaming hot food onto...

Philippine mining sector hit by financial crisis

2009-03-07 MINING companies in the Philippines are cutting staff, putting some projects on hold and scrambling for cash as the global crisis financial drags down commodities prices, industry officials say.The economic slowdown could not have come at a worse...

World equities marts gloomy on fresh economic woes

2009-03-07 ASIAN stocks fell sharply yesterday on fresh economic gloom after Wall Street hit a fresh 12-year low, but Europe steadied ahead of the weekend and a key US unemployment report, traders said.Japanese shares slumped to a four-month low after New York...

M'sia Jan exports fall fastest in 28 years

2009-03-07 MALAYSIAN exports fell more than at any time in the past 28 years in January and came in worse than expected, highlighting the rising economic pain for export-dependent Asian countries from the global downturn.Exports fell by 27.8 per cent from a...

Coke to invest US$2b in China over 3 years

2009-03-07 US beverage giant Coca-Cola said yesterday it would invest US$2 billion in China over the next three years as it looks to dramatically increase its presence in the world's largest market.The development means the soft drink maker will more than...

Singapore biofuel to run cars in Europe

2009-03-07 DIESEL made from palm oil, vegetable oil and animal fat in Singapore may soon be powering cars in Europe and North America, Finland's Neste Oil said yesterday.Neste Oil, which is building the world's biggest biodiesel plant in the city-state at a...

22 million jobless women

2009-03-07 THE economic crisis is expected to increase the number of unemployed women by up to 22 million this year as the global job crisis is likely to worsen sharply with the deepening of the recession in 2009, the International Labour Office (ILO) said in...

BUSINESS BRIEFS

2009-03-07 br />Indo-Asean FTA to fight protectionismNEW DELHI: A top Indian trade body wants the Indo-Asean Free Trade Agreement (FTA) signing to be hastened to counter rising protectionism and prosper trade ties between the two economies. India's...

1997 crisis may visit Asia again

2009-03-07 ASIA'S industrialised countries may be confronted with a return to problems faced in the 1997/98 financial crisis unless demand for their exports in Europe and the United States improves, a senior World Bank economist said.Most Asian economies...

Friday, 6 March 2009

Taiwanese president says Beijing trade deal talks possible in spring

2009-03-06 TAIWANESE President Ma Ying-jeou said yesterday that a possible trade agreement with rival China could be discussed this spring, the first time he has put a time frame on negotiations for the politically contentious deal.The "Economic...

China confident of growth view

2009-03-06 A CONFIDENT Chinese Premier Wen Jiabao said yesterday his country could still post eight per cent economic growth in 2009 despite the global meltdown, as grim US data hinted at a prolonged recession.Although Wen admitted the world's third-biggest...

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