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Saturday, 20 December 2008

10b dollar banknotes

2008-12-20 ZIMBABWE'S central bank has introduced a 10 billion Zimbabwe dollar banknote, worth US$20 on the black market, to try to ease desperate cash shortages, state-run media said yesterday.Prices are doubling every day and food and fuel are in short...

Price fall to cushion recession blows

2008-12-20 THE collapse of oil prices which fell below US$40 a barrel to a 4 1/2-year low on Thursday is a rare bright spot amid the economic gloom that could provide some much-needed relief to consumers, companies and even governments.Falling prices for...

HK, China agree on currency swap

2008-12-20 HONG KONG Chief Executive Donald Tsang said yesterday that China and Hong Kong will sign a currency swap agreement to facilitate trade between the territory and the mainland.China will allow eligible companies to settle trades in yuan in Hong Kong,...

Stocks fall on weak oil, US dollar trims losses

2008-12-20 ENERGY stocks led a fall in world equities yesterday as oil hit its lowest in nearly five years on worries over global demand, but the US dollar clawed back some losses at the end of the last full trading week of 2008.Oil fell below US$34 to its...

Toyota likely to post first full-year loss

2008-12-20 JAPANESE auto giant Toyota is likely to suffer its first-ever operating loss in the year to March 2009 due to a stronger yen and a global industry slump, news reports said yesterday.Toyota Motor Corp, which slashed its annual net profit forecast by...

Strong yen to cripple Japan industry: Honda CEO

2008-12-20 THE head of Honda Motor Co warned the strong yen could cripple Japanese industry and spur massive layoffs, and said the automaker would be forced to bring more production overseas if the US dollar persisted below ¥100. "If the government is...

Japan rates near zero

2008-12-20 JAPAN slashed interest rates to almost zero yesterday as it tries to stave off a long recession while a major banking group warned the global economy would sink into a "severe" contraction next year.Japan's central bank sliced lending...

Wanted: 6,000 taxi drivers

2008-12-20 A JAPANESE taxi company yesterday offered some holiday cheer in gloomy economic times, saying it would hire 6,000 drivers in a bid to give work to people who lost their jobs.Daiichi Koutsu Sangyo, which is headquartered in the southern city of...

BUSINESS BRIEFS

2008-12-20 European banks purge €30b bad assetsPARIS: European banks Natixis and UBS purged more than €30 billion in toxic assets, highlighting the scale of the clean-up under way by global financial institutions after 16 months of crisis. France's Natixis...

Texas Instruments to cut 400 jobs in Philippines

2008-12-20 TEXAS Instruments, one of the world's biggest semiconductor manufacturers, is laying off 400 workers from its factory in northern Philippines due to the global financial crisis, officials said yesterday.The Department of Labor and Employment's...

UK urges oil price stability

2008-12-20 BRITISH Prime Minister Gordon Brown said yesterday that oil price volatility was "in no-one's interest" at a meeting of major oil producing and consuming nations, as prices hit a new four-year low.Brown urged stability after a year which...

Friday, 19 December 2008

M'sia needs legal system upholding syariah finance

2008-12-19 MALAYSIA launched the world's first syariah interbank money market and popularised interest-free bonds to establish itself as a leading centre for Islamic finance, but its legal system is struggling to keep up.Malaysia is not alone. Rival Middle...

Narrow escape from Madoff

2008-12-19 BERNARD Madoff was always a strange kind of investment guru, according to a French fund manager who pulled his money out of the Wall Street firm just weeks before it collapsed.Xavier Lepine had a narrow escape with the Wall Street broker who he used...

US dollar, sterling pound fall; oil briefly below US$40

2008-12-19 THE US dollar and sterling fell sharply yesterday, boosting the euro broadly as this week's aggressive US rate cuts prompted speculation for deep rate cuts in Britain, while oil's tumble weighed on European shares.The US dollar hit a 2-1/2 month low...

Goldman agrees to Panasonic bid for Sanyo

2008-12-19 GOLDMAN Sachs has agreed to a slightly sweetened Panasonic Corp offer to buy its stake in Sanyo Electric Co, three financial sources close to the situation said, clearing the way for a deal worth at least US$6.5 billion.The combination of Panasonic...

IMF sees recovery in early 2010

2008-12-19 THE IMF cautiously forecast a US recovery by early 2010 and a British central banker yesterday said UK interest rates could hit zero, a level Japan's are forecast to drop closer to this week.The US is mired in recession and has dragged much of the...

Japan steps up warning as yen soars

2008-12-19 JAPAN warned currency markets yesterday of possible intervention to stem the yen's rise after it hit a 13-year high against the US dollar, adding to pressure on the Bank of Japan to cut interest rates to protect an export-dependent economy already...

Global currency rules needed to fight crisis

2008-12-19 ALL countries exposed to the economic crisis, including those with currencies declining in value, should adopt policies to stimulate domestic demand, a UN agency said yesterday.The United Nations Conference on Trade and Development (Unctad) said...

No wedding bells for Qantas, BA

2008-12-19 AUSTRALIA'S Qantas Airways and British Airways said yesterday that their talks on a planned merger to form a global carrier worth an estimated US$6.0 billion had ended without agreement."Despite the potential longer term benefits for Qantas and...

BUSINESS BRIEFS

2008-12-19 Iata: Premium revenues to fall sharplyKUALA LUMPUR: The International Air Transport Association (Iata) expects business travel and premium revenues next year to fall sharply following most economic forecasts suggesting recession will not bottom out...

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