Category: Other
After boom years, inflation bites in Vietnam
HANOI, July 28, 2008 (AFP) – Hit with Asia’s highest inflation rate and a surprise 30 percent hike in petrol prices last week, some Vietnamese are rediscovering bicycles and the frugal lifestyle of bygone years. Galloping consumer prices — fuelled by record global oil, food and commodity costs — have rocked many countries, but few […]
Malaysia to tries to reflate bursting palm oil bubble: report
KUALA LUMPUR, July 27, 2008 (AFP) – Malaysia will put in place a series of measures to stabilise plummeting global palm oil prices including selling off crude stocks, a report said Sunday.Peter Chin, minister of plantation industries and commodities, told the Sunday Star newspaper the government wanted to make sure that the almost 25-percent drop […]
Sri Lanka pepper trade calls for end to Indian restrictions
July 28, 2008 (LBO) – Sri Lanka’s pepper trade has demanded an end to import restrictions imposed by India that they say violates the spirit of a free trade accord between the two countries.The call was made by Gulam Chatoor, a former chairman of the Spices and Allied Products Association, on the eve of a […]
Key points of compromise text issued by WTO head
GENEVA, July 27, 2008 (AFP) – Here is a summary of key proposals put forward by the head of the World Trade Organization in a bid to break the deadlock among the 153 member states and finally secure a new global trade pact.AGRICULTURAL SUBSIDIES Proposals drawn up by the WTO’s Director-General, Pascal Lamy, envisage sweeping […]
Congress throws a lifeline to drowning US housing sector
WASHINGTON, July 26, 2008 (AFP) – A US housing sector that has yet to hit bottom after its worst slump in decades secured a lifeline Saturday from a massive government aid package that is arriving none too soon, analysts say.The aid package expected to be signed by President George W. Bush comes with the housing […]
Tariff row by developing states threatens WTO deal
GENEVA, July 27, 2008 (AFP) – A clash between developing countries over protectionist measures to save farmers from surging imports threatened Sunday to scupper a bid for a new global trade pact, delegates said.Among the issues being thrashed out by trade ministers in Geneva are “special safeguard mechanisms” (SSM) that increase tariffs on agricultural products […]
Indian leaders urge calm, army called out after attacks
AHMEDABAD, July 27, 2008 (AFP) – Indian leaders issued appeals for calm Sunday as the army was called out after a wave of bombings killed 45 people in Ahmedabad, a city rocked by deadly Hindu-Muslim riots six years ago. The string of 16 bombings, which left more than 160 people injured, ripped through crowded places […]
Oil prices slide, metals correct on hopes of end to US money printing
LONDON, July 25, 2008 (AFP) – Oil prices fell further this week, leaving them about 20 dollars off record highs, while there were also losses for metals futures.OIL: Oil prices headed south again amid a drop in fuel demand across the United States, the world’s biggest consumer of energy. Crude futures had risen earlier Friday […]
At least 55 injured in blasts in western Indian city
AHMEDABAD, July 26, 2008 (AFP) – At least 55 people were injured as a series of blasts rocked the western Indian city of Ahmedabad on Saturday, senior officials said.The Press Trust of India news agency, quoting city police, said at least two people also died in the explosions but this could not immediately be confirmed. […]
Oil prices could drop if Iran concerns allayed: OPEC president
ALGIERS, July 26, 2008 (AFP) – The price of oil could drop to between 70 and 80 dollars a barrel if the dollar strengthens and concerns over Iran are reduced, OPEC chief Chakib Khelil said Saturday.“If the dollar strengthens and if the crisis with Iran is resolved, the trend in oil prices should be to […]
Pakistan should stop money printing to halt rupee slide: IMF
July 25, 2008 (LBO) – Pakistan should stop printing money to bridge budget gaps to avoid further currency depreciation and loss of foreign reserves, the International Monetary Fund has said.The new money increases demand for goods, and usually cause imports to go up, which in turn increases demand for foreign exchange. If the monetary authority […]
Critical DNS vulnerability found on internet: experts
SAN FRANCISCO, July 24, 2008 (AFP) – Internet security researchers on Thursday warned that hackers have caught on to a “critical” flaw that lets them control traffic on the Internet.An elite squad of computer industry engineers that labored in secret to solve the problem released a software “patch” two weeks ago and sought to keep […]