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Posts Tagged ‘kept’

British defence cuts to be kept under 10 percent: BBC

In Uncategorized on October 16, 2010 at 2:24 pm

Britain’s Ministry of Defence will only face cuts of under 10 percent in the government’s punishing spending review next week, compared to 25 percent for many other departments, the BBC reported Saturday.

Finance Minister George Osborne had told the MoD to prepare cuts of at least 10 percent despite strong resistance from Defence Secretary Liam Fox and military chiefs.

But Prime Minister David Cameron intervened in the row and the MoD is now likely to face cuts of between seven and eight percent, the BBC said, adding there would be no substantial cuts in army personnel numbers.

Britain will announce full details of the cuts in a strategic defence review being unveiled Tuesday, which will outline a long-term vision for the military.

That comes the day before an overall spending review Wednesday which Cameron has said will reveal details of cuts of up to 25 percent in most departments.

But there has been particular controversy over reductions to the defence budget.

Britain currently has around 9,500 troops in Afghanistan, the second largest contingent after the United States but Cameron has indicated they will be withdrawn from combat by 2015 in a process which may start next year.

The premier’s reported intervention came after US Secretary of State Hillary Clinton told the BBC Thursday she was worried that sharp spending cuts could damage the NATO military alliance.

The Daily Telegraph reported Saturday that the new professional head of the British Army, General Peter Wall, had warned Cameron that operations in Afghanistan could be undermined by cuts in army numbers and training.

Wall plus Chief of the Defence Staff Jock Stirrup, the Navy’s head Admiral Mark Stanhope and Chief of the Air Staff Air Chief Marshal Stephen Dalton are all concerned about the potential impact of cuts.

Reports suggest that areas of defence expenditure under threat from the cuts include RAF bases, Harrier jets and navy frigates, although two promised new Royal Navy aircraft carriers will be delivered.

Source: SGGP

200,000 tonnes of coffee to be kept in reserve

In Uncategorized on April 15, 2010 at 5:56 pm

200,000 tonnes of coffee to be kept in reserve

QĐND – Thursday, April 15, 2010, 21:4 (GMT+7)

The Prime Minister has allowed businesses to buy and stockpile a maximum of 200,000 tonnes of coffee from the 2009-2010 crop.

Accordingly, businesses will buy coffee for storage from April 15 to July 15, using State-subsidised loans with an interest rate of 6 percent/year for six months. 

The PM asked the Ministry of Agriculture and Rural Development (MARD) to work with the Ministry of Industry and Trade (MoIT) and the Vietnam Coffee and Cacao Association to define the volume of coffee in stock. Provincial People’s Committees are responsible for inspecting the use of State-subsidised loans to buy coffee for storage.

The Government leader also urged the MARD, the MoIT and other relevant ministries and agencies to map out a plan for coffee storage in June to control the price of coffee for export when the global price is likely to fall in the next few months.

Source: VOV

Source: QDND

Trade deficit to be kept at stable level

In Uncategorized on March 26, 2010 at 7:24 am

Trade deficit to be kept at stable level

QĐND – Thursday, March 25, 2010, 21:12 (GMT+7)

The government’s decisions to raise the prices of several commodities in March, and the minimum salary for employees, starting on May 1, will not make the State budget deficit increase, Finance Minister Vu Van Ninh has confirmed.

In an interview granted to Tin Tuc (News Bulletin) newspaper on March 25, Mr Ninh said the government has mobilised sufficient resources to carry out the salary reform scheme this year, under which the minimum salary for employees will increase to VND730,000 from the current VND650,000. It has also allocated budget for ministries, sectors and localities to meet the targets for socio-economic development this year.

Minister Ninh said his ministry will cooperate closely with relevant ministries and localities to iron out snags for businesses by further improving the investment environment and abolishing improper fees. He called on businesses to update technology and use fuel economically so as not to incur losses as a result of price hikes on input materials.

He confirmed that there will be no price adjustments for electricity and coal until the end of this year. He said since early March the Ministry of Finance and relevant agencies have examined the prices of cement, fertilizer, building materials, liquefied gas, sugar and fodder which are among essential commodities vulnerable to any market fluctuations. The ministry has also sent telegrams to provinces and cities, requesting that they establish inspection teams to keep market prices in check.

The ministry has proposed that the Prime Minister instruct State economic groups and corporations to stockpile and provide a sufficient supply of commodities for production and domestic use aimed at reining in possible runaway inflation, and to take part in poverty reduction projects.

The ministry has also asked petrol businesses to extend the timing between price adjustments from now until June if the global market fluctuates, in order to soften the psychological impact.

To achieve steady economic growth and curb runaway inflation, the Ministry of Finance has made recommendations to the government to take a host of measures. Accordingly, the government will continue to apply State-managed market price mechanisms despite global fluctuations, control monopolies and encourage price competition. It will closely monitor the registration and listing of prices of commodities and services designated for national target programmes.

The government will apply a flexible financial policy under strict scrutiny, strengthen the management of tax collection, and extend the deadline for corporate income tax for small- and medium-sized enterprises, mostly garment and footwear makers.

It will manage the foreign currency market flexibly in relation to the interest rates, the price consumer index and trade balance to increase exports and reduce imports. It will also effectively cope with any fluctuations in capital flows, stabilise the overall payment balance and keep the foreign currency reserves within safety limits. 

The National Assembly has approved a resolution to keep the inflation rate at less than 7 percent and the budget deficit at 6.2 percent of GDP in 2010.

Source: VOV

Source: QDND