Business » World

Monday, 6 April 2009

Wealth funds urged to coordinate

2009-04-06 HEADS of sovereign wealth funds which control US$3 trillion of assets opened a meeting in Kuwait yesterday with a call for coordination in the face of the global economic meltdown."This crisis places an extra pressure on our group to have...

US stocks seen to extend rally this week

2009-04-06 US STOCKS should rally further this week, if investors get more signs that the economic slump is abating and earnings season does not get off to a rocky start.Alcoa Inc will report results tomorrow in the unofficial start of first-quarter company...

How will rocket affect S Korea economy?

2009-04-06 NORTH Korea yesterday launched a long-range rocket that passed over Japan, the government in Tokyo said, defying calls from world leaders to scrap a plan that has caused international alarm. Following are key questions and answers the increased...

Asean meet to tackle follow-up on G20 plans

2009-04-06 SOUTHEAST Asian nations and key regional partners will use a summit next week to discuss their follow-up to a G20 plan to lift the world out of recession, Thailand's premier said yesterday.The summit of the 10-member Association of Southeast Asian...

UK recession 'worse than we thought': finance chief

2009-04-06 BRITAIN'S recession is worse than the government expected and the economy is unlikely to return to growth at least until the end of the year, finance minister Alistair Darling said yesterday.Darling will revise his economic forecasts lower when he...

HSBC nails 97% take-up for US$17.7b rights issue

2009-04-06 EUROPE'S biggest bank HSBC yesterday announced a 96.6 per cent take-up for its US$17.7 billion rights issue announced last month after a plunge in profits.The rights issue was hailed as a success by HSBC group chairman Stephen Green, who added he...

BUSINESS BRIEFS

2009-04-06 UBS stops staff seeing clients abroadGENEVA: Switzerland's UBS has banned wealth management advisors from making business trips abroad to see foreign clients, a spokeswoman for the bank said yesterday. Swiss media reported that about 1,000 UBS staff...

IMF gets new lease on life

2009-04-06 FROM the ashes of global prosperity the International Monetary Fund emerged this week as the bulwark against the economic crisis, its role and finances heavily bolstered by world leaders.The IMF was the main beneficiary at the Group of 20 London...

Geithner threatens to axe bankers

2009-04-06 THE US government stands ready to force out banking bosses and install new management if their companies have to return for more bailout money, Treasury Secretary Timothy Geithner said yesterday.Interviewed on CBS programme "Face the Nation...

HK brokerage scolded over minibond mess

2009-04-06 HONG Kong's securities watchdog has reprimanded a major brokerage for misselling controversial financial products backed by failed US giant Lehman Brothers, a spokesman said yesterday.KGI Asia Ltd, which has more than 40,000 clients in Hong Kong,...

Sunday, 5 April 2009

Obama plans new bailout initiatives

2009-04-05 THE administration of President Barack Obama is crafting new financial bail-out initiatives in a way it believes will allow firms receiving funds to avoid restrictions imposed by Congress, The Washington Post reported yesterday.The administration...

HK police probe Citic Pacific over forex bets

2009-04-05 POLICE in Hong Kong yesterday said they were investigating directors of a high-profile company for alleged fraud after a raid by commercial crime squad officers. The offices of Citic Pacific, the Hong Kong-listed arm of China's biggest conglomerate...

No crisis in space: Tours still on

2009-04-05 THE US company that has arranged for six tourists to fly in space said on Friday it is staying open for business despite the economic crisis and a lack of confirmed flight opportunities.Space Adventures has been setting up flights aboard Russian...

BUSINESS BRIEFS

2009-04-05 EU wants breathing room for banksPRAGUE: EU finance chiefs yesterday called for accounting norms in Europe to be relaxed in line with recent US moves to give banks more breathing room, so their European rivals are not left disadvantaged. The US...

Thousands march in Italy

2009-04-05 HUNDREDS of thousands of Italians shouting anti-government slogans marched in Rome yesterday to protest Prime Minister Silvio Berlusconi's handling of the economic crisis and demand more spending to create jobs.Waving red union banners and balloons...

Countries challenge OECD tax list

2009-04-05 COUNTRIES faulted by the OECD for their tax reporting standards snapped back Friday, with some disputing their designation and others vowing to clear their names.After the Group of 20 summit in London agreed to crack down on tax havens, the OECD...

Saturday, 4 April 2009

US Congress passes budget plan

2009-04-04 THE US Senate and House of Representatives passed separate versions of a massive budget Thursday signalling broad support for President Barack Obama's climate change and healthcare overhaul ambitions.Obama's Democratic allies, who control both...

'Google plans Twitter takeover'

2009-04-04 US Internet giant Google is in negotiations to acquire micro-blogging sensation Twitter for over US$250 million, technology blog TechCrunch reported yesterday.Citing two sources familiar with the matter, TechCrunch said Google would be making an...

Germany adopts law nationalising troubled banks

2009-04-04 GERMANY yesterday adopted a highly controversial emergency law allowing the government to nationalise stricken banks, by seizing investors' shares if necessary.The legislation has stoked painful memories in Germany of Nazi seizures of Jewish...

US jobless rate soars 8.5%

2009-04-04 THE US unemployment rate leapt to a new 25-year high of 8.5 per cent in March as recession-battered employers shed another 663,000 jobs, the Labour Department reported yesterday.The monthly snapshot of the labour market, seen as one of the best...

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