Category: World

TOKYO, Sept 10, 2007 (AFP) – Japan’s economy contracted in the second quarter of 2007 as firms cut spending on new factories and equipment, the government said Monday, adding to jitters over the global economic climate. Past GDP estimates were also revised, showing the economy shrank by 0.1 percent in the third quarter of 2006, […]

BASEL, Switzerland, Sept 10, 2007 (AFP) – The crisis in the US housing market risks spreading to the whole of the nation’s economy, European Central Bank chief Jean-Claude Trichet said Monday on behalf of world central bankers.Trichet was speaking in his capacity as head of the G10 group of central bankers from industrialised and emerging […]

WASHINGTON, Sept 8, 2007 (AFP) – A Malaysian human rights lawyer has filed a four trillion dollar lawsuit against Britain for alleged atrocities suffered by Indians whose forefathers were brought as indentured laborers to Malaysia during colonial rule. Among them were South Africa, Malaysia, Sri Lanka, Guyana, Trinidad and Tobago, Fiji and Mauritius, he said. […]

SYDNEY, Sept 9, 2007 (AFP) – Sydney brothels have had to import prostitutes from other states to get over a demand hump caused by security agents and delegates attending an Asia-Pacific summit, an industry spokesman said Sunday. APEC groups Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua […]

HARARE, Sept 7, 2007 (AFP) – The Zimbabwean government has authorised all retailers to raise prices by 20 percent, in a bid to to ease widespread shortages, reports said Friday.The price hike comes two weeks after government allowed retailers and manufacturers to increase prices on basic commodities such as sugar, cooking oil, chicken and soap. […]

ON BOARD THE USS KITTY HAWK, Sept 7, 2007 (AFP) – A top US navy commander involved in Indian Ocean wargames said Friday the exercises were not aimed at sending a message to either China or Iran.“We are flexible enough to learn the different ways from the international navies and it is easy for us […]

NEW YORK, Sept 6, 2007 (AFP) – The dollar weakened against the euro and other currencies Wednesday after the European Central Bank opted to keep borrowing costs on hold amid financial market and credit jitters. The pound was being traded at 2.0237 dollars, up from 2.0204 a day earlier. The ECB left open the option […]

SYDNEY, (AFP) – Drought could wipe out Australia’s wheat crop despite expectations that the country’s worst dry spell for a century was easing, Trade Minister Warren Truss warned Tuesday.“In many parts of Australia there has been some relief and a quite large wheat crop was planted,” he told reporters on the sidelines of an Asia-Pacific […]

HARARE, 2007 (AFP) – The Zimbabwean government on Thursday announced a devaluation of its currency against the US dollar by more than a hundred fold in a bid to enhance the country’s revenue, marred by hyperinflation. “The reserve bank of Zimbabwe will adjust the exchange rate applicable to all purchases and sales of foreign exchange […]

WASHINGTON, Sept 7, 2007 (AFP) – Former Federal Reserve chairman Alan Greenspan compares the current financial market turbulence to prior crises that have engulfed stock markets and the US economy, the Wall Street Journal said Friday.Greenspan, who stepped down as Fed chairman in January 2006, compared the present turmoil to prior crises triggered by hedge […]

PARIS, Sept 5, 2007 (AFP) – The northern tip of the Bay of Bengal, home to tens of millions of people, faces a potential double whammy from an earthquake and tsunami, a scientist warned on Wednesday.He says the peril does not appear to be immediate but says there are many unknowns and further work is […]

SYDNEY, Sept 6, 2007 (AFP) – Western countries are behind moves to keep India out of an Asia-Pacific grouping because they are concerned that its entry would tip the balance of power towards Asia, an official said Thursday. India was among a group of nations frozen out after foreign and trade ministers of the group […]