Business » World

Friday, 29 May 2009

Stocks off recent highs on govt debt fears

2009-05-29 GLOBAL shares fell from recent 2009 highs yesterday while government bonds tumbled around the world, dragged down by investor concern about mounting Western government debt.The benchmark 10-year Treasury note yield hit a six-month high on Wednesday...

M'sia economy to shrink by as much as 5%, says PM Najib

2009-05-29 MALAYSIA'S economy will shrink by as much as five per cent in 2009, its biggest fall in a decade, and Prime Minister Najib Razak pledged yesterday to enact more reforms to boost competitiveness.Najib told journalists that the economy would shrink by...

AirAsia profits up 26% in first quarter

2009-05-29 BUDGET airline AirAsia said yesterday its profits rose 26 per cent in the three months to March, as it defied the economic downturn and boosted passenger numbers."AirAsia once again delivered record profit growth despite operating in one of the...

Singapore defends Temasek's sale of stake in Bank of America

2009-05-29 THE Singapore government has defended state investment company Temasek's sale of its stake in Bank of America Corp (BofA), saying the loss-generating trade didn't reflect a shift to short-term investing.Temasek sold its Bank of America shares after...

GM-Europe talks collapse

2009-05-29 THE US auto industry faced an uncertain future yesterday after talks with Germany on the fate of General Motors collapsed in acrimony and as Chrysler awaited further court action on its salvation.Both GM, the largest US auto manufacturer, and...

Kuok remains Malaysia's richest

2009-05-29 ROBERT KUOK, the Kuok Group patriarch, remains Malaysia's richest with a net worth of US$9 billion, down from US$10 billion a year ago, according to the 2009 Forbes Asia Malaysia Rich List.In a statement yesterday, Forbes said Kuok has held the top...

BUSINESS BRIEFS

2009-05-29 GM secures US bankruptcy dealWASHINGTON: Fallen US auto giant General Motors pulled back from the brink yesterday, winning government and bondholder support for a new restructuring plan while Chrysler waited for a court to decide its future. GM...

M'sia port zone costs may rise to US$3.55b

2009-05-29 A CONTROVERSIAL Malaysian free trade zone project may see its costs spiral to as much as RM12.45 billion (US$3.55 billion), six times the original estimate, in a deal that may have breached rules on conflict of interest, according to a report...

Opec keeps production steady

2009-05-29 OPEC yesterday opted to keep its output unchanged at a meeting in Vienna, with signs of recovering demand for crude and higher prices persuading members to maintain current production levels.The 12-member oil exporter group believes the market is...

Philippine economy slows to 10-year low

2009-05-29 ECONOMIC growth slowed to a 10-year low in the Philippines during the first quarter of the year, hitting just 0.4 per cent and leaving government full-year projections in doubt, officials yesterday said.The 2009 growth target of 3.1-4.1 per cent may...

Thursday, 28 May 2009

'Worst may be over' for air traffic

2009-05-28 AIR passenger traffic fell 3.1 per cent in April, slowing from double-digit falls in the two preceding months, the airline industry association IATA said yesterday, noting that the "worst may be over".However, the International Air...

Global equities climb on US consumer news

2009-05-28 WORLD stock markets rose yesterday on hopes of a global economic recovery, after an overnight Wall Street rally that was sparked by an unexpected surge in US consumer confidence, analysts said.In European late morning trade, Frankfurt gained 0.34...

Brussels unveils plans for tougher financial monitor

2009-05-28 THE European Commission yesterday unveiled plans for a tough new monitoring system for banks and other financial bodies to be in place next year, aiming to better protect investors hit by the crisis."Now is the time for action, it will be now...

Global auto sector overhaul looms

2009-05-28 A RADICAL overhaul of the global auto sector loomed yesterday with US, European and Chinese industry players waiting for key decisions on the fate of fallen giants General Motors and Chrysler.The future of GM's European unit Opel, and Chrysler,...

Russian company invests US$200m in Facebook

2009-05-28 A RUSSIAN Internet company has invested US$200 million in Facebook in a deal that values the US social networking giant at US$10 billion, the companies announced.Besides purchasing a nearly two-per cent equity stake in Facebook, Digital Sky...

BUSINESS BRIEFS

2009-05-28 br />Japan posts trade surplusTOKYO: Japan announced yesterday an unexpected trade surplus as its export slump continued to ease, adding to hopes the world's number two economy is through the worst of its deepest post-war recession. The trade...

Toyota revving up Prius production

2009-05-28 TOYOTA MOTOR CORP is revving up production of its hit Prius to meet better-than-expected demand for the latest version of the world's top-selling hybrid, the Japanese automaker said yesterday."We are considering steps to increase production to...

Opec aims for US$75 a barrel

2009-05-28 OPEC ministers set their sights on oil at US$75-US$80 ($108.81-$116.06) as they readied for talks in Vienna slated for today, but were expected to hold output policy steady and rely instead on economic recovery to drive the market higher.Saudi...

Undersea Asian cable project

2009-05-28 EIGHT Asian telecoms companies have formed a consortium to build an undersea cable system to link 10 regional hubs, Philippine Long Distance Telephone (PDLT) said yesterday.The 8,000km Asia-Pacific Gateway should be in service by 2011 and provide...

China to reject Japan iron ore cut

2009-05-28 CHINESE steelmakers, led by national champion Baosteel, will reject a 33-per cent cut in iron ore prices agreed by mining company Rio Tinto and Nippon Steel, an industry source said yesterday.The China Iron and Steel Association (CISA), the industry...

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