World Economy

Singapore slashes interest rates to spur local businesses

Singapore slashes interest rates to spur local businessesSingapore  - Singapore is slashing interest rates by more than a full point and increasing its share of insurance premiums on officially approved business loans, news reports said Wednesday.

The rate cut of 1.25 per cent and increased coverage of loan insurance to 90 per cent from 50 per cent will be effective as of effective as of January 1, 2009, officials said.

NAFTA completes 15 years in the midst of grave economic crisis

Mexico City/Washington  - The North American Free Trade Agreement (NAFTA) is completing 15 years as an economic crisis, with its epicentre in the United States, has shaken its three pillars: commerce, investment and employment.

The anniversary coincides with the worst moment in several decades for the world economy, and as the White House is set to be occupied by Barack Obama, a fierce critic of NAFTA during the US presidential campaign who has pledged to renegotiate it.

The pact between the United States, Mexico and Canada - the flagship of several free-trade agreements in Latin America - took effect January 1, 1994 when Carlos Salinas de Gortari and Bill Clinton were presidents of Mexico and the US.

Hong Kong leader's popularity dips to new low as economy struggles

Hong Kong leader's popularity dips to new low as economy strugglesHong Kong - The popularity of Hong Kong leader Donald Tsang has fallen to a new low amid the worsening economic slump, according to a survey released Tuesday.

The chief executive of the former British colony was given a score of 50.7 points out of 100 in the monthly poll by the city's Chinese University, down from more than 60 out of 100 in May.

Car production in Thailand projected to fall sharply in 2009

Car production in Thailand projected to fall sharply in 2009Bangkok - Rapidly sliding global demand is expected to cut Thai automobile production by more than 35 per cent next year, said a report Saturday.

The number of vehicles produced could drop from 1.4 million this year to less than 1 million, if domestic sales fall 10 per cent and exports crash 50 per cent, Wallop Taisiri, director of the Thailand Automotive Institute, was quoted as saying by the Bangkok Post.

Thousands of workers have already lost jobs and more are at risk, the report said.

No holiday cheer for US retailers as sales tumble

No holiday cheer for US retailers as sales tumbleWashington - US retailers were experiencing their worst holiday sales season in four decades as concerns over the widening recession and record-high job losses kept shoppers away.

Several stores opened as early as 5:30 am Friday, hoping to lure consumers with steep discounts of 50 per cent to 70 per cent. JC Penney Co was offering 70 per cent off on gold jewellery.

Singapore's November manufacturing output declines by 7.5 per cent

Singapore - Singapore9s November manufacturing output declined by 7.5 per cent compared with the same month last year, according to the Economic Development Board Friday.

On a seasonally adjusted month-on-month basis, output rose 6.2 per cent in November, due to a higher level of production in the biomedical manufacturing cluster, the state agency said.

The three-month moving average year-on-year index for November fell 5.5 per cent compared to the same period last year.

Cumulative manufacturing output for the first eleven months of 2008 fell 3.3 per cent compared with the same period last year.

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