Category: Other
China wants to head off foreign reserve growth
BEIJING, Sept 5 (AFP) – China’s forex reserves rose further to hit 954.5 billion dollars at end-July but they must not be allowed to grow much more because of the upward pressure they put on the yuan, Vice President Zeng Qinghong said in an article Tuesday.The latest figure translates into 30.3 percent growth from 732.7 […]
Cut the fiscal deficit to preserve growth : ECB
ROME, Sept 5 (AFP) – Italy must take immediate steps to improve its public finances in order to preserve its economic recovery, an Italian member of the European Central Bank’s executive board insisted on Tuesday. “To put off or dilute corrective measures means that we will continue to talk of taxes and operations on public […]
‘s economic growth trails Asian rivals
BANGKOK, Sept 5, 2006 (AFP) – Political turmoil and flagging exports have resulted in Thailand trailing its Asian rivals in economic growth, Fitch Ratings reported Monday. The international financial agency revised down the kingdom’s growth forecast from 5.0 percent to 4.3 percent for 2006, saying that political uncertainties had caused Thailand to “lose a year” […]
Bollywood looks abroad for special effects to spice films
MUMBAI, Sept 4, 2006 (AFP) – Bollywood is bucking a global trend of outsourcing technical film work to India by using experts from abroad to provide special effects for increasingly demanding audiences, the industry said Monday. Studios with large company backing and aggressive directors are behind the trend that has led to most of the […]
Bangladesh shipping firms suspend use of port, halting trade
CHITTAGONG, Bangladesh, Sept 2, 2006 (AFP) – Bangladesh’s trade shipments ground to a virtual halt Saturday as shipping firms refused to use the nation’s main port in a protest over container fees. “Most of the private shipping companies have today (Saturday) suspended transporting cargoes to and from Chittagong port,” Chittagong Port Authority chairman Shahadat Hossain […]
India lays out five-year roadmap to freer rupee convertibility
NEW DELHI, Sept 2, 2006 (AFP) – India should make the rupee more freely convertible over the next five years to realise the country’s “maximum” economic potential, a central bank committee has urged. Such a move to loosen curbs on trading the rupee against other currencies would rank as one of India’s biggest economic reforms. […]
India to increase tea imports as production hit
GUWAHATI, India, Sept 1, 2006 (AFP) – India, the world’s largest tea producer, will boost tea imports to cover growing domestic demand despite an expected production shortfall blamed on a heat wave, officials said Friday. This year, the country is likely to increase tea imports to 25 million kilograms (55 million pounds) from last year’s […]
James Finlays sees export revenues fall on low value added tea sales
September 01, 2006 (LBO) – James Finalys & Company says its export revenues fell for the six months to June as the firm shipped more low value added bulk tea to overseas buyers. Finlays, one of Sri Lanka’s top tea exporters, also felt the pinch of rising prices at weekly tea auctions, as its island’s key […]
IMF board agrees to give bigger say to developing countries
TOKYO, Sept 1, 2006 (AFP) – The IMF executive board has agreed to far-reaching reform of the institution to give more influence to dynamic developing economies including China, managing director Rodrigo Rato said.Under the plan, China, South Korea, Turkey and Mexico will all see immediate increases in their fund quotas to reflect the shifting balance […]
Indian TV viewers to pay 11 cents a channel each month
NEW DELHI, Sept 1, 2006 (AFP) – Millions of Indian television viewers will pay a maximum five rupees (11 cents) a month for each pay channel under a new system to take effect by the end of the year, the telecommunications regulator said. The introduction of the conditional access system or CAS will mark a […]
Saving Pluto: The fightback begins
PARIS, Sept 1, 2006 (AFP) – Only a week after Pluto was stripped of its status as a full-fledged planet of the Solar System, rebel astronomers have launched a campaign to have it restored in pomp and glory.A petition already signed by more than 300 professional researchers is attacking the International Astronomical Union (IAU) decision […]
‘s tea crop falters in July
August 31, 2006 (LBO) – Sri Lanka’s tea output dipped 5.7 percent for the seven months to July but earned 50.89 million rupees by shipping the brew to overseas buyers over the same period last year, a commodity broker said. Production of Kenya’s largest export crept up 2.9 million kilos to 23.7 million kilos in […]