The European Central Bank, meeting in Spain on Thursday, held interest rates at historic lows but insisted it was up to governments to find ways of boosting growth without busting fiscal rules. Following a raft of recent policy steps to prop up the euro and keep the single currency area's debt-wracked economy up and running, ECB chief Mario Draghi refused to give any indication when the bank might take further anti-crisis measures. Instead, Draghi said the onus was firmly on governments to find ways of boosting growth without easing up on crucial efforts to get their finances in order. Economic growth and fiscal consolidation are not contradictory and governments can still rein in their public deficits without undercutting growth, he argued. "There is absolutely no contradiction between a growth compact and a fiscal compact," Draghi told a news conference. "We have to put growth back at the centre of the agenda," he said. A growing number of eurozone countries are … [Read more...] about ECB holds rates, puts onus on govts to foster growth
Govt news
Libya elects new govt head, NATO lifts air cover
Libya's interim rulers elected a technocrat and businessman to head a transitional government as NATO ended the air campaign that played a major role in ousting dictator Moamer Kadhafi. Abdel Rahim al-Keib, a native of Tripoli, was elected prime minister in a public vote carried out by the members of the National Transitional Council, an AFP correspondent reported. Keib, little known until now, is also an academic who specialises in electrical engineering. He beat four other candidates, winning 26 out of 51 votes. "This vote proves that Libyans are able to build their future," NTC chairman Mustafa Abdel Jalil said after he voted. Keib, is both an academic and a wealthy businessman, who spent decades abroad as an opponent of Moammer Kadhafi before joining the pro-democracy revolution that overthrew him. He has been generous in his financial support for the National Transitional Council. "The main aspects of his programme were the stability of the country, of course, the security … [Read more...] about Libya elects new govt head, NATO lifts air cover
Govt approves adjustments to ICD master plan
Govt approves adjustments to ICD master plan HCMC – Deputy Prime Minister Trinh Dinh Dung has approved a revised master plan for Vietnam’s inland container depot (ICD) system until 2020 with a vision to 2030, with southern facilities to bear the brunt of cargo clearance, the Vietnam News Agency reports. The plan is to facilitate the domestic ICD system to meet the increasing demand of import-export transport, raise the capacity of goods clearance among seaports, reduce transport costs, and ease traffic congestion, especially in major cities. Under the plan, the domestic ICD system should be able to handle at least 15-20% of the volume of containerized goods, with a total capacity of 4.03-6.84 million twenty-foot equivalent units (TEUs) per year by 2020. The respective figures will be at least 25-30% and 12-17.6 million TEUs per year by 2030. By 2020, ICDs in the north should be able to clear between 0.72 and 1.82 million TEUs of cargo, while ICDs in the south should account … [Read more...] about Govt approves adjustments to ICD master plan
Social News 18/12
Court hears appeal on Agribank corruption The Hà Nội People's High Court started hearing an appeal yesterday on a high-profile corruption and economic mismanagement case at the State-owned Bank for Agriculture and Rural Development (Agribank) which resulted in the loss of over VNĐ2.425 trillion (US$106.6 million). The case involves 18 defendants, 13 of whom are former Agribank officials, while four others are former customs officers and one is a former company director. In a trial last December, Phạm Thị Bích Lương, 47, former director of the bank's South Hà Nội Branch was identified by the Hà Nội People's Court as the principal defendant. She was sentenced to 30 years in jail for violating lending regulations and abusing her position. She was also found as having joint responsibility in the misappropriation of VNĐ1.6 trillion from the bank and ordered to pay back this amount. Former Agribank General Director Phạm Thanh Tân received a 22-year sentence. Sixteen other defendants were … [Read more...] about Social News 18/12
Govt orders inspections of emission standard conformity
Deputy Prime Minister Trinh Dinh Dung has required inspections of the application of Euro 4 emissions standards at fuel enterprises, Dan Tri news website quoted a statement of the Government Office.Deputy PM Dung assigned the Ministry of Industry and Trade to urge fuel traders to ensure the supply of fuels in line with a roadmap for application of vehicle exhaust emissions standards stated in the Government’s Decision 49. The ministry will coordinate with relevant ministries and agencies to conduct inspections and report results to the Government prior to December 15.The Ministry of Science and Technology was assigned to review, amend and supplement requirements on fuels in line with Euro 4 and Euro 5 standards. The ministry must ask fuel traders to adhere to requirements on emissions standards of Euro 2, 3 or 4.In addition, the Ministry of Finance will have to propose tax and fee adjustments, ensuring benefits of consumers and reducing emissions to protect the environment.The … [Read more...] about Govt orders inspections of emission standard conformity