Vietnam seeks to cure growth ‘addiction’

AFP, Hanoi: Vietnam is looking to balance its long-standing ‘addiction’ to growth with measures to stabilise the troubled economy, but its success depends on restoring public confidence, analysts say. The moves follow months of concern from investors and economists over the Southeast Asian nation’s rising inflation, struggling currency and other economic woes that accompanied the high growth rate. Strong action began only in February when the State Bank of Vietnam announced...

Gates, Buffett bid to open rich Indians’ wallets

AFP, New Delhi: Two of the world’s richest men, software pioneer Bill Gates and investor Warren Buffett, are set to visit India this week to persuade the country’s super-wealthy to part with more of their cash. The pair made headlines last year when they said they would seek to get fellow billionaires to commit half of their wealth to good causes as part of the ‘Giving Pledge’. So far, 59 rich Americans have taken the pledge. But while charitable giving is widespread...

Europe polishes response to year-long debt crisis

AFP, Brussels: Europe’s leaders put the finishing touches to their response to a year-long debt crisis this week, as financial strain in Portugal threatens a third bailout after Greece and Ireland. Heads of state and government of the 27 European Union states meet Thursday and Friday in Brussels, with the situation in Libya, and nuclear safety issues in the wake of Japan’s quake and tsunami severely damaging a reactor, high on the agenda. Their remaining focus will...

British budget to focus on recovery amid cuts

AFP, London: Britain’s government unveils its annual budget Wednesday, expected to focus on nurturing economic growth in the face of deep spending cuts and tax hikes aimed at slashing the nations’ huge deficit. Finance minister George Osborne unveils his 2011/2012 tax and spend plans amid fears that his drastic belt-tightening measures could tip Britain back into recession. Prime minister David Cameron’s Conservative-Liberal Democrat coalition, which rose to power in...

After lean times, Greek tourism eyes crisis rebound

AFP, Athens: After two lean seasons and a year marred by austerity protests, Greek tourism operators expect a rebound in 2011 with the global economy in recovery and unrest in North Africa turning demand elsewhere. And although visitors avoiding Egypt and Tunisia may not necessarily flock to Greece—which has troubles of its own from an unpopular economic overhaul—the extra demand is enough for the entire region, industry representatives said. ‘As an all-year destination,...