Sat, Nov 08, 2008 page10

• World Business Quick Take

  • AGENCIES
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  ■ FINANCE

  IMF board approves loan

  The IMF said on Thursday it had awarded a loan of US$15.7 billion to Hungary to help the country combat negative fallout from the global financial crisis. The IMF executive board approved the emergency loan, with about US$6.3 billion immediately available, the Washington-based multilateral institution said in a statement. The IMF and a group of European countries are also preparing a US$6 billion loan to Iceland, which has been hit hard by the financial crisis, Poland’s finance ministry said yesterday.

  ■ ECONOMY

  ADB warns of recession

  The world could easily slide into a global recession, the Asian Development Bank (ADB) warned yesterday, adding that growth in Asian economies would slow further next year amid weaker demand for exports. Recent dismal trade, employment and manufacturing data all point to a shrinking global economy and falling consumer demand for products made in Asia, ADB managing director general Rajat Nag said. “The global slowdown could easily turn into a global recession,” Nag said in a speech in Singapore. “Growth in developing Asia will likely slow further in 2009.”

  ■ BANKING

  Manila cuts reserve ratio

  The government unexpectedly reduced the size of deposit lenders need to set aside as reserves to shield the economy from the worst financial crisis since the Great Depression. The central bank cut the reserve requirement to 19 percent from 21 percent effective next Friday, it said in a statement in Manila yesterday. Every 1 percentage-point reduction in the reserve ratio will free up about 30 billion pesos (US$615 million) in cash, the Bangko Sentral ng Pilipinas said.

  ■ BANKING

  DBS to lay off 900 staff

  Singapore’s DBS Group, Southeast Asia’s biggest bank by assets, said yesterday it was cutting 900 staff to trim costs amid the global credit crisis and reported a slump in third-quarter net profit. Chief executive Richard Stanley said most of the cuts, to be carried out at the end of the month, would come from its offices in Singapore and Hong Kong and account for 6 percent of the work force.

  ■ INTERNET

  Microsoft not interested

  Microsoft Corp said it had no interest in acquiring Yahoo Inc, after Yahoo CEO Jerry Yang (楊致遠) said the Internet company was willing to sell. Microsoft, the world’s largest software maker, has “moved on” and isn’t planning to make another bid, Microsoft CEO Steve Ballmer said yesterday at a conference in Sydney. It may still have partnership deals with Yahoo, he said. “We’re not interested in going back and re-looking at an acquisition,” Ballmer said. “I’m sure there are still opportunities for some kind of partnership around search.”

  ■ FINANCE

  PRC may turn ‘proactive’

  China may adopt a more aggressive fiscal policy next year to maintain fast growth amid the global economic downturn, state media reported yesterday. Beijing may shift its policy to “proactive” next year from “prudent” this year in a move experts said would lead to an expansion in government spending, the China Business News said, citing an unnamed source. The decision is likely to be announced at the Central Economic Work Conference, a gathering of top leaders held at the end of the year.
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