Oman Observer - Business

China’s exports, imports fall as economy hits wall

BEIJING — China’s exports and imports shrank unexpectedly in November as the world’s fourth-largest economy slowed in a startlingly abrupt way in response to the global credit crunch. The drop in exports from year-ago levels was the largest since April 1999, while the decline in imports was the steepest since monthly records kept by bankers began in 1993.

Asian economies to face challenges in 2009: WB

BEIJING — The Asia-Pacific region remains reasonably well-placed to weather the global slowdown but will still see growth slow to 5.3 per cent in 2009 from 7 per cent this year, the World Bank said yesterday.In a report outlining the 2009 economic prospects for the region, excluding Japan,.....

SYDNEY — Anglo-Australian mining giant Rio Tinto will slash thousands of jobs globally to cut its debt by $10 billion as it battles falling mineral prices and a worldwide slowdown, it said yesterday. The company said it would cut 8,500 contractor and 5,500 employee roles, as well as reduce spending and sell assets,....

GENEVA — WTO Director-General Pascal Lamy seems set on clinching a global trade pact by Christmas but some analysts question if a Doha deal would be the best gift for the world economy in these troubled times. World leaders have called for a rapid conclusion to the World Trade Organisation (WTO)....

Equities rise on bailout hopes

LONDON — Hopes that governments worldwide will help out ailing industries and implement stimulus measures to fight against a deepening economic crisis lifted global stocks on Wednesday while oil gained $2 a barrel. European shares were up 0.2 per cent in choppy trade but Japan’s Nikkei average rose 3.2 per cent to a one-month closing high.

Google adds magazines to online book archive

WASHINGTON — Google announced that it had begun adding magazines to its online archive of books in a partnership with publishers. The Internet search giant, in a posting on the company blog and in a statement, said it had begun digitising millions of pages from New York Magazine, Popular Mechanics, Popular Science, Ebony and other publications.