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Friday, 24 April 2009

BUSINESS BRIEFS

2009-04-24 VW mulling Porsche counter bidFRANKFURT: Volkswagen is mulling a takeover of the automotive business of luxury sports car maker Porsche, which would add a new twist in the German industrial saga, press reports said yesterday. Directors of VW are...

Shell, BP profits seen to dive

2009-04-24 ROYAL Dutch Shell Plc and BP Plc are expected to report 70 per cent profit declines next week on lower oil prices, and some analysts expect even worse to come in future quarters.A Reuters poll of seven analysts gave an average forecast of US$2.62...

Turmoil hits Asia's Islamic bond mart

2009-04-24 THE global economic crisis has slowed down the issuance of Islamic bonds in Asia but the market remains resilient, Moody's Investor Service said yesterday.Issuance of the bonds, or sukuk, in Asian currencies totalled US$64.3 billion in 2008, down 1....

Exports, stimulus spending to lift Asia: IMF

2009-04-24 ASIAN economies could see a modest recovery next year, boosted by stronger export demand and stimulus spending, the International Monetary Fund said Wednesday.Trade-driven Asia has been hit harder than expected by the worst global downturn since the...

Stocks up despite mixed profits

2009-04-24 INVESTORS yesterday put aside recent worries about the world economy and banking woes, sending global stocks higher and Wall Street on track for a positive start.Mixed earnings plagued European markets with Credit Suisse posting better-than-...

Net, productivity: A match?

2009-04-24 WORKPLACES that try and stop employees using their computers for blogging, online shopping, social networking and other private purposes might be making a mistake, an Australian researcher says. Around a quarter of Australian firms try and prevent...

M'sia urged to further relax bumi policy

2009-04-24 MALAYSIAN opposition lawmakers and lawyers yesterday called for wider reforms of a mandatory ethnic Malay ownership rule, after the government relaxed the decades-old affirmative action program.Prime Minister Najib Razak announced on Wednesday the...

World Bank allots US$45b Infra fund

2009-04-24 THE World Bank yesterday said it would invest US$45 billion in infrastructure over the next three years to lay a foundation for a "rapid recovery" from the global economic crisis.Robert Zoellick, president of the 185-nation development...

Apple profit beats expectations

2009-04-24 APPLE INC'S quarterly profit soared past Wall Street expectations on strong sales of iPhones and iPods, underscoring the popularity of the company's relatively expensive products even in the midst of a weak economy.Known for giving conservative...

Thursday, 23 April 2009

UK to shrink at fastest rate since 1945

2009-04-23 THE British economy will shrink by 3.5 per cent in 2009, finance minister Alistair Darling said yesterday, the worst performance since World War II, and top earners will face a new 50-per cent tax rate.The finance minister forecast government...

FTSE falls after budget, M Stanley results

2009-04-23 BRITAIN'S top share index retreated in early afternoon trade yesterday after a downbeat UK budget, with insurers knocked by pension relief curbs, while banks saw gains eroded after weak Morgan Stanley results.The FTSE 100 was 21.44 points, or 0.5...

HK court nixes PCCW buyout

2009-04-23 HONG KONG'S Court of Appeal yesterday blocked a US$2.1-billion buyout bid by telecom giant PCCW, in a stunning victory for small shareholders over one of the city's richest tycoon families.In a unanimous ruling, a three-judge panel said it had...

Freddie Mac CFO dead

2009-04-23 DAVID KELLERMANN, acting chief financial officer of troubled US mortgage giant Freddie Mac, was found dead yesterday in his suburban Virginia home after apparently committing suicide, a local police source said.Kellermann, 41, was named Freddie Mac'...

Asia faces risk of 'social crisis'

2009-04-23 THE global downturn could become a "social crisis" for Asia, a senior International Labour Organisation (ILO) economist said yesterday, warning that millions may be plunged into long-term poverty.Gyorgy Sziraczki urged Asian governments to...

Shoots of recovery in China, Japan

2009-04-23 THE International Monetary Fund yesterday cut its growth forecast for China's economy this year to 6.5 per cent, but said signs of recovery had emerged in the world's most populous nation.In Japan, the export slump eased last month, government data...

New PM unveils M'sia 1st economic reforms

2009-04-23 MALAYSIA'S new prime minister yesterday unveiled a first slice of promised economic reforms, opening up some service sectors to unrestricted foreign investment.Najib Razak, who took office last month, wants to use the current economic downturn to...

BUSINESS BRIEFS

2009-04-23 br />Russia, ex-Soviet region hit by crisisWASHINGTON: Russia and 11 ex-Soviet neighbours face a greater economic reversal than any other part of the world with the regional economy set to decline by 5.1 per cent this year, the IMF said. The ex-...

Wednesday, 22 April 2009

Banks blight health of global economy

2009-04-22 A REPORT of strong profits at Bank of America on Monday masked deeper credit problems, while first-quarter data from Russia and Germany showed the two economies remained deep in recession's grip.Bank of America's warning about credit quality, which...

Fresh worries over banking sector hit stocks

2009-04-22 WORLD stocks sold off yesterday and Wall Street looked set to open lower after a more than one-month long rally lost some of its immediate fiz due to renewed worries about the state of the banking industry.Shares fell despite growing signs of...

Oil price languishes below US$46

2009-04-22 OIL prices languished below US$46 a barrel yesterday in Asia after renewed doubts about the health of US banks sent crude and stock markets tumbling.Benchmark crude for May delivery fell 44 cents to US$45.44 a barrel by midafternoon in Singapore in...

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