Oman Observer - Business

Car bailout hopes rise; EU, China plot next moves

LONDON — Chinese and European leaders are planning to plot their next steps to steer the world economy away from a precipice, while stimulus measures presented, planned or pending propelled stock markets higher. The US Senate was set to reconvene as White House and Democratic...

Carphone co-founder quits over disclosure breach

LONDON — David Ross , the co-founder of UK mobile phone retailer Carphone Warehouse, has resigned as deputy chairman after failing to declare he had pledged shares he owned in the company against personal loans. Ross, ranked 87th in the Sunday Times 2008 Rich List with an estimated fortune of £873 million ($1.3 billion), ....

NEW DELHI — Extra spending and interest rate cuts by India to shield itself from the global financial crisis cheered investors yesterday but analysts said a bigger boost was needed to kick-start Asia’s third-largest economy. Shares rallied by nearly five per cent on the back of the stimulus package unveiled at the weekend,....

ZURICH — Banking secrecy stronghold Liechtenstein signed a landmark deal with the United States yesterday that paves the way for the exchange of bank data with Washington in certain cases of tax evasion. The agreement will allow Washington to chase tax dodgers into Liechtenstein under specific circumstances while allowing the tiny principality’s banks to continue....

World stocks rocket on hopes of fresh policy action

LONDON/HONG KONG — Global stock markets rebounded sharply yesterday on hopes of fresh US government action to fight a deepening recession in the wake of massive job losses in the world’s biggest economy, dealers said.There were also signs that crisis-hit US carmakers may finally secure financial lifelines to avert an industry collapse.

Australians asked to spend $5.2 billion

CANBERRA/SYDNEY — Australia’s government began to hand out more than A$8 billion ($5.2 billion) in cash to consumers ahead of Christmas, but some analysts say the money may not be enough to stop the country from sliding into recession. The cash splurge comes after data showed the economy barely grew at all in the September quarter,.....