Oman Observer - Business

ECB, BoE keep rates on hold at record lows

FRANKFURT — The European Central Bank (ECB) and Bank of England (BoE) kept interest rates at record lows yesterday as financial markets looked for guidance on growing euro zone debt problems. The ECB maintained its main lending rate at 1 per cent while the BoE rate stayed at 0.50 per cent.

US jobless claims rise, productivity stays high

WASHINGTON — The number of US workers filing for jobless benefits unexpectedly rose last week, but another big gain in productivity in the fourth quarter offered hope that companies were getting close to adding to payrolls. Initial claims for state unemployment benefits increased 8,000 to a seasonally adjusted 480,000 in the week ended January 30,...

LONDON — Energy giant Royal Dutch Shell reported a plunge in annual profits yesterday, blaming a weak global economy and an uncertain outlook as it axed 1,000 jobs and earmarked more assets for disposal. Shell said in a statement that net profit tumbled 52 per cent to $12.52 billion (9 billion euros) last year from $26.28 billion in 2008.

TOKYO — Japanese electronics and entertainment giant Sony Corp yesterday announced a third-quarter net profit of $870 million, a result it said "significantly exceeded expectations". The maker of PlayStation game consoles, Bravia televisions and Cyber-shot cameras is still emerging from the global economic slump but narrowed its full-year loss forecast to 70 billion...

In new term, Bernanke calls for Fed to stay independent

WASHINGTON — Federal Reserve chief Ben Bernanke (pictured) began a second term on Wednesday calling for the central bank to retain its independence and urging reforms to ensure a major financial crisis "never again" occurs. Bernanke took the oath of office for a new four-year term as chairman of the Board of Governors of the Federal Reserve System....

Dubai announces discovery of new off-shore oil field

DUBAI — The government of Dubai, facing dwindling oil resources and a mountain of debt, announced yesterday the discovery of a new off-shore oil field which it hoped would rescue its limping economy. The ruler of Dubai, Shaikh Mohammed bin Rashed al Maktoum, "....