Japan contributes $7 million more for SAARC
New Delhi: Japan has pledged an additional USD 7 million to the 'SAARC-Japan Special Fund' for furthering social and cultural exchanges with South Asia and has also pledged support for improving regional connectivity. The seven million dollars fund is especially meant for financing youth activities. Japan will receive over 500 high school and university students from the SAARC countries every year.

Japan is also expecting to increase its investment in India to $5.5 billion from $515 million in 2006, according to spokesman of the Japanese Foreign Ministry. The investment will be mainly in the automobile sector. The country would also work together with the Asian Development Bank to improve transportation in the region and improve disaster management.
Back to News Review index page  

Single currency for SAARC: Sri Lanka
New Delhi: Sri Lanka on Monday said SAARC must become a Union and adopt a single currency for achieving its political and economic pursuits.

Sri Lankan president Mahinda Rajapaksa said in his speech at 14th SAARC Summit that adopting a single currency would enhance the productivity of the region and improve trade without barriers.

He said while countries, particularly in Europe, have formed regional blocs despite major differences in language, culture, religion and income levels, SAARC has not realized its potential.

He said that time has come for action and relentless effort to meet aspirations of the people in the region.

Rajapaksa said the SAARC countries must work jointly on a counter terrorism strategy for the entire region.
Back to News Review index page  

Greater cooperation with SAARC: China
New Delhi: China, which has been accepted as an observer by the SAARC group of countries said it supports the SAARC process and was ready to intensify cooperation with its countries in various fields including infrastructure and energy.

Chinese Foreign Minister Li Zhaoxing addressing the 14th SAARC Summit, said,

"Good political atmosphere, close geographical location and popular support would greatly boost China-SAARC Cooperation," he said adding that Beijing proposes to institutionalise the China-South Asia Business Forum to serve as a platform for discussion on economic cooperation and trade. He said Beijing will hold a workshop for South Asian diplomats on contemporary China and invite senior diplomats to visit the country this year.
Back to News Review index page  

Oil prices dip
London: World oil prices fell a bit, as progress was made in trying to end Iran's standoff with Britain over Tehran's capture of 15 British sailors.

Prices however stayed above $68 a barrel in London, while the day before they had hit $ 69.58 -- the highest level since September 1, 2006.

In London, the price of Brent North Sea crude for May eased 36 cents to USD 68.38 in electronic trading.

New York's main oil futures contract, light sweet crude for delivery in May, dropped 78 cents to $ 65.16 in electronic deals before the official open of the US market.

Crude futures had soared over the past week on concerns that Iran, the world's fourth biggest producer of oil, could move to disrupt its energy exports should the crisis with Britain escalate.

The detention of the 14 men and one woman has further poisoned relations between Iran and the West.

Iran and Britain have begun talks as a first step towards resolving the row over the capture.
Back to News Review index page