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Friday, 30 January 2009

BUSINESS BRIEFS

2009-01-30 br />MAS cuts surcharge on Brunei flightsKUALA LUMPUR: Malaysia Airlines (MAS) has removed the fuel surcharge for its Singapore and Brunei flights effective today. In addition, by Feb 1, the fuel surcharge on flights from China would be reduced...

Airlines face hard landing

2009-01-30 AIRLINES are on course for one of their toughest ever years, top industry association IATA warned yesterday as the global slump pushes air cargo into free fall and slashes passenger growth.Figures for 2008 released by the International Air Transport...

Thursday, 29 January 2009

Global economy crawling to a halt this year: IMF

2009-01-29 THE embattled world economy is crawling to a halt under the financial crisis and would grow by only 0.5 per cent this year, the slowest pace since World War II, the International Monetary Fund said yesterday."The world economy is facing a deep...

SIA suspends some flights amidst downturn

2009-01-29 SINGAPORE Airlines (SIA) said yesterday it will suspend some international flights as the worsening global economy takes its toll on travel demand.Flights to India, Southeast Asia, the United States and Europe will be affected, SIA said in a...

Up to 300,000 may lose jobs in Philippines amidst crisis

2009-01-29 UP TO 300,000 people could lose their jobs in the Philippines over the next six months as the global financial crisis deepens, Labour Secretary Marianito Roque warned yesterday.Some 15,000 have been laid off over the past two months while 19,000...

Drugs giant Novartis shrugs off downturn

2009-01-29 SWISS pharmaceutical giant Novartis yesterday reported a 25 per cent jump in 2008 net profit and shrugged off the economic downturn to forecast a record year ahead despite market skepticism.Net profit reached US$8.16 billion, the group said.Sales...

Asia's economic crunch catches up with Australia

2009-01-29 A SLEW of economic data yesterday pointed to an abrupt end to boom times in Australia as Asia's fading appetite for mining resources and the global financial crisis put the brakes on the economy.Inflation fell for the first time in two years in the...

World stocks jump on good corporate earnings news

2009-01-29 WORLD stocks climbed solidly for the third day in a row yesterday after reassuring corporate results on Wall Street while a Federal Reserve meeting later in the day was eyed for possible new actions on the credit crisis.Wall Street looked set for a...

Panasonic may post loss, close 3 plants

2009-01-29 PANASONIC Corp is likely to report an annual net loss of about ¥100 billion (US$1.1 billion) on restructuring charges, weak demand for consumer electronics and the effects of the strong yen, a newspaper said.It would be the first net loss in six...

Crisis may hit emerging Asia harder

2009-01-29 THE current global financial turmoil may take a bigger toll on emerging Asia than the 1997-1998 regional crisis despite the region's enhanced financial muscle, an international financial group warns.Economic growth in the region "has been...

US urged to push for more IMF reforms

2009-01-29 MORE than a dozen high-profile economists on Tuesday called on the Obama administration to delay congressional approval of a proposal on changing voting power at the International Monetary Fund and negotiate more ambitious reforms.In a letter to new...

Governments scramble to combat recession

2009-01-29 US PRESIDENT Barack Obama (picture) ramped up efforts yesterday to rescue the faltering US economy with an 825-billion-dollar stimulus plan, as other governments stepped in to shore up manufacturers amid the worst financial crisis in decades.Germany...

BUSINESS BRIEFS

2009-01-29 br />Thai Airways' finances 'alarming'BANGKOK: Thailand's deputy prime minister said the financial state of flag carrier Thai Airways was "alarming" and promised the government would step in to help it. Suthep Thaugsuban proposed talks...

Wednesday, 28 January 2009

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...

Japan govt offers fund to starved companies

2009-01-28 THE Japanese government launched yesterday a US$16.7 billion scheme to buy shares in companies whose future has been threatened by the financial crisis, in a new move to ease the credit crunch that has starved key industries of cash.Japan's central...

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