South Korea’s GDP grew 2.8 percent year-on-year for the first quarter 2012, slipping to its weakest level in two and a half years, according to figures published by the central bank on Thursday. The country’s economy expanded in the quarter by 0.9 percent thanks to gains in exports and improved domestic demand. The consumer confidence index climbed to 104 in April, the highest since May last year. GDP results come just a month after the central bank reduced the country’s growth forecast from the previous 3.7 percent to 3.5 percent for 2012....
Europe’s largest oil company, Royal Dutch Shell, on Tuesday said it has come to an agreement to buy Mozambique-focused Cove Energy for £1.12bn, according to a company statement. Shell secured the deal after it increased its offer for Cove Energy buy levitra online from a previous 195 pence to 220 pence a share to match a competing offer from Thailand’s PTT Exploration & Production. Cove put itself up for sale in January following a large natural gas discovery off the coast of Mozambique. It now owns a 8.5 percent stake in the Rovuma Area 1 natural gas block, which may hold an estimated 30 trillion cubic feet of fuel. Shares in Cove ...
Dutch finance minister Jan Kees de Jager cut short US-based IMF austerity talks to return home after the governing coalition in The Hague failed to reach an agreement on deficit limits which were imposed by the EU. De Jager will attempt to reassure ratings agencies that he is able to put the country’s budget back on track after Geert Wilders withdrew his party’s support for the minority government in parliament. The country is in danger of losing its AAA rating if no agreement is reached. Wilders rejected budget cuts, saying he “will not bow to dictators and Brussels’ bureaucrats.” The move has brought the nation’s government to n...
For the second year running, Royal Forex Trading SAL has been recognised for the firm’s outstanding work within online brokerage, offering some of the industry’s best products over recent times. This comes as numerous FX brokerage firms are being established worldwide every month and competition is increasing in emerging markets such as in the Middle East and North Africa (MENA) region. Based in Beirut, Lebanon and regulated by the Central Bank of Lebanon, one of the strictest financial regulatory bodies in the world, RFXT has come to know the meaning of success. As one of the first brokerage firms operating in Lebanon, the firm began by ...
Credit ratings agency Egan-Jones and the firm’s founder Sean Egan are expected to face charges for allegedly making material and intentional misstatements in its application to US securities regulators. The charge refers to information in rating sovereign debt and asset-backed securities in 2008. The civil action filed by the SEC concerns Egan-Jones’ conflict of interest policy issues, as well as misleading the regulator over its finances, internal proceedings, its rating and the adequacy of its records and book-keeping. Egan-Jones said it plans to vigorously defend itself against the SEC claims....
The Japanese government late on Tuesday said it will add an estimated $60bn of funding to the IMF to help bolster its firewall, its finance minister Jun Azumi said. Japan believes the injection will prevent the European sovereign debt crisis from dragging down other economies across the globe and shield it from a deepening crisis. The Swedish government followed suit and promised an additional $10bn, while Denmark pledged an extra $7bn to the cause, bringing the total combined funds to $77bn from the three countries. The IMF is seeking an added $600bn to uphold global economic stability but has so far only received $200bn....
Software giant Oracle commenced its high stakes trial over smartphone technology against internet concern Google in a California court. The case represents the first big court challenge for Android technology and at an estimated $1bn claim it is expected to become one of the largest ever technology trials. Oracle first accused Google’s Android team of patent and copyright infringement in August 2010 saying that Google used its Java programming language without authorisation to help develop Android software. It is believed that the trial may result in Oracle offering a user license to Google. Testimony is expected to be given by the companie...
Kunlun Energy, the China-based gas supplier which is a wholly owned subsidiary of PetroChina, on Tuesday raised $1.35bn through a top-up share placement to help fund expansion of its LNG business. The gas supplier hopes to tap into equity markets to assist in developing its liquefied natural gas arm and fund possible acquisitions. The plan is to steer away from oil and coal and switch to LNG. The group plans to construct 15 LNG plants to become the country’s largest onshore supplier. Kunlar Energy priced its 800 million shares at HK$13.10, which was 7.62 percent below Monday’s closing price of HK$14.18. “The company tends to use the net...
DryDocks World, the owner of the Middle East’s biggest shipyard, has filed a claim with a special tribunal in an effort to move forward its $2.2bn debt restructuring through a government decree. The company filed a notification under Decree 57 with the Dubai World Tribunal, which will protect it from any claims coming from creditors. The ship builder said that “a significant majority,” but not all of the creditors have so far signed the five year plan to repay the debt owed....
Spain’s newly elected Prime Minister Mariano Rayoy on Friday is expected to push ahead with one of the nation’s most hard-hitting budgets in recent times. The news comes as almost a million protestors took to the streets late on Thursday after a general strike paralysed heavy industry and disrupted transport in Madrid and Barcelona. But Rayoy said he is adamant and will stand by his promise to the other eurozone members to decrease the deficit in spite of the country’s soaring unemployment and current recession. Rayoy’s Popular party will attempt to bring down the public deficit from last year’s 8.51 percent to 5.3 percent of GDP. T...