Straits Times Interactive - WORLD

Li Ka-shing anoints eldest son to head empire

Fri, 25 May 2012 22:00:00 GMT

HONG KONG - Asian billionaire Li Ka-shing yesterday confirmed that his eldest son would eventually control his business empire, but the 83-year-old Hong Kong tycoon dismissed suggestions that he was about to retire.

Carbon law 'choking Europe's growth' Emissions trading

Fri, 25 May 2012 22:00:00 GMT

BRUSSELS - Rising tensions with India and China over the European Union's 'arrogant' law on carbon emissions could rob Europe of the markets that can rescue it from its economic malaise, according to airline leaders.

Money Briefs

Fri, 25 May 2012 22:00:00 GMT

CUPERTINO - Apple said its chief executive Tim Cook will forgo about US$75 million (S$95 million) in dividend payments he would otherwise receive for the 1.125 million stock awards he is slated to get over the next decade.

AirAsia's Tony Fernandes to relocate to Jakarta

Fri, 25 May 2012 22:00:00 GMT

TOULOUSE - AirAsia chief executive Tony Fernandes, one of Malaysia's most successful businessmen, said he is moving to Jakarta to help accelerate the regional expansion of Asia's biggest budget carrier.

Credit demand in China drops as economy slows

Fri, 25 May 2012 22:00:00 GMT

BEIJING - China's biggest banks may fall short of loan targets for the first time in at least seven years as an economic slowdown crimps demand for credit, three bank officials with knowledge of the matter said.

Bankia to seek another bailout

Fri, 25 May 2012 22:00:00 GMT

MADRID - Spain's bailed-out lender Bankia was set to ask the state last night for a bailout of more than €15 billion (S$24.7 billion), marking another rise in the cost of a drawn-out rescue of the country's fourth-biggest bank.

Asean economies 'resilient' to debt crisis in Europe

Fri, 25 May 2012 22:00:00 GMT

TOKYO - Asean economies are 'resilient' to Europe's sovereign debt woes, with governments having room for monetary and fiscal policy changes.

Merkel's concession on debt sharing

Fri, 25 May 2012 22:00:00 GMT

FRANKFURT - German Chancellor Angela Merkel left the door open to a compromise on debt sharing in the euro area, as Italian Prime Minister Mario Monti said he can help bring Germany round to acting in Europe's 'common good'.

World Briefs

Fri, 25 May 2012 22:00:00 GMT

VATICAN CITY - The Vatican Bank ousted its president after he failed to clean up the image of an institution that has come to symbolise the opacity and scandal gripping the Holy See's administration.

Respect our dress code, cover up: UAE women

Fri, 25 May 2012 22:00:00 GMT

ABU DHABI - The United Arab Emirates (UAE) may be the Gulf's most liberal Arab state, but two local women have caused a stir with an online campaign against the 'repulsive' habit of Western women showing too much flesh in public. Ms Hanan al-Rayyes and Ms Asma al-Muheiri say their 'UAE Dress Code' campaign is designed to promote 'respect for the country's culture' among foreigners and raise awareness about what locals consider appropriate dress and behaviour.

Money briefs

Thu, 24 May 2012 22:00:00 GMT

Norway workers on pay strike

China's sovereign fund eyes $2.5b stake in Alibaba

Thu, 24 May 2012 22:00:00 GMT

HONG KONG - Sovereign wealth fund China Investment Corp (CIC) is in advanced talks to buy a stake worth up to US$2 billion (S$2.5 billion) in Alibaba Group, sources told Reuters.

Facebook fiasco hurts small investors

Thu, 24 May 2012 22:00:00 GMT

NEW YORK - Mr Ryan Cefalu, who lives with his wife and two children in Baton Rouge, Louisiana, saw in Facebook's much-anticipated initial public offering (IPO) a chance to buffer his retirement fund. His expectations fizzled out along with the stock in the first minutes of trading.

Air pockets - but no hard landing

Thu, 24 May 2012 22:00:00 GMT

THOSE who are predicting a 'hard landing' for China's economy this year probably did a little jig when every piece of data released in May hinted at subdued activity in the previous month.

Slowing growth, falling prices hit aluminium plants

Thu, 24 May 2012 22:00:00 GMT

HONG KONG - China's top aluminium-producing province of Henan has idled about 700,000 tonnes of capacity in recent months, providing further evidence that slower growth in the world's No.2 economy is denting the country's commodity appetite.

Manufacturing shrinks for 7th month

Thu, 24 May 2012 22:00:00 GMT

BEIJING - China's manufacturing shrank for a seventh month this month, a private survey showed, reinforcing the need for stimulus as Premier Wen Jiabao accelerates a shift in policy to support growth.

Flood of grim data signals worsening Europe slump

Thu, 24 May 2012 22:00:00 GMT

FRANKFURT - European manufacturing and services output dropped this month, German business confidence declined, and Britain's first-quarter contraction was deeper than previously estimated, as the region's economic slump worsened.

The divisive issue of euro bonds

Thu, 24 May 2012 22:00:00 GMT

LONDON - Can a country borrow for less than nothing? Yes, provided that country is Germany.

World briefs

Thu, 24 May 2012 22:00:00 GMT

Calls for expulsion of African migrants

UN likely to confirm Iran closer to making N-bomb

Thu, 24 May 2012 22:00:00 GMT

VIENNA - A United Nations watchdog report is expected to show that Iran has installed more uranium enrichment centrifuges, potentially boosting the output capacity of nuclear work that world powers want to stop, diplomatic sources say.

Something's brewing in Seattle, and it's not coffee...

Thu, 24 May 2012 22:00:00 GMT

SEATTLE - After spending his days pulling espresso at Starbucks, barista Corey Cook likes to unwind at night with a glass of beer. More often than not, it is beer he has made himself.

NZ cracks down on smoking with 40% tax increase

Thu, 24 May 2012 22:00:00 GMT

WELLINGTON - There are smoke-free bars, smoke-free parks, even smoke-free college campuses. But a smoke-free country?

Chinese prop up property mart as local demand slows

Thu, 24 May 2012 22:00:00 GMT

SYDNEY - After years of soaring prices, Australia's property market has slowed somewhat. Now, developers are turning to wealthy Chinese buyers to prop up demand.

Asia is first port of call for new launches

Thu, 24 May 2012 22:00:00 GMT

LONDON - When the developer of Embassy Gardens, a new residential block in south central London, launched sales this month, it started pitching first to buyers 10,000km away - in Kuala Lumpur. The launch in Malaysia was swiftly followed by others in Hong Kong and Singapore.

So far, South-east Asian investors have snapped up over £100 million (S$201 million) worth of units on offer - or about 160 of the development's 350 units, said the project's property agent.

Money briefs

Wed, 23 May 2012 22:00:00 GMT

KUALA LUMPUR - Malaysia's economy grew at an annual pace of 4.7 per cent in the first quarter, slowing from the previous three months but beating expectations as firm domestic demand helped offset a slump in exports.