Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Singapore - Crude prices rose in Asia on Monday as markets cheered Greece's approval of harsh austerity measures demanded by international creditors in return for a second bailout package, analysts said.
New York's main contract, light sweet crude for delivery in March, was up 84 cents to $99.51 a barrel in afternoon trade. Brent North Sea crude for March delivery added 95c to $118.26.
Oil traders breathed a sigh of relief after Greek lawmakers Sunday pushed through a new round of drastic austerity measures despite massive public protests that left dozens injured and buildings ablaze, analysts said.
"I think this is the key reason that sentiment has turned positive over the weekend," said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore.
Greek Finance Minister Evangelos Venizelos told parliament it had to back the plan to unlock a €130bn rescue fund from the EU and the International Monetary Fund, or Greece would be forced to default.
The vote, while a key hurdle, will not in itself release the funds. Eurozone finance ministers are set to meet on Wednesday in Brussels to discuss the next steps.
Justin Harper, head of research at IG Markets Singapore, said there are still risks ahead.
"Greece will see its economy shrink as a result of these cutbacks. The danger is that with so many continental neighbours in the same boat, Europe will tip into recession which is bad news for the global economy," he said.