Oman Observer - Business

Japan’s gloom deepens as exports suffer record drop

TOKYO — Japan’s woes from the global crisis deepened yesterday as data showed a record drop in exports and the government said for the first time in nearly seven years that the economy was getting worse. The worse than expected trade data came on the same day that iconic Japanese company Toyota Motor Corp ....

China cuts interest rates

BEIJING — China’s central bank announced yesterday its fifth interest rate cut since September, amid growing indications that the economy is taking a serious hit from the global crisis. The People’s Bank of China said in a statement that it would reduce the benchmark one-year lending rate by 0.27 percentage points to 5.31 per cent,....

LONDON — Oil fell below $43 a barrel yesterday, giving up earlier gains which were partly inspired by a weak US dollar and comments from Saudi Arabia that Opec supply cuts will succeed in stabilising the market. The January US crude oil futures contract expired on Friday after touching a low of $32.40, the lowest since February 2004,....

DUBLIN — Shares in Ireland’s three main banks soared yesterday after the government agreed to inject 5.5 billion euros ($7.7 billion) into the trio, taking one under its control, in a move that should boost lending to firms and homeowners. Anglo Irish Bank shares rose nearly 17 per cent on the plan, which will give the government 75 per cent...

Kenya’s Q3 slowdown exposes 2008 forecast

NAIROBI — Kenya’s economic growth slowed to 2.1 per cent in the third quarter, the statistics office said yesterday, prompting analysts to declare government’s full year GDP growth forecast nearly out of reach. The expansion was way below the 6.3 per cent recorded in the same period in 2007...

Russia warns over gas supply disruptions to Europe

MOSCOW — Russia raised the spectre of gas cuts to Europe over the winter, warning yesterday that it did not rule out supply disruptions as a result of the dispute with Ukraine over non-payment of debts. “It is not ruled out that the current position of the Ukrainian side and some of its actions could lead to disruptions in the stability of gas supplies to Europe,”.....