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Wednesday, 28 January 2009

Global trust in business plummets in '08

2009-01-28 TRUST in business plummeted worldwide last year, as the global economic crisis sent financial institutions pleading for government support, leaving average people to question industry's ability to bring prosperity, according to a survey released...

Hands off iPhone's touch-screen tech

2009-01-28 APPLE has won a US patent for touch-screen controls and gained a potential legal weapon against iPhone competitors.US Patent 7,479,949 is awarded to "(Steve) Jobs et al" for a method of "detecting one or more finger contacts with the...

BUSINESS BRIEFS

2009-01-28 br />Russia loses half a million jobs in DecMOSCOW: Russia edged closer to a recession last month as half a million people lost their jobs and real wages and capital investment both fell for the first time in over nine years, data showed....

Obama pushes rescue plan

2009-01-28 PRESIDENT Barack Obama was bidding yesterday to win support for an US$825-billion US rescue package aimed at checking a punishing recession that is taking a huge toll on the world labour market.Obama got a boost on Monday when the US Congress...

British pawnbrokers cash in on credit crunch

2009-01-28 WHILE British high street shops wilt due to the credit crunch, pawnbrokers are prospering as cash-strapped business people hand over everything from Ferraris to Rolex watches in search of a quick buck."It's so busy because of the crisis, I've...

Debt-saddled Citi buys posh plane

2009-01-28 CITIGROUP Inc, which has received US$45 billion of capital from the US government, is going through with plans to buy a US$50 million jet, but a US senator called the deal absurd and wants the Obama administration to block it.The bank signed a...

Nomura posts record US$3.8b loss

2009-01-28 NOMURA Holdings Inc, Japan's largest brokerage, posted a record US$3.8 billion quarterly loss, hit by costs related to buying Lehman Brothers' operations, soured trades and exposure to Iceland and accused swindler Bernard Madoff.Nomura said it would...

French poor flock to food banks

2009-01-28 THE world financial crisis is forcing more and more once relatively comfortable French workers to seek out charity food banks and soup kitchens to get a free hot meal."It's tough to come here, I don't think I'll ever get used to it," said...

Asian markets rise on cue from Wall St

2009-01-28 ASIAN stocks rose in quiet trade yesterday as dealers took a lead from a jump on Wall Street and some rare positive economic data from the United States amid a slew of grim employment news.With half the region's markets still closed for the Chinese...

Tuesday, 27 January 2009

Brown fights tide of protectionism

2009-01-27 PRIME Minister Gordon Brown warned yesterday against a retreat into financial protectionism as the global economic downturn gathers pace.With sterling languishing near record lows against the yen and 23-year lows against the US dollar, Brown also...

Giant firms to slash 13,000 jobs

2009-01-27 ELECTRONICS giant Philips and banking group ING said they were slashing 13,000 jobs worldwide yesterday as the impact of what Barack Obama warned could be an "unprecedented" global crisis cut ever deeper.The announcements by the two Dutch...

China to flex financial muscle in Europe

2009-01-27 CHINA'S Premier flies to Europe today bearing vows of support for its crisis-rattled economies, in a bridge-mending visit that shows Beijing's potential to use its financial muscle for diplomatic sway.Premier Wen Jiabao is travelling during China's...

Pfizer to buy Wyeth for US$68b

2009-01-27 PFIZER Inc, the No 1 drugmaker, said yesterday that it would acquire US rival Wyeth for about US$68 billion in a move to diversify its revenue base.The world's largest drugmaker, which raised US$22.5 billion in debt from a consortium of banks to...

Toyota sees annual sales falling 7%

2009-01-27 TOYOTA Motor Corp expects its global sales to fall by seven per cent in the next business year to March 2010 due to the economic crisis, a report said yesterday.The company anticipates sales of slightly more than seven million vehicles, against an...

BUSINESS BRIEFS

2009-01-27 br />McDonald's posts 80% profit riseNEW YORK: US fast-food giant McDonald's said its 2008 net profit soared 80 per cent from a year, lifted by growing demand from consumers seeking low-cost meals in a deepening global recession. Net profit for...

Food output could fall: UN

2009-01-27 A RECENT drop in food prices could discourage farmers from sowing crops and cut supplies to an increasingly hungry world, the head of the United Nations Food and Agriculture Organisation said yesterday.Speaking in Madrid, FAO chief Jacques Diouf...

Toyota's domestic output seen falling 25%

2009-01-27 TOYOTA'S domestic production in 2009 will likely drop by 25 per cent from the previous year, hit by sinking demand amid a deepening global recession, a report said.Japan's No 1 automaker expects to roll out three million vehicles at the parent level...

Will Asia stave off long recession?

2009-01-27 GOVERNMENTS across Asia have pledged a combined US$700 billion in stimulus spending and central banks have slashed interest rates to spur growth and cushion the blow of plunging export demand from the West.Will the moves stave off a lengthy regional...

Dubai's DP World reviews expansion

2009-01-27 DUBAI-BASED DP World, one of the world's largest container port operators, said yesterday it was reviewing all expansion projects, cutting costs and freezing recruitment as growth slows in 2009.Chief financial officer Yuvraj Narayan said DP World...

Caterpillar plans to slash 20,000 jobs, Sprint to cut 8,000

2009-01-27 US CONSTRUCTION equipment giant Caterpillar announced yesterday that it intends to cut about 20,000 jobs worldwide to cope with plunging sales amid a sharp economic slowdown.Another American company, Sprint Nextel Corp, the No 3 US mobile service...

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