Business » World

Friday, 13 March 2009

World economy seen shrinking 1-2%

2009-03-13 THE global economy may shrink one-two per cent this year, World Bank President Robert Zoellick said, as revised Japanese data confirmed the world's No 2 economy suffered its deepest slump since the oil shock of 1974.The latest grim snapshot of the...

Australia jobless rate hits four-year high

2009-03-13 AUSTRALIA'S unemployment rate hit a four-year high of 5.2 per cent in February as the job market took on characteristics consistent with a recession, economists said yesterday.Prime Minister Kevin Rudd said the figures showed the government was...

Thursday, 12 March 2009

Tiny iPod

2009-03-12 APPLE unveiled a new version of its iconic iPod, calling it "the world's smallest music player" with a new feature that speaks to its owner. The new iPod shuffle (pictured) is "nearly half of the size of the previous model" and...

Singapore, Sydney top list of capitals for Asian expats

2009-03-12 SINGAPORE and Sydney are the favourite destinations of Asians relocating to work overseas and the reputation of Chinese cities is improving, a survey showed yesterday.The city-state's much better air quality, low crime rates and services give it the...

UBS earnings 'at risk for some time'

2009-03-12 TROUBLED Swiss bank UBS issued a grim outlook yesterday, saying that its earnings would be "at risk for some time to come" after it revised upwards its full-year loss for 2008 to 20.9 billion franc.The new figure equivalent to US$17.9...

Analysts doubt potency of M'sia stimulus plan

2009-03-12 MALAYSIA'S massive US$16.2 billion stimulus package met with scepticism yesterday, as analysts questioned if it will avert recession and how cleanly it will be implemented.Deputy premier Najib Razak announced the package on Tuesday, saying the much...

Madoff faces life in prison

2009-03-12 BERNARD Madoff, accused of an "unprecedented" US$50 billion financial swindle, was charged on Tuesday with 11 criminal counts that could put him in prison for the rest of his life.Madoff, 70, a former Nasdaq stock market chairman and money...

BUSINESS BRIEFS

2009-03-12 br />Obama wants action for world's poorWASHINGTON: US President Barack Obama called for global coordination to protect food supplies for the world's poorest countries as the economic crisis deepens. Obama issued the appeal as he met United...

Global airlines warn of stormy economic climate

2009-03-12 GLOBAL airlines face a stormy economic climate, with German carrier Lufthansa warning of a tough 2009 yesterday after Cathay Pacific and Delta posted heavy losses for last year.Lufthansa said its 2008 net profit fell 64 per cent to US$760 million...

Slump decimates Norway pension fund gains

2009-03-12 NORWAY'S state pension fund, one of the world's biggest investors, lost US$90.5 billion last year on its portfolio, wiping out nearly a decade of returns, the central bank said yesterday.The central bank said the fund's holdings tumbled 633 billion...

China exports down

2009-03-12 CHINA'S trade surplus and exports fell off sharply in February, the government said yesterday, as the world's third-largest economy took a harder than expected hit from the global downturn.The figures took markets in the region by surprise, and...

Stock markets push higher

2009-03-12 EUROPEAN and Asian stock markets mostly rallied yesterday after Wall Street bounced higher overnight despite more gloomy economic data highlighting the worst recession in decades.In late morning European trade, London's FTSE 100 index of leading...

Wednesday, 11 March 2009

World faces 'Great Recession': IMF

2009-03-11 THE world is now in the grip of the "Great Recession" and economic growth could dip below zero in 2009, the head of the IMF warned yesterday, as stock markets hit their lowest levels in decades.As China grappled with deflation, Germany was...

BUSINESS BRIEFS

2009-03-11 br />Govts debate stimulus budgetsTOKYO/FRANKFURT: Japan and China added to divisions among top nations over whether they are doing enough to fight the financial crisis. Finance ministers from the G20 group of rich nations and big emerging powers...

China price fall 'worrying'

2009-03-11 CHINA yesterday reported its first drop in consumer prices in more than six years, adding to worries about how the world's third-largest economy is weathering the global slowdown.With the cost of food, clothing and fuel declining, the consumer price...

World equities bounce after falls

2009-03-11 WORLD stocks rose yesterday after three days of consecutive declines knocked them to six-year lows, while government bonds slipped as fears grew governments may need to issue huge debt to fund economic stimulus packages.Wall Street looked set to...

Manila exports plummet 41%

2009-03-11 PHILIPPINE exports plummeted 41 per cent in January to their lowest level in eight years as demand tumbled due to the worldwide slowdown, the government said yesterday.The drop followed a 40.4 per cent year-on-year export decline in December,...

Seafarers in dire straits

2009-03-11 DRIVING on the West Coast Highway along Singapore's port, it's easy to see the signs of recession. Cranes that usually move containers 24 hours a day have their booms fixed up in the air. "Hands up," the seafarers call it.The view to the...

RM60b to save jobs in Malaysia

2009-03-11 MALAYSIA yesterday unveiled new spending worth RM60 billion (US$16.27 billion) over two years in an attempt to save jobs in the export-dependent Asian economy that is teetering on the edge of recession. Deputy Prime Minister Najib Razak, who will...

Oil above US$47, Opec, supplies in focus

2009-03-11 OIL rose above US$47 ($72.09) a barrel yesterday after reports Saudi Arabia was largely maintaining its supply curbs to Asia and Europe and as analysts expected a drop in US crude inventories.The Organisation of the Petroleum Exporting Countries...

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