Friday, 4 December 2009

Doha deal breakthrough needed by March: Lamy

2009-12-04 A BREAKTHROUGH on the Doha deal is needed by March to meet a 2010 deadline set by world leaders as ministers failed Wednesday to end a stalemate on reaching a global trade pact, the world trade body said.Some developing nations produced a deal to...

Thursday, 3 December 2009

IN BRIEF

2009-12-03 Cotton group threatens to take US to courtGENEVA: Africa cotton producers Tuesday warned that they may file a complaint at the World Trade Organisation against the United States if the issue over subsidies paid to US cotton growers is unresolved....

No fast solution to floating oil product tankers

2009-12-03 OIL product tankers idling in quiet waters of the world's oceans are unlikely to move on until well into 2010 when more refinery shut downs could curb production and force vessels to unload.Floating oil product volumes, comprising mostly distillates...

EU gives nod to policing banks

2009-12-03 EUROPEAN Union finance ministers agreed yesterday to establish super-watchdogs to police banks following the worst economic crisis in decades."We've got a result," said French Economy Minister Christine Lagarde after hours of negotiations...

Major economies square off at WTO

2009-12-03 THE United States sparred with the world's large emerging economies on Tuesday over the fate of a long-delayed deal to open global trade that critics say has become largely irrelevant in light of the financial crisis.After Brazil's foreign minister...

Dollar steady, yen retreats broadly

2009-12-03 THE dollar rose against the yen yesterday after Japanese Prime Minister Yukio Hatoyama said the yen's rise could not be left "as it is" and on speculation the Bank of Japan may take additional easing measures.The euro held steady ahead of...

Union says 10% of UK financial jobs could go

2009-12-03 ABOUT 10 per cent of jobs in Britain's financial services industry could be cut, equivalent to over 110,000 jobs, the leading union said yesterday. Unite national officer Rob MacGregor estimated that 38,000 jobs had gone this year at banks and other...

Dubai woes is first big crisis for Islamic finance

2009-12-03 DUBAI World's plan to delay repaying a huge Islamic bond issue may damage the image of sharia finance, not due to inherent problems but rather because investors have ignored key questions, analysts say."In many ways, this has been an...

Wednesday, 2 December 2009

IN BRIEF

2009-12-02 Dubai spoils plans for 2010 frontier debtLONDON: Dubai's proposed debt restructuring plans may hinder other borrowers from "frontier" economies to tap an already heavily supplied Eurobond market next year. The likely continuation of near-...

US dollar low at Dubai outlook, yen weakens due to BoJ policy

2009-12-02 THE dollar fell yesterday as waning worries about Dubai's debt, Australia's interest rate hike, and upbeat euro zone data dimmed the greenback's safe-haven appeal, sending investors elsewhere for better returns.The yen also weakened broadly after...

EU hails new era as Lisbon treaty goes into force

2009-12-02 THE European Union hailed the start of a new era yesterday after its Lisbon reform treaty went into force, carrying with it the bloc's hopes of become a more powerful force on the world stage.The treaty, which aims to make EU decision-making...

Bananas deal at risk

2009-12-02 A DEAL on banana tariffs is close at hand between Latin America and the European Union but risks being scuppered by the United States and poor banana-producing states, officials said yesterday. "The African, Caribbean and Pacific (ACP)...

Oil rises to US$78 as Dubai worry eases

2009-12-02 OIL climbed to around US$78 a barrel yesterday, adding to the previous session's advance, as concern eased that Dubai's debt problems would set back the global economic recovery.European shares rose yesterday as investors' appetite for relatively...

Dubai ruler optimistic while Gulf markets continue to fall

2009-12-02 GULF markets dropped again yesterday, taking little comfort from Dubai World's plan to restructure about US$26 billion of debt, while the rulers of Abu Dhabi and Dubai talked up their economic strength.Dubai stocks fell a further 3.6 per cent and...

Tuesday, 1 December 2009

Property regaining favour with the rich

2009-12-01 PROPERTY is again in vogue with wealthy investors who plan to raise their exposure to the asset class in coming years, with the US, China and the UK the most popular places to invest, a survey showed yesterday.The Barclays Wealth and Economist...

Only one Linux phone from Nokia in 2010

2009-12-01 NOKIA Oyj plans to install Linux software on just one new smartphone next year, a source told Reuters yesterday, dampening prospects of a quick makeover of the Finnish group's struggling product line-up. But a spokesman said the world's biggest...

IN BRIEF

2009-12-01 Abu Dhabi ADCB bank is on credit watchPARIS: Standard and Poor's said yesterday it had put some credit instruments by Abu Dhabi Commercial Bank (ADCB) under negative credit watch because the bank was heavily exposed to Dubai World property. Standard...

UAE will not back Dubai World debts

2009-12-01 THE Dubai government disclaimed responsibility for the debts of its Dubai World conglomerate yesterday, crushing earlier assumptions by creditors that the Arab emirate would guarantee its liabilities."Creditors need to take part of the...

Ministers to look to US during WTO meet

2009-12-01 OVER a hundred ministers gathered yesterday at a key World Trade Organisation conference, with all eyes on the United States to provide a much needed push for negotiating a global trade pact.On the eve of the meeting, developing countries issued a...

Debt-laden Dubai firmly in denial

2009-12-01 GLITZY Dubai may face a debt crisis that has sent a shudder through global markets, but you wouldn't know it from officials or local media.World leaders have commented on the crisis, but not those in the United Arab Emirates itself, where...