World Economy

Estonian quarterly inflation rises

Estonian quarterly inflation risesRiga/Tallinn - Estonia's consumer price index (CPI) rose 1.6 per cent in the third quarter of 2008, according to statistics released Monday.

Prices in the Baltic nation rose by 10.9 per cent compared to the previous third quarter.

The latest figures were mainly influenced by price increases of alcoholic beverages and tobacco, but were mollified by decreases in the price of fresh vegetables.

Estonia's annual inflation currently stands at 10.5 per cent, but appears to be on a downward trend after peaking earlier this year.

Iran's Ahmadinejad delays value-added tax for a year

Iran's Ahmadinejad delays value-added tax for a year Tehran - Iranian President Mahmoud Ahmadinejad has delayed by at least one year the implementation of a controversial 3-per-cent value-added tax (VAT) following protests and strikes in bazaars in several cities, Fars news agency reported Monday.

The VAT on all goods officially came into force last month but protests brought market trade to a virtual standstill in the bazaars of several big cities, including the capital Tehran, Isfahan, Mashad and Tabriz.

Due to the protests, Ahmadinejad last week ordered a two-month freeze on the implementation of the VAT.

Sweden offers details stability plan

Sweden offers details stability planStockholm - The Swedish government Monday unveiled details in a stability plan including to establish a fund to help banks that run into problems in future.

The programme was aimed at "restoring confidence" in the financial system, Finance Minister Anders Borg said at joint news conference with Financial Markets Minister Mats Odell.

The fund was to run along the lines recently approved by Eurozone countries, and Odell said the fast-track legislation could likely be passed early next week.

As store shelves go bare, Kremlin whitewashes

Moscow - Nothing could be a more visual throwback to the scarcity of Soviet days then the yawning bare shelves at some of Moscow's small grocery chains this week.

Kremlin critics have even voiced hope that such - so far limited - signs of economic crisis could turn the populace against former president-turned-premier Vladimir Putin.

"It's the crisis," affirmed a sales girl at grocer Samokhval behind a glowing refrigerated counter empty of all but frozen veggies. "They haven't stopped paying me yet, but it's all over the papers - the victims of the crisis."

With that she held up a tabloid expose of affected oligarchs headlined "The Rich Are Crying" in daily Zhizn.

Pak, IMF to hold talks on economic stabilisation programme

Islamabad, Oct 20: Pakistan and the International Monetary Fund (IMF) will hold negotiations on the Economic Stabilisation Programme this week in Abu Dhabi.

According to a senior official, the negotiations on the micro-economic programme would enable Pakistan to seek lending from the IMF without further negotiations, if Pakistan failed to get lending from other financial institutions within 30 days.

A Daily Times report said that the Pakistani team would present a economic stabilisation plan that got initial endorsement from international financial institutions (IFIs) during the recently concluded IMF annual general meeting at Washington.

As store shelves go bare, Kremlin whitewashes credit crisis

As store shelves go bare, Kremlin whitewashes credit crisisMoscow - Nothing could be a more visual throwback to the scarcity of Soviet days then the yawning bare shelves at some of Moscow's small grocery chains this week.

Kremlin critics have even voiced hope that such - so far limited - signs of economic crisis could turn the populace against former president-turned-premier Vladimir Putin.

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