Category: World

BEIJING, Aug 30, 2007 (AFP) – Starting off as a machine factory worker, Xie Xuren worked his way up through the ranks of China’s ruling Communist Party to on Thursday become the nation’s finance minister.According to the official biography, Xie also boasts engineering credentials from when he served as a worker, technician, machinist and deputy […]

TOKYO, Aug 31, 2007 (AFP) – The dollar was rangebound in cautious Asian trade Friday as investors waited for a speech by the US central bank chief after recent volatility over the housing sector, dealers said.The dollar inched up to 115.99 yen in Tokyo morning trade from 115.86 in New York late Thursday. The euro […]

CARACAS, Aug 30, 2007 (AFP) – The Venezuelan government wants two US oil giants that refuse to come under state control to leave and is not offering compensation, Energy Minister Rafael Ramirez said.There is an estimated 230 billion barrels of oil in Venezuela’s Orinoco field but 78 billion are proved.Exxon Mobil and Conoco Phillips have […]

TOKYO, Aug 30, 2007 (AFP) – Asian stock markets made a cautious rebound Thursday as investors kept an eye on US Federal Reserve moves to combat housing woes that have battered global bourses. Asian markets were in positive territory after a strong recovery on Wall Street overnight but early gains were pared in Tokyo and […]

Aug 30, 2007 (AFP) – The Maldives has invited international investors to bid for the right to construct the tropical nation’s first luxury hotel on the island capital Male, officials said Thursday.Holidaymakers have made Maldives the richest nation in South Asia, with a per capita income of 2,674 dollars.Tourism and fishing account for a large […]

NEW YORK, Aug 28, 2007 (AFP) – Global stock markets saw dizzying declines Tuesday as a drop in US consumer confidence suggested slow growth ahead and Federal Reserve comments hinted at deeper-than-expected housing market woes. Shanghai managed to hit another record high however, on strong company earnings reports that pushed the overall market up by […]

TOKYO, Aug 29, 2007 (AFP) – The dollar rebounded after falling sharply on Wednesday against the yen over renewed concern about credit problems in the United States, dealers said.But they said dollar-selling sentiment remained strong as the recent turmoil in equities may continue. The financial chaos has led dealers to unwind their risky “carry trades” […]

BEIJING, Aug 29, 2007 (AFP) – China was to sell nearly 80 billion dollars worth of government bonds Wednesday in the first batch of a planned special issue to fund a new foreign exchange investment agency, state media reported.The Ministry of Finance was to issue on Wednesday 600 billion yuan (79.4 billion dollars) as part […]

SYDNEY, Aug 28, 2007 (AFP) – There are signs that the credit squeeze which rocked global markets recently is easing both in Australia and overseas, the deputy governor of Australia’s central bank said Tuesday. The Reserve Bank of Australia’s Ric Battellino said the steps taken by the central bank to ease upward pressure on interest […]

HARARE, Aug 27, 2007 (AFP) – Zimbabwe is facing another year of food shortages as three major fertiliser manufacturers have closed due to power cuts and a lack of raw materials, state media reported Monday.Eben Makonese, chief executive of Chemplex Coroporation which runs the three semi-governmental firms, said Dorowa minerals, Iron Duke and Zimphos have […]

BEIJING, Aug 28, 2007 (AFP) – A bid by China’s Lenovo to buy major European personal computer maker Packard Bell will probably fail due to an acquisition by rival Acer, state media said Tuesday.The Lenovo plan may be aborted after Taiwan’s Acer announced Monday it had signed a deal to buy Gateway for 710 million […]

MALE, August, 2007 (AFP) – Asia’s longest serving leader, Maumoon Abdul Gayoom, says he wants to be the first directly elected president of the Maldives after winning a landslide victory for his political reform package.However, the country has yet to stage a multi-party election.Gayoom has previously been the sole presidential candidate nominated by a 50-member […]