News
India, Saudi Arabia Initiate Key Economic Measures to Boost Relations
The Hindu, by Atul Aneja
(April 21, 2008)
India and Saudi Arabia have made negotiations to advance their economic relations. The talks included an agreement to set up a Saudi-India investment fund. Among other agreements, the two countries will also adopt a long term visa program for businesspeople.
Saudi Arabia Invests $119 Billion in Energy Infrastructure Projects
Albawaba
(April 17, 2008)
A new study found that Saudi Arabia is expected to invest $119 billion in energy infrastructure between 2007 and 2009. This figure is up over 2,000 percent from the previous three-year period.
Hungary Central Bank Deputy Governor Says Government Must Keep Budget On Track
Forbes
(April 3, 2008)
The Deputy Governor of Hungary's central bank recently commented on the importance of continuing to reign in the nation's longstanding budget deficit. If successful, this action could reduce market risk and lead to the adoption of the Euro in Hungary.
South Korea to Cut Tariffs to Fight Inflation
BusinessWeek
(March 25, 2008)
In an effort to ease the burden of rising inflation for South Korea's consumers, the government has decided to reduce or eliminate import tariffs on a number of goods, ranging from grain to gasoline. The move comes in the midst of a worldwide boom in commodity prices.
GDP Increase Seen From RP-Japan Accord
The Manila Times
(March 8, 2008)
A Japan-Philippine Economic Partnership Agreement is being pushed through the Philippines Senate as the Trade Union Congress of the Philippines believes the country has much to gain from the deal. Many believe that lower tariffs would stimulate investment and reduce unemployment.
Philippines Seeks to Become Back Office Superpower by 2010
AFP
(February 26, 2008)
Back office operations in the Philippines have been experiencing growth in excess of 40% for each of the past three years. Now industry leaders say they want to capture 10% of the world market and employ over one million people by 2010.
Philippines Asks Vietnam to Guarantee Rice Supply
Inquirer.net, by Reuters
(February 22, 2008)
With tight world supplies, Philippines President Gloria Macapagal-Arroyo has asked Vietnamese Prime Minister Nguyen Tan Dung to ensure a certain amount of rice supply to her country. Philippines is the world's largest importer of rice and worries that high prices will encourage exporters to stockpile the grain.
Venezuela Softens Tone on U.S. Oil Cut
Reuters, by Frank Jack Daniel
(February 12, 2008)
Venezuelan President Hugo Chavez's warning that the country could halt oil exports to America has been played down both by Venezuelan officials and industry experts. Such a cut would likely do more damage to the Venezuelan economy than that of the United States.
Israel, France Sign Bourse Accord
Jerusalem Post, by Sharon Wrobel
(January 29, 2008)
A new agreement between France and Israel will allow Israeli securities to be listed on French exchanges, while allowing for greater entry of foreign securities to the Tel Aviv Exchange. This accord will create greater foreign exposure for Israeli securities while decreasing many of the barriers traditionally required for listing a prospectus abroad.
Canada Signs Free-Trade Agreement With EFTA to Boost Commerce
Bloomberg, by Robin Wigglesworth
(January 28, 2008)
At the World Economic Forum Canada signed a free trade agreement with the European Free Trade Association, which includes the countries of Norway, Iceland, Switzerland and Liechtenstein. The EFTA is also currently discussing agreements with the Gulf Cooperation Council, Algeria, Thailand, Colombia and Peru.
Bulgaria and Russia Sign Pipeline Deal
International Herald Tribune
(January 18, 2008)
In a meeting between Russian and Bulgarian officials, an agreement was reached to build a 550-mile pipeline between the two countries. This move has many concerned over Europe's increasing reliance on Russian energy.
US-India Business Lobby to Keep Pressing for Nuclear Deal
Hindustan Times, by Arun Kumar
(January 11, 2008)
Although India has put the US-India nuclear deal on hold, the American business lobby is going to continue working towards a quick congressional approval, and Indian Prime Minister Manmohan Singh has stated that the deal will happen eventually. The nuclear infrastructure development is predicted to cost around $500 billion over the next decade and will be a major driver in India's future economic growth.
Colombia to Invest $342 Million in Ethanol Plants
Reliable Plant Magazine
(January 7, 2008)
A new plan released by President Uribe calls for investment into facilities capable of producing 300,000 liters of ethanol per day. Social benefits of the plan include the employment of 1,500 former refugees.
Chávez, China Cooperate on Oil, But for Different Reasons
The Christian Science Monitor, by Sara Miller Llana and Peter Ford
(January 3, 2008)
China and Venezuela complete a $4 billion oil deal, allowing the Chinese to explore in Venezuela's Orinoco region. Venezuela will also increase shipments of oil to China and construct three refineries in China. Chavez views this as a blow to US hegemony, while China sees the investment more pragmatically.
Croatia Provokes EU Fishing Row
BBC News
(December 31, 2007)
The Croatian government plans to unilaterally declare a protected fishing zone as they claim that Italy is overfishing and depriving Croatia of up to 300 million euros per year. The EU disapproves of this action and the European Commission has stated that denying access to member states could damage Croatia's aspirations to join the EU.
Nigeria Corruption Tsar Sidelined
BBC News
(December 28, 2007)
Nigeria's rampant corruption has no greater enemy than Nuhu Ribadu, the head of the country's anti-corruption unit. But a move to send him on an out-of-country "study" may spell a bleak future for transparency in Nigeria.
