Category: Other
Struggling Wall Street braces for new message from Fed
NEW YORK, June 21, 2008 (AFP) – Whipsawed by fresh worries on the financial sector, Wall Street enters the summer season with investors in a sour mood ahead of a meeting of increasingly hawkish Federal Reserve policymakers. Market jitters have risen amid high oil prices, troubles in the banking sector and the prospect of higher […]
Gulf to earn 1.3 trillion dlrs from oil in two years: report
KUWAIT CITY, June 21, 2008 (AFP) – The oil-rich Gulf Cooperation Council (GCC) states are projected to earn close to 1.3 trillion dollars in oil revenue in 2008 and 2009, a Kuwaiti economic report said on Saturday. The six-nation alliance — Bahrain, Kuwait, Oman, Qatar, United Arab Emirates and Saudi Arabia — earned 364 billion […]
Sri Lanka tea trade divided, losing benefits: official
June 21, 2008 (LBO) – Sri Lanka’s billion-dollar tea industry remains too divided, squabbling over trivial matters, and is losing out on benefits it can otherwise win as other industries have done, a senior trade official said. But, Akbarally warned, the gains from high tea prices could be eroded by soaring costs. Production costs shot […]
Oil bubble wobbles; new excuse given
NEW YORK, June 19, 2008 (AFP) – Oil prices slumped Thursday after Saudi Arabia said it planned to boost daily output by 200,000 barrels to help cool record-breaking energy costs which are hurting consumers globally. The world’s biggest exporter of crude oil said it would ramp up daily crude production to 9.65 million barrels per […]
‘s inflation rate surges to 11.05 pct
NEW DELHI, June 20, 2008 (AFP) – India’s annual inflation rate accelerated to 11.05 percent, its highest level in 13 years, according to data on Friday, piling pressure on the government as general elections loom. Inflation jumped by more than two percentage points to hit 11.05 percent for the week ended June 7 from 8.75 […]
Dollar stable as market weighs rate hike prospects
NEW YORK, June 18, 2008 (AFP) – The dollar held steady against other major currencies Wednesday in volatile trade as investors weighed prospects of US and eurozone interest rate hikes to counter rising inflation.The single European currency was at 1.5532 dollars around 2100 GMT, up from 1.5508 dollars late Tuesday. The dollar stood at 107.86 […]
World Bank expects Chinese economic slowdown
BEIJING, June 19, 2008 (AFP) – The World Bank said Thursday it expected China’s economic growth to fall to single digits in 2008 for the first time in six years, while inflation would be higher than previously forecast. “China’s economic growth has moderated to a more sustainable pace,” the bank said in its quarterly report […]
EU leaders split on how to tackle soaring oil prices
BRUSSELS, June 19, 2008 (AFP) – Soaring fuel and food prices posed a stiff challenge to EU leaders gathered for a summit in Brussels on Thursday, amid clear divisions over how to respond to growing calls for intervention.Following Irish voters’ rejection of the European Union’s Lisbon Treaty last week, EU leaders are eager to demonstrate […]
Sri Lanka tea prices seen heading for correction
June 19, 2008 (LBO) – Sri Lankan tea prices appear to be heading for a correction with many grades from the estates easing at this week’s Colombo auctions where a larger volume was on offer, brokers said. “In fact the previous record for the period was 138 million kg in 2006 in which year Sri […]
New US military contractor overbilling scandal in Iraq looms
WASHINGTON, June 18, 2008 (AFP) – A civilian Pentagon official in charge of the largest US military contract in Iraq was removed from his job in 2004 after refusing to pay one billion dollars to KBR Inc. because the company was unable to credibly justify its expenses, the New York Times reported Tuesday. KBR is […]
Lower costs drawing users to mobile Internet: industry
SINGAPORE, June 18, 2008 (AFP) – Lower costs are drawing more and more users to access the Internet via their mobiles, and opening up opportunities for advertisers, industry players said. Flat rates for data are becoming increasingly common, and mobile devices for accessing Internet content are more widely available, said Andre Levisse, of management consulting […]
Updated Firefox browser eyes world download record
SAN FRANCISCO, June 18, 2008 (AFP) – Mozilla on Tuesday released an improved version of its Firefox web browser that has gained popularity as a free alternative to Microsoft’s ubiquitous Internet Explorer.Mozilla said Firefox 3 promises Internet surfing that is fast, secure, and easy to customize because it is designed to adapt to people’s online […]