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Archive for September 27th, 2008|Daily archive page

China to begin mass production of Shenzhou spacecraft

In Uncategorized on September 27, 2008 at 7:54 am

Beijing (VNA) – China will begin the mass production of its Shenzhou (Divine Vessel) spacecraft starting from Shenzhou 8, Xinhua news agency reported on September 26.

The mass-produced model will serve as a shuttle between China ‘s space station and the ground, and may also transport astronauts and cargo for other countries, Xinhua quoted Zhang Bainan, chief designer of the spacecraft system of China’s manned space programme, as saying.

The ground test is already being done on the prototype of the Shenzhou 8, he said.

One day earlier, China launched the spaceship Shenzhou-7, carrying three astronauts on board to attempt the country’s first-ever space walk.-

Thailand’s new cabinet holds first meeting

In Uncategorized on September 27, 2008 at 7:53 am

Bangkok (VNA) – Thailand’s new cabinet held its first meeting on September 26 to discuss the national budget for fiscal 2009 and to complete the government’s policy statement to be presented to Parliament early next month.

Government financial disbursements cannot be made until the Cabinet submits the budget and parliamentary approval is achieved, the Thai News Agency (TNA) said.

Prime Minister Somchai Wongsawat had asked his team to review proposed government expenditures for the 2009 fiscal year, which begins October 1, Sukhumpong Ngonkham, minister attached to Prime Minister’s Office, was quoted by the TNA as saying after the cabinet met at Don Mueang airport.

PM Somchai said the government planned to present its policy to the House on October 8 and 9.

The draft government policy has been furnished by the National Economic and Social Development Board (NESDB). It will be given to leaders of parties in the coalition government for their consideration this weekend, according to Sukhumpong.

Deputy Prime Minister Olarn Chaipravat was assigned to form an economic team for the government as the prime minister is worried that Thailand ‘s economy could be affected by US financial crisis, he said.-

ADB, Japan help East Timor train public servants

In Uncategorized on September 27, 2008 at 7:52 am

Hanoi (VNA) – The Asian Development Bank (ADB) with Japan’s funding will help develop the management and governance skills of the majority of East Timor’s 12,000 public servants.

The Japan Special Fund, through ADB, will provide a 500,000 USD grant to the initiative. The East Timorese government will provide an equivalent of 100,000 USD in materials and logistics support, ADB said in its press release issued on September 26.

ADB, in close coordination with the government and other development partners, has helped train 1,400 public servants in East’s 13 provincial districts since 2002.

“Building the capacity of public servants is essential in improving governance and restoring stability in East Timor-Leste,” Anne Witheford, ADB Governance Specialist was quoted as saying.

Through the training programmes, participants have gained skills in public administration, basic accounting, and project development and management. Feedback from trainees indicated that the programmes have significantly improved their delivery of basic services and enhanced their work performance, the press release said.-

Japan’s stockbroking firm to be set up in Malaysia

In Uncategorized on September 27, 2008 at 7:52 am

Kuala Lumpur (VNA) – Japan’s largest securities firm Nomura Group will set up a stockbroking company in Malaysia after Malaysia’s Securities Commission approved its application, local media reported.

Nomura’s presence in Malaysia was expected to further encourage a greater inflow of funds from Nomura’s global network, including from Japan and the Middle East, and promote the Malaysian capital market to global investors, Malaysia’s Securities Commission Chairman Zarinah Anwar was quoted by Bernama news agency as saying.

The approval granted is one of the three stockbroking licences available to be issued to leading foreign stockbroking firms, a measure announced in Budget 2009 last month to strengthen Malaysia’s position as an international Islamic financial centre, the Securities Commission said.

In granting the approval, the commission had considered, amongst other factors, the scope of operations which would will be established by Nomura in Malaysia, their stockbroking and capital market experience, expertise and geographical presence.

Nomura is expected to play a key role in promoting the intermediation of funds from the Middle East to Malaysia given its operations in the Middle East.-

Cambodian new government meets

In Uncategorized on September 27, 2008 at 7:51 am

Hanoi (VNA) – Cambodia’s new government hold its first cabinet meeting, announcing the government’s policy in the fourth mandate from 2008 to 2013, according to news agencies.

Addressing the meeting, Cambodian Prime Minister Hun Sen stressed that the government in this mandate had to continue the rectangular strategy for phase two in the fourth mandate because the strategy provided the country with two digital economic growth in the past three years.

The government will strengthen good governance, implement legal and judiciary reform, fight corruption and reform the Royal Cambodian Armed Forces (RCAF). Public service reform also has to be done because people need it, he said.

The government will also further develop the agricultural sector, the private sector, the capacity building of human resource and the infrastructure, and strive to reduce poverty for 1 percent each year, the PM added.

The new cabinet was approved by newly-elected lawmakers of the Cambodian National Assembly on September 25.-

Hagupit death toll rises in northern Vietnam

In Uncategorized on September 27, 2008 at 7:50 am

Hanoi (VNA) – Typhoon Hagupit, which battered Vietnam on September 25, had claimed another seven lives in the province of Bac Giang by 16:00 local time on September 26, after Son La reported two deaths earlier in the day.

Heavy rainfall and accompanied flooding have reportedly destroyed hundreds of homes, submerged thousands of hectares of rice and other food crops and caused massive landslides in northern provinces , including Bac Kan and Hung Yen.

As a result, widespread electricity outages have occurred across large areas of the region while telecommunications and traffic connections have been disrupted.

Damages have been estimated at billions of Vietnamese dong.

Heavy rainfall has swollen rivers in the area, prompting province authorities to rush to evacuate people in areas of high risk of landslides to safer places. Efforts are also being made to fortify dykes, rivers and dams against the risk of flooding as well as to fix damaged roads to reopen them to traffic as soon as possible.–

Vietnam’s insurance market sees fast expansion

In Uncategorized on September 27, 2008 at 7:48 am

Geneva (VNA) – Vietnam ’s insurance market has expanded rapidly over the past years and will become one of the fastest growing markets in the world, according to the Business Wire website.

“With support from the liberalisation post WTO agreements, economic growth, rising incomes and increasing insurance awareness, the market will continue to grow at fast pace in coming years, the website said.

The life insurance market in Vietnam seems very promising as the country has a population of over 85 million people, with only eight life insurers, reflecting a low penetration rate, the website commented. Thus, life insurance market can prove to be a boon for foreign life insurers, it said, citing the ” Vietnam ‘s Insurance Sector Forecast to 2010” report.

According to the report, Vietnam ’s insurance industry is forecasted to grow at around 22 percent during the 2008-2010 period. Life insurance is projected to hit 12.1 percent and non-life insurance is expected to grow at 29 percent during the period.-