Agost Benard News
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Nawaz Sharif was headed for a record third term as prime minister of Pakistan as unofficial results from a landmark election gave him the convincing win he sought to tackle a slumping economy and growing militancy.
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Philippine stocks rose to a record after it beat Indonesia to win an investment grade from Standard & Poor’s, as President Benigno Aquino outshines Susilo Bambang Yudhoyono in improving government finances and spurring growth.
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Indonesian lawmakers yesterday approved Finance Minister Agus Martowardojo to become the next central bank governor after he said his priorities would be a stable exchange rate and keeping inflation low.
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Sri Lanka’s sovereign rating, which is on par with Kenya and Ukraine, may be raised as funds from a $2.5 billion International Monetary Fund loan improved the “external liquidity situation,” Standard & Poor’s said.
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Pakistan’s most destructive floods are a “temporary setback” and won’t have a bearing on the nation’s credit rating, Standard & Poor’s said even as the government predicted the disaster will hurt growth.
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For K. Indrani, who cleans homes in Colombo to support her invalid husband and 16-year-old daughter, living on the 600 rupees ($4.70) she earns a day just got harder because the Sri Lankan government raised fuel prices in February.
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The Philippines may win its first investment-grade credit rating next year as Standard & Poor’s raised the outlook on the nation’s debt to positive, citing improved governance and public finances.
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The Philippines is nearing its goal of achieving an investment grade credit rating, central bank Governor Amando Tetangco said as the government prepares to meet Standard & Poor’s, Moody’s Investors Service and Fitch Ratings.
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The Philippines’ debt rating was raised to the highest level since 2003 by Standard & Poor’s, taking President Benigno Aquino nearer his goal of attaining investment grade and spurring gains in bonds and the peso.
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Indonesia won its second credit rating upgrade in five weeks as Moody’s Investors Service returned the country to investment level for the first time since the Asian financial crisis.
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