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electricity subsidies-end

Yonhap News AgencyMay 22, 2013 00:30
SEOUL, May 22 (Yonhap) -- The government plans to scrap electricity subsidies for companies next year as it seeks ways to reduce energy consumption and save budget, officials said Wednesday. The government has offered the subsidies to companies that cut either more than 20 percent of their average electricity use or more than 3,000 kilowatts per day during peak hours.

LDP once again biggest receiver of subsidies to political parties

Kyodo News InternationalMay 16, 2013 08:15
Japan's ruling Liberal Democratic Party is once again the biggest receiver of political subsidies thanks to its landslide victory in the Dec. 12, 2012 general election for the House of Representatives, or the lower house, government data showed Thursday. The party received 14.55 billion yen (about $142 million) in 2013, an increase of 4.39 billion yen from a year earlier, according to the Ministry of Internal Affairs and Communications, which decides the allotment of the subsidies.

Indonesian president eyes fuel price hike in May

Agence France-PresseApril 30, 2013 05:31
Indonesian President Susilo Bambang Yudhoyono said Tuesday he hopes to lower fuel subsidies that are a risk to Southeast Asia's top economy as soon as May, in a new bid to tackle the flashpoint issue. Yudhoyono gave the clearest sign yet the government wants to hike the price of petrol, which is one of the cheapest in Asia, but cautioned it would only happen once parliament approved compensation for those likely to be affected.

Indonesia seeks to tackle explosive fuel subsidies

Agence France-PresseApril 24, 2013 01:30
The Indonesian government's pledge to reduce generous fuel subsidies which will push up prices for motorists has taken it onto politically treacherous ground before elections in 2014. With mounting concern over the economic damage being wrought by an energy subsidy which gobbles up more than 16 percent of the state budget, the government has set out plans to raise fuel prices for the first time in five years.

Italy mulls reform agenda wanted by president

Agence France-PresseApril 23, 2013 05:32
As Italian President Giorgio Napolitano moves to form a new government on Tuesday following his re-election, a report by a group of experts he convened is set to serve as the new reform agenda. Napolitano said the report presented earlier this month should guide the new government, with its range of recommendations on political and economic reforms to modernise a recession-stricken country. Here are the main points in the report: -- Economic --

Egypt sees IMF loan agreement in two weeks

April 6, 2013 16:40
Egypt's planning minister said on Thursday the government expects to reach a final agreement with the International Monetary Fund (IMF) over a $4.8 billion loan within two weeks, the state news agency MENA reported. Ashraf al-Araby also said that Cairo had not requested an increase in the amount of the loan, needed to avert a deepening economic crisis. An IMF delegation resumed long-delayed negotiations with Egypt on Wednesday and government officials have said it is expected to stay until April 15. The IMF has set no timeline for a deal and some private economists are sc

Egypt lifts cooking gas price before IMF visit

April 1, 2013 13:45
By Ulf Laessing CAIRO (Reuters) - Egypt raised the price of state-subsidised cooking gas for the first time in two decades on Monday, a government official said, trimming an unaffordable subsidy bill but increasing the risk of unrest. The price rise comes two days before an IMF mission arrives in Cairo to continue talks on a $4.8 billion (3.1 billion pounds) loan needed to stave off a budget crisis and support a fast-weakening currency.

Egypt lifts cooking gas price before IMF visit

April 1, 2013 06:30
By Ulf Laessing CAIRO (Reuters) - Egypt raised the price of state-subsidised cooking gas for the first time in two decades on Monday, a government official said, trimming an unaffordable subsidy bill but increasing the risk of unrest. The price rise comes two days before an IMF mission arrives in Cairo to continue talks on a $4.8 billion (3.15 billion pounds) loan needed to stave off a budget crisis and support a fast-weakening currency.

Indonesia should ban all private cars from using subsidised fuel - adviser

March 29, 2013 00:30
By Randy Fabi and Janeman Latul TANJUNG BENOA, Indonesia (Reuters) - Indonesia should slap a nationwide ban on the use of subsidised fuel by the country's 11 million private cars, a move that would save the government $8.6 billion (5.6 billion pounds) this year and erase a widening fiscal deficit, a presidential adviser said.

IMF urges countries to cut energy subsidies

March 27, 2013 17:16
The International Monetary Fund urged countries to reduce subsidies on energy, saying they worsen government's fiscal positions and eventually create more advantages for the wealthy instead of the poor. In a broad-reaching report, the IMF said subsidies of oil, petrol and electricity are aimed at helping consumers, but end up costing them as governments struggle to shoulder the cost burden. Moreover, the study said, subsidies encourage energy waste, discourage investment in energy-efficient industries, and exacerbate pollution and global warming.
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