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Published on September 8, 2007

Speaking at a meeting of the US Federal Reserve in San Francisco, California, she said those reforms had eased possible disturbances in the financial market that could have had wide-ranging effects on the real economic sector in emerging Asian markets.

But recent declarations that Asian countries are flexible enough to avoid panic and volatility under current circumstances seem to be an exaggeration.

"The global financial fragility is unprecedented, and the level and degree of risks are unclear. Efforts by the emerging markets to adjust themselves have yet to be tested by greater macroeconomic difficulties," she said.

Chevron review

The Cabinet will review the extension of Chevron's petroleum concessions this month, Mineral Fuels Department director-general Krairit Nilkuha said yesterday.

The four blocks in question - Nos 10, 11, 12 and 13 - expire in 2012.

Since July 16, the department has accepted 28 applications for 21 concessions.

Rice warning

A senior Agriculture Ministry official yesterday expressed concern that global warming might damage 70 per cent of the Kingdom's second-crop cultivation of rice.

Indicating that a second crop could not survive climate change, Rice Department deputy director-general Vittaya Chaisuwan urged extensive research on new paddy species.

"In the future, second-crop cultivation may have to be limited to only twice a year, whereas it has traditionally been five times in two years," he said, adding that a long-term solution might be to develop new rice species that were able to thrive in a warmer environment.

Meanwhile, Anand Polwatthana, an agriculture specialist with the Rice Department, explained that the normal pollination period was from 9-11am, when the temperature was just right.

However, the temperature had lately risen to 37-38 degrees Celsius in the morning, especially in March and April, thus impeding

pollination.

The Nation