Singapore signs pact with Myanmar to modernize its economy
Singapore, Singapore (AHN) – Singapore and Myanmar on Monday signed a bilateral, economic and trade agreement.
Under the Singapore-Myanmar Technical Cooperation Program pact, Singapore will open itself to foreign investment as well as offer training courses on trade, tourism development and central banking to the Southeast Asian nation.
The agreement was signed during Myanmarese President U Thein Sein’s first visit to Singapore after becoming president last year.
Myanmar had been a secretive military regime in the last decade, but post-2010 elections, situations changed in the country as government released several political prisoners and even legalized the pro-democracy leader Suu Kyi’s National League of Democracy party. This prompted Washington to revive full diplomatic ties with it. Even the EU decided to partly lift sanctions on Myanmar.
Both the U.S. and the EU have promised to further ease sanctions, if they see free and fair parliamentary by-elections in April this year.
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Obama, Harper stay apart on pipeline issue, ink other agreements
Washington, D.C., United States (AHN) – The visiting Canadian leader and the American president on Wednesday remained noncommittal on a controversial oil pipeline linking the two countries but signed a border deal.
Addressing a joint press conference at the White House, with Canada’s Prime Minister Stephen Harper, U.S. President Barack Obama said, “With respect to the politics, look, this is a big project with big consequences.”
Asking for a assessment for environmental impact, Obama said, “We’ve seen Democrats and Republicans express concerns about it. And it is my job as president of the United States to make sure that a process is followed that examines all the options.”
Harper, on the other hand refused to be drawn into any controversy saying, “You can appreciate that I would not comment on the domestic politics of this issue or any other issue here in the United States.”
Harper added that Obama had an “open mind” on the project, but wanted a full assessment carried out. “He’s indicated to me, as he’s indicated to you today, that he is following a proper (process) to eventually take that decision here in the United States, and that he has an open mind in regards to what the final decision may or may not be,” Canadian leader said about the 1,600-mile pipeline that would run from Canada to the Texas coast.
“My position, the position of the government of Canada on this issue, is very well known,” said Harper, hinting at his backing for the Keystone XL plan, which is projected to create jobs in the U.S. and in Canada and to enable oil from the Canadian province of Alberta to reach the world market.
The two leaders announced signing of a trade deal and perimeter security agreement, which would allow easier access to ports and increase harmonization of security checks and procedures at land borders.
“Together, they represent the most significant steps forward in Canada-U.S. cooperation since the North American Free Trade Agreement,” Harper said.
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U.S. encourages SAARC but hesitant to get more involved
Washington, D.C., United States (AHN) – The United States encouraged the participating nations of the South Asian Association for Regional Cooperation, also known as SAARC, but Washington had no intentions to increase its own involvement with the association according to one of the top U.S. diplomats.
Addressing journalists at a special briefing at the State Department, Robert Blake, Assistant Secretary, Bureau of South and Central Asian Affairs said, “We’re an observer country and we welcome that role, but we’re not seeking to enhance our role in any way.”
Assistant Secretary Blake returned from a trip to the Maldives as head of the U.S. observer delegation to the 17th Summit of the SAARC which has eight member nations and nine observers.
The U.S., however, urged the participating South Asian nations to not only cement ties among themselves but also to enlarge cooperation with Central Asian countries to accelerate the building of a New Silk Road.
Assistant Secretary Blake said, “I explained our support for greater regional integration not only within South Asia, but between South and Central Asia and Secretary Clinton’s vision of a New Silk Road linking the economies of South and Central Asia in a web of trade, transit, and energy connections.”
“The SAARC states hope to implement a South Asia free trade agreement by 2016, and there was some progress that was announced during the recent summit,” said Blake, lamenting the fact that the SAARC members were “not ready to endorse proposals to move up the date for SAFTA implementation.”
The SAARC leaders agreed “to finalize a regional railways agreement in the next year and to create an Indian Ocean cargo and ferry service by 2012,” said Assistant Secretary Blake.
The U.S. has enjoyed observer nation status since 2007 in SAARC, which groups Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Sri Lanka and Pakistan.
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U.S. signs antitrust cooperation agreement with Chile
Washington, DC, United States (AHN) – The United States on Thursday signed a cooperation agreement with Chile to enable antitrust agencies in the two countries to improve their law enforcement relationships.
“Chile has one of the most advanced antitrust systems in Latin America,” said FTC Chairman Jon Leibowitz in a statement after the signature ceremony, adding, “They are natural partners for us, and I’m pleased that we can formalize and strengthen the great relationship we have with them.”
Leibowitz signed the agreement with Felipe Irarrázabal, Chile’s national economic prosecutor. Christine Varney, assistant attorney general in charge of the U.S. Department of Justice’s antitrust division also signed on behalf of the department.
“This new agreement is a significant step in developing a close relationship between the antitrust agencies of the United States and Chile. It is an important tool that will be used to protect consumers in both countries,” said Varney.
She said provisions in the agreement “provide a sound basis for enhanced cooperation on a day-to-day basis, while minimizing possible conflicts between the two nations’ antitrust enforcement activities.”
“We look forward to working more closely with our Chilean colleagues at a time when sound antitrust enforcement is a high priority in both the United States and Chile,” Varney added.
U.S. antitrust agencies already have similar agreements with Brazil, Canada, the European Union, Israel, Japan and Mexico.
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U.S. signs antitrust cooperation agreement with Chile
Washington, DC, United States (AHN) – The United States on Thursday signed a cooperation agreement with Chile to enable antitrust agencies in the two countries to improve their law enforcement relationships.
“Chile has one of the most advanced antitrust systems in Latin America,” said FTC Chairman Jon Leibowitz in a statement after the signature ceremony, adding, “They are natural partners for us, and I’m pleased that we can formalize and strengthen the great relationship we have with them.”
Leibowitz signed the agreement with Felipe Irarrázabal, Chile’s national economic prosecutor. Christine Varney, assistant attorney general in charge of the U.S. Department of Justice’s antitrust division also signed on behalf of the department.
“This new agreement is a significant step in developing a close relationship between the antitrust agencies of the United States and Chile. It is an important tool that will be used to protect consumers in both countries,” said Varney.
She said provisions in the agreement “provide a sound basis for enhanced cooperation on a day-to-day basis, while minimizing possible conflicts between the two nations’ antitrust enforcement activities.”
“We look forward to working more closely with our Chilean colleagues at a time when sound antitrust enforcement is a high priority in both the United States and Chile,” Varney added.
U.S. antitrust agencies already have similar agreements with Brazil, Canada, the European Union, Israel, Japan and Mexico.
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Glencore announces largest British stock IPO at $60 billion
London, England, United Kingdom (AHN) – Mining and commodities trader Glencore announced Thursday its plans to launch in May a $60-billion (GBP 37 billion) initial public offering. The value involved makes the flotation the largest in London stock market’s history.
The sock offering is expected to raise up to $11 billion (GBP 18 billion) by selling 15 to 20 percent of the company’s equity to international investors.
With the public offering, Glencore’s 485 partner are expected to receive an average windfall of $100 million (GBP 164 million) each, which would turn most of them into multimillionaires overnight. However, the cash bonanza will be locked in for up to five years.
Glencore Chief Executive Ivan Glasenberg said the company will use a large part of the stock market float to hike its stake in Kazakh gold and copper mine Kazzinc to 93 percent from 57 percent.
On the same day as the IPO, the company appointed Simon Murray as new chairman. Murray was former head of Hutchinson Whampoa, a Hong Kong company that operated a mobile phone service.
According to reports, Murray was a second choice for the post. The initial choice was Lord Browne, ex chief of British Petroleum. Browne did not accept the job because he and Glencore did not reach an agreement over the role, particularly on corporate governance.
Some investors, however, are wary of the impact of Glencore going public after 37 years of being held in private hands over their power to shape the firm’s strategy or approach to corporate governance. They fear being led by a board that which may not listen to shareholders.
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Vancouver businessman expected to buy NHL’s Dallas Stars
Dallas, TX, United States (AHN Sports) – Vancouver business magnate Tom Gaglardi is expected to acquire the cash-strapped Dallas Stars, a source close to situation reported Friday.
Gaglardi will reportedly shell out around $250 million and at least 50 percent of lease to the American Airlines Arena in an effort to purchase the money-losing Stars.
However, the potential sale faces several requirements, including the approval by bankruptcy court of Fort Worth and the creditors of current owner Tom Hicks.
The Stars lost millions of dollars a year under Hicks, who also sold the Texas Rangers and shares of the Liverpool soccer club.
Still, the source added the structure of the deal nears completion and expected to be approved by the NHL in July.
The Stars, who missed the postseason for the third straight year, could benefit under new management after slightly improving their record to 42-29-11 during the 2010-2011 NHL season.
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Former Mayor Daley joins law firm
Chicago, IL, United States (AHN) – Former Chicago Mayor Richard Daley has joined a prominent law firm that will draw on his two decades as the city’s top executive.
Daley, 69, will serve as counsel for Katten Muchin Rosenman, which has offices in the city, as well New York, Los Angeles, Washington, D.C., and London.
The firm will use his “vast knowledge, experience and relationships globally to contribute to [its] continued growth,” according to a statement. The Democrat will not be part of work involving the city and public agencies.
Daley served as Cook County state attorney and state senator before becoming mayor. He surprised many when he announced his retirement last September after 22 years in office, the longest of any mayor, including his father. He had a choice of several law firms but opted for Katten, a firm recognized as one of the best for women and gays.
“They have an innovative yet practical approach to helping clients accomplish their goals, and they are expanding globally,” the former mayor said in a statement. “The firm also has a demonstrated commitment to giving back to the community, which is important to me.”
“We are honored that Mayor Daley has chosen to join Katten,” said Vincent Sergi, national managing partner for Katten. “In joining our firm, he clearly recognizes what we have accomplished and that we are poised for significant growth nationally and internationally. His advice and counsel will be invaluable.”
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Coffee prices continue to climb
New York, NY, United States (AHN) – Coffee lovers face rising prices because prices for coffee beans continue to rise on commodity markets.
Retail prices for bagged coffee on grocery store shelves have already gone up and more price increases are expected.
Poor growing conditions in South America and other coffee-producing areas has caused concern over shortages of supplies, resulting in investor speculation in commodity markets that has driven up coffee futures prices by 95 percent during the past 12 months.
Companies that roast green coffee beans and sell bagged coffee have raised prices by varying amounts in response to the increased prices they must pay for green coffee beans.
Earlier this week J.M. Smucker increased prices by 11 percent. It marks the fourth time it has raised prices in a year. Smucker sells Dunkin Donuts, Folgers and Millstone brands. Kraft, which owns Maxwell House, has raised its prices three times recently.
Then on Wednesday, Starbucks announced plans to raise prices in mid-July by 17 percent for bagged coffee.
Green Mountain Coffee Roasters also announced plans to raise coffee prices by 10 percent.
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