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- Bank of Japan cuts key interest rate to 0.1 per cent
The Bank of Japan (BOJ) cut its key policy rate to 0.1 per cent on Friday and took other steps to ease corporate credit strains. - Oil markets still cool to Opec cut
Oil markets remained unimpressed with the latest production cut announced by the Organisation of Petroleum Exporting Countries (Opec) as the price of US benchmark crude yesterday dipped to a four-year low. - Abu Dhabi can endure oil price fall
Abu Dhabi's public finances are robust and can easily withstand the recent steep fall in international oil prices, ratings agency Moody's said yesterday. - Gold sales in Dubai plunge 80%
Gold sales in Dubai's traditional jewellery market have collapsed as much as 80 per cent in the last couple of weeks as the credit crunch hits the pockets of tourists, local jewellers said this week. - Grim jokes at giants' expense
The tumbling fortunes of corporate giants in the ongoing financial crisis have spawned some grim jokes at their expense. - Oil drops below $36, touches fresh four-year low
The price of oil fell below $36 on Friday to its lowest level in more than four years. - Dubai Duty Free meets growth target
The duty free industry began in 1947 at Shannon Airport in Ireland, when businessman Brendan O'Regan began selling a selection of Irish handicrafts to transatlantic travellers. - 'One family, one villa' rule hits young professionals
Municipality's "one family, one villa" rule was introduced ostensibly to avoid another tragedy like the one earlier this year when 11 men died in a villa fire in Naif. - Asian markets mixed after Japan rate cut
Asian stocks were mixed on Friday after Japan slashed interest rates to almost zero to battle the global financial crisis. - Hyundai Motor India to retrench temporary staff
Hyundai Motor Co., South Korea's largest automaker, will cut some temporary staff in India as the global recession reduces demand for exports from the country and local consumers put off car purchases. - Property still selling despite credit crunch
The total value of land transactions in Dubai last week reached Dh2.62 billion, of which sales exceeded Dh1.12 billion. - Etisalat introduces new faster internet
Emirates Telecommunication Corporation (etisalat) will soon double the speed of wireless broadband to 14Mbps, a top company official told Gulf News. - Bahrain's central bank cuts rate by 0.75%
The Central Bank of Bahrain (CBB) on Thursday cut its key policy interest rate by 75 basis points, after reviewing the interest cut of the US Federal Reserve. - Audi celebrates 100 years in business
The Middle East will remain a strong market for automobiles but a top executive of European car manufacturers warned that any thought of dumping vehicles in the region would be 'silly'. - Obama gives pros job of regulation
Experience is watchword for selection of financial system overseers in new administration. - Credit crisis fails to dampen luxury carmakers' spirits
The global econ-omic downturn and financial crunch has yet to dampen the spirits of luxury carmakers as they say people buying their exclusive custom-built cars in the Middle East do not belong to the category that seeks bank financing to own cars. - Bush says US will help automakers avoid collapse
Government will provide loans to ailing US automakers but they have to prove that they can survive. - Administration official: Automakers to get $17.4b
Ailing automakers will get $17.4 billion in loans from the federal government under a rescue package the White House announced on Friday . - US' Paulson seeks second $350b in bailout funds
US Treasury Secretary Henry Paulson said on Friday that government loans to Detroit automakers will prevent "significant disruption" to the US economy and called on Congress to release a second $350 billion tranche of bailout funds. - Small car sales will slump soon
Sales of small and medium-sized cars may slow by up 10 per cent next year in the UAE as cash-strapped banks charge higher interest rates and become more selective on financing car buyers, auto manufacturers told Gulf News at the Abu Dhabi Motor Show yesterday. - Iran to halt spot fuel exports as domestic use rises
Iran, a regular exporter of fuel oil, will halt spot exports in first-quarter 2009, as it looks to meet domestic demand for power generation during winter, giving more support to a recovering Asian market, industry sources said on Thursday.