Category: Other
Venezuela to kick out Exxon, Conoco Phillips
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 […]
Asian stocks make cautious rebound with eyes on Fed
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 […]
Maldives invites bids to build luxury hotel in capital
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 […]
Sri Lanka tea growers want to slash acreage, boost yields
August 30, 2007 (LBO) – Sri Lanka’s tea industry should slash the vast acreages under cultivation by half and improve yields as it was becoming unaffordable to run huge plantations, a top tea plantations company official said Thursday. “No longer can we have huge plantations,” said Dan Seevaratnam, Executive Deputy Chairman of the listed Kahawatte […]
World stocks hammered as credit destruction continues
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 […]
Dollar rebounds in volatile Asian trade
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” […]
China issues first batch of bonds to fund new forex investment agency
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 […]
”s bid for PC maker Packard Bell hit by Acer-Gateway deal
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 […]
Maldives strongman wants to rule on into fourth decade
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 […]
Not too late for Sri Lanka peace talks: ex-peace broker
SINGAPORE, Aug 28, 2007 (AFP) – There is still time for peace talks between Sri Lanka’s government and separatist Tamil Tiger rebels despite the virtual collapse of a truce, a former Norwegian peace broker said Tuesday. “It’s not too late. They can and should and must reopen real peace negotiations,” Jan Egeland told AFP. But […]
Kenya to emulate Sri Lanka for tea value addition
August 28, 2007 (LBO) – Kenya is hoping to learn from Sri Lanka to add value to tea and earn more revenue in the face of sharp falls in prices for her tea, reports from the East African nation said. Economic analysts have earlier said that Sri Lanka’s efficient shipping, as well as the flexibility […]
‘s central bank sees credit squeeze easing
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 […]