Professor Riyaz Punjabi, Vice Chancellor, University of Kashmir, has been awarded the title of Honorary Professor of the International University, Vienna, for his contribution in ‘strengthening international relations in the sphere of education’. Professor Wil Goodheer, Rector, the International University and President of the Club of the Rectors of Europe and Lord John Netting, Director General, Europe Business Assembly (EBA), United Kingdom, while ‘highly appreciating the professional and social activities’ of Dr Punjabi, have nominated him for this title.
   The decision has the support of the government, independent institutions and enterprises, public organisations, outstanding scientists and specialists. ‘The decision of nominating Dr Punjabi symbolises the highest degree of international recommendation of achievements in professional activities’, an EBA press release says.
   The award was presented, in absentia, at the International Socrates Award Ceremony, 16–18 March 2008 at Town Hall in the centre of world academia at Oxford. The event attracts attendance from 20 countries the world over. — GK News Network

‘Miracle economy’ Vietnam faces inflation heat

  Inflation is threatening economic growth in Vietnam, one of Asia’s miracle economies that has been steadily moving from a centrally planned to a more market-focused status. Inflation has been running at 10 per cent and more since last August, but it hit 15.7 per cent last February.
   Inflation-fuelled fears are believed to be behind the rising number of strikes that have hit many foreign-invested firms in recent months. Last February some 5000 workers downed tools at the Japanese-owned Yazaky Eds Vietnam Ltd automobile parts manufacturer, demanding more money in pay and allowances and reduced working hours. The striking workers said the average monthly wage of approximately US$75 was not enough to cover daily living costs. Earlier in the year, according to Ministry of Labour statistics, the country experienced some 50 strikes, including a walk-out at the South Korea-owned Tae Kwang Vina factory, which makes Nike shoes, on similar grievances.
   The government has raised the minimum wage, but inflation rates are expected to remain above 15 per cent for the rest of 2008. Some of the inflation is accounted for by a more than 25 per cent increase in food prices and a more than 16 per cent increase in housing and building materials.
   Rising imports have also contributed to the widening of Vietnam’s trade deficit. The deficit was running at more than US$2 billion per month, compared to US$12.4 billion for the whole of 2007.
   United Nations Development Program (UNDP) senior economist in Hanoi, Jonathan Pincus, said in a recent briefing that inflation needs to remain below 10 per cent to safeguard the interests of the less well off, boost exports and encourage businesses to make long-term plans for production and investment.