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Friday, 20 March 2009

Major banks dim SE Asian GDP outlook

2009-03-20 MAJOR investment banks slashed growth forecasts for Southeast Asian economies, with one predicting an eight-per cent contraction in Singapore, as the weakening global economy hits the region's key export industry.Goldman Sachs now expects Singapore'...

UK budget shows highest February deficit on record

2009-03-20 BRITAIN posted its biggest February budget deficit on record last month, taking the total for the fiscal year to date to its highest since comparable records began in 1993, official figures showed yesterday.Public sector net borrowing stood at...

BUSINESS BRIEFS

2009-03-20 br />M'sia aims top 10 trading nations spotKUALA LUMPUR: Malaysia aims to be among the world's top 10 trading nations by 2020, International Trade and Industry Minister Tan Sri Muhyiddin Yassin said. "This is our new target at the ministry....

Thursday, 19 March 2009

BUSINESS BRIEFS

2009-03-19 br />US$10-11b trade finance pool at G20GENEVA: A trade finance facility to be discussed by the World Bank and its affiliates at the G20 summit of leading nations on April 2 will offer US$10-11 billion in funds, a senior trade source said....

Global sukuk sales to fall again this year

2009-03-19 ISLAMIC bond sales are likely to drop this year from 2008 although local currency issuances will help support markets hit by the credit crisis, the Asian arm of Kuwait's top syariah lender said yesterday.Plummeting property prices in key Islamic...

Echoes of hope for economy

2009-03-19 ECB head Jean-Claude Trichet joined the chief of the US central bank yesterday in forecasting that the global economic crisis would give way to recovery next year.Trichet saw "moderate" recovery in 2010.Ben Bernanke, the head of the US...

UK jobless rises above 2m for first time since 1997

2009-03-19 THE number of Britons claiming jobless benefit rose by the biggest amount on record last month, official data showed yesterday, and the wider measure of unemployment rose above two million for the first time since 1997.The Office for National...

Shares rise, jitters persist

2009-03-19 WORLD share prices firmed yesterday, while European government debt fell as rising financial stocks and forecast-beating US housing data prompted more optimism among investors after the last week's rally.But the stress that has scrambled markets for...

Tipping point for full-service airlines

2009-03-19 MAJOR Asian airlines may be just days away from slashing more flights as plummeting demand forces them to review their reliance on high-value customers, a regional aviation consultancy said yesterday.Network reductions are inevitable as a result of...

World Bank cuts China growth forecast

2009-03-19 THE World Bank cut China's growth forecast yesterday but called the Asian giant "a relative bright spot" in the gloomy global economy, as Japan vowed to pump more funds into its financial system.China's economy will slow to 6.5 per cent...

Venezuela rethinks cheap petrol

2009-03-19 VENEZUELA, Latin America's biggest oil producer, is considering hiking its extraordinarily cheap domestic gasoline price as it copes with the global crisis.President Hugo Chavez said on Sunday that his government is considering the move, after...

China rejects Coca-Cola bid for top juice-maker

2009-03-19 CHINA said yesterday it had rejected a bid by US soft-drink giant Coca-Cola to acquire the nation's top juice-maker, scuttling what would been the biggest foreign takeover of a Chinese company.The commerce ministry said it would not allow the US$2.4...

Wednesday, 18 March 2009

M'sia sees 50,000 job losses

2009-03-18 MALAYSIA has shed 26,000 jobs since the global financial crisis blew up in September and nearly twice as many workers could lose their jobs this year as struggling manufacturers cut output, a senior government official said. "It (unemployment)...

BUSINESS BRIEFS

2009-03-18 br />China remains top creditor to USWASHINGTON: China consolidated its position as the top creditor to the United States, with US$739.6 billion in US Treasury bond holdings as of late January, US government data showed. The US Treasury...

Germany offers unexpected cheer, Japan spurs lending

2009-03-18 GERMANY'S economy offered unexpected signs of optimism yesterday while Asian powerhouse Japan acted to spur lending by extending banks a further US$10 billion to help tackle the worst global recession in decades.A monthly poll by the ZEW economic...

1 in 10 in Philippines jobless

2009-03-18 JOBLESSNESS in the Philippines has risen to 7.7 per cent with more than nine million people about one in 10 out of work or underemployed, the government said yesterday, blaming the global downturn.The unemployment rate rose from 7.4 per cent a...

Sign of life in US housing

2009-03-18 US home construction starts and permits saw a surprise jump in February from 50-year low levels in a positive sign for the moribund home market at the epicentre of global financial crisis.Housing starts or privately owned new homes on which...

European stock markets slip despite Tokyo bounce

2009-03-18 EUROPEAN stocks slid yesterday as dealers cashed in recent gains, but Tokyo hit a five-week peak on hopes for a global economic recovery owing to economic stimulus efforts, analysts said.Japan's benchmark Nikkei-225 shares index jumped 3.18 per cent...

How travel aids China, Taiwan

2009-03-18 TAIWAN has seen a sudden spike in tourism from China, as an effort by Beijing to improve ties helps its political rival battle recession with a long-sought boost to the service sector.The number of tourists from China, which considers the self-ruled...

Leaders face bigger trade finance gap

2009-03-18 WHEN the World Trade Organisation (WTO) gathers experts today to review trade finance, they are likely to hear the shortfall in the sector is far worse than it seemed just four months ago.If so, that would confirm a dangerous vicious spiral, in...

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