Royal Bank of Scotland (RBS) will shrink investment banking operations drastically, pulling out of 25 countries across Europe, Asia and the Middle East and allowing the state-controlled lender to refocus on lending in Britain.
Britain's industrial output fell 0.4 per cent in January from the December level, data showed yesterday.
Industrial production sank by 3.8 per cent in January on a 12-month comparison, the Office for National Statistics (ONS) said.
China's trade surplus fell sharply in August to $17.8 billion from $31.5 billion in July as exports pulled back from a record high and imports jumped, indicating that the Asian giant was feeling the pinch from weaker global growth.
The International Monetary Fund slashed its 2009 economic growth forecast for the Gulf region by more than half to 1.3 percent as the three largest oil-exporting economies, including Saudi Arabia, shrink in a global slowdown.
The IMF, whic
The construction industry in Saudi Arabia is poised to shrink by 0.7 per cent, down to SR72.57 billion ($19.38 billion) this year mainly due to the global slowdown, said a report.
Last year the real industry value contracted by 0.2 per cen
World oil demand will contract sharply in 2009 as the global economic slowdown further erodes consumption, the International Energy Agency (IEA) said on Friday.
The Paris-based agency joined the ranks of forecasters predicting a fall in gl
Worldwide demand for oil is shrinking as industrialised countries slip deeper into recession, the Organisation of Petroleum Exporting Countries (Opec) said on Tuesday, opening the door for a substantial production cut when it meets in Algeria this