Markets all over the world appeared unimpressed with an action plan from international leaders to tackle the global financial crisis, as Japan became the latest major economy to sink into recession. The Group of 20 rich and emerging nations pledged to work together to restore global growth and overhaul the world's financial system, but stopped short of announcing specific measures such as coordinated stimulus spending.

Property market in Dubai is in a state of panic as developers and brokers are laying off hundreds of staff as part of cost-cutting measures due to the slowdown in sales. Consequently, prime property shares in Dubai now cost less than falafel sandwiches, said analysts.

The “turbulent time” for world equity markets continues amid pressure to liquidate positions in anticipation of the world economy skidding fast into recession, according to a latest analysis by Dun & Bradstreet. The world economy is facing a “crisis of confidence”, hurting investor sentiments badly, the report said.

Job losses and slumping markets confronted Barack Obama on the first day after his historic election as US president, escalating pressure for urgent action to curb the world's relentless financial crisis. A day after being elected America's first black president, Obama heard a chorus of congratulations from around the world but also warnings about the creeping global recession.

DUBAI: US Deputy Treasury Secretary Robert Kimmitt called on Gulf Arab countries to continue investing in the US to help restore financial stability. “We’re looking for sovereign wealth funds (SWFs) to continue their over five-decade track record of investing on sound commercial bases,” Kimmitt said during a visit to the United Arab Emirates, his second stop on a five-nation tour of Gulf countries and Iraq.

UNITED NATIONS: Instead of sidelining the fight against climate change, the global credit crisis could hasten countries' efforts to create "green growth" industries by revamping the financial system behind them, the UN climate chief said. But that would depend on governments helping poor countries, who are key to saving the planet's ecology, tackle their problems, instead of spending most available money on rescuing the financial world, Yvo de Boer told reporters.

NEW DELHI: Since India won the backing of the 45-nation Nuclear Suppliers Group (NSG) to trade in atomic fuel and technology in the global market, companies both at home and abroad are already eyeing a slice of the N-pie. Experts say the deal will generate new business worth $100 billion for companies at home and abroad over the next decade.

The changing global market dynamics have increased the demand for reliable and secure investment platforms in the GCC with an estimated $1.5 trillion in private wealth. “The GCC remains one of the world’s biggest markets primarily because of the region’s huge private wealth reserves,” said Mohammad Al Ballaa, chairman of National Technology Group.

KUWAIT: Kuwait’s central bank said its top priority was to improve confidence in the banking sector at a time of global financial turmoil rather than to fight surging inflation. Central banks across the world’s biggest oil-exporting region have intervened in their banking sectors to boost liquidity as a credit crisis in the west has driven up market interest rates and reduced available funds.

DOHA: Doha Bank has designed loans for small and medium enterprises (SMEs) in the country along with a range of insurance products by its subsidiary.

The Kingdom-based global investment and asset management group, Investcorp said its full-year profits to June slumped by half when compared to the fiscal 2007, as the global credit crisis hit its deal volumes and investment returns.

Expatriate Indians in Oman are flocking exchange houses as remittances from that Gulf nation rose with the fall in the value of the rupee.