Business

Brazil proposes looser fiscal rules to accelerate growth 30 Dec 2012 - 01:16 am

SAO PAULO: Brazil’s government has proposed changes to a fiscal responsibility law that set the foundation for a decade of economic prosperity in...

Sudan’s oil production rises to almost 140,000b/d 30 Dec 2012 - 01:16 am

KHARTOUM: Sudan has managed to boost oil production to almost 140,000 barrels per day and plans to add another 10,000b/d next year, its...

Vietnam GDP grows by 5.03 percent 30 Dec 2012 - 01:15 am

Vietnam’s gross domestic product (GDP) grew 5.03 percent in 2012, according to the General Statistics Office, while government target was 5.2 percent. This...

East Asia holds economic bright spot for 2013 30 Dec 2012 - 01:14 am

Doha: The Global economic outlook continues to be revised downwards for 2013, due to weaker growth in advanced economies, especially the Euro Area....

Deal reached to avert US port strike for now 30 Dec 2012 - 01:09 am

Los angeles: The union representing nearly 15,000 dockworkers at US Atlantic and Gulf Coast seaports stretching from Boston to Corpus Christi, Texas, reached...

India’s Bharti Infratel falls in market debut 30 Dec 2012 - 01:09 am

NEW DELHI/HONG KONG: Bharti Infratel Ltd, backed by billionaire Sunil Mittal, dived as much as 12.7 percent in its trading debut after raising...

US industry presses for duties on shrimp 30 Dec 2012 - 01:09 am

WASHINGTON: US shrimp producers filed a petition asking the Commerce Department to impose punitive duties on billions of dollars of shrimp from China,...

Deutsche Bank co-CEO sees more Europe bank consolidations 30 Dec 2012 - 01:08 am

FRANKFURT: Consolidation of European banks is not yet at an end, and Germany’s sector with its many small banks will have to change,...

Hong Kong economy to grow 30 Dec 2012 - 01:07 am

Workers assemble a promotional installation in preparation for New Year’s eve celebrations outside a shopping mall in Hong Kong yesterday. With the global...

Saudi sets record budget for 2013 30 Dec 2012 - 01:06 am

RIYADH/DUBAI: Saudi Arabia has set a record state budget for next year as high oil prices allow heavy spending on welfare and infrastructure...

Housing, factory data points to momentum in US economy 30 Dec 2012 - 01:06 am

WASHINGTON: Contracts for US home resales hit a 2-1/2-year high in November and factory activity in the Midwest expanded this month, suggesting some...

Argentina’s YPF, Bridas sign $1.5bn shale deal 30 Dec 2012 - 01:05 am

BUENOS AIRES: State energy company YPF has signed a preliminary agreement with Bridas Corp. for the development of Argentina’s vast nonconventional oil and...

China firm to acquire major African iron ore mine 30 Dec 2012 - 01:05 am

BEIJING: China’s Hanlong Group intends to take over Australian mining company Sundance early next year and gain control over a key supply of...

US judge approves Toyota’s $1.1bn acceleration deal 30 Dec 2012 - 01:03 am

SAN FRANCISCO: A US judge granted preliminary approval yesterday to Toyota Motor Corp’s $1.1bn settlement of a class-action lawsuit brought by consumers who...

Stocks slip as US battles ‘cliff’ 29 Dec 2012 - 04:42 am

Workers sweep the floor in front of the final stock price index after the ceremonial closing event of the 2012 stock market during...

Japanese data shows more economic gloom 29 Dec 2012 - 04:42 am

TOKYO: Japanese factories slowed in November, spelling out the daunting task that lies ahead for the new conservative government in reviving the world’s...

French shipyard lands billion euro luxury liner deal 29 Dec 2012 - 04:42 am

SAINT-NAZAIRE, France: Officials hailed some rare good news for France’s struggling economy yesterday after an ailing shipyard landed a billion-euro contract to build...

Portugal deficit narrows, still above 2012 goal 29 Dec 2012 - 04:41 am

LISBON: Portugal’s budget deficit narrowed to 5.6 percent of GDP in the first nine months of 2012 from 6.7 percent a year earlier,...