Business

December 17, 2011

Multi-million dollar contract to upgrade water system

The National Water Commission (NWC) in Jamaica has signed a US$115 million loan with the Bank of Nova Scotia for funding of the second phase of the Jamaica Water Supply Improvement Project (JWSIP). The JWSIP, which is divided into segments A and B,…

December 17, 2011

Early US stock market rally fades

An early rally faded on the stock market yesterday, leaving indexes down about three per cent for the week as worries resurfaced about a breakup of the euro. BlackBerry maker Research in Motion plunged after slashing its forecast for holiday…

December 17, 2011

EU and IMF end informal Hungary debt talks

The European Commission and the IMF have cut short informal aid talks with Hungary due to worries over the independence of its central bank. Hungary had been seeking a standby credit line of 15-20bn euros ($19.5bn, £12.6bn) in case it ran into…

December 17, 2011

Senate approves two-month extension of payroll tax cut

Senate lawmakers on Saturday voted overwhelmingly to extend the payroll…

December 16, 2011

Lagarde: No country’s economy immune from rising risks

IMF head Christine Lagarde has said the world economic outlook is "gloomy" and no country is immune from rising risks. She said all nations, starting with Europe, needed to head off a crisis with risks of a global depression. "There is no economy in…

December 16, 2011

ECB chief Draghi: Governments must save themselves

European Central Bank president Mario Draghi says there’s “no external savior” for heavily indebted governments in the 17-nation eurozone and gave no indication the bank is ready to step in and support their finances. Investors had hoped the ECB…

December 16, 2011

Europe anxiety pushes oil prices lower

Oil prices continued to drop after Wednesday’s 5 per cent plunge, as Europe’s weakest economies failed to get more help from their central bank. Benchmark crude on yesterday fell 58 cents to US$94.37 per barrel in afternoon trading in New York.…

December 15, 2011

Eurozone faces winter recession, Ernst & Young says

The eurozone is facing a "bleak" winter, according to audit firm Ernst & Young. A "mild" recession…

December 15, 2011

UK’s unemployment at highest level in 17 years

Austerity measures, prolonged economic weakness and a eurozone crisis have taken their toll on Britain’s work force, with figures published yesterday showing that unemployment has reached a 17-year high. Britain’s government has staked its…

December 15, 2011

Bank of Japan says businesses are pessimistic

Japanese manufacturers' sentiment has turned pessimistic due to a strong yen and Europe's debt crisis, the latest Tankan survey has found. In its quarterly survey, the Bank of Japan said large manufacturers' sentiment in the three months to…