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The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday met for an extraordinary conference in the Algerian city of Oran at which its member nations are expected to approve a cut in oil production of about 2 million barrels per day.
With global oil demand falling this year for the first time since 1983, the group...
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Indian equities dropped more than 6 per cent Tuesday, largely because investors were selling stocks to lock in profits from previous gains given the gloomy global economic outlook and negative trading on other Asian markets, analysts said.
A fall in India's exports for the first time in five years in October added to the negative...
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Two days before the Organization of the Petroleum Exporting Countries (OPEC) was set to meet in Vienna to discuss production cuts, the cartel's basket price fell by 3.53 dollars Wednesday.
Pulled down by falling stock markets and reports of growing stocks and slowing demand in the United States, one barrel (159 litres) of OPEC crude...
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Monday's emergency EU summit meeting in Brussels on how to respond to Russia's recognition of the Georgian breakaway provinces of Abkhazia and South Ossetia could be instrumental in confirming the European Union as a major international peacemaker.
With the United States taking a diplomatic back seat on the crisis and the swift...
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Simmering anger with the Indian government and its security forces over a land row in the Kashmir Valley has sparked a larger movement that has seen thousands of Kashmiri Muslims take to the streets to demand "azadi," or freedom, in non-violent protests over the past two weeks.
Protestor Shakeel Ahmed, a university student,...
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Three people were killed and 70 injured when crowds led by Muslim separatist activists defied a curfew and clashed with security forces in India-administered Kashmir on Monday, officials said.
Police earlier arrested three prominent separatist leaders, Syed Ali Shah Geelani, Mirwaiz Umer Farooq and Yasin Malik, to foil a major...
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Cambodia's long-awaited anti-corruption legislation is ready to consideration in the nation's parliament, government spokesman Khieu Kanharith said Monday.
"This law is specifically for legislators in the National Assembly and Senate," Kanharith said of the draft bill that was first proposed in 1994.
The law has been...
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Russia's upper house of parliament voted unanimously to recognize Georgia's rebel regions of South Ossetia and Abkhazia on Monday.
After an emergency meeting of the house, lawmakers issued a statement to President Dmitry Medvedev urging recognition of the two provinces that are ethnically separate from Georgia.
The statement said...
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Russia's upper house of parliament voted unanimously to recognize the independence of Georgia's rebel regions of South Ossetia and Abkhazia on Monday.
In an emergency meeting of the Federation Council, lawmakers issued an appeal to President Dmitry Medvedev urging recognition of the two provinces that are ethnically separate from...
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Harare, ZIMBABWE – Presidential candidate Morgan Tsvangirai has
returned to continue campaigning after being held for almost ten hours in the
police’s custody, in the country’s second main city.
According to a spokesman of Movement for Democratic Change (MDC) party,
Tsvangirai and several other MDC leaders were held by police...
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 U.S. Secretary of State Condoleezza Rice will attend a meeting with top Israeli officials on Wednesday as a last stop in her Middle East tour. The main issue to be debated at the scheduled meeting will be the Israel-Gaza peace efforts. However, the meeting has been somewhat overshadowed by the latest Israeli raids in the Gaza Strip in...
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 French President Nicolas
Sarkozy arrived yesterday in Agra, approximately 125 miles south of New Delhi, to
visit one of the world’s most famous love monuments, the Taj Mahal. A suit was filed on his behalf that same day against a French airline company.
Sarkozy was not accompanied by his 40-year-old supermodel girlfriend...
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 A book in which the former wife of French President Nicolas Sarkozy
calls him a philanderer who is unworthy of being president went on sale
Friday after a Paris court rejected her demand to stop its publication,
France-Info radio reported.
In the book, entitled simply Cecilia, the former Madame Sarkozy is
quoted by author Anna...
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 Although only a fraction of global oil supply could be
immediately threatened by a Turkish incursion into northern Iraq,
the result of any conflict might escalate and disrupt the flow from the Middle
East.
The effect of the dispute was magnified in oil markets as it
came against a backdrop of tightening supply, said Paul...
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 The ocean liner Queen Elizabeth 2 is due to be decommissioned from service in 2008.
The vessel's owner, Cunard Lines, says it expects demand to be high for tickets on the ship's last scheduled voyage before it leaves for Dubai where it will converted into a floating hotel and museum.
"Many fans will take the opportunity to...
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UN Secretary General Ban Ki-moon on Monday renewed appeals for the international community to act to halt the fighting in the Gaza Strip.
His statement comes less than two days after the United States blocked a United Nations Security Council resolution on the Mideast conflict.
Ban said the Security Council needs to play a central...
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2008 is a year that most of the world's economies would like to forget.
The United States leads the pack, suffering from its worst financial crisis since the Great Depression and a year-long economic recession.
The troubles in the world's largest economy have taken the rest of the globe down with it - the International Monetary...
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The International Monetary Fund drastically cut its global economic forecasts on Thursday in the face of a growing credit crisis, predicting a recession in the United States and the world in 2009.
In an update of its World Economic Outlook from October, the IMF said global growth would slow to 2.2 per cent in 2009, down from the...
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The US economy contracted by 0.3 per cent in the third quarter of 2008, the sharpest decline in seven years amid a global financial crisis that has blocked credit access and severely depressed consumer spending, the US government said Thursday.
The initial estimate by the Bureau of Economic Analysis puts the US on track for a...
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The US economy contracted by 0.3 per cent in the third quarter of 2008, the sharpest decline in seven years amid a global financial crisis that has blocked credit access and severely depressed consumer spending, the US government said Thursday.
The initial estimate by the Bureau of Economic Analysis suggests the world's largest...
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The world is witnessing a nuclear power renaissance at a time when demands for fossil fuel-based energy and its prices have increased, the International Atomic Energy Agency (IAEA) said Monday.
But the expected increase in civilian nuclear power plants is accompanied by the risk of mounting nuclear material being converted into...
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The US financial crisis has gone global, putting the world on the brink of a recession that can only be resolved through international cooperation, International Monetary Fund Managing Director Dominique Strauss-Kahn said Thursday.
In a press conference at IMF headquarters in Washington, Strauss- Kahn warned that a lack of confidence...
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The United States economy grew at 3.3 per cent in the second quarter of 2008, the government said Thursday in revised figures that showed strong international trade had helped stave off a feared recession.
The gross domestic product (GDP) figure was revised upward from an earlier estimate of 1.9 per cent for the quarter, the Bureau of...
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China defended its human rights record Thursday after US President George W Bush gave a speech criticizing its lack of political and religious freedom.
Chinese foreign ministry spokesman Qin Gang said his government "puts people first" and was committed to promoting "basic rights and freedom" for the nation's 1.3...
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 California
educational officials have decided on Wednesday to be the first state to demand
an eighth-grade algebra examination, in spite of the worries regarding
financial support, teacher staffing or how the failure proportion could be
increased.
Governor Arnold Schwarzenegger instantly congratulated the
state Board of...
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The Supreme Court ruled Thursday, by a 7-2 vote, that states may demand a mentally ill defendant who wants to lead his own defense to accept the assistance of a lawyer.
The decision nullifies an Indiana Supreme Court pronouncement that stipulated a criminal defendant who is found sufficiently capable to stand trial should be allowed to...
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 In his speech at the opening of a UN summit
in Rome, UN
Chief Ban Ki-Moon called for a drastic increase in the food production to meet
demand. He has urged nations to seize an “historic opportunity to revitalise
agriculture” as a measure to tackle the food crisis.
“Nothing is more degrading than hunger,
especially when it is...
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American federal law enforcement agencies have led the
number of criminal prosecutions of immigration violators to amazing levels. One
of the means by which they achieved this is filing minor charges against every person
caught illegally crossing the U.S.-Mexico border.
Officials explained that the perspective of being...
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 The East Bay Municipal Utility District imposes water
rationing. The management program should preserve the system’s deteriorating
water supply.
Residents of a single-family homes throughout much of Alameda and Contra Costa
counties are required to immediately reduce water use by 19 percent; golf
courses face 30 percent cuts;...
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 The US Supreme Court ruled that President George W. Bush
exceeded his authority when he directed Texas
to reconsider a dual-murder case against a Mexican man on death row.
In June 1993, Jose Ernesto Medellin was arrested for the
killings of 16-year-old Elizabeth Pena and 14-year-old Jennifer Ertman. Medellin was not...
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 A hand recount of up to 270,000 ballots cast in last week's New
Hampshire presidential primary began Wednesday at the demand of an
also-ran Democratic candidate who cited "unexplained disparities" in
the results.
Former first lady Hillary Clinton won the Democratic primary,
defying pre-vote polls that predicted a victory...
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 German Chancellor Angela Merkel arrived Friday at US
President George W Bush's ranch in Crawford, Texas for two days of
talks on Iran's nuclear activities, Afghanistan and other issues.
Bush greeted Merkel and told reporters he was hoping for
constructive talks with the German chancellor. Bush's decision to host
Merkel at his...
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 Los Angeles
was sent back to the Dark Ages a week-long heat wave caused a power surge.
More than 40,000 customers of California’s Southland Industry are struggling
in the heat without power due to strains on the region's power infrastructure.
About 11,000 Department of Water and Power (DWP) customers
remained without service...
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 The summit held in the resort town Montebello, Quebec
reunites President George Bush and the Canadian and Mexican counterparts in an attempt to alleviate some existing differences.
The reunion of the Canadian Prime Minister Stephen Harper
and Mexican President Felipe Calderon and President Bush has the main goal to
discuss...
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Taiwan stocks plunged almost 6 per cent Thursday due to the worsening global recession and a decline in the island nation's December exports.
The TAIEX index fell 254.05 points, or 5.30 per cent, to 4,535.79.
Analysts blamed the fall on the continued global recession, a drop in oil prices, the overnight fall of US stocks and a...
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Taiwan's exports plunged by 41.9 per cent in December, the biggest decline in more than five years, due mainly to global slowdown and financial turmoil, the Finance Ministry said Wednesday.
"The amount of exports in December stood at 13.64 billion US dollars, the smallest since October 2003, and a reduction of 9.84 billion...
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Japan's industry output suffered a record fall in November, as unemployment numbers rise and slowing inflation rates raised deflation fears, officials said Friday.
The Minstry for Economy, Trade and Industry said production dropped by 8.1 per cent compared to the previous month, the largest drop on record since 1953, as foreign...
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Stocks in Tokyo gained ground Friday despite a government report saying industry output recorded its sharpest fall in history.
The benchmark Nikkei 225 Stock Average was up 96.27 points, or 1.12 per cent to 8,695.77 by mid-trading.
The broader Topix index of all first-section issues rose 5.45 points, or 0.65 per cent, to...
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Stocks in Tokyo gained ground Friday despite a government report saying industry output recorded its sharpest fall in history.
The benchmark Nikkei 225 Stock Average climbed 140.02 points, or 1.63 per cent to close at 8,739.52.
The broader Topix index of all first-section issues rose 10.56 points, or 1.26 per cent, to...
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Japan's industrial output suffered a record fall in November, as unemployment numbers rose and slowing inflation rates raised deflation fears, officials said Friday.
The Ministry for Economy, Trade and Industry said production dropped by 8.1 per cent compared to the previous month, the largest drop on record since 1953, as foreign...
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Thousands of Ukrainian union workers protested wage freezes and job cuts in a host of industries hit by the world financial crisis.
More than 5,000 marchers, many Communist Party members or retirees, gathered in Kiev's central Maidan Nezaledzhnosti square. Police presence was minimal and the crowd was peaceful in Ukraine's first...
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India has considerable scope for easing monetary policy over the next six to 12 months to meet the global financial crisis, according to a federal Finance Ministry review tabled in parliament Tuesday.
"An aggressive monetary policy may be necessary if the global economic depression continues to adversely affect...
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Taiwan's November exports posted a record 28.5-per- cent fall due to the financial crisis which has hurt global demand for Taiwan's exports, the Economics Ministry said Tuesday.
In November, Taiwan received orders worth 22.8 billion US dollars, down 28.5 per cent year-on-year.
Among Taiwan's export markets, orders from China and...
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A cold wave described by residents as exceptional was hitting Morocco on Tuesday, raising hopes that snow and rainfall would help to supply water for the agricultural season.
This week's cold wave has affected all parts of the country, but mainly the Ifrane area in the northern Atlas mountains. Rain and snowfall were reported also in...
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Business confidence among Japan's largest manufacturers fell the most in 34 years, the Bank of Japan's quarterly Tankan survey revealed Monday.
An index that measures confidence among the largest makers of cars and electronics dropped to minus 24 from minus three, according to the survey. The decrease of 21 points is the largest since...
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An estimated accumulated Arab surplus of 1 trillion petrodollars gained prominence over the past three months as one of the key factors to reckon with in handling the global financial upheaval that erupted in the United States in September and spread to the rest of the world economy later on.
Analysts in the Middle East also raised...
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The Islamic finance industry, which refers to the banking activity conducted in accordance with the principles of Sharia (Islamic law), gained the limelight over the past two months during the global financial turmoil as one of the relatively safe havens for investments.
Executives of Islamic banks and financial institutions have been...
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There's an old saying among economists: "When the US catches a cold, the rest of the world catches pneumonia."
"But nobody says what happens when the US catches pneumonia," said Ammar Siamwalla, a respected Thai economist. "You don't catch a cold, but I don't know what happens."
That indeed is...
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On May 28, a currency analyst at Morgan Stanley released a report that hit Vietnam's financial community like a smack in the face.
With Vietnam's inflation and trade deficit soaring, the analyst wrote, its currency was under threat. Twelve-month futures on the Vietnam dong had "gapped" to 23,000 to the dollar, a 50 per cent...
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This year's holidays are looking gloomy for Japan's temp workers as the nation's manufacturing sector reduces its output due to the global recession.
Japan's exporters have suffered slowing demand, especially in the United States and Europe, as businesses have revised their earnings forecasts for the full year through March...
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Business confidence among Japan's largest manufacturers fell the most in 34 years, the Bank of Japan's quarterly Tankan survey revealed Monday.
An index that measures confidence among the largest makers of cars and electronics dropped to minus 24 from minus three, according to the survey.
A negative reading indicates a...
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Japanese automaker Mazda and electronics giant Sharp on Friday announced major reductions in production due the ongoing world financial downturn.
Mazda said it would be reducing production by more than expected due to the ongoing financial crisis in the world car industry, stating that 100,000 units cut by the end of the business...
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As high interest rates and a slowing economy hit India's auto industry, domestic car sales fell by 19.38 per cent in November according to figures released Wednesday.
Sales of motorbikes fell by 20.24 per cent and commercial vehicle sales were down by 49.52 per cent in November compared to the same month in 2007, according to...
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A raft of measures including permanent cuts in salary and corporate taxes and investment in infrastructure have been proposed by the International Monetary Fund as a way of stimulating demand in Hong Kong, the government said Tuesday.
"Well targeted infrastructure investments should boost the economy's potential by further...
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Chinese leaders gathered in Beijing Monday to plan the country's economic policy for 2009, trying to find ways to offset the negative impact of the global financial crisis.
The three-day meeting is aimed at developing strategies to fight the economic slump affecting small and medium-sized companies and transform the structures of...
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The Japanese stockmarket surged Monday, with stocks driven up by hope for the US economy to recover as president-elect Barack Obama Saturday pledged a large-scale spending plan.
The benchmark Nikkei 225 Stock Average closed up 411.54 points, or 5.2 per cent, to 8,329.05, the biggest gain in almost two weeks, carrying over Friday's...
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The benchmark Hang Seng index surged 8.66 per cent Monday to its highest level in seven weeks amid investor confidence of stimulus moves by China and the United States.
Turnover topped 63.87 billion Hong Kong dollars (8.19 billion dollars), following Friday's turnover of 37.3 billion Hong Kong dollars.
Among the biggest gainers was...
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Japan on Monday lodged a protest with the Chinese government, saying two Chinese ships which entered Japanese waters surrounding a group of disputed islands in the East China Sea had to withdraw immediately.
The maritime survey ships entered the waters around the islands, which are known as Senkaku in Japan and Diaoyu in China,...
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India's benchmark Sensex surged by over 4 per cent in trading on Monday, buoyed by the government's fiscal measures, including a 4-billion-dollar package to counter the downturn in the economy.
The 30-share-sensitive index of the Bombay Stock Exchange shot up by 370.96 points - an increase of 4.14 per cent - and was quoted at...
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Asian stockmarkets surged Monday on renewed optimism related to large-scale economic stimulus plans by the United States and China.
Japan's benchmark Nikkei 225 Stock Average closed up 411.54 points, or 5.2 per cent, to 8,329.05, the biggest gain in almost two weeks, carrying over Friday's positive sentiment on Wall Street.
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China and the United States vowed Thursday to cooperate in dealing with the global financial crisis, as the US pressured China to reform its currency and China urged the US to stabilize its economy.
At the fifth Strategic Economic Dialogue (SED), China reacted to pressure by US Treasury Secretary Henry Paulson to let its yuan rise...
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Taiwan's cabinet Thursday approved a plan to allow qualified direct institutional investors (QDII) from China to invest 3 per cent, or up to 222 million dollars, of their net worth in the local stocks and futures markets.
The plan, aimed to prop up the sagging bourse on the island, was approved along with 10 public infrastructure...
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Bangladesh's interim government has set an ambitious target of meeting 10 per cent of its total electricity production from renewable sources by 2020, media reports said Thursday. To encourage setting up green energy plants, the government has also offered tax holidays for investors in the next five years.
"Investment in...
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Pakistan must act with "urgency and resolve" and cooperate fully in the investigations into last week's deadly terrorist attacks in Mumbai that claimed 171 lives, US Secretary of State Condoleezza Rice said Wednesday.
Rice, speaking after arriving in New Delhi, said the chief purpose of her visit was to "express...
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A restructuring of South Korea's shipbuilding industry, which has been hit by a downturn in orders, is being considered by the country's government and banks, according to media reports.
Proposals are being considered that would offer troubled shipbuilders conditional financial support, reported the Yonhap news agency Tuesday, citing...
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Indian Finance Minister P Chidamabaram on Tuesday asked industry to cut prices and maintain production levels and said he was confident that the economy would bounce back in a year, news reports said.
"We will take steps to stimulate the domestic economy to compensate for the downside caused by the downturn in the world...
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Vietnamese health authorities have found the industrial chemical melamine in three brands of powdered milk imported from Australia, health officials said Friday.
Nguyen Thi Khanh Tram, deputy director of Vietnam's Food Safety and Hygiene Department, said the new discoveries brought the number of melamine-tainted products found in...
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Airlines in the Asia-Pacific are preparing for increasingly difficult times as passenger and cargo traffic dips in the global economic downturn, a regional airline group said Friday.
In response, the Association of Asia Pacific Airlines appealed to governments, airports and aviation service providers in the region to refrain from...
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India's inflation rate fell sharply to 8.98 per cent for the week ended November 1 from 10.72 per cent the previous week, raising hopes of further rate cuts by the Reserve Bank of India as industry figures indicated a slowing down of the economy.
The annualized inflation rate, which is linked to India's wholesale price index, had...
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Taiwan on Tuesday demanded that Japan make a formal apology and pay compensation to women who were forced to serve as prostitutes for the Japanese Imperial Army during World War II.
The Taiwan parliament passed a resolution demanding Japan apologize for forcibly recruiting the women, who were euphemistically called comfort women,...
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Indian equities dropped about 5 per cent soon after opening Tuesday, largely because investors were selling stocks to lock in profits from previous gains, given the gloomy global economic outlook and negative trading on other Asian markets, analysts said.
The 30-share Sensitive Index of the Bombay Stock Exchange traded at 10,006.1...
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Japanese chemical company Mitsubishi Rayon Co decided on Tuesday to buy Britain's Lucite International Group Ltd, which holds the world's largest share in the acrylic monomers market, the Japanese company said.
If the tender offer is completed, Lucite would become Mitsubishi Rayon's subsidiary.
Mitsubishi Rayon, which is the...
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Japan's current account surplus shrank for the seventh-straight month in September, slipping 48.8 per cent to 1.5 trillion yen (15.17 billion dollars) as higher energy prices boosted imports, the Finance Ministry said Tuesday.
Exports in September increased 2.1 per cent from the same month a year earlier to 7 trillion yen, and...
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The global financial crisis caught up with Bangkok's property market last month when demand stagnated and large companies started to scale down their expansion plans, Jones Lang LaSalle, a professional real estate service company, said Tuesday.
"Impact of the global economic meltdown has become more evident since the global...
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The Bangladesh Nationalist Party (BNP) and its allies announced nationwide protests against the detention of three former ministers in a graft case, saying it was a ploy to keep the alliance out of the December elections, media reports said Tuesday.
The party's right-wing ally - Bangladesh Jamaat-e-Islami, the country's largest...
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Asian stock markets staged strong rallies Monday, with Japan's key Nikkei 225 Stock Average closing above the 9,000-point threshold, following the announcement of an economic stimulus package by the Chinese government.
The Nikkei index soared 498.43 points, or 5.81 per cent, to close at 9,081.43.
The broader Topix index of...
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Asian stock markets staged strong rallies Monday, with Japan's key Nikkei 225 Stock Average closing above the 9,000-point threshold, following the announcement of an economic stimulus package by the Chinese government.
The Nikkei index soared 498.43 points, or 5.81 per cent, to close at 9,081.43.
The broader Topix index of...
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Analysts on Monday welcomed China's announcement of a major package of measures to stimulate domestic demand but warned that economic growth was still likely to slow next year.
"While these measures cover a wide range of areas, the clear focus is government-financed or mandated investment and construction," Hong...
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Investment bank Goldman Sachs lowered India's economic growth forecast for the financial year 2008-2009 to 6.7 per cent from an earlier 7.5 per cent on account of the global financial crisis in a report released Monday.
Goldman Sachs said the global crisis over the past several weeks had a larger than expected impact on the financial...
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At least two civilians were killed in a US airstrike in western Afghanistan, the latest in a series of incidents in which non-combatants have died in anti-insurgency operations, officials said Thursday.
The latest airstrike took place on Wednesday in Ghormach district of the western province of Badghis after a group of Taliban...
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Taiwan and China, taking another step towards peaceful co-existence, on Tuesday signed four pacts on expanding trade ties across the Taiwan Strait.
The inking of the pact heralds the direct cross-strait links that have been banned by the island since the two arch rivals split at the end of a civil war in 1949.
The pacts were signed...
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Taiwan and China, taking another step towards peaceful co-existence, on Tuesday signed four pacts on expanding trade ties across the Taiwan Strait.
The pacts were signed by China's negotiator Chen Yunlin and Taiwan's negotiator Chiang Ping-kun at the Grand Hotel in Taipei. Their talks, lasting from Monday till Thursday, are the...
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All Nippon Airways Co (ANA) on Friday lowered its earnings forecast for the current fiscal year as it saw its second-quarter profits fall because of rising fuel prices and slow demand for air travel.
Japan's second-largest airline said its operating profit declined 18.6 per cent in the July-September period from the same quarter a...
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| The Iraqi government stated Tuesday that it rejected the US attack on a Syrian village near the Iraqi border, after Syrian cabinet denounced previous statements by Iraqi spokesman Ali al-Dabbagh.
"The Iraqi government rejects US aircraft bombarding posts inside Syria and has | | | |
