India, Africa vow to cement relations as summit opens

India and Africa vowed to further cement their relations as India pledges a 5 billion U.S. dollars credit line and new institutions to Africa at the 2nd Africa-India Forum Summit which opened on Tuesday.Heads of the states and governments from India and African countries including Ethiopia, Kenya, Swaziland, Mauritania, Malawi and Burundi were present at the opening ceremony of the summit in Addis Ababa, capital of Ethiopia.Equatorial Guinea's President Obiang Nguema Mbasogo, who is also the African Union (AU) chairperson, declared the summit open, lauding India's help to Africa in poverty alleviation, realization of the Millennium Development Goals and also creation of a new and just international political economical order.Jean Ping, AU Commission chairperson, said at the opening ceremony...

Read more »

Posted in: Africa vow to cement relations as summit opens,India

Japan's 2010 net external assets drop 6 pct

The value of Japan's net external assets dropped 6 percent to 251.5 trillion yen (about 3.1 trillion U.S. dollars) at the end of 2010 from a year earlier as overseas assets were devalued by a strong yen, the Ministry of Finance said on Tuesday.The strength of the yen severely hampered Japan's export-led economic drive, making Japanese products less competitive abroad and costing firms reliant on overseas markets dearly as the value of commercial yields and foreign investments were diminished when repatriated.The finance ministry noted that it was the first decline in Japan's net overseas assets in two years in 2010.However despite Japan's net external assets rising to a record 3.085 trillion U.S. dollars at the end of 2010, a rise of 7 percent in dollar terms from a year earlier, making Japan...

Read more »

Posted in: Japan's 2010 net external assets drop 6 pct