Discouraging Report on Emergency Assistance Aid. The UN loses $10 million on currency exchanges for assistance to Myanmar. "The market rate for the local currency, kyats, is around 1,100 per dollar but the U.N. rate is around 880, according to the Inner City Press, a blog that covers the United Nations and first raised the currency exchange issue."
posted July 29, 2008 at 7:10 p.m.
"Someone coming from another planet would not believe that after the progress made, we would not be able to conclude," Brazil's Foreign Minister Celso Amorim said. "This is a very painful failure and a real setback for the global economy at a time when we really needed some good news," an emotional EU Trade Commissioner Peter Mandelson told reporters, adding that developing countries would suffer most. ...But WTO chief Pascal Lamy said ministers wanted him to revive the talks quickly and he would not "throw in the towel." Washington Post.
posted July 29, 2008 at 6:40 p.m.