Business » World

Tuesday, 10 March 2009

Central bankers see global slowdown, hope of pickup: Trichet

2009-03-10 THE global economy may be nearing a turning point although financial markets are still underestimating the potential for a recovery, top central bankers said yesterday.European Central Bank President Jean-Claude Trichet, who chaired the central...

Bankruptcies rise steadily in Japan

2009-03-10 JAPANESE bankruptcies rose 10.4 per cent in February, marking a ninth straight year-on-year increase, a survey showed yesterday.Figures revealed 1,318 companies collapsed, underlining the growing strains on Japan's corporate sector, which is...

EU supports call to boost IMF funding

2009-03-10 THE European Union is set to back an International Monetary Fund call for US$500 billion to fight the global financial crisis, a document showed yesterday as Japan posted its first current account deficit in 13 years.A key US policymaker said a...

Global losses at US$50t: ADB

2009-03-10 THE global financial crisis slashed the value of financial assets worldwide by US$50 trillion last year, a study commissioned by the Asian Development Bank (ADB) said yesterday.Financial asset losses in developing Asia, which suffered more than...

Stocks near 14-year lows

2009-03-10 WORLD stocks sank towards 14-year lows in a broad-based sell off yesterday, dragged lower in Europe and Asia by economic gloom and worries about the US banking system.Wall Street looked set to join in the decline.Japan recorded its largest current...

Tax havens defend bank secrecy

2009-03-10 LUXEMBOURG, Austria and Switzerland vowed on Sunday to protect their banking secrecy and speak with one voice to influence how the G20 group of nations crack down on tax havens.The G20 holds a summit in April and tackling tax havens is on its agenda...

Shippers to lose money, some may close shop

2009-03-10 ALL container shipping companies are likely to lose money this year and some will go out of business if freight rates do not recover, said Maersk Line's chief executive.Eivind Kolding said in an interview that Maersk, the world's largest container...

China growth to slow to 6.5% in first quarter

2009-03-10 CHINA'S economy is likely to slow further to 6.5 per cent in the first quarter, intensifying deflationary pressures, a government think tank said in a report published yesterday.First-quarter economic growth will be slower than the 6.8 per cent seen...

Gold may hit US$2,000 If US$ falls

2009-03-10 GOVERNMENT infrastructure spending will drive a rebound in metals prices, while gold may reach US$2,000 an ounce in the next year if the US dollar falls, an executive with UK fund house Schroders said. "The potential for very sharp price rises...

M'sian economy 'buckling' in slump: Anwar

2009-03-10 MALAYSIA'S economy is "buckling under the pressure of a global recession" and could contract by two per cent this year, opposition leader Anwar Ibrahim has warned.Anwar, who was finance minister before being ejected from the ruling Barisan...

Monday, 9 March 2009

Stop the bailouts: Let some big banks fail

2009-03-09 THE United States should let some big troubled banks fail rather than commit more federal funds to prop them up, two key congressional Republicans said yesterday.Senator Richard Shelby, top Republican on the Banking Committee, said the US should...

M'sia 2nd stimulus at RM10b

2009-03-09 MALAYSIA will this week unveil a second stimulus plan worth up to RM10 billion ($4.1 billion) in a bid to prevent its export-driven economy sliding into recession, a government official said.Finance Minister Najib Razak, who is expected to take...

'Oil prices can't continue at low levels'

2009-03-09 IRAQI Oil Minister Hussain al-Shahristani said on Saturday oil prices could not continue at such low levels and that Opec may look into an output cut at the group's next meeting in Vienna. "Oil prices cannot continue at these low levels. The...

Asia must spend more to curb economic slide

2009-03-09 ASIAN governments need to roll out fresh stimulus measures to stop their economies from sinking further as the region reels from collapsing exports, regional analysts said.A calculation by AFP showed Asia has unveiled spending measures worth at...

Being US Treasury secretary is a lonely job

2009-03-09 TREASURY Secretary Timothy Geithner is practically alone on the job, forced to work "night and day" trying to cope with the worst US economic downturn in decades.Of the 15 key positions at Treasury that require Senate confirmation, only...

BUSINESS BRIEFS

2009-03-09 China finds new coal reserves BEIJING: Chinese geologists said they have found a new coalfield with estimated reserves exceeding 3 billion tonnes in eastern Shandong Province, Xinhua reported yesterday. Zhang Zengqi, deputy president of the...

China won't include national voucher scheme in stimulus

2009-03-09 CHINA has no plan to issue national vouchers as part of its economic stimulus plan, but Vice Finance Minister Liao Xiaojun encouraged local governments to use them to help spur consumption, the Beijing News reported yesterday.With China's export...

Thailand to ease way for foreign investments

2009-03-09 FACED with falling exports, rising unemployment and negative growth, Thai Prime Minister Abhisit Vejjajiva (picture) yesterday named 2009 the "Year of Investment", vowing to speed up approvals for foreign investment projects....

Opel weighs 11,000 job cuts

2009-03-09 TROUBLED German carmaker Opel is threatening to close three of its plants in Europe and sack 11,000 people, one fifth of its workforce, as it seeks billions of euros in state aid, reports said Saturday.According to the weekly Der Spiegel to be...

China port container volume down 17%

2009-03-09 CHINA'S port container volume in February fell 17 per cent from a year ago, the Xinhua news agency reported yesterday, reflecting a persistent slowdown in the country's export sector.Nationwide container volume totalled 6.97 million twenty-foot...

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