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Posts Tagged ‘Cabinet’

Sarkozy appoints right-wing cabinet with eye on 2012

In Uncategorized on November 15, 2010 at 6:54 am

Maliki to form cabinet after MP walk-out

In Uncategorized on November 12, 2010 at 4:22 am

German cabinet expands naked short selling ban

In Uncategorized on June 3, 2010 at 2:08 am

BERLIN (AFP) – Germany’s cabinet on Wednesday approved a draft law expanding a ban on naked short selling which angered its international partners to include all stocks traded in Germany, officials told AFP.

The ban “concerns securities that are registered on a regulated German market,” a finance ministry spokesman said.

A trader is seen at Germany’s stock exchange in Frankfurt. AFP photo

It also encompasses certain trades on currencies that are not used for hedging purposes, although this can be implemented in times of crisis, not as a permanent measure — a slight watering-down of the original proposals.

A previous version of the draft law had envisaged a complete ban on short selling currency derivatives.

Last month, Germany rocked its European partners and roiled markets worldwide by unveiling, out of the blue, a ban on naked short selling of sovereign bonds and credit default swaps.

The surprise move, by Germany’s financial regulator, was introduced unilaterally and without informing other G20 countries.

Naked short selling is effectively a bet that a certain stock or government bond will go down on the markets. But unlike conventional short selling, a trader does not even borrow the stock or bond before it is traded.

The practice came under fire as the Greek debt crisis escalated. Many analysts said that such trades artificially inflated Greece’s funding costs.

Critics of the practice also say it can create highly damaging volatility on financial markets.

However, most short selling takes place in London and it is not a common practice in Germany.

Defending the ban at the time, Berlin said it wished to “send out a clear signal to the markets that we want to act where we are able to … in order to tackle excessive speculation.”

The draft bill now passes to the German parliament, where Chancellor Angela Merkel holds a clear majority. Finance Minister Wolfgang Schaeuble was due to hold a news conference at 11:30 am (0930 GMT).

Source: SGGP

Thai cabinet holds emergency meeting on crisis

In Uncategorized on May 3, 2010 at 8:34 am

Thailand‘s cabinet held an emergency meeting Sunday after a warning that its long-running standoff with anti-government “Red Shirts” in Bangkok could deteriorate into an “undeclared civil war.”

Prime Minister Abhisit Vejjajiva said in his weekly television address that the meeting at a military base would focus on rules of engagement for security forces, but sought to reassure the public he had a plan to defuse the crisis.

“I have already decided what steps to take, but I need to make sure it will be successful and have the least negative effect as possible,” Abhisit said.

“I have to make sure that it will be a sustainable solution. It will take time, but there will be effective measures,” he added.

“After I do all of this, I will announce what I have decided to do about demands for parliament’s dissolution.”

A Thai Red Shirt anti-government protester monitors police movement from a fortyfied camp in the financial central district of Silom in downtown Bangkok on May 2, 2010.

The Red Shirts have occupied sections of Bangkok since mid-March in their bid to force snap elections, with 27 people killed and nearly 1,000 injured, in the capital’s worst political violence in almost two decades.

Amid the simmering tensions, top think-tank the International Crisis Group (ICG) said Thailand must consider mediation from other countries to avoid a slide into further violence, a step which Abhisit rejected.

“The Thai political system has broken down and seems incapable of pulling the country back from the brink of widespread conflict,” said the ICG in a report released Friday.

“The stand-off in the streets of Bangkok between the government and Red Shirt protesters is worsening and could deteriorate into an undeclared civil war,” it added.

The report suggested forming a neutral negotiation committee with help from international figures such as East Timor President Jose Ramos Horta, a Nobel laureate who recently met Abhisit in Bangkok.

“Many countries are confused and ask why there is no negotiation. I talked to the premier of Timor and I listened to his advice that we need two ways to solve the problem,” Abhisit said in his television address.

“The first is that the government must stop anyone who acts against the law. The second one is the government must not ignore the needs of the people.”

The demonstrations are the latest chapter in years of turmoil pitting the ruling elite against the Reds, who say the government came to power illegitimately in 2008.

Many of the Reds come from Thailand’s rural poor and urban working classes and support former prime minister Thaksin Shinawatra, who was ousted in a 2006 coup and now lives overseas to avoid a jail term for corruption.

The Reds have faced heavy criticism after about 100 supporters raided Bangkok‘s Chulalongkorn hospital Thursday evening in the mistaken belief it sheltered security forces preparing a crackdown.

The Reds claim the hospital was used in an April 22 grenade attack, during a standoff between pro- and anti-government supporters, that killed one person and wounded dozens.

The government said the grenades were fired from inside the Reds’ camp — an accusation the movement has denied.

Protest leaders on Saturday slammed management at Chulalongkorn hospital, saying its chaotic evacuation of patients after it was stormed by Red Shirts was a ploy to make the protesters look bad.

Abhisit said Sunday that his government had asked authorities to keep the hospital running, even if it sparked violence.

“We know that operation brings a risk of clashes and losses but the government knows what we have to,” he said.

About 70 bomb and grenade attacks have been carried out by unknown parties in Bangkok since the Reds began the street protests in mid-March, according New York-based Human Rights Watch.

Source: SGGP

Obama meets war cabinet on Afghanistan

In World on November 25, 2009 at 4:16 am

US President Barack Obama has been huddling with his war cabinet for what officials indicated could be the final time before he decides whether to dispatch tens of thousands more US troops to Afghanistan.

Top officials at the meeting, the ninth gathering of Obama’s national security team to review Afghan strategy since August, included Defense Secretary Robert Gates and Secretary of State Hillary Clinton.

An administration official said Monday could “possibly” be the last time Obama will consult his team before making an announcement, though he cautioned “that’s not something we can say definitively.”

White House spokesman Robert Gibbs told reporters there would be no announcement before the weekend, but said Obama could reach a decision on the biggest strategic move of his young administration sooner.

“It may be tonight, it may be over the course of the next several days,” Gibbs said.

Attending Monday’s war meeting via videoconference were two men very much at odds over the decision: General Stanley McChrystal, commander of US and NATO troops in Afghanistan, and Karl Eikenberry, US ambassador in Kabul.

McChrystal has asked for around 40,000 more US troops, cautioning that the intensifying Taliban insurgency could win out if he does not get the reinforcements within a year. Currently, there are 68,000 US troops in Afghanistan.

In leaked cables earlier this month, Eikenberry, a retired army general who commanded US forces in Afghanistan from 2005 to 2007, warned against sending more troops until Afghan President Hamid Karzai gets a grip on the rampant corruption in his administration.

While Karzai has earned the opprobrium of the international community since a fraud-tainted election in August highlighted the massive levels of official graft in Afghanistan, his inauguration speech Thursday generally won praise.

He pledged to clean up corruption, eradicate drug production and trafficking, work towards ending a Taliban-led insurgency, and see that Afghan security forces can take over from international forces in five years.

Clinton, attending the inauguration, sought to turn the page and hailed the speech as a “new starting point” for the war-torn country.

But some of America’s allies in the war, now in its ninth year, are no longer willing to wait for the tide to turn: Canada and the Netherlands have announced plans to pull their troops out in 2010 and 2011 respectively.

Gates in a speech in Canada Friday said US forces could provide a “sustainable” replacement in the south for the departing Dutch and Canadian troops.

But he called on other allies to step forward, saying the Afghan effort will “require more commitment, more sacrifice, and more patience from the community of free nations.”

Obama also faces opposition to the dispatch of more troops from members of his own Democratic Party who question the wisdom of deploying additional soldiers.

Polls show the American public is becoming increasingly disillusioned with the war, and some fear a deepening military commitment could sidetrack his presidency, as Vietnam did Lyndon Johnson‘s in the 1960s.

But the military strongly favors a so-called surge, and Obama risks being denounced by Republican critics as weak on national security if he refuses McChrystal’s request.

More than 800 US soldiers have lost their lives in Afghanistan and the number of casualties is rising. October was the deadliest month for US forces there since 2001 and another four US fatalities were reported Monday.

Source: SGGP Bookmark & Share

Vietnam economy recovering, says cabinet

In Vietnam Economy on October 2, 2009 at 6:40 am

The cabinet has said that the economy has seen remarkable recovery since the beginning of the year, with GDP growth rate reaching 4.56 percent in the year to date.

The Cabinet, at its monthly meeting on September 30 and October 1, said Vietnam has done exceptionally well while most other countries struggled to cope with the economic downturn

Speaking to the media at the end of a regular two-day Government meeting on October 1, Nguyen Xuan Phuc, head of the Government Office and a minister, said while other economies have not recovered or just overcome the financial crisis, Vietnam has shown signs of a dramatic change.
Industrial production was up 13.8 percent in September over the same month last year and investment, especially by the public sector, has soared, he said.
Gross capital formation in the past nine months was VND483.2 trillion (US$26.8 billion), a year-on-year increase of 14.4 percent, including $7.2 billion in foreign capital.
Thanks to the impact of the economic growth and stability, the stock market has gradually bounced back, with the VN-Index rising to 580 points at the September, he said. It had plunged to a low of 235.5 on 24 February.
Prices remained steady in first nine months. In September the consumer price index rose by 0.62 percent.
Exports of rice, pepper, coffee, cashew, crude oil, precious stones, and coal rose sharply. The trade deficit was $6.54 billion, equivalent to 15.67 percent of export.
Mr. Phuc said Prime Minister Nguyen Tan Dung had urged Government and local agencies to work to achieve a GDP growth rate of 6.5 percent in the fourth quarter to achieve 5 percent growth for the whole year.
On the downside, the economy has faced difficulties, including a sharp drop in exports, mainly due to falling global prices.

The economic slowdown also caused difficulties in mobilizing investment, particularly FDI, generating jobs, and exporting labor.

“We must maximize the exploitation of our domestic strengths and potentials,” the PM said. “[We] have to accelerate the rate of disbursement of funds for projects, especially key national projects,” he said.
He also called for relief and rehabilitation efforts in the aftermath of epidemics and natural disasters, especially the typhoon that hit the central region at the end of September.
Referring to the $8 billion stimulus package, the cabinet said it has worked, helping the country stave off a recession.
The PM instructed the State Bank of Vietnam to work with ministries on the 2010 stimulus package and submit to the Government for consideration by mid-November.
The government targets GDP growth of 6.5 percent for 2010 and containing the budget deficit at 5 percent. 

Source: SGGP

Thai PM plans to reshuffle cabinet

In Uncategorized on November 17, 2008 at 12:39 pm

Bangkok (VNA) – Thailand’s Prime Minister Somchai Wongsawat has announced his plan to reshuffle the cabinet after the royal funeral of Her Royal Highness Princess Galyani Vadhana, the late sister of King Bhumibol Adulyadej, a local paper reported.

According to the Bangkok Post, PM Somchai refused to comment whether this will be a minor or major reshuffle.

He also expressed confidence in the government’s work, saying that the National Anti-Counter Corruption Commission (NACC) ruling against him and 28 others in the previous Samak Sundaravej administration for their handling of the Preah Vihear temple dispute would not impact the work of the government.

The PM would consider filling the seat of deputy prime minister, which was left vacant by Chavalit Yongchaiyudh, who was then in charge of security affairs and resigned after the October clashes between police and anti-government protesters.-

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.-

New Japan cabinet launched, PM aims new start

In Uncategorized on August 2, 2008 at 4:14 pm

Tokyo (VNA) – The reshuffled Cabinet of Prime Minister Yasuo Fukuda was formally launched on August 2 following an attestation ceremony at the Imperial Palace.

In his statement issued to the people of Japan , PM Fukuda pledged to make the utmost efforts in tackling such issues as surging oil prices and the mismanagement of pension records, while proceeding with reforms of the public service system and eliminating wasteful government spending.

He also vowed to build an open relationship with Asia-Pacific countries, based on strong Japan-US alliance, and make every effort to resolve the issues of the Democratic People’s Republic of Korea’s past abduction of Japanese nationals and Pyongyang’s nuclear problem.

In the first Cabinet meeting, the PM read out the statement and sought cooperation from the new Cabinet members so they will enable people in Japan to live in peace and achieve affluence.-

Thai Cabinet reshuffle list announced

In Uncategorized on August 2, 2008 at 4:11 pm

Bangkok (VNA) – Thailand’s reshuffled cabinet list was announced on August 2 evening after King Bhumibol Adulyadej give his royal endorsement to the lineup, the Thai News Agency (TNA) reported.

Prime Minister Samak Sundaravej said earlier that the shake-up was necessary to get the government back on track after some ministers were forced to resign having lost legal battles involving qualifications or other.

Mingkwan Saengsuwan was removed as deputy prime minister and commerce minister but took over the ministry of industry portfolio, replacing Suwit Khunkitti who announced earlier that he decided to pull his Puea Pandin Party out of coalition government, while former Health Minister Chaiya Somsab, who was forced to leave office, came back as Commerce Minister.

Former national police chief Pol.Gen. Kowit Wattana was named interior minister and as a deputy prime minister to replace outspoken Pol.Capt. Chalerm Yubamruang.

The reshuffle follows the last week’s appointment of Tej Bunnag as foreign minister to replace Noppadon Pattama, who resigned after the court ruled that his signing of an agreement with Cambodia was unconstitutional.-