Category: Other
‘s worst year in recent times: Wen
BEIJING, November 3, 2008 (AFP) – The global financial crisis has made 2008 the worst year for China in recent memory, with growth and inflation posing serious challenges, Prime Minister Wen Jiabao said in a signed article. “We must be aware that this year is the worst in recent times for our economic development,” Wen […]
Sri Lanka tea board to buy again at auctions
Nov 03, 2008 (LBO) – Sri Lanka’s tea board said it plans to buy stocks at the Colombo auctions this week as well to help prop up the market after prices crashed and large stocks went unsold last month. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
SKorea announces 10.7 bln dlr stimulus package
SEOUL, November 3, 2008 (AFP) – South Korea Monday announced a 10.7 billion dollar plan to stimulate growth in the face of a global slowdown which is set to hit the crucial export sector.The government detailed plans to spend an extra 11 trillion won next year, plus tax cuts totalling three trillion, to boost sagging […]
South Asia braces for fall in vital remittances
DHAKA, November 2, 2008 (AFP) – The global economic crisis is putting a dent in funds sent to poor South Asian countries by nationals working abroad amid fears their armies of cheap workers will become redundant, say recruitment agents.Millions of families in Bangladesh, Nepal and Sri Lanka rely on remittances from relatives working in construction […]
British PM calls on Gulf states to give funds to the IMF
RIYADH, November 2, 2008 (AFP) – British Prime Minister Gordon Brown said Sunday it is in the interests of oil-rich Gulf states to give funds to help countries hit by the world financial crisis.On the second day of a brief Gulf tour that started in Saudi Arabia, Brown also backed an enhanced role for them […]
”’ conditions
MUMBAI, November 1, 2008 (AFP) – India’s central bank unexpectedly cut its key lending rate for the second time in two weeks Saturday and took other steps to spur economic growth and counter fallout from the global financial crisis. The Reserve Bank of India, citing “unsettled” financial conditions, reduced its key short-term lending rate, the […]
Oil prices take another tumble
LONDON, October 31, 2008 (AFP) – Oil prices fell heavily again on Friday as the prospect of a global recession and weakening energy demand weighed on the market, analysts said. New York’s main contract, light sweet crude for December delivery shed 1.46 dollars to 64.50 dollars per barrel. London’s Brent North Sea crude for December […]
World faces growing risk of conflict: US intelligence chief
WASHINGTON, October 31, 2008 (AFP) – The world faces a growing risk of conflict over the next 20 to 30 years amid an unprecedented transfer of wealth and power from West to East, the US intelligence chief has said. Michael McConnell, the director of national intelligence, predicted rising demand for scarce supplies of food and […]
Japanese inflation eases off decade-high
TOKYO, October 31, 2008 (AFP) – Japanese inflation slowed in September from a recent decade high, easing concerns about the impact of high energy costs on Asia’s largest economy, the government said Friday. Core consumer prices rose 2.3 percent in September from a year earlier, up for a 12th straight month, official figures showed. But […]
World Bank lends Vietnam 60 mln dlrs to modernise central bank
HANOI, October 31, 2008 (AFP) – The World Bank Friday said it was lending communist Vietnam 60 million dollars for a project to modernise its central bank with better training and technology. “This effort is critical in ensuring Vietnam’s sustainable economic growth and continued progress in poverty reduction, especially at a time of global financial […]
Emerging economies to be next victims in crisis: IMF chief
VIENNA, October 31, 2008 (AFP) – Emerging economies will be the next to topple in the global financial crisis, the head of the International Monetary Fund Dominique Strauss-Kahn wrote in article published here on Friday. Emerging countries are facing additional problems, Strauss-Kahn wrote in a guest commentary for the daily Der Standard. Their economies “aren’t […]
World oil prices tumble on US economic gloom
LONDON, October 30, 2008 (AFP) – Oil prices slipped back on Thursday in volatile trade, reversing early gains as the market reacted to news of shrinking economic growth in the United States, the world’s top energy consumer. An overnight cut in US interest rates, along with a similar move in China, had earlier bolstered prices […]