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Monday, 16 February 2009

Philippine tuna industry caught in crisis

2009-02-16 LITO Vargas surveys the day's catch of yellowfin tuna as they slide down the steel gutting table at the bustling port at General Santos city in the southern Philippines."We used to haul them in such big numbers once but now the catch has...

White House tells automakers to restructure

2009-02-16 THE White House yesterday demanded deep restructuring from embattled US automakers as General Motors and Chrysler readied to present their plans in return for billions in government loans.David Axelrod, a senior adviser to President Barack Obama,...

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2009-02-16 Emerging market finance gap fearsROME: The IMF and Group of Seven industrialised countries are worried about growing financing gaps in emerging markets which may send more of the countries to the lender seeking cash. Several officials aired their...

Asia unrest seen amid crisis

2009-02-16 THE global economic crisis heightens the potential for social unrest in Asia, where millions of people suddenly out of work will demand governments take swift and decisive action, analysts say.And while the prospect of regimes being overthrown is...

G7 central banks mull tools beyond rates

2009-02-16 DESPERATE to pull their economies out of recession, Group of Seven central bankers meeting in Rome this weekend exchanged notes on what they can do once interest rates cannot go down any further.With US and Japanese rates already virtually zero,...

Wealth funds delaying foreign purchases

2009-02-16 MAJOR sovereign wealth funds are holding off big investments abroad expecting markets to fall further this year, with some focusing on investing at home to stimulate economies in the wake of a global crisis, a survey showed.Senior executives of some...

Sunday, 15 February 2009

World Bank calls for vulnerability fund

2009-02-15 THE World Bank wants to persuade wealthy countries to set up a "vulnerability fund" to aid poor countries hit hard by the global financial crisis, its president Robert Zoellick (picture) said Friday."I propose that developed countries...

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2009-02-15 Indonesia container volumes to fallJAKARTA: Indonesia's trade minister yesterday said export volumes for non-oil and gas are set to fall 20-30 per cent this year from 2008 as global trade slows, dealing a blow to Southeast Asia's biggest economy in...

GM to ask US for another bailout

2009-02-15 GENERAL Motors plans to ask the Barack Obama administration for billions of dollars more in financial aid, saying that the only alternative to this is a bankruptcy reorganisation also financed in part by the US government, the Wall Street Journal...

Japan inks pact lending US$100b to IMF

2009-02-15 JAPAN signed an agreement Friday on terms of its commitment to lend up to US$100 billion to the International Monetary Fund to provide financial lifelines to crisis-hit emerging countries.The agreement was signed in Rome on the sidelines of a Group...

Microsoft to open chain of retail stores

2009-02-15 A VETERAN executive from the world's biggest retail chain starts work Monday at Microsoft with a mission to open stores specialising in the software giant's products.The first order of business for David Porter, whose resumé includes 25 years...

G7 vows action on crisis, free trade

2009-02-15 THE G7 industrial powers, fearing a rise of protectionism, will do all they can to combat recession without distorting free trade, they said in a final statement published after talks in Rome yesterday.They also adopted a more conciliatory tone...

Saturday, 14 February 2009

Friday 13th horror on Europe economy

2009-02-14 A FLURRY of data revealed the dismal contours of Europe's new economic landscape yesterday, with key economies in deep recession, weak growth in previously dynamic eastern states and a disaster zone in the Baltics.The trend was set by Germany which...

World Bank study: Crisis pushed more people into poverty

2009-02-14 A DAY ahead of a meeting of industrial powers, the World Bank said yesterday new research showed more people were being pushed into poverty in developing countries due to the global financial crisis.It said new 2009 estimates compiled by the bank...

IMF chief warns of 'back door protectionism'

2009-02-14 IMF managing director Dominique Strauss-Kahn warned governments against protectionism "through the back door" on Thursday as they seek to prime their economies in the midst of the global economic downturn.Speaking ahead of a G7 meeting in...

Asians to spend more this year, butat slower pace

2009-02-14 ASIA'S private consumption this year is likely to grow by only half of last year's pace with consumers still keen to spend on healthcare and education while scrimping on luxury goods during a deepening downturn, MasterCard said yesterday.The global...

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2009-02-14 br />Brunei Apec action plan in peer reviewSINGAPORE: Apec forum officials will spend the weekend assessing the progress of members in trade liberalisation and facilitation. Specifically, Brunei Darussalam, Indonesia, Malaysia and Thailand will...

DBS Group net profit down 40% in Q4

2009-02-14 DBS Group Holdings, Southeast Asia's biggest bank by assets, said yesterday that fourth-quarter net profit fell 40 per cent year on year as weak financial markets hit income.Including one-time items, net profit was S$295 million (US$197 million)...

Opec lowers 2009 demand forecast one more time

2009-02-14 OPEC trimmed its forecasts for global oil demand yesterday, forecasting that demand would shrink by 0.67 per cent in 2009 because of "economic depression" in industrialised countries."World oil demand continues its steep decline from...

Young Chery casts suggestive glances at Volvo

2009-02-14 CHINESE carmaker Chery Automobile has held talks with several European auto brands, including Ford Motor's Volvo car brand, and is interested in an acquisition, a source with direct knowledge of the matter said yesterday. "Chery has been in...

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