Business » World

Tuesday, 12 May 2009

Spectacular emerging markets rally signals risk is back

2009-05-12 MANY stock markets in emerging economies are showing spectacular recoveries so far this year and investors are returning but on a highly selective judgement of risk.In Brazil, the markets are up 53 per cent since Jan 1, while in Russia they have...

Bankruptcy 'more probable' than not at GM

2009-05-12 GENERAL MOTORS' chief executive said yesterday that a bankruptcy filing appears increasingly likely as the auto giant struggles to radically restructure."Given the objectives that we've set for ourselves it's more probable that we need to...

Central banks cautiously optimistic

2009-05-12 THE global economy is about to turn the corner, leading central bankers said yesterday, and their cautious optimism was backed by data showing growing signs the economic and financial crisis is abating.China said its efforts to boost economic growth...

Four big US banks to sell stock

2009-05-12 FOUR big US banks yesterday announced large common stock offerings and said they would use proceeds to repay funds received under the government's bank bailout programme.US Bancorp plans to sell US$2.5 billion of stock, and is also selling US$1...

Islamic finance not yet fully tapped

2009-05-12 ISLAMIC finance is a viable alternative to the current economic system but its global potential has yet to be fully optimised.HSBC Bank Malaysia Bhd deputy chairman and chief executive officer Irene M Dorner said there is also still a lack of...

Monday, 11 May 2009

Global recession threatens Mideast oil exporters: IMF

2009-05-11 THE economies of Middle East oil exporters are likely to suffer from a possible prolonged global recession as demand for the region's main export wanes, the International Monetary Fund yesterday said.Government expenditure, however, should mitigate...

M'sia dips into stimulus budgets

2009-05-11 ABOUT 42,000 projects worth RM5.6 billion ($2.3 billion) were awarded and implemented under two stimulus packages, Project Management Unit chief operating officer Mohamad Othman Zainal Azim yesterday said.He said, 39,316 projects worth RM3.4...

'US$70-US$80 good price for oil'

2009-05-11 FRENCH Economy Minister Christine Lagarde said Saturday that it would be good if oil prices settled at between US$70 and US$80 a barrel."We want less volatility, more predictability," Lagarde said ahead of talks with oil giant Saudi...

Islamic finance faces pitfalls that bore crisis

2009-05-11 ISLAMIC finance must strengthen regulation, boost its professional staff and diversify as it takes on a bigger global role in the aftermath of the worldwide financial crisis, experts said.Financial products compliant with Islamic Syariah law are...

Kuwait, China ink energy deal

2009-05-11 CHINA and Kuwait yesterday signed agreements on oil and gas and the environment, as Beijing pushes to deepen ties to resource-rich countries to feed its energy-hungry economy.Chinese President Hu Jintao and the emir of Kuwait, Sheik Sabah Al Ahmad...

BUSINESS BRIEFS

2009-05-11 GM, union spar over plant closures DETROIT, MICHIGAN: General Motors is sparring with its main union over plans to shut US plants and outsource production to Mexico and Asia as bankruptcy looms over the troubled automaker, union sources said....

Luxury brands eye China windfall

2009-05-11 CLUTCHING a fistful of shopping bags from designers Vivienne Westwood, Dior and Alexander McQueen, 29-year-old Zhao Bing prowled an upscale department store."Is there a financial crisis in China? I don't think it has affected my life very much...

Markets helped US banks pass stress test

2009-05-11 US BANK regulators breathed a huge sigh of relief in early April when improving financial markets looked set to push the nation's 19 largest banks through the gauntlet of tough "stress tests" in reasonably good shape.In early March, a...

Turmoil cuts in half African growth

2009-05-11 AFRICA'S economic growth will fall to 2.8 per cent this year, less than half the rate forecast before the onset of the global slowdown, the African Development Bank (AfDB) and the Organisation for Economic Cooperation and Development forecast in...

Sunday, 10 May 2009

Labour rows up in China

2009-05-10 LABOUR disputes in China doubled last year amid the financial downturn that triggered mass layoffs of migrant workers and factory closures, state media reported yesterday.Yang Zhiming, vice minister of Human Resources and Social Security, said there...

BUSINESS BRIEFS

2009-05-10 Chrysler lender group drops challenge DETROIT: A group of Chrysler LLC's dissident lenders disbanded, representatives said on Friday, removing the last legal hurdle to the automaker's quest to complete a merger with Italy's Fiat SpA with US...

Jet market to face long slump: Embraer

2009-05-10 THE current global economic crisis is hurting the aviation industry more than the downturn that followed the September 11 attacks of 2001, leaving a recovery of the commercial jet market unlikely before 2011, Embraer Chief Executive Frederico Curado...

Venezuela's Chavez seizes oil service firms

2009-05-10 VENEZUELAN President Hugo Chavez sent troops to seize oil service companies on Friday, tightening his grip on the oil industry as low crude prices pinch the Opec nation's finances.Chavez is a socialist and former soldier who has already nationalised...

Outsourcing curbs to hurt US firms, says India PM

2009-05-10 ANY US restrictions on outsourcing from India and other countries would hurt American corporations, India's prime minister yesterday said.Prime Minister Manmohan Singh was reacting to President Barack Obama's recent statement promising to crack down...

Road to recovery could be long: Geithner

2009-05-10 US TREASURY Secretary Timothy Geithner said Friday that there was a risk that US economic recovery could take a long time, but vowed to take all necessary steps to speed it up. "Well, that's the risk," Geithner said in a PBS television...

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