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Posts Tagged ‘Economy’

Egyptian Internet Shutdown Batters Economy, Fails to Quell Protests

News Analysis: Internet users in Egypt found ways around a government Internet blockade imposed in a futile attempt to cut off the flow of information it believed was helping to inspire and organize massive protests. Meanwhile Egyptian business was devastated. – The decision by the Egyptian government last week to shut down Internet access to the outside world has demonstrated that keeping people away from this global resource is virtually impossible. But that should be no surprise. When the U.S. Defense Advanced Research Projects Agency developed the Inter…


Keppel profit rises 17% as economy revives rig demand: Update 2

Keppel Corp., the world’s largest oil-rig maker, said profit in the fourth quarter rose 17%, beating analysts’ estimates, as rising oil prices and requirements for newer, safer rigs stoked demand.

Net income climbed to a record $403 million from $343 million a year earlier, the company said today. That surpassed the $371.3 million average of four analyst estimates compiled by Bloomberg. Sales fell 19% to $2.44 billion.

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UK economy suffers 0.5% contraction

The UK’s economy suffered a shock contraction of 0.5% in the last three months of 2010, figures have shown. The severe weather hit activity in the quarter, but the Office for National Statistics (ONS) said even if the weather impact had been excluded, activity would have been “flattish”.

Keppel profit rises 17% as economy revives rig demand: Update

Keppel Corp., the world’s largest oil-rig maker, said profit in the fourth quarter rose 17%, beating analysts’ estimates, as rising oil prices and requirements for newer, safer rigs stoked demand.

Net income climbed to a record $403 million from $343 million a year earlier, the company said today. That surpassed the $371.3 million average of four analyst estimates compiled by Bloomberg. Sales fell 19% to $2.44 billion.

Read more…

Keppel profit rises 17% as economy revives rig demand: Update

Keppel Corp., the world’s largest oil-rig maker, said profit in the fourth quarter rose 17% to a record, beating analysts’ estimates, as a global economic recovery stoked demand.

Net income climbed to $403 million from $343 million a year earlier, the company said in a Singapore stock exchange statement today. That surpassed the $371.3 million average of four analyst estimates compiled by Bloomberg. Sales dropped 19% to $2.44 billion.

Read more…

“Standard of living will improve in 2011”

Economy Ministry State Secretary Nebojša Ćirić says that 2011 will bring a slight improvement in the standard of living. He explained that this would happen because of the end to the freeze on salaries and pensions and creation of new jobs.

Most Economists Fall Back Into Neoclassical Stupor … “If They Don’t Know Anything, Then Why Should We Listen To Them?”

When the economic crisis hit in 2008, economists started to admit that neoclassical economics was wrong.Specifically, they started to admit that the assumption that the economy is inherently stable is false, and that their models were faulty and needed…

“EU skepticism on rise due to economy”

Experts believe that the economic situation is the reason why Serbian citizens’ support for the EU integration is declining.

Next week will be very important for Serbia’s European integration since the European Parliament should adopt the resolution on Serbia and ratify the Stabilization and Association Agreement (SAA).

US to find ways to boost Pak economy


WASHINGTON – US President Barack Obama Friday assured President Asif Ali Zardari President of United StatesÂ’ help in overcoming PakistanÂ’s difficulties and challenges when the two leaders met at the White House, according to the Pakistani envoy.
The US President offered to look at new ways to help PakistanÂ’s troubled economy as he showed support for President Asif Ali Zardari at a White House meeting, officials said.
President Zardari flew into Washington Thursday afternoon for a memorial service later in the day for the late US envoy to Pakistan and Afghanistan Richard Holbrooke who died last month at the age of 69.
“He (Obama) was very clear in asserting that the US wants to help Pakistan in overcoming its difficulties and challenges and also recognizes the successes that have been accomplished in fighting terrorism, building democracy and instituting economic reforms,” Pakistan’s Ambassador to the US Husain Haqqani said in a post-meeting Press briefing.
On his part, President Zardari said Pakistan wants to stand up on its feet economically and not remain a permanent recipient of aid.
Haqqani said Zardari expressed appreciation for assistance from the US, which in 2009 approved a five-year, 7.5-billion-dollar package for the key but complicated war partner.
Ambassador Haqqani said the top-level US-Pakistan meeting was held in a friendly atmosphere, countering media reports about a strain in the relationship between the two countries and that Zardari would come under pressure for starting military operations in North Waziristan.
“Nobody scolded anybody, nobody raised the question of Pakistan not doing enough, nobody said anything negative about the lack of support of either country for the other,” he said
“We continue to work positively in all areas of cooperation, political, economic, diplomatic, strategic, intelligence and military,” Haqqani said, underscoring the cooperative nature of ties.
Secretary of State Hillary Clinton, National Security Advisor Tom Donilon, Deputy National Security Adviser Douglas Lute and, White House counterterrorism advisor John Brennan assisted the US president while Ambassador Haqqani accompanied President Zardari for the meeting.
President Zardari, speaking about Pakistan’s priorities and requirements, told his US counterpart that “Pakistan does not want to be a permanent recipient of aid. We want to be able to stand up on own two feet. And for that we need economic reforms and we are cognizant of that, and working on that and that Pakistan and the US are partners” in this respect, according to Haqqani.
For their part, President Obama and Secretary Hillary said over the next few days, they would try to find new ways to strengthen Pakistan’s economic reform process “while taking into consideration social and political factors as well as the overwhelming reality of the floods, which disrupted the economic growth last year,” the Pakistani envoy said.
Obama expressed his condolences over the assassination of Governor Punjab Salman Taseer. He appreciated Islamabad’s resolve to build a “moderate democratic Pakistan which is the strongest guarantee against terrorist threat in our region,” Haqqani told reporters.
“He appreciated the stance of the government of Pakistan in wanting to pursue the perpetrators of this crime as well as to continue to work towards building a moderate, democratic Pakistan, which is the strongest guarantee against the success of terrorists in our region.”
President Obama “unequivocally” stressed US support for democracy in Pakistan, the envoy added.
“Both presidents acknowledged the services of the late ambassador (Richard) Holbrooke and the great energy and strength that he had brought to the US-Pakistan relationship and agreed there was need to continue with that momentum to build the strategic partnership.”
However, Ambassador Haqqani said, President Obama made it clear that the meeting could not be a substitute for formal talks between the two anti-terror partners during an official visit to Washington by President Zardari later this year and President ObamaÂ’s own visit to Islamabad.
According to a White House statement, Obama told Zardari Friday that he was “looking forward” to visiting Pakistan later this year.
It also said the two leaders’ “discussion focused on our shared efforts to fight terrorism and promote regional stability, specifically on the importance of cooperating towards a peaceful and stable outcome in Afghanistan” and that Obama “underscored the importance of the US-Pakistan relationship and our continued support for Pakistan.”
The US President emphasized the importance of cooperating to promote stability in Afghanistan, the White House said.
Husain Haqqani, the Pakistani ambassador in Washington, told reporters that the two leaders voiced concern about rising extremism worldwide that he said was behind the recent assassination of Punjab Governor Salman Taseer and this monthÂ’s shooting rampage in the US state of Arizona that killed six people and critically wounded a member of Congress, Gabrielle Giffords.

Albanian deputy PM resigns

Albanian Deputy Prime Minister and Economy Minister Ilir Meta resigned today amid corruption accusations.

Meta resigned after Top-Channel TV aired a videotape which shows him asking former Economy Minister Dritan Prifti to intervene over a hydropower plant concession tender.

Virtually All Independent Financial Experts Say that the Size of the Big Banks Is Hurting the Economy

Here’s my updated list of top financial experts saying that the giant banks are too big, and that their very size is hurting the economy:Nobel prize-winning economist, Joseph StiglitzNobel prize-winning economist, Ed Prescott Nobel prize-winning econom…

IMF: Serbian economy recovering

Serbia’s economic recovery based on export has gained momentum, the International Monetary Fund (IMF) says.

The IMF added, however, that increased inflation and external funding represented risks to macroeconomic stability.

“Economy to stabilize after Telekom sale”

The Serbian economy will stabilize when the state-owned Telekom Srbija telecommunications company has been sold, some analysts believe. In the meantime the standard of living of Serbians will not improve in 2011, with the Red Cross reporting the number of people using its soup kitchens increasing to some 30,000 from the previous figure of 21,000.

Singapore economy rebounds after manufacturing surge: Update

Singapore’s growth rebounded last quarter as manufacturing surged, capping the biggest annual increase in output since independence in 1965. Stocks rose.
 
Gross domestic product rose an annualized 6.9% in the three months through Dec. 31 from the previous quarter, when it contracted a revised 18.9%, the trade ministry said in a statement today. The median forecast of eight economists surveyed by Bloomberg News was for a 9.4% expansion.

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Singapore economy rebounded last quarter on manufacturing surge

Singapore’s growth rebounded last quarter as manufacturing surged, capping the biggest annual increase in output since independence in 1965 and putting the economy on course to be the world’s second-fastest growing.

Gross domestic product rose an annualised 6.9% in the three months through Dec. 31 from the previous quarter, when it contracted a revised 18.9%, the trade ministry said in a statement today. The median forecast of eight economists surveyed by Bloomberg News was for a 9.4% expansion.

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Singapore says world outlook mixed after record 2010

Singapore’s economy faces a “mixed” global outlook after growing by a record pace this year, according to Prime Minister Lee Hsien Loong.

Gross domestic product rose 14.7% this year, Lee, 58, said in his New Year message released in Singapore today. That compares with the government’s November forecast of a 15% expansion. The trade ministry predicts the economy will expand 4% to 6% in 2011, an estimate reiterated by Lee.

“The outlook for the world economy is mixed,” Lee said. “The U.S. economy is still weak. Europe faces serious debt crises in Greece, Ireland and a few other countries.”

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Singapore economy expanded 14.7% in 2010, PM says

Singapore’s economy faces a “mixed” global outlook after growing by a record pace this year, according to Prime Minister Lee Hsien Loong.

Gross domestic product rose 14.7% this year, Lee, 58, said in his New Year message released in Singapore today. That compares with the government’s November forecast of a 15% expansion. The trade ministry predicts the economy will expand 4% to 6% in 2011, an estimate reiterated by Lee.

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Singapore economy probably expanded on manufacturing

Singapore’s economy probably returned to growth this quarter as manufacturing rebounded, putting the nation on course to surpass Malaysia’s output with the world’s second-fastest growth rate this year.

Gross domestic product rose an annualized 9.4% in the three months through Dec. 31 from the previous quarter, when it contracted 18.7%, according to the median estimate of eight economists surveyed by Bloomberg News. The economy grew 13.2% from a year earlier, the median of 12 estimates showed. The report is due at 8 a.m. on Jan. 3.

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Carmaker workers accept offer, end protest

The Economy Ministry has confirmed that an agreement was reached with the workers of Zastava Automobili car manufacturer.

The workers have ended their protest at the Kragujevac City Hall.

“There’s a Huge Difference Between What is Good for American Companies Versus What is Good for the American Economy”

As I wrote last year:Some of the top economists say that America has suffered a permanent loss of jobs:JPMorgan Chase’s Chief Economist Bruce Kasman told Bloomberg:[We've had a] permanent destruction of hundreds of thousands of jobs in industries…