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News Summary: Taiwan's Ma set for 2nd term
18 May 2012 at 10:51am

TENSIONS EASED: Taiwan President Ma Ying-jeou has leveraged growing economic ties with China to reduce tensions to their lowest level since the two sides split in 1949.

KHARTOUM (Reuters) - Sudan, hit by an economic crisis since losing crucial oil revenues, will effectively devalue the pound by allowing foreign exchange bureaux to trade dollars at a level away from the official rate, a banking source and Sudanese media said on Friday. Sudan's economy has been battered since the country lost three-quarters of its oil production to South Sudan when the latter became independent in July. Even though the pipelines are in Sudan, the two have been unable to agree on how much the South should pay to transport its oil. ...

World stock markets fell in nervous trade on Friday and the euro hit a new four-month low against the dollar as a downgrade hit 16 Spanish banks ahead of a key G8 meeting, rattling investors.

NAIROBI (Reuters) - Kenyan electricity generating company KenGen plans to raise funds from private investors for a $686 million gas-fired power plant to run on imported liquefied natural gas (LNG), Managing Director Eddy Njoroge said on Friday. KenGen, which relies largely on hydro power, said the plant would help meet growing demand for electricity and help prevent frequent blackouts in east Africa's biggest economy caused by generation shortfalls and an ageing grid. ...

World leaders will huddle at Camp David Friday with the focus on Greece as it stumbles toward a possible eurozone exit that would hold wildly uncertain repercussions for the global economy.

NAIROBI (Reuters) - Kenya's white sandy beaches look set to have fewer visitor footprints meandering over them this year. While this may be good news for Europeans seeking escape from economic storms at home, it is bad news for Suresh Sofat's tour firm and other Kenyans hoping to cash in on hard currency earnings - especially after 2011 was year of plenty for them. Sofat, 73, who runs Somak Travel, a 44-year old family business, now sees a difficult time ahead after the euro crisis and deadly attacks blamed on al Qaeda-linked militia have seen travel bookings fall sharply. ...

NEW DELHI (Reuters) - "Dear God," wrote economist Rajeev Malik as he called on the Almighty to help India's "rudderless" government in a biting critique that underscored a growing frustration at home and abroad with the stewardship of Asia's third-largest economy. Writing in India's Business Standard newspaper, the well-respected Malik echoed the exasperation of Indian and foreign business groups pressing for the government to swiftly implement major economic reforms and formulate a coherent strategy to deal with its mounting problems. ...