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Sunday, 8 February 2009

Crisis draining IMF resources

2009-02-08 THE International Monetary Fund (IMF) may be out of resources in the next six to eight months as the current financial crisis may require more funds, its Managing Director Dominique Strauss-Khan said."Today, the IMF's resources are enough to...

Saturday, 7 February 2009

Grim corporate figures underline global crisis

2009-02-07 GRIM corporate earnings data from the world's biggest automaker and thousands of job losses underscored yesterday the urgency driving debate over Washington's massive economic stimulus plan.British Airways, Japan Airlines and a clutch of other big...

UK posts record number of firms gone bust

2009-02-07 MORE companies went bust in England and Wales last year than in any year since 1994 after Britain plunged into recession.Some 15,535 businesses hit the wall last year, 24 per cent more than the previous year and the biggest jump since the start of...

British Airways set to post loss

2009-02-07 BRITISH Airways is set to post a record loss for its fourth quarter as it continues to battle falling demand and weak sterling, but its shares rose as analysts said the carrier should survive the economic downturn.The airline said yesterday it had...

World stocks gain for 4th day, US jobs data in view

2009-02-07 WORLD stocks rose for the fourth straight day yesterday as expectations grew that Washington will make new moves to shore up the battered financial system, while the US dollar slipped before key US jobs data.The US Senate was due to resume debate on...

S'pore PM's wife to exit as Temasek CEO

2009-02-07 THE wife of Singapore's prime minister will step down after five years as chief executive of Temasek Holdings, one of the world's largest sovereign wealth funds, the firm said yesterday.Ho Ching (pictured), the wife of Lee Hsien Loong, will be...

Asia export slump could last till 2011: Shippers

2009-02-07 THE slump in Asian trade could last into 2011, putting more shipping lines out of business and potentially aggravated by signs of rising protectionism, the Hong Kong Shippers' Council said yesterday.Sunny Ho, executive director of the council, which...

Singapore Islamic bank eyes region

2009-02-07 THE Islamic Bank of Asia, backed by Southeast Asia's top lender, is on the hunt for acquisition opportunities in Malaysia and Indonesia to gain a foothold in the populous Muslim retail markets.Islamic banks are turning to retail consumer demand for...

BUSINESS BRIEFS

2009-02-07 br />Non-Opec supplies curbed by price fallLONDON: Non-Opec oil supplies are expected to stagnate in 2009, heightening concerns they are nearing their peak as low crude prices and scarce credit slows efforts to replace output from rapidly...

Toyota tops list of giants seeing red

2009-02-07 TOYOTA Motor, the world's biggest automaker, warned yesterday it expects an annual operating loss of US$4.9 billion, its first ever, as the economic crisis sends car sales plunging.But Toyota said it currently had no plans to close plants and it...

Friday, 6 February 2009

Buffett invests in Swiss Re

2009-02-06 US INVESTOR Warren Buffett yesterday shored up weakened world No 2 insurer Swiss Re with a 3 billion Swiss franc (US$2.6 billion) investment as the Swiss group wrote down twice that amount in toxic assets.A second Swiss insurer, Zurich Financial...

M'sia urges Asean to drop non-tariff barriers

2009-02-06 ASEAN as a group needs to address, reduce or eliminate other forms of non-tariff barriers to retain its attractiveness to major trading partners and investor nations, particularly the three East Asian countries of China, Japan and Korea, Malaysia's...

US Senate softens Buy American stimulus bill

2009-02-06 THE US Senate voted on Wednesday to soften a "Buy American" plan in its US$900 billion stimulus bill after President Barack Obama expressed concern the original language could trigger a trade war.Senators, on a voice vote, approved an...

HK tycoons' wealth halved amid crisis

2009-02-06 HONG Kong's 40 richest men have lost over half their combined wealth as the global economic meltdown takes its toll on the capitalist haven's free-wheeling billionaires, but kingpin Li Ka-shing still holds the top spot.Li saw almost half his wealth...

Islamic bank law: Role of legislation, flexibility

2009-02-06 Last partBRUNEI'S Islamic Bank Order 2008 requires the establishment of a Syariah advisory body in each Islamic financial institution comprising of at least three Muslim religious scholars, of which two are citizens of Brunei Darussalam. The...

Deutsche Bank's record loss

2009-02-06 THE biggest German bank, Deutsche Bank, yesterday posted its first annual loss since World War II owing to a catastrophic fourth quarter but vowed to survive the global financial crisis.The bank said it had made a net loss of €3.9 billion (US$5...

McDonald's slashes China prices by up to a third

2009-02-06 MCDONALD'S Corp, the world's largest fast-food chain, has cut some prices by as much as a third in China where once booming economic growth has slumped amid the global financial crisis.In what the company calls "the best ever value meal...

BUSINESS BRIEFS

2009-02-06 S'pore may have to tap reserves anewSINGAPORE: Singapore, which has announced an unprecedented dip into its vast national savings, may have to tap them again if the economy worsens, Finance Minister Tharman Shanmugaratnam said yesterday. "This...

World financial bodies fight protectionism

2009-02-06 THE heads of five international financial organisations pledged yesterday to strengthen their cooperation to help the global economy and said governments should resist protectionist tendencies. "Despite today's troubled state of the global...

Stocks slide before BoE, ECB interest rate decisions

2009-02-06 GLOBAL equities mostly sank yesterday, hit by more bad news on the banking sector and the US economy, as investors awaited crucial interest rate decisions in Britain and the eurozone.In morning European trade, London dropped 0.17 per cent, Frankfurt...

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