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MANILA, Oct 28: The Asian Development Bank launched Friday 2.5 billion-peso (45.37 million-dollar) peso-denominated bonds in the Philippines as part of a regional effort to develop Asia's bond markets. Proceeds would be used to lend to Balikatan Housing Inc, a special purpose vehicle jointly owned by the Philippine government and Deutsche Bank to acquire non-performing loans from the portfolio of the government's National Home Mortgage Finance Corp (NHMFC). Priced at 65.31 percent, ADB's peso bonds have an implied yield of 8.7 percent annually and were priced at a spread of six basis points over the five-year tax-adjusted MART1 rate--AFP.
Sixteen trapped in Chinese coal mine: report
BEIJING, Oct 28: Sixteen miners were trapped Thursday in a coal mine in northwest China after a suspected explosion, a mine safety watchdog said, according to state media. Mine safety officials were sent to the Zhongxing mine in China's Xinjiang region after reports of an explosion late Thursday, the official Xinhua news agency said. China's mines are considered the most dangerous in the world. The country's reliance on coal for two-thirds of its energy needs has hiked production to fuel the country's rapid industrialization--AFP.
Sir Lanka rebels look for a song
COLOMBO, Oct 28 (AFP): Sri Lanka's Tamil Tiger rebels, who have been fighting since 1982 for a separate state, now want something else -- their own national anthem. The pro-rebel Tamilnet website reported that the Liberation Tigers of Tamil Eelam (LTTE) had invited "bards and minstrels with patriotic fervor" to write a "national anthem" within a month. The guerrillas, who have observed a truce with government forces since February 2002, are fighting for a homeland called Eelam for Sri Lanka's 2.5 million Tamil minority. "The national anthem should symbolize the history of our struggle and victories," Tamilnet quoted the LTTE as saying--AFP.
India opposes 'aggressive action' against Iran over nuclear programme
MOSCOW, Oct 28: India opposes "aggressive action" against Iran over its nuclear program, Foreign Minister Natwar Singh said during a visit to Moscow on Thursday, quoted in Russian by the ITAR-TASS news agency. Addressing students at Moscow's prestigious Mguimo university of international relations, Singh did not comment on Iranian President Mahmoud Ahmadinejad's statement calling for the destruction of Israel. The remark was condemned by the international community, including Russia which described it as "unacceptable." -AFP
Thai PM swaps two portfolios
in his cabinet
BANGKOK, Oct 28 (AFP): Thailand's public health minister and a deputy prime minister will swap posts in a cabinet reshuffle submitted to the king for approval, Prime Minister Thaksin Shinawatra said Friday. Public health minister Suchai Charoenratanakul and deputy prime minister Pinit Jarusombat will trade portfolios, under the proposal submitted to King Bhumibol Adulyadej for royal endorsement. The endorsement is required but is generally a formality. Suchai had already offered his resignation after Thaksin stepped in to halt his widely criticized plan for his own reshuffle in the health ministry--AFP.
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