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Greece's second aid package is larger than the first |
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Merkel and Sarkozy struck an agreement before the summit |
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Greece's second aid package is larger than the first |
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Merkel and Sarkozy struck an agreement before the summit |
The other big fallout of soaring food prices for the Asian region is likely to be a significant rise in debt. So far, it was believed that bloated debt was a problem that only Europe and the US were facing on account of the global crisis. But Asia is also likely to join this bandwagon. Take India for instance. It still has one of the highest proportion of poor in the world. This obviously means that most will not be able to afford food at such high rates. As a result, the Indian government would most certainly increase subsidies sharply and cut import taxes, which would put an additional strain on its finances.
Indeed, the crisis in Egypt was a product of the inability of the Egyptian government to tackle the problem of high inflation. And though extreme, noted economist Nouriel Roubini believes that persistently high food prices and inflation could raise the risk of more governments getting toppled. Certainly, Asian governments including India will have to give serious thought to some long term reforms if such shocks are to be avoided in the future.
Do you think that rising food prices will lead to a bigger crisis in Asia in the future?
In the category of news photography, The Jakarta Globe also took first place with the judges deciding that Yudhi's harrowing image of Min on a filthy bed in a makeshift hut in Kebun Melati, Tanah Abang, was the best of the entrants.
The Jakarta Globe also picked up a third award for Excellence in Special Coverage for the "Water Worries" special supplement. The same special supplement also received an honorable mention in the Environmental Reporting category.
Keeping readers up to date with the events that can affect them is one of The Jakarta Globe's priorities and its breaking news coverage was recognized with yet another first prize. The Situ Gintung reservoir disaster was judged to be the most effectively covered piece of breaking news.
The up-to-date, dynamic layout of the newspaper also received an honorable mention in the Newspaper Layout category.
The Jakarta Globe won seven awards at the SOPA Awards for Editorial Excellence in Hong Kong including Best Journalist. (JG Photo)
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Asian stock markets fell in early trading Friday, bucking overnight gains on Wall Street as investors locked in profits amid a dearth of fresh leads.
Security was tight as Wen Qiang arrived for sentencing
A former senior police officer in China has been sentenced to death for corruption and rape.
Wen Qiang was charged with accepting vast sums of money from criminal gangs in the southern city of Chongqing in exchange for protection from the law.
He was also found guilty of rape and failing to account for his assets, says state news agency Xinhua.
Wen is the most senior official to be charged under a major corruption probe in the city.
His wife, Zhou Xiaoya, was tried at the same time and sentenced to eight years in jail for taking bribes, the Chongqing News newspaper reported.
Three other senior Chongqing police officials received sentences ranging from six months to 20 years, reports said.
Wen was convicted of taking more than 16m yuan ($2.3m; £1.5m) in bribes to turn a blind eye to crime.
Xie Caiping was known as the Godmother of Chongqing
He also was found guilty of raping a university student in 2007 and 2008, Chongqing News reported.
The case has attracted huge media attention across China.
The investigation began last summer and more than 780 people have been prosecuted.
Wen's sister-in-law, Xie Caiping - described as the Godmother of Chongqing - was jailed for 18 years last November for crimes including running gambling dens and protecting drug users.
She was reported to have earned more than 2m yuan ($292,000; £179,000) from crime.
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Jakarta Globe, April 14, 2010
Indonesia already has enough potential, geographically, economically and socially, to become a gateway not only between Europe and Asia but between the rest of the world and the Middle East, according to Juan Jose Daboub, managing director of the World Bank.
But Daboub said that to achieve such a prominent international position, the country must ensure a healthy investment climate and develop its infrastructure.
And to be able to draw investment in infrastructure projects, which are long-term, riskier investments, he said the right regulatory framework, the right contracts and the right financial and guarantee instruments needed to be in place.
Daboub said the World Bank estimated that some $250 billion was needed in infrastructure investment in Indonesia over the next five years.
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Oil prices fell for a fifth day to near $84 a barrel Tuesday in Asia as traders mulled whether a slowly recovering U.S. economy justified the recent two-month, 25 percent crude rally.
Most Asian stock markets fell in early trading Tuesday as an appreciating yen overshadowed a strong finish on Wall Street.