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| NEWS - EVENTS |
Mekong nations to form OPEC-style rice cartel -Thai PM
- 02/05/2008
Thailand has agreed in principle to form a rice price-fixing cartel with Burma, Laos, Vietnam and Cambodia as costs of the staple grain surge, prime minister Samak Sundaravej said on Wednesday April 30. The grouping of Mekong nations would be similar to the oil cartel OPEC, and would be called the Organisation of Rice Exporting Countries (OREC). "I have talked with Burma and invited them to join the rice exporting countries cartel, which will include Vietnam, Laos and Cambodia, to fix...
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Wall Street wilts after Fed
- 01/05/2008
Stocks slump, giving up gains as investors take a \'sell the news\' reaction to central bank\'s rate cut, statement that hints no more rate cuts for the time being.NEW YORK - Stocks ended lower Wednesday, erasing earlier gains, as investors took a \'sell the news\' reaction after the Federal Reserve cut a key short-term interest rate, as expected, and signaled it may not cut rates again anytime soon.The Dow Jones industrial average lost a few points. The broader Standard &...
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US Central Bank Cuts Key Interest Rate, Says Inflation Will Moderate
- 01/05/2008
The U.S. central bank has cut its main interest rate one quarter of a percentage point to two percent, while hinting that this may be the last rate cut for a while.In a statement accompanying the decision Wednesday, the Fed said tight credit and a slumping housing market will continue to affect growth. It said it is ready to act "as needed." The Fed also warned that uncertainty about inflation remains high, although it expects inflation to moderate as the...
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Bank lending slows to a trickle
- 01/05/2008
Although the State Bank of Vietnam\'s decision on tightening up US dollar lending, the growth of lending activity has reduced sharply already, reported some banks that now lack a large capital for lending. Eastern Asia Bank\'s general director Tran Phuong Binh forecasted the lending market is getting tenser in April as compared with the previous month.At present, the interbank market\'s overnight interest rate still stands at high 20% a year. Although banks are hesitant in adjusting lending and deposit rates,...
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Inflation hits 21.4% in April
- 01/05/2008
The government estimated Friday that annual inflation in April jumped to 21.42%, the sixth consecutive month of double-digit inflation and among the highest rates in Asia. However, the monthly rate of price increases slowed in April to 2.2% from 3% in March, which economists said could bode well for the government as it grapples with policy choices to contain inflation and maintain confidence in the economy.
Monthly inflation data are not fully available but the annual inflation rate in April...
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