Business Times Online - World News

Barclays asks US court to enforce Lehman asset buy

Sun, 12 Feb 2012 20:00:00 GMT

(NEW YORK) Barclays Plc asked a US District judge to enforce a US$50 billion deal struck in 2008 to buy bankrupt Lehman Brothers Holdings Inc's North American assets, saying it would 'jeopardise' future sales of distressed companies if contracts and promises weren't honoured.

Planned French transactions tax draws flak

Sun, 12 Feb 2012 20:00:00 GMT

(PARIS) A proposed financial transactions tax that France hopes other European countries will also adopt is likely to be ineffective and difficult to implement, analysts say.

SEC starts probe into private equity firms

Sun, 12 Feb 2012 20:00:00 GMT

(NEW YORK) The US Securities and Exchange Commission has started an informal inquiry of private equity firms, asking for a broad range of documents on how the funds value assets and who invests in them.

UK bankers arrested in probe into tax offences

Sun, 12 Feb 2012 20:00:00 GMT

(LONDON) Several British bankers have been arrested as part of an investigation into alleged tax-related criminal offences, the country's customs and revenue service said yesterday, including some from Royal Bank of Scotland.

France to extend life of nuclear plants

Sun, 12 Feb 2012 20:00:00 GMT

(PARIS) French President Nicolas Sarkozy has decided to extend the life of the country's nuclear power plants beyond 40 years so the economy can continue to benefit from cheap energy, Industry Minister Eric Besson said yesterday.

Romney stems mid-week losses with narrow win in Maine

Sun, 12 Feb 2012 20:00:00 GMT

(PORTLAND, Maine) Republican presidential front-runner Mitt Romney grabbed back some momentum after mid-week losses in three states, scoring a narrow win in Maine's caucuses on Saturday, hours after winning a straw poll of Republican conservative activists.

Weak growth, tension may shatter EU: Soros

Sun, 12 Feb 2012 20:00:00 GMT

(WASHINGTON) Billionaire investor George Soros predicted weak growth and lingering political tension that could shatter Europe's economic union even if Greece agrees to austerity measures.

Greece debates measures to secure bailout

Sun, 12 Feb 2012 20:00:00 GMT

(ATHENS) Greek lawmakers yesterday began debating legislation introducing severe austerity measures necessary for the country to secure a 130 billion euro (S$216 billion) bailout from the European Union and the International Monetary Fund and stave off bankruptcy.

India industrial output growth in December lags forecasts

Fri, 10 Feb 2012 20:00:00 GMT

INDIAN industrial production growth slowed sharply in December, its slowest pace in two months, adding to pressure on the central bank to start cutting interest rates to help stimulate an economy that is headed for its slowest growth in three years.

Citigroup iPad bill-pay app users charged twice

Fri, 10 Feb 2012 20:00:00 GMT

CITIGROUP'S effort to become 'the world's digital bank' has encountered a snag.

US$2.3m payback from US financial giants

Fri, 10 Feb 2012 20:00:00 GMT

CITIGROUP, JPMorgan Chase & Co and 15 other underwriters reimbursed California US$2.3 million last year after a regulatory probe found they used taxpayer funds to pay fees to their lobbyists.

Economy giving a boost to Obama

Fri, 10 Feb 2012 20:00:00 GMT

A BRIGHTENING economic picture is improving President Barack Obama's re-election prospects, even as the pace of the nation's recovery from financial crisis remains a vulnerability for his campaign.

HK sees serious worker shortfall by 2018

Fri, 10 Feb 2012 20:00:00 GMT

HONG Kong will face a shortfall of 22,000 workers with higher education by 2018 as the city's population ages, the government said in its first forecast for a shortfall since it began the study in 1988.

Spain reforms labour to fix unemployment

Fri, 10 Feb 2012 20:00:00 GMT

SPAIN'S new conservative government approved sweeping labour market reforms yesterday as part of a drive to retool a sick economy and solve Europe's worst unemployment nightmare.

Dec US trade gap widens to US$48.8b

Fri, 10 Feb 2012 20:00:00 GMT

THE US trade deficit widened slightly more than expected in December, and the bilateral trade deficit with China last year soared to a record high US$295.5 billion.

Euro ministers demand more from Greece

Fri, 10 Feb 2012 20:00:00 GMT

JUST hours after Greece gave in to painful new job and spending cuts, European ministers declared on Thursday that Athens didn't go far enough and demanded more within a week in exchange for a 130 billion euro (S$215.9 billion) bailout to stave off bankruptcy.

Treasury mulling small US bank stakes sale

Fri, 10 Feb 2012 20:00:00 GMT

THE US Treasury Department is considering selling stakes and allowing mergers involving banks in the Troubled Asset Relief Program (TARP), an Obama administration official said yesterday.

Japanese shareholder moves ahead in suit against Wynn

Fri, 10 Feb 2012 20:00:00 GMT

WYNN Resorts Ltd, the US$15 billion gaming empire of Las Vegas tycoon Steve Wynn, may be forced to give its biggest shareholder access to its financial papers, a US judge has ruled, the latest turn in a case that has transfixed the casino world with implications for the company's control.

US lawmaker faces insider trading probe

Fri, 10 Feb 2012 20:00:00 GMT

THE chairman of the House Financial Services Committee, Spencer Bachus - which oversees the US banking and financial services industries - is under investigation for possible violation of insider trading laws, The Washington Post reported on Thursday.

Elizabeth Taylor auctions raise over US$183m

Thu, 09 Feb 2012 20:00:00 GMT

(LONDON) Paintings, jewellery and fashions belonging to the late Elizabeth Taylor have sold for more than US$183 million, with all of the more than 1,800 items on offer snapped up, Christie's auction house said yesterday.

Gingrich seen getting a boost from Santorum's victories

Thu, 09 Feb 2012 20:00:00 GMT

THE surprise victories of Rick Santorum in primary Republican contests in Colorado, Minnesota and Missouri on Tuesday have done as much for Newt Gingrich's prospects as they have for Mr Santorum's own.

Global food prices reverse 6-month slide

Thu, 09 Feb 2012 20:00:00 GMT

(MILAN) Global food prices rose in January for the first time in six months and may show another rise for February, as concern about bad weather in main growing regions boosted grain and vegetable oil values, the United Nations' food agency said yesterday.

BOE to pump £50b more into UK economy

Thu, 09 Feb 2012 20:00:00 GMT

(LONDON) The Bank of England (BOE) will inject another £50 billion (S$99 billion) into Britain's weak economy and keep interest rates at a record-low 0.5 per cent, it announced yesterday.

Greek deal finally paves way for 130b euro bailout

Thu, 09 Feb 2012 20:00:00 GMT

(FRANKFURT) Greece says it has struck a deal with its bailout creditors on adopting harsh new austerity measures needed to avoid a disastrous bankruptcy.

Daimler Q4 net profit jumps more than half

Thu, 09 Feb 2012 20:00:00 GMT

(STUTTGART) Daimler forecast profitability would likely decline in 2012 after posting better-than-expected quarterly net profit that allowed the company to significantly hike its dividend.