Oman Observer - Business

More economic pain seen in 2009, but some hope too

SINGAPORE — Many investors said good riddance yesterday to one of the worst years on record and prayed that government rescue plans will pull the global economy out of its fierce tailspin later in the new year. More pain is expected in the near-term as bleak economic reports roll in, flagging more bankruptcies, bad debts and lay-offs through at least early 2009,....

ECB chief does not exclude January rate cut: report

FRANKFURT — European Central Bank president Jean-Claude Trichet appeared to allow for a January interest rate cut by stressing that inflation should not fall much below two per cent. But the ECB chief responded prudently to questions in an interview with the German financial daily Boersen Zeitung, saying:....

BAGHDAD — Iraq yesterday opened up some of its most prized oil and gas fields to international firms that have been excluded for decades, part of new deals that could more than double its output within a few years. In a second bid round, following on from one earlier last year, Iraq has put forward 11 oil and gas fields, including super giants.

LONDON — Indian oil company ONGC said it will proceed with its £1.3 billion ($1.89 billion) takeover of UK-listed Imperial Energy, to the relief of Imperial investors who feared ONGC would back out of the high-priced deal. The state-controlled company’s overseas unit,....

Pakistani banking sector remains strong: SBP report

KARACHI — The Pakistani banking sector has remained remarkably strong and resilient during the last 18 months but the excessive dependence of economy on banking system is quite stark in comparison with the other emerging economies, said Financial Stability Review 2007-08 released by the State Bank of Pakistan (SBP) here.

Gulf stock markets end sharply lower in turbulent year

KUWAIT CITY — Stock markets in the Gulf states yesterday ended 2008 sharply lower as the energy-dependent economies were battered by the global financial crisis while oil prices plummeted. Most of the seven markets witnessed their worst year ever with the bourse of the bustling Dubai shedding almost three quarters of its value and the Saudi market,.....