LONDON - BRITISH Airways (BA) said it had cut its spending plans by 20 per cent for the current year as it prepared for a lengthy industry downturn and reported that passenger numbers had fallen again.
KUALA LUMPUR - MALAYSIA'S exports slumped 29.7 per cent in May from a year earlier, hitting their lowest level since 2001 with demand evaporating, according to official data released on Friday.
The trade ministry said in a statement that exports plunged to RM42.95 billion (S$17.7 billion) year-on-year while imports fell 27.8 per cent.
LONDON - PVM Oil Associates, the world's biggest over-the-counter oil brokerage, says it lost nearly US$10 million (S$14.5 million) this week because of unauthorised trades that caused a temporary spike in Brent crude markets.
The firm said in a statement late on Thursday that it was investigating the trades, which drove up the price of Brent futures by more than US$2 in one hour early on Tuesday London time. It did not identify the trader involved in the transactions.
BEIJING - CHINA'S recent moves to ease curbs on the real estate sector have sent prices soaring recently, stoking fears that new property bubbles are forming, state media reported on Friday.
Residential property prices in Beijing's Central Business District rose 6.5 per cent in the past week and demand for second-hand houses in some other areas is four times the supply, said the China Daily, citing brokerage Homelink.
