Business
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Aviation
AirAsia steals Paris Air Show
AirAsia has stolen the Paris Air Show by becoming Airbus's biggest airline customer with a purchase of 200 jets at a cost of 54 billion ringgit ($18 billion), Reuters reported, adding that the airline has smashed aviation industry's record for the number of planes in one order.
Finance
China moves away from dollar
The Financial Times reports that China began moving away from the US dollar in earnest in the first four months of this year. It quotes figures from Standard Chartered Bank that shows that China had mostly likely bought far more European government debt than US dollar assets.
0Business
Oil heads for biggest weekly drop since May
Brent crude dropped towards $113 on Friday as risk aversion grew because of Greece's debt crisis, sending prices down by more than 4 percent this week in the biggest drop since early May, Reuters reported
European business
Greece worries keep euro and stocks down
The euro fell on Friday, with investors still largely unconvinced that Greece can dodge a debt default without more political stability in Athens, keeping equity and commodity prices in a near-term downtrend, according to Reuters.
Petroleum
OPEC talks collapse in acrimony
Crude oil rose $1.05 a barrel to $117.83 (353.50 ringgit) as OPEC talks collapsed acrimoniously on Wednesday without an agreement to increase supplies, according to Reuters. It says that Saudi Arabia has failed to convince the oil cartel to raise output, adding that the decision by the Organization of the Petroleum Exporting Countries to keep its production level has dashed hopes of consumer nations that higher output could stem fuel inflation.
Petroleum
Easing crude oil prices
Reuters reports that Saudi Arabia is facing strong opposition from OPEC to increase oil supplies to ease crude prices. It is trying to push the Organization of Petroleum Exporting Countries to lift its production target by 1.5m barrels a day at today's meeting. But Iran, Venezuela, Ecuador and Iraq want to keep oil prices above $100 a barrel. Brent crude traded at $166 a barrel on Wednesday, the news agency says.
In pictures
Quotes of the Day
We are making Sabah not just a gateway for trade, investment and tourism but a modern, vibrant, prosperous and harmonious place to live.
Prime Minister Najib Razak speaking at the open day of the Sabah Development Corridor in Kota Kinabalu on February 16.
Posted on 24-06-2011, 3:41 pm