Business » World

Saturday, 7 November 2009

US jobless rate rises to 10.2%

2009-11-07 THE US unemployment rate jumped to 10.2 per cent in October as 190,000 jobs were shed, the government yesterday said in data highlighting ongoing struggles of an economy emerging from recession.The Labour Department report, seen as one of the best...

GM Europe head quits over Opel

2009-11-07 GENERAL Motors Europe head Carl-Peter Forster is quitting in disgust at GM's decision to hang on to its European unit Opel/Vauxhall, a well-informed source told AFP yesterday.The source confirmed a report in the Spiegel magazine, saying: "I...

WORLD BUSINESS IN BRIEF

2009-11-07 G20 ministers to firm up global recoveryST ANDREWS: G20 finance ministers were to meet here yesterday to shore up the recovery from the global financial crisis and discuss funding for a still uncertain agreement on climate change. The ministers...

Fortune names Jobs 'CEO of Decade'

2009-11-07 FORTUNE Magazine crowned Apple top dog Steve Jobs "CEO of the Decade" in its newest edition."The past decade in business belongs to Jobs," Fortune editor-at-large Adam Lashinsky wrote in an article extolling the 'imperious,...

World stocks slide after US jobs data release

2009-11-07 GLOBAL stocks and commodities retreated yesterday while the dollar gained and gold hit a record high after US unemployment losses came in much higher than forecast, a blow to optimism on the economic outlook.US employers cut a more-than-expected...

HSBC Amanah to add new products

2009-11-07 THE Islamic unit of HSBC, HSBC Amanah, will broaden its range of Islamic wealth management and insurance products and try to tap demand for products offering capital protection, its deputy CEO said on Thursday.The firm is also likely to revisit its...

British Airways to slash more jobs

2009-11-07 BRITISH Airways revealed a quadrupling of net losses in its first half yesterday, and axed an extra 1,200 jobs in an "essential" cost-reduction programme.BA posted a loss after tax of £217 million (US$361 million) during the six...

Friday, 6 November 2009

US$100 oil will hurt world economy: Global crisis seer

2009-11-06 AN ECONOMIST noted for his early warning that the US was headed for a housing bust and oil shock said on Wednesday that oil's jump to US$80 a barrel is unjustified and that a run to US$100 may cause economic stress the way record highs near US$150...

Opel German workers stage protests

2009-11-06 THOUSANDS of Opel employees yesterday walked off their jobs to attend a rally at the automaker's headquarters, protesting General Motors Co's decision to abandon the unit's sale to new owners the workers hoped would preserve jobs.Workers at Opel's...

ECB, BoE maintain rates at record lows

2009-11-06 THE European Central Bank and Bank of England kept their key interest rates at record lows of one per cent and 0.5 per cent respectively yesterday as directors tracked the prospects of economic recovery.The BoE said it would pump another £25...

Islamic banks thrive amid economic storm

2009-11-06 BANKS that comply with Islamic syariah law are thriving despite the global financial crisis, thanks largely to a "conservative approach to risk", according to a new listing published yesterday.The latest research by The Banker magazine...

WORLD BUSINESS IN BRIEF

2009-11-06 Airbus to fly new freighter airplanePARIS: European planemaker Airbus is preparing the maiden test flight of a new freighter plane, but looked set to announce a switch of the first operator amid turmoil in the global cargo market. The EADS unit said...

Stocks fall after Fed meeting

2009-11-06 WORLD stocks were weaker yesterday following the Federal Reserve's decision to keep interest rates near zero for "an extended period" and signals from others that the global economy is not yet out of the woods.Wall Street looked set for...

GM to cut 10,000 Opel jobs

2009-11-06 GENERAL MOTORS said Wednesday it wanted to cut around 10,000 jobs at its European division Opel a day after the US carmaker stunned the auto sector by scrapping plans to sell the German-based unit.GM wants to slash costs by 30 per cent at Opel,...

Antitrust lawsuit filed versus Intel

2009-11-06 THE attorney general of New York state filed an antitrust lawsuit against Intel Corp on Wednesday alleging the US computer chip giant engaged in illegal practices to dominate the market."Rather than compete fairly, Intel used bribery and...

Thursday, 5 November 2009

WORLD BUSINESS IN BRIEF

2009-11-05 How to boost fuel efficiency? Raise taxesDETROIT: There's a simple way to get Americans to drive fuel-efficient cars, according to auto executives, but they are not going to like it: sharply hike the gas tax, executives told the Reuters Autos Summit...

Dollar falls as traders wait for Fed policy

2009-11-05 THE dollar fell broadly yesterday as firmer equity and commodity prices buoyed demand for the euro and perceived riskier currencies, while traders braced for a policy decision from the Federal Reserve.The decision at 1915 GMT is the key focus for...

Chinese giant to buy Statoil's US oil assets

2009-11-05 NORWEGIAN energy group Statoil said yesterday it was selling some of its oil assets in the United States to China's state-owned CNOOC, marking the first step by a Chinese energy major into the US market.The sale, announced along with the company's...

G20 to plan unwinding of economic stimulus packages

2009-11-05 FINANCE chiefs from the Group of 20 will try to draw up a plan for unwinding emergency economic stimulus packages introduced over the last year, US Deputy Treasury Secretary Neal Wolin said yesterday. "There will be a set of discussions about...

China, Brazil leads the pack in 'scramble for Africa'

2009-11-05 CHINA is leading the pack in the 21st century "scramble for Africa" but anybody who thinks Beijing has the continent sewn up need only glance at the passport of Brazilian President Luiz Inacio Lula da Silva.By the time he first visited the...

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