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Business » World
- Monday, 6 February 2012
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No rescue without reforms, Greece told
EURO zone finance ministers told Greece it could not go ahead with an agreed deal to restructure privately held debt until it guaranteed to implement reforms to secure a second financing package from the euro zone and the IMF.!Euro zone ministers...
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With job spurt, US economy races ahead of Europe
THE latest surge in US job creation suggests the world's biggest economy is gathering momentum in contrast with the recession taking hold in parts of Europe.Analysts said that in the United States, where the economy added 243,000 net new jobs in...
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Penniless shepherd among Greece's top debtors
A PENNILESS shepherd from the island of Crete is one of Greece's top state debtors, a report said yesterday, highlighting the daunting task facing the crisis-hit country in managing its chaotic finances.Stelios Parasyris, 65, is deemed to owe the...
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IN BRIEF
Barclays boss 'to get US$4.7m bonus'LONDON: Barclays chief executive Bob Diamond is to receive a bonus of up to £3 million pounds (US$4.7 million, 3.6 million euros) for his work in 2011, reports said yesterday. Britain's Sunday Times...
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'Europe stability in China's interests'
CHINA'S Premier Wen Jiabao (pic, right) said a stable Europe was key to stability at home, in comments published yesterday, at the end of a week that saw Germany's chancellor visit Beijing."Firstly, our biggest export market is Europe,"...
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IMF hails Saudi role in supporting global economy
SAUDI Arabia has played an "important role" in stabilising the oil market and supporting the global economy, International Monetary Fund chief Christine Lagarde said in a statement on Saturday.Lagarde's comments came at the conclusion of...
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A 'new alien' scaring global markets
THE United States is coming to be seen as a global threat, acting unilaterally with aggressive new market rules that critics say will hurt US firms, foreign banks, and international markets in one swoop.!The new buzzword in the financial world is...
- Sunday, 5 February 2012
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Wall Street analysts struggle to predict Apple
BY DAY, Robert Leitao manages a Catholic church in Southern California. By night, he indulges his other passion: predicting Apple Inc's results.!Leitao is part of a cadre of amateur forecasters, bloggers and hobbyists who sift through reams of data...
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IN BRIEF
Telenor asks Indiato protect investmentNEW DELHI: Telenor says it expects India to protect its "lawful investment" after an Indian court scrapped mobile permits held by the Norwegian giant and other firms on grounds the licensing process...
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Clinton voices confidence on Euro recovery
THE United States voiced confidence yesterday that Europe can solve its financial crisis and said the two must work more closely to support their recoveries and combat state-run capitalism and protectionism.!Speaking at the Munich Security...
- Saturday, 4 February 2012
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IMF tells Latin America to brace for eurozone contagion
THE International Monetary Fund on Thursday urged Latin American policymakers to take actions to guard against contagion from the eurozone debt crisis and looming recession."Hope for the best (or at least, the better); but prepare for the worst...
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Switzerland probes lenders for manipulation of interbank rates
SWITZERLAND said yesterday it was investigating a dozen US, European and Japanese banks suspected of conspiring to manipulate interbank lending rates used to set interest rates on hundreds of trillions of dollars of securities.!The Swiss Competition...
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Egypt asks World Bank for US$1b loan
EGYPT has asked the World Bank for a US$1 billion loan to help it rebuild its economy, the Bank said.The Bank said it had received an official request from Cairo for a development policy loan, and that it would open discussions now to "work out...
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IN BRIEF
Hungarian airline Malev halts operationsBUDAPEST: Hungary's national airline Malev said early yesterday that it had grounded its planes after running out of cash almost a month after the European Union said the carrier must pay back state aid....
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Greeks moved €16b abroad
GREEKS have moved at least €16 billion (US$21 billion) in funds to foreign banks in the last two years, about a third of which went to Britain, the finance minister said yesterday.Evangelos Venizelos said that overall, depositors had withdrawn...
- Friday, 3 February 2012
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Greek PM to solicit support for more austerity measures
GREECE'S prime minister faces the daunting task of rallying reluctant political leaders behind unpopular wage and pension cuts demanded by lenders as the price for bailout money that is essential to avert a chaotic default. !But even if Lucas...
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IN BRIEF
American Airlines to slash 13,000 jobsNEW YORK: American Airlines plans to slash 13,000 jobs around 15 per cent of the company's total workforce and cut costs by 20 per cent in order to stay afloat after filing for bankruptcy late last year. Local...
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High oil prices push Shell's 2011 net profit to US$30.9b
ENERGY giant Royal Dutch Shell said Thursday that its 2011 net profit jumped by 54 percent to US$30.92 billion (€23.5 billion) on the back of higher energy prices.The profit after tax figure compared with net income of US$20.47 billion during...
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Facebook 'friends' Wall Street with US$5b public offer
INVESTORS came down with Facebook fever after the social networking titan filed to go public and seek to raise $5 billion in the largest flotation ever by an Internet company on Wall Street.The paperwork filed on Wednesday for the initial public...
