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07:53:33 PM

Wednesday, 23 May 2012

Global Business & Economy

Saudi says will give $3.25bn aid to Yemen

Wednesday, 23 May 2012 18:49

RIYADH: Saudi Arabia will give its impoverished neighbour Yemen aid worth $3.25 billion, the kingdom's Foreign Minister Prince Saud al-Faisal told a meeting in Riyadh Wednesday, urging other nations to take similar steps. "To ensure Yemen's security and stability, the kingdom will provide $3.25 billion to support development projects there which will be agreed upon with the Yemeni side," he said at the opening of the Friends of Yemen meeting. "The Yemeni government is exerting courageous efforts, ...

Saudi signs $3bn deal with Britain to buy trainer jets

Wednesday, 23 May 2012 18:44

RIYADH: Saudi Arabia has signed a $3-billion deal with Britain to buy trainer jets for the Gulf kingdom's air force, SPA state news agency said on Wednesday. The agreement includes the provision of simulators, ground and training equipment and spare parts, SPA reported, quoting a Saudi defence ministry official. The official said the new jets would help qualify Saudi pilots "to use fourth-generation jet fighters in full professionalism and efficiency." British arms manufacturer BAE Systems said that following ...

Japan's April trade deficit grows to $6.5bn

Wednesday, 23 May 2012 11:41

TOKYO; Japan logged a bigger-than-expected trade deficit of 520.3 billion yen ($6.5 billion) in April as higher energy costs pushed up imports, the finance ministry said Wednesday. The deficit was larger than a shortfall of 477.7 billion yen registered in April 2011, a month after Japan was hit by a huge earthquake and tsunami which battered the world's third-largest economy. It was also bigger than the 470 billion yen deficit expected by economists. Exports in April rose 7.9 ...

April trade deficit up as energy costs rise: Japan

Wednesday, 23 May 2012 11:28

TOKYO: Japan recorded a bigger-than-expected trade deficit in April, official data showed Wednesday, as higher energy costs hiked imports while shipments to China its biggest market fell from a year ago. The country posted a monthly deficit of 520.3 billion yen ($6.5 billion), the finance ministry said, up from 477.7 billion yen a year ago and the highest ever for April. Japan has switched off its nuclear reactors following last year's quake-tsunami disaster, which sparked the worst ...

China must act to prevent hard landing: World Bank

Wednesday, 23 May 2012 11:26

BEIJING: Chinese economic growth will continue to ease this year, presenting policy makers in Beijing with the challenge of preventing an excessively abrupt slowdown, the World Bank said in a report Wednesday. As key overseas markets weaken, China will need to sustain its export-oriented economy with more fiscal spending, the bank said in its half-yearly review of Asia's developing economies. "China's near-term policy challenge is to sustain growth through a soft landing. The ongoing slowdown is partly ...

French finance chief warns against Greek euro exit

Tuesday, 22 May 2012 12:54

PARIS: Greece exit from the eurozone risks causing an "unpredictable" spread of the debt crisis, a scenario which France will work to avoid at all cost, French Finance Minister Pierre Moscovici said Tuesday. "Everything must be done to help pro-European and pro-euro forces in Greece," ahead of repeat elections due next month, Moscovici told AFP, citing "measures to boost growth and give back hope to the Greek people". Moscovici was also confident that Paris and Berlin will ...

New Zealand frames flat budget, eyeing euro crisis

Tuesday, 22 May 2012 11:20

WELLINGTON: New Zealand's conservative government has signalled it will deliver an austerity budget on Thursday which assumes the struggling economy will be buffeted by a sharp recession in Europe. Prime Minister John Key said there will be no new spending, with all initiatives paid for by savings or tax hikes as the government looks to clear debt and return to surplus by 2014/15. "We're putting the economy in the strongest position to cope with any crisis by ...

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