Business

Abu Dhabi hotel installs gold vending machine

Fri, 14 May 2010 12:23:00 +0000

There's no mistaking what's in this vending machine. The well-heeled in the Gulf can now grab "gold to go" from a hotel lobby in the United Arab Emirates, when the need for a quick ingot strikes.

HSBC chief warns hasty regulation could create second crisis

Fri, 14 May 2010 10:47:00 +0000

Hastily introduced banking industry regulation risks precipitating a second credit crunch and throwing the world's financial system back into crisis, HSBC chief executive Michael Geoghegan has warned.

Google situation in China 'seems to be stable': CEO

Fri, 14 May 2010 09:56:00 +0000

Google chief executive Eric Schmidt said Thursday that the Internet giant's situation in China "seems to be stable" following its decision two months ago to stop censoring Web search results.

Barack Obama plans to punish oil companies with tax hike as Gulf spill worsens

Thu, 13 May 2010 11:59:00 +0000

Oil companies face an immediate tax rise of 1 cent per barrel to help to pay for the clean-up in the Gulf of Mexico under proposed legislation rushed out by the White House yesterday.

Russia Signs $20 Billion Deal for Turkish Nuclear Power Plant

Thu, 13 May 2010 11:46:00 +0000

Russia's ZAO Atomstroyexport signed an agreement to build a power plant with four nuclear reactors on Turkey's southern coast at a cost of as much as $20 billion after more than a year of negotiations.

Bankers jailed, sued as Iceland seeks culprits for crisis

Thu, 13 May 2010 11:40:00 +0000

More than a year and a half after Iceland's major banks failed, all but sinking the country's economy, police have begun rounding up a number of top bankers while other former executives and owners face a two-billion-dollar lawsuit.

Citi to Pay Board Member Joss $350,000 for Consulting

Tue, 11 May 2010 08:19:00 +0000

Citigroup Inc. will pay director Robert Joss $350,000 for as little as three weeks of work amid criticism by shareholder-advisory firm Glass, Lewis & Co. that he lacks the independence needed to serve on the board.

US food-stamp tally nears 40 million, sets record

Tue, 11 May 2010 08:13:00 +0000

Nearly 40 million Americans received food stamps -- the latest in an ever-higher string of record enrollment that dates from December 2008 and the U.S. recession, according to a government update.

Indian billionaire to open 'save the planet’ restaurant

Mon, 10 May 2010 07:52:00 +0000

Indian billionaire Radhika Oswal is set to open the world’s first restaurant that offers a menu aimed at saving the planet from climate change.

EU Preps $645 Billion Fund to Fight ‘Wolfpack,’ Debt Crisis

Mon, 10 May 2010 07:31:00 +0000

European Union finance ministers moved toward agreement on an unprecedented loan package worth at least $645 billion to prevent Greece’s fiscal woes from triggering a broader sovereign-debt crisis and shattering confidence in the euro.

UK budget deficit 'to surpass Greece's as worst in EU'

Thu, 06 May 2010 10:06:00 +0000

Whoever wins the election must make sorting out the public finances the top priority, the European commission warned on the eve of the poll, as it predicted the British budget deficit would swell this year to become the biggest in the European Union, overtaking even Greece.

Starbucks sued over hot tea alleged to cause burns

Tue, 04 May 2010 08:24:00 +0000

Starbucks Corp has been sued by a customer who allegedly suffered second-degree burns after being served tea that was too hot.

China May ‘Crash’ in Next 9 to 12 Months, Faber Says

Tue, 04 May 2010 07:54:00 +0000

Investor Marc Faber said China’s economy will slow and possibly “crash” within a year as declines in stock and commodity prices signal the nation’s property bubble is set to burst.

European Central Bank President Favors Global Governance

Mon, 03 May 2010 13:11:00 +0000

The President of the European Central Bank, Jean-Claude Trichet, told Forbes that global governance is extremely necessary if we want to prevent another financial crisis. I

China Construction Bank set for Asia's biggest ever rights issue

Sat, 01 May 2010 09:15:00 +0000

China Construction Bank has unveiled plans for Asia's biggest ever rights issue — an $11 billion lunge for cash undertaken as the bank's capital adequacy ratio slips below the required level.

HSBC chief: London and New York are 'yesterday's news' in the new world of finance

Fri, 30 Apr 2010 08:27:00 +0000

The head of Britain's biggest bank has declared the end of the "Western-centric mindset" and urged businesses to look to emerging markets for their future.

International arrivals plunge drastically in wake of red-shirt turmoil; Tourism authority seeking Bt1.6bn budget to r...

Wed, 28 Apr 2010 15:18:00 +0000

Foreign tourist arrivals at Bangkok's Suvarnabhumi Airport, the Kingdom's main international gateway, have plunged dramatically, due to the protracted anti-government protests.

Greece Cut to Junk at S&P as Contagion Spreads

Wed, 28 Apr 2010 14:07:00 +0000

Greece’s credit rating was cut three steps to junk by Standard and Poor’s, the first time a euro member has lost its investment grade since the currency’s 1999 debut. The euro weakened and stock markets throughout the region plunged.

Thai Airways to cut its flights by up to 15% as demand slumps

Wed, 28 Apr 2010 13:54:00 +0000

Thai Airways International (THAI) is considering an overall cutback in flight capacity starting next month to reflect the trend towards a downturn in bookings caused by escalating political turmoil in Thailand.

Foreign direct investment surged in Thailand despite political turmoil

Tue, 27 Apr 2010 15:59:00 +0000

Despite unsettled political affairs, foreign interests remain interested in investing in Thailand as witnessed by a surge in the number and value of foreign investment projects seeking Board of Investment (BoI) promotional privileges in the first quarter of this year, according to BoI investment advisor Ajarin Pattanapanchai.