Category: World

BRUSSELS, September 9, 2008 (AFP) – EU Economics chief Joaquin Almunia warned on Tuesday that soon-to-be published growth forecasts would paint a dismal picture of the European economy. After the eurozone economy contracted 0.2 percent in the second quarter, Almunia noted that ECB and OECD forecasts for the rest of 2008 and early 2009 “are […]

NEW YORK, September 9, 2008 (AFP) – World economic growth is set to continue to slow in the second half of 2008 before a gradual recovery in 2009, the number two official at the International Monetary Fund, John Lipsky, said Tuesday. “The global economy is projected to slow further in the second half of 2008, […]

WASHINGTON, September 7, 2008 (AFP) – The US government took over ailing mortgage giants Fannie Mae and Freddie Mac on Sunday and placed them in a “conservatorship” in a bid to avert a financial system meltdown from the housing crisis. Treasury Secretary Henry Paulson announced the US regulator was seizing control of the government-chartered, shareholder-owned […]

VIENNA, September 7, 2008 (AFP) – The question facing the OPEC oil producer group which meets Tuesday is when, not if, to cut its oil production target as crude prices slide in the face of weakening economic growth, analysts say. Most analysts surveyed by AFP expect the 13-nation cartel to agree to trim its output […]

SINGAPORE, September 8, 2008 (AFP) – Singapore Airlines (SIA) said Monday it will cut fuel surcharges on some of its international flights after recent declines in jet fuel prices. The cuts, ranging from four to 10 US dollars, will take effect Tuesday and apply to flights from Singapore to Southeast Asian countries, Australia, New Zealand […]

KUWAIT CITY, September 8, 2008 (AFP) – Kuwait’s Oil Minister Mohammad Al-Olaim said on Monday as he left for an OPEC meeting that he saw no need to cut the cartel’s oil production.New York’s main contract, light sweet crude for delivery in October, rose 65 cents to 106.88 dollars a barrel in electronic deals while […]

WASHINGTON, September 7, 2008 (AFP) – The historic, twisting, cliffhanger White House race is swinging into an eight-week sprint to the finish, with John McCain and Barack Obama locked up in the polls and bare knuckle-rhetoric flying. Whatever happens, the face of American politics is about to be remade. Democrat Obama, 47, would be the […]

ALBUQUERQUE, September 6, 2008 (AFP) – Republican presidential hopeful John McCain backed a government takeover of two mortgage giants Saturday while his Democratic rival warned that taxpayers should not bail out their shareholders. Asked whether Freddie Mac and Fanny Mae — which underwrite millions of US mortgages — should be placed in a conservatorship, McCain […]

FRANKFURT, September 5, 2008 (AFP) – A monetary policy based on fighting inflation is the European Central Bank’s best weapon against volatile commodity prices and the ongoing financial crisis, ECB president Jean-Claude Trichet said on Friday.“We are committed to deliver price stability and will do what’s necessary to deliver price stability,” Trichet told a conference […]

LONDON, September 4, 2008 (AFP) – Oil prices fell on Thursday as the market digested the latest weekly snapshot of US energy stockpiles which recorded a bigger than-expected drop. New York’s main contract, light sweet crude for delivery in October, slipped 50 cents to 108.85 dollars a barrel. Brent North Sea crude for October dropped […]

PARIS, September 5, 2008 (AFP) – Sharp falls in commodity prices and a rise in the dollar mark the ending of one of the biggest ever speculative bubbles and a change in investor sentiment as the global economy slows, analysts say. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]

September 5, 2008 (AFP) – Government forces and Tamil Tiger separatists fought heavy battles in northern Sri Lanka with another 34 combatants killed in fresh clashes, the defence ministry said Friday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Troops encountered stiff resistance from the rebel Liberation […]