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Tuesday, 30 December 2008

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...

Monday, 29 December 2008

SKorea to invest in new power plants

2008-12-29 SOUTH KOREA plans to invest 37 trillion won (US$28.5 billion) from 2009 to 2022 on new power plants, including 12 new nuclear plants, to boost fuel efficiency and cut emissions, Seoul's energy ministry said yesterday.South Korea, the world's fifth-...

Gulf splurges to aid economies

2008-12-29 MAJOR air and rail projects are among huge public sector schemes going full steam ahead in Gulf countries, underpinning local economies as the credit crunch takes a big toll on private businesses.Power and water infrastructure plans are also in the...

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...

Airlines brace for recession blues

2008-12-29 THE year-end festive season usually heralds a busy period for Asia-Pacific airlines.But this year, a global economic slump has choked passenger and cargo traffic, and 2009 looks even gloomier, corporate executives and industry experts say."Last...

Brown defiant on economy, sees US alliance

2008-12-29 BRITAIN'S Gordon Brown will use his New Year address to call for a "coalition for change" with US President-elect Barack Obama in a speech intended as a rallying call to Britons.Brown, who frequently uses the comparison of the Second...

Sunday, 28 December 2008

S Korea's economy may shrink in 2009

2008-12-28 PRESIDENT Lee Myung-Bak said yesterday South Korea's economy could shrink in the first half of next year for the first time since the 1997 financial crisis."For the whole of 2009, we might achieve positive economic growth, but we might suffer...

US retail sales data worsens year-end blues

2008-12-28 CHRISTMAS retail sales plunged in the United States, a poll showed Friday, as Japan reported record cuts in production and more signs emerged Spain has entered a recession.A leading think tank in London also forecast the British economy will shrink...

Chances of gas cut '50-50', Russia warns Ukraine

2008-12-28 THERE is a "50-50" chance that Russia will cut off gas supplies to Ukraine on January 1 over Kiev's failure to pay its debts, Russian energy giant Gazprom said yesterday."I think it's 50-50," Gazprom spokesman Sergei Kupriyanov...

BUSINESS BRIEFS

2008-12-28 Battered US stocks may rally soonNEW YORK: Battered US stocks enter the New Year next week on expectations of a gradual market recovery as president-elect Barack Obama moves to drag the world's biggest economy out of recession. The US stock market...

Oil above $37 on UAE supply cut, thin trade

2008-12-28 OIL climbed in thin post-holiday trade on Friday after the United Arab Emirates said they will deepen supply cuts in line with Opec's biggest-ever output cut announced last week and the dollar weakened against the euro.US crude settled at US$37.71 a...

China's foreign debt rises: media

2008-12-28 CHINA'S foreign debt increased by more than 18 percent in the first nine months of the year, with short-term debt rising especially fast, state media reported yesterday.At the end of September, overseas borrowing stood at 442 billion dollars, a rise...

China plans incentives to scrap old cars

2008-12-28 CHINA plans to offer incentives for car owners to scrap their old models in favour of new ones, in a bid to lift the auto industry as it enters a period of crisis, state media said yesterday.The measure is part of a new package being prepared in...

Saturday, 27 December 2008

Thai economic woes tougher than '97: PM

2008-12-27 NEW premier Abhisit Vejjajiva said yesterday that tackling Thailand's current economic problems will be a "tougher job" than dealing with the 1997 Asian financial crisis.The Oxford-educated economist said he planned a 300-billion-baht (US$...

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