Business » World

Tuesday, 3 March 2009

Car sales plunge in key auto centres

2009-03-03 MAJOR car-making countries reported huge plunges in auto sales yesterday, with France and particularly heavyweight Japan hit hard by the deepening world manufacturing crisis.In Japan, car, truck and bus purchases dropped 32.4 per cent in February...

IATA: Airlines incurred more than US$8b in losses

2009-03-03 THE world's airlines lost up to US$8 billion last year, far more than the US$5 billion previously estimated, a global industry body said yesterday.The International Air Transport Association (IATA) said airline losses exceeded US$4 billion in the...

India lifts Chinese toy ban, demands safety guarantees

2009-03-03 INDIA'S government lifted a ban yesterday on imports of Chinese toys that had stoked trade tensions between the two biggest emerging economies.But it imposed strict demands for product safety guarantees.India announced the six-month ban in January,...

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2009-03-03 France headed for recession: ministerMARNAI, FRANCE: France is headed for recession this year, when the economy is likely to contract 1.5 per cent accompanied by the loss of 300,000 jobs, Finance Minister Christine Lagarde yesterday said. "We...

Muslim nations need closer ties to battle crisis

2009-03-03 MUSLIM nations need to forge closer ties to meet challenges posed by the global financial crisis, Indonesia's president said yesterday at the opening of the annual World Islamic Economic Forum in Jakarta.Susilo Bambang Yudhoyono proposed creating a...

Stocks fall to 6-year lows on HSBC, AIG

2009-03-03 WORLD stocks yesterday fell to their lowest level in almost six years and the dollar hit three-year peaks after insurer AIG posted a US$61.7 billion quarterly loss and HSBC launched Britain's largest ever rights issue.American International Group...

IMF seen to cut global growth view

2009-03-03 THE International Monetary Fund (IMF) is likely to downgrade its global 2009 growth forecast into negative territory, the IMF's Western Hemisphere Department head, Nicolas Eyzaguirre, yesterday said. "We cannot say things are getting better yet...

Monday, 2 March 2009

Islamic banking showed strength by dodging crisis

2009-03-02 INDONESIAN Vice President Jusuf Kalla (picture) yesterday said Islamic banking had escaped the global economic crisis relatively unscathed as he took a swipe at the Western financial system."The latest global crisis has taught us that an...

SE Asia in 'economic denial' on crisis effects

2009-03-02 SOUTHEAST Asian leaders' calls for action on the global financial meltdown will likely have little effect on whether their export-driven economies can ride out the crisis, analysts said.The 10-member Association of Southeast Asian Nations (Asean)...

Trouble spreading in China: Wen

2009-03-02 CHINESE Premier Wen Jiabao warned that the impact of the global financial crisis was still spreading in China and the country faces the long and arduous task of combating its effects.The official Xinhua News Agency quoted Wen as saying Saturday that...

Asia's export-reliant nations feel extra pain

2009-03-02 WHEN times were booming, Asia's factories would sometimes struggle to keep pace with the global demand for cars, semiconductors and electronics goods.But as the worldwide recession has taken hold, the region's export-dependent economies have been...

Opec not seen to cut output in March

2009-03-02 IRAN'S oil minister said he did not expect Opec to cut output again at a meeting this month because an 80 per cent commitment by the group to recent curbs had helped stem oil price falls, media reported yesterday.Iran, the second biggest producer in...

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2009-03-02 Abu Dhabi reviewing Citi investmentABU DHABI: Abu Dhabi is assessing its US$7.5 billion investment in Citigroup as the bank's problems deepen and consequences of a possible nationalisation become clearer, according to sources close to the Abu Dhabi...

EU rejects protectionism amid new 'iron curtain' threat

2009-03-02 EUROPEAN Union leaders yesterday rejected protectionism as a way of combating the global economic crisis to prevent a new "iron curtain" dividing the 27-nation bloc into rich and poor halves.At a summit called to bridge differences over...

AIG close to deal on new bailout terms

2009-03-02 AMERICAN INTERNATIONAL GROUP Inc (AIG) is close to a deal with the US government that would ease the terms of its bailout, provide a further equity commitment and help it pay down debt, a person familiar with the matter said on Saturday.The...

Refinery to spur rural growth: Vietnam

2009-03-02 A BONY brown cow, an uninvited guest at the opening of Vietnam's first oil refinery, meanders up to the heavily guarded entrance before thinking better of it and trudging off.It's a brief but telling reminder that if Vietnam wants the project to...

2nd M'sia stimulus to exceed US$2b

2009-03-02 MALAYSIAN Premier Abdullah Badawi yesterday said that a second economic stimulus package will be far bigger than the RM7 billion (US$1.9-billion) measure unveiled last year.Malaysia's finance minister will announce the new package in parliament on...

Sunday, 1 March 2009

Discounted oil deal to be signed

2009-03-01 SOUTHEAST Asian nations are to sign today an energy security agreement that will allow their members to buy oil at a discounted price during times of crisis, a senior official said."Under the agreement, oil exporting states will supply...

Asean girds set of policies to fight crisis

2009-03-01 LEADERS of Southeast Asian nations have agreed to ease monetary policy and resist protectionism as they fight the financial crisis that is hurting their export-dependent economies, a draft statement showed.The 10-member Association of Southeast...

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2009-03-01 ANZ eyes RBS's Asian business HONG KONG: Australia and New Zealand Banking Group (ANZ), the fourth-largest Australian bank, is preparing to bid for the Asian business of the troubled Royal Bank of Scotland Group (RBS), the South China Morning Post...

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