Category: Other

PARIS, April 30, 2008 (AFP) – Three Chinese institutions were among the world’s top four banks at the end of 2007 at a time when the market capitalisation of Western banks was suffering from a global financial crisis, a study showed Wednesday.The number one spot in the rankings, compiled by the Boston Consulting Group, was […]

MUMBAI, April 30, 2008 (AFP) – India’s second-biggest telecoms firm Reliance Communications reported Wednesday its fourth quarter net profit rose 46.8 percent on revenue growth across its businesses.The company showed a net profit of 15.03 billion rupees (374 million dollars) for the three months ended March 31, up from 10.24 billion rupees a year earlier. […]

LONDON, May 1, 2008 (AFP) – There is too little regulation of financial services industries in British overseas territories like Bermuda and the British Virgin Islands, an official report said Wednesday.The study, by the influential House of Commons Public Accounts Committee, looked at Foreign Office activity in Britain’s 14 overseas territories, including the two low-tax […]

WASHINGTON, April 30, 2008 (AFP) – The rapid appreciation of the Chinese currency against the US dollar is taking a big toll on Asian companies using China as base for exports to the United States, according to a top US business official. The yuan has risen 18 percent against the dollar since China abandoned a […]

NEW DELHI, May 2, 2008 (AFP) – Indian steelmaker Essar Steel said Thursday it planned to acquire US steel company Esmark, valuing the deal at 1.1 billion dollars, as it pushes ahead with an aggressive North American expansion drive.With the planned buy, Essar will have nearly seven million tonnes of steelmaking capacity in the United […]

WASHINGTON, April 29, 2008 (AFP) – The United States on Tuesday released 40 million dollars in emergency aid for the World Food Program (WFP) to help deal with the growing global food crisis affecting the poorest nations. The funds from the United States Agency for International Development (USAID), will be added to 200 million dollars […]

April 30, 2008 (AFP) – The dollar was little changed in Asian trade on Wednesday as investors sat on their hands ahead of a Federal Reserve interest rate decision and a US economic growth report, dealers said.A decision by Japan’s central bank to leave its key interest rate unchanged at 0.5 percent had little impact. […]

BANGKOK, April 30, 2008 (AFP) – Thailand’s prime minister said Wednesday his country had agreed in principle to form a rice price-fixing cartel with Myanmar, Laos, Vietnam and Cambodia as costs of the staple grain rocket. The grouping of Mekong nations would be similar to the oil cartel OPEC, and would be called the Organisation […]

MUMBAI, April 29, 2008 (AFP) – India’s central bank on Tuesday held key interest rates steady but hiked the percentage of cash banks must hold in reserve to 8.25 percent to curb inflation riding at over three-year highs. It was the second time the Reserve Bank of India had announced an increase in the cash […]

FRANKFURT, April 29, 2008 (AFP) – German insurer Allianz said Tuesday that its first quarter net profit will slump to a third of what it was in the year-earlier period due the ongoing financial crisis and weak stock markets. The Munich-based group said it was writing off 900 million euros (1.4 billion dollars) worth of […]

CEBU, Philippines, April 29, 2008 (AFP) – President Gloria Arroyo on Tuesday urged fellow Filipinos to boil rice with yams or to eat cheaper cereals to avoid going hungry as rice prices soared to record levels.“This is a once-a-millennium global crisis. We have an action plan,” Arroyo said, noting that residents of the central island […]

FRANKFURT, April 29, 2008 (AFP) – An internal probe at German industrial group Siemens has found that almost all its sectors of activity were subject to active corruption, a company statement said Tuesday. The international law firm of Debevoise & Plimpton “has found evidence in each of the examined groups and in various countries indicating […]