Business » World

Sunday, 1 March 2009

S'pore economy could shrink 8% in 2009: PM

2009-03-01 SINGAPORE'S trade-dependent economy could shrink by eight per cent this year, much worse than the government's forecast of a contraction of two to five per cent, Prime Minister Lee Hsien Loong said on CNBC. "Can it be worse than minus five (...

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...

Saturday, 28 February 2009

China economy shows signs of recovery: planning body

2009-02-28 CHINA'S economy is showing signs of recovering even though the impacts of the global crisis are still being felt, a senior planning official said yesterday, as he promised to steer clear of protectionism."Despite the downward pressure on the...

'Buy Local is not protectionism'

2009-02-28 NATIONAL "branding campaigns" that try to promote local products are not a new form of protectionism and do not violate international trade rules, Indonesia's trade minister Mari Pangestu said yesterday.Promotional campaigns that countries...

India economy slows on global downturn

2009-02-28 INDIA'S economy grew at its slowest pace in nearly six years in the third quarter as the Asian giant started to feel the full brunt of the deepening global downturn, official data showed yesterday.The worse-than-expected 5.3 per cent expansion in...

Europe, US banks give up control to govts

2009-02-28 CRIPPLED banks in the United States and Europe sank deeper into state control yesterday as governments fed them more cash in the latest efforts to stabilise lending and kickstart ailing economies.The US government was set to unveil a deal later...

GM's whopping US$30.9b loss for 2008

2009-02-28 GENERAL MOTORS warned of a "challenging" year ahead as it posted a US$30.9-billion 2008 loss on Thursday, bringing the tally from four consecutive years of bleeding balance sheets to a whopping US$86.6 billion.The 2008 results were...

S'pore tourism falls

2009-02-28 SINGAPORE tourism fell 13 per cent in January as the global economic slowdown kept visitors at home, another blow to a city-state deep in recession.Tourist arrivals dropped to 771,000 in January from 855,000 in the same month a year earlier, the...

Indonesia to issue global sukuk, Samurai bonds

2009-02-28 INDONESIA, which just sold US$3 billion of global bonds, may raise a further US$500 million from a Samurai bond soon and issue a global Syariah-compliant bond this year, an official said yesterday, to fund its budget deficit.With elections this year...

BUSINESS BRIEFS

2009-02-28 br />US economy shrank at 6.2%WASHINGTON: The US economy contracted more sharply than initially estimated in the fourth quarter, government data showed, as exports plunged and consumers cut spending by the most in over 28 years amid a severe...

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

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....

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