Archive for the ‘oil-rich’ Category

China: Protecting domestic economy is top priority

November 11, 2008

China’s government indicated Tuesday it would resist pressure to contribute to a global bailout fund, saying that ensuring the country’s economic stability is the most important step it can take to tackle the financial crisis.

President Hu Jintao is due to attend next weekend’s summit in Washington of leaders from 20 major economies to discuss a response to the crisis. British Prime Minister Gordon Brown has called on China, which has nearly $2 trillion in reserves, and oil-rich Middle Eastern nations to fund the bulk of an increase in an IMF bailout fund.

Associated Press

“We should put our own house in order and we should stabilize our own financial market and maintain market order,” said a foreign ministry spokesman, Qin Gang. “I believe this is the most effective contribution China can make to tackling this financial crisis. It will help to maintain the sound and steady development of the world economy.”

Graphic charting China's consumer price index, which hit ... 
Graphic charting China’s consumer price index, which hit a 17th-month low of 4.0 percent in October(AFP/null)

China, the world’s fourth-largest economy, unveiled a 4 trillion yuan ($586 billion) stimulus package Sunday, which Premier Wen Jiabao said was its “biggest contribution to the world.”

The plan calls for higher spending through 2010 on airports, highways and other infrastructure, more aid to the poor and farmers and tax cuts for exporters.

Economic growth slowed to 9 percent in the last quarter, down from last year’s stunning 11.9 percent rate and the slowest growth in five years. Export orders have fallen sharply as global demand weakens, leading to layoffs and factory closures.

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Vietnam to send 100,000 migrant workers to Qatar

January 12, 2008

The Khaleej Times
Dubai, United Arab Emirates
12 January 2008
.
HANOI- Communist Vietnam plans to send 100,000 guest workers to oil-rich Qatar over the next three years, expanding its migrant labour programme in the Middle East, state media said Saturday.

The two countries’ labour ministers signed an agreement on the programme in Hanoi on Friday after Vietnam’s Deputy Prime Minister Nguyen Sinh Hung visited the Gulf emirate in mid-December, the Vietnam News daily reported.

Vietnam last year sent 85,000 workers abroad—mostly to Malaysia, Taiwan, South Korea and other Asian countries—generating income and reducing unemployment at home, where 1.5 million people enter the job market every year.

About 10,000 Vietnamese already work in Qatar, says Vietnam’s government, which sees the Middle East, including the oil and gas-rich Gulf states, as a promising growth market for its labour exports.

Vietnam has set a target of sending 100,000 workers abroad every year by 2010, according to the Department of Management of Overseas Labourers.

Migration experts and state media have highlighted cases of exploitation of Vietnamese migrant workers who often have been trapped under harsh conditions in overseas jobs while struggling to repay large loans and air fares.Labour Minister Nguyen Thi Kim Nhan told a workshop last week that Vietnam’s labour exports will comply with international law, ‘protecting participants, especially the rights and interests of labourers,’ the Vietnam News reported.

Related:
The Insidious Nature of Human Trafficking: Vietnam