Business » World

Saturday, 28 February 2009

Sony CEO tightens grip on power

2009-02-28 SONY CORP announced yesterday a business overhaul and management reshuffle that will tighten chief executive Howard Stringer's grip on power at the high-tech giant, which is facing its biggest ever loss.Sony said president Ryoji Chubachi is stepping...

European equities slide, banking sector in focus

2009-02-28 EUROPEAN equities fell yesterday after losses overnight on Wall Street and earlier in most Asian markets as investors tracked renewed turmoil in the banking sector.In late morning trade, London dived 1.83 per cent, Paris sank 1.32 per cent and...

Friday, 27 February 2009

US may split AIG to keep it afloat: FT

2009-02-27 AMERICAN INTERNATIONAL GROUP and US authorities are in advanced discussions over a radical restructuring that would split the insurer into at least three government-controlled divisions in an attempt to keep it afloat, the Financial Times reported...

Global crisis to test Asean leaders

2009-02-27 SOUTHEAST ASIAN leaders are to seek ways of insulating their export-driven economies from the global financial meltdown when they hold their annual summit in Thailand this weekend.Until recently a relative bright spot in the world economy, several...

S'pore economy contracts 4.2%

2009-02-27 SINGAPORE'S economy, already in recession, shrank 4.2 per cent in the fourth quarter of 2008 from a year earlier, with overall annual growth coming in at 1.1 per cent, the government said yesterday.The Ministry of Trade and Industry (MTI) maintained...

Affluent Asians save close to quarter of income

2009-02-27 AFFLUENT Asians habitually stash away nearly a quarter of their monthly income, with South Koreans saving the most, a survey released yesterday showed.The survey, conducted by global payments firm Visa, showed that more than four in five top earners...

BUSINESS BRIEFS

2009-02-27 br />Obama forecasts US$1.75t deficitWASHINGTON: President Barack Obama will forecast the biggest US deficit since World War Two in a budget that urges a costly overhaul of the healthcare system and would spend billions to arrest the economy's...

D8 food security meet

2009-02-27 DATUK Seri Abdullah Ahmad Badawi has called on the Developing Eight (D8) members to explore the possibility of providing assistance to each other and mobilising funds in a coordinated and efficient manner to address food security in the grouping of...

US govt to stress test banks seeking assistance

2009-02-27 THE United States launched a "stress test" programme to judge banks' resistance to a possible deeper recession, as investors await President Barack Obama's budget proposal to see what support it will give the economy.The US stress tests,...

Stocks rise; UK unveils new bank aid

2009-02-27 FRESH steps by the British government to shore up the ailing banking sector helped European stocks shrug off a negative lead from Asia yesterday and took the shine off US dollar gains versus major currencies.But worries about the Japanese economy...

Islamic banks can weather oil price drop, global crisis

2009-02-27 THE worldwide fall in oil prices and the global economic crisis has affected the Islamic finance industry, but the institutions' accumulated liquidity and capital will help them withstand these pressures, says Moody's in a new Special Comment....

Thursday, 26 February 2009

BUSINESS BRIEFS

2009-02-26 br />Philippines' first exports of Galoc crudeSINGAPORE: The Philippines has made the first oil exports from its new Galoc field, originally aimed for use by domestic refineries, to capitalise on better prices of sour crude in regional markets,...

World stocks mostly shine after Obama speech

2009-02-26 WORLD stock markets mostly enjoyed sharp rebounds yesterday after US President Barack Obama pledged to revive the moribund economy, traders said.Nearing the half-way mark, London was up 1.33 per cent at 3,867.24 points, Frankfurt jumped 1.96 per...

Hopes for sale of AIG jewel AIA fading

2009-02-26 THREE potential bidders remain interested in the sale of a large stake in American International Group's US$20 billion Asian life insurance unit, people close to the matter said yesterday, as the auction heads into its final week.But hopes for the...

'M'sia ready to face economic slump'

2009-02-26 MALAYSIA is in a state of readiness to face the global economic slowdown and will strive to avert protracted unemployment, Prime Minister Datuk Seri Abdullah Ahmad Badawi said yesterday."Our experiences in past crises have put us in a good...

No sign of respite from global economic woes

2009-02-26 JAPAN yesterday posted a record trade deficit and Hong Kong said its economy would shrink by up to three per cent in 2009 as recession woes deepened across Asia.US President Barack Obama, meanwhile, unveiled plans to help pull the world's biggest...

Crisis could cost S'pore 99,000 jobs, says DBS

2009-02-26 SINGAPORE could lose a total of 99,000 jobs during the current recession, with more than half of the cuts in the key manufacturing sector, an analysis by local bank DBS said yesterday."There will be a net loss of about 99,000 jobs due to the...

EU vows to fight unfair govt aid for auto sector

2009-02-26 THE European Union's executive will use the force of the law to fight countries which give unfair support to their car industries, whether it happens in the EU or the United States, officials in Brussels said yesterday. The threat comes as the US...

WTO to G20: Keep fighting Buy Local

2009-02-26 LEADERS from the G20 developed and emerging countries should not backtrack on their agreement last year to fight protectionism when they meet in London in April, the head of the World Trade Organisation said yesterday.Despite the G20's decision in...

HK economy to shrink this year

2009-02-26 HONG KONG'S government forecast yesterday that the territory's economy will shrink this year for the first time since the Asian financial crisis more than a decade ago, but offered few handouts despite the global crisis.Financial Secretary John...

Pages