Category: Other
Global commodity bubble wobbles, as economies run out of steam
LONDON, July 18, 2008 (AFP) – Oil prices slumped this week as traders worried the slowing US economy would dampen demand from the world’s biggest energy consumer, sparking losses across other key commodity markets.OIL: Crude futures plummeted further from record high points above 147 dollars per barrel that were struck exactly one week ago. “The […]
Nepal to vote for first president
KATHMANDU, July 19, 2008 (AFP) – Lawmakers in Nepal are expected to vote on Saturday for the country’s first president following the abolition of the Hindu monarchy, paving the way for the dominant Maoists to form a government.“With the three parties going three separate ways, the road to the smooth functioning of the new government […]
Zimbabwe introduces 100-billion-dollar note
HARARE, July 19, 2008 (AFP) – Zimbabwe, grappling with a record 2.2 million percent inflation, has introduced a new 100-billion-dollar bank note in a bid to tackle rampant cash shortages, the central bank said Saturday. The new note will go into circulation on Monday, the bank said in a statement cited by state media, joining […]
‘s Maskeliya to mechanise tea estates
July 19, 2008 (LBO) – Sri Lanka’s Maskeliya Plantations is planning to introduce more mechanisation in its tea fields and factories to reduce dependence on a costly and troublesome labour force.The company has changed planting methods to make mechanised harvesting easier in the future, Maskeliya Plantations chairman Sena Yaddehige has said. The company, part of […]
Woman would-be suicide bomber caught in Afghanistan: officials
GHAZNI, July 18, 2008 (AFP) – Police arrested a woman and a 13-year-old child they alleged were suicide bombers planning to kill a provincial governor in central Afghanistan, officials said Friday. President Hamid Karzai pardoned the boy and handed him over to his parents. The pair were arrested late Thursday as they were fixing explosives […]
” despite higher growth
WASHINGTON, July 17, 2008 (AFP) – The IMF on Thursday lifted growth forecasts modestly for the world including the United States but said the global economy is in a “tough spot” due to rising inflation amid a slowdown. Global output is expected to climb 4.1 percent in 2008, up from its April projection of 3.7 […]
Oil rallies after falling 15 dollars in three days
LONDON, July 18, 2008 (AFP) – Oil prices rallied on Friday after three days of heavy falls that pulled the market down by 15 dollars on worries over economic growth and slowing demand, traders said. New York’s main oil contract, light sweet crude for August delivery, won back 2.39 dollars to 131.68. London’s Brent North […]
Videogames getting more social
LOS ANGELES, July 17, 2008 (AFP) – Videogame makers are riding the social-networking wave with a flood of soon-to-be-released titles that let friends play online as teams and even create their own characters.The world’s big three console makers — Microsoft, Nintendo and Sony — are providing frameworks for players to connect with hardware and software […]
Asia ready for WTO deal but not at any price: analysts
TOKYO, July 17, 2008 (AFP) – Asia’s economic giants, under pressure to yield ground in key global free trade talks next week, are ready to open their markets to spur growth, but not at any cost, analysts said. Many of the region’s economies rely heavily on foreign trade to power their growth and the breakdown […]
Bernanke faces new grilling amid economic storm
WASHINGTON, July 16, 2008 (AFP) – With market turmoil intensifying on fears of a banking crisis, Federal Reserve chairman Ben Bernanke faced a new grilling Wednesday after warning of a bumpy road to economic recovery. Bernanke was set to appear in the House of Representatives for a second day of testimony on the Fed’s semiannual […]
Oil prices rise after stunning 10 dollar fall in one hour
SINGAPORE, July 16, 2008 (AFP) – Oil prices rose in Asia on Wednesday after fears for economic growth sent prices into their steepest fall in 17 years during New York trading, analysts said. New York’s main oil contract, light sweet crude for August delivery, was 22 cents higher at 138.96 dollars a barrel. The contract […]
Global markets falter on fear over US financial crisis
LONDON, July 16, 2008 (AFP) – World stock markets struggled on Wednesday after sharp losses driven by the unfolding US financial crisis and before more testimony from US Federal Reserve chief Ben Bernanke, dealers said. Bernanke warned of economic gloom on Tuesday and his next comments are awaited anxiously by investors, reeling from the collapse […]