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International Business News
India's export growth at18-month low
Ann/The Statesman
Weakening global economies have dampened India's export growth to its slowest rate since April 2007, clocking a growth of 10.4 per cent in September while imports continued to rise by a robust of over 43 per cent.
Outward shipments, which rose by 27 per cent in August, saw growth plunging to 10.4 per cent in September as the world bought less of Indian goods. Exports for September totalled USS 13.74 billion, according to official data.
India's imports during September 2008 were valued at $24.38 billion representing an increase of 43.3 per cent over the level of imports valued at $ 17 billion in September 2007.
Ln rupee terms, imports increased by 61.9 per cent. Cumulative value of imports for the period April-September 2008 was 6.61 trillion rupees as against 4.56 trillion rupees registering a growth of 38.6 per cent in dollar terms and 44.9 per cent in rupee terms over the corresponding period last year.
Oil imports during September 2008 were valued at $9.09 billion, which was 57.1 per cent higher than oil imports valued at $5.79 billion in the corresponding period last year. Oil imports during April-September 2008 were valued at $55.06 billion, which was 59.2 per cent higher than the oil imports of $34.59 billion in the corresponding period last year.
Malaysia cuts growth forecast, announces spending plan
AFP, Kuala Lumpur
Malaysia on Tuesday slashed its 2009 growth forecast and announced a two billion dollar spending programme in a bid to boost the economy.
The government cut its 2009 growth forecast from 5.4 percent to 3.5 percent, warning that Malaysia would not be immune from the effects of the global financial crisis.
"Although Malaysia is not as yet facing a financial crisis and has sound financial fundamentals, we are aware that Malaysia will not be exempt or be protected from global risks," said deputy premier Najib Razak.
Najib, who is slated to succeed Prime Minister Abdullah Ahmad Badawi when he steps down next March, said that although the economy would expand by 5.7 percent this year, growth would slow substantially in 2009.
"Taking into account all global factors and the steps taken in the 2009 budget, I want to announce that our GDP has been revised for 2009 to 3.5 percent," he told a rowdy session of parliament during which he was continuously interrupted.
Singapore Airlines to reduce fuel levy
AFP, Singapore
Singapore Airlines (SIA) said Tuesday it will cut its fuel surcharge on air tickets, but only for passengers travelling in economy and business class.
The fuel levy will be reduced by between four and 15 US dollars for flights from Singapore to Southeast Asia, Europe, South Africa, North America as well as other destinations including East Asia, Australia and New Zealand.
The carrier is also cutting the levy on flights between Dubai and Istanbul, Dubai and Moscow, and from Bangkok toTokyo, it said in a statement.
First class passengers will continue to pay the same fuel surcharges of between 36 and 100 dollars.
On the policy to charge economy and business class passengers less, SIA said: "This is to fairly impute fuel related cost since the space occupied and weight utilised in each class is different.”
Slammed by financial crisis, BMW drops full-year outlook
AFP, Frankfurt
BMW, the German luxury carmaker, said on Tuesday that it could no longer give a forecast for 2008 and was downbeat for next year too after getting hit head-on by the international financial crisis.
"Difficult business conditions and the volatile climate on the market mean that it is as good as impossible from today's perspective to make a reliable prediction of the earnings outcome for the financial year 2008," chairman Norbert Reithofer said.
"We are far from overcoming the financial crisis, in particular with respect to its consequences on the real economy in 2009." he added ....
The Munich-based group said it would have to take additional charges of 1.3 billion euros (1.64 billion dollars) in the third quarter of 2008. and that it would cut production by an additional 40,000 units this year.