Vietnam must act decisively to avoid the kind of economic meltdown suffered by Thailand in 1997 which triggered the Asian financial crisis, the Asian Development Bank warned Tuesday. As Vietnamese inflation rockets towards an annual rate of 30 percent and the nation's trade deficit balloons, the Manila-based agency said there were growing worries that the country's economy could face major problems.
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Vietnam must act decisively to avoid the kind of economic meltdown suffered by Thailand in 1997 which triggered the Asian financial crisis, the Asian Development Bank warned Tuesday. As Vietnamese inflation rockets towards an annual rate of 30 percent and the nation's trade deficit balloons, the Manila-based agency said there were growing worries that the country's economy could face major problems. Communist Vietnam has licensed state-run Petrovietnam and Thai industrial conglomerate Siam Cement to build a 3.77-billion-dollar petrochemical complex, state media reported on Monday. The Long Son Petrochemical Co. Ltd. plant is scheduled to be built in southern Ba Ria-Vung Tau province, east of Ho Chi Minh City, and is set for completion in 2013, the Dau Tu (Investment) newspaper reported. Communist Vietnam hiked retail petrol prices by more than 30 percent Monday to pass on high global oil costs, state media reported, a move likely to further accelerate double-digit inflation. The cost of a litre of standard petrol (gasoline) was raised to 19,000 dong (1.15 dollars) from 14,500 dong, the ministries of finance, industry and trade, and information and communication, said at a joint press conference. Communist Vietnam hiked retail petrol prices by more than 30 percent Monday to pass on record global energy prices, state media reported, a move likely to further accelerate double-digit inflation. The cost of a litre of standard petrol (gasoline) was raised to 19,000 dong (1.15 dollars) from 14,500 dong, the ministries of finance, industry and trade, and information and communication said at a joint press conference. China has warned US oil giant ExxonMobil to drop an exploration deal in the seas off Vietnam and said the project could threaten any future mainland contracts, a Hong Kong newspaper reported Sunday. Diplomats in Washington have contacted senior figures in the world's largest oil firm to protest the deal, which they say could be a breach of Chinese sovereignty, the Sunday Morning Post reported citing unnamed sources close to the US firm. Special Reports
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The International Federation of Red Cross and Red Crescent Societies (IFRC) launched Tuesday a multi-million dollar appeal for an AIDS treatment programme in five African countries. The IFCR is seeking 21 million Swiss francs (13 million euros, 21 million dollars) for a three-year programme in Burkina Faso, the Central African Republic, the Democratic Republic of Congo, Guinea and Nigeria.
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Will Smith, Johnny Depp and Eddie Murphy were the best paid Hollywood actors in the past year, according to Forbes magazine's special issue "Entertainment All Stars." Smith, 39, made 80 million dollars between June 1, 2007 and June 1, 2008, thanks to blockbusters like "I Am Legend," "Hancock" and "The Pursuit of Happyness," for which he was nominated for best actor in the 2007 Oscars.
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Joe Calzaghe's keenly anticipated meeting with American legend Roy Jones Jr has been postponed after the Welshman suffered a hand injury in training. Calzaghe, unbeaten in 45 fights fought mainly at super-middleweight, had been scheduled to meet 39-year-old Jones - who has held world titles at middleweight, super middleweight, light heavyweight and heavyweight - in a light-heavyweight bout at Madison Square Garden, New York, on September 20.
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US Secretary of State Condoleezza Rice pressed her North Korean counterpart to move rapidly on new nuclear disarmament steps Wednesday but hailed the "good spirit" at unprecedented six-party talks. Rice said she shook hands twice with North Korean Foreign Minister Pak Ui-Chun who she met for the first time as she and her negotiating partners gave him a "very tough message" for Pyongyang to meet its obligations.
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London-based Internet television service provider Joost said it launched a Chinese service Wednesday with local portal TOM Online to tap the world's largest online market. The company has also set up a joint venture with Hong Kong-listed TOM Group, parent of TOM Online, to bring a full Joost offering to China, Joost said in a statement posted on its website.
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