India has cut fuel prices taking advantage of falling crude prices in an effort to boost its economy amidst global financial slowdown.It is the country's first cut in fuel prices for 22 months. Officials also announced a probable cut in short-term interest rates over the weekend in a possible economic stimulus announcement.

In an effort to tackle the global financial crisis and stabilize their economies, China and the US pledged $20 billion to finance trade. Both countries will allow their import-export bank to provide credit for importers in developing countries to buy Chinese and US goods. Currency reform is also expected in order to re balance growth.

The global recession has hit Malaysia as the country experienced a 14.2% drop in exports in October. The sharp decline was due mainly to lower exports of electrical and electronic products and commodities, particularly petroleum and palm oil. Economists expect this trend to continue into 2009.

Despite the global financial crisis, foreign donors have promised Cambodia about $1billion in aid for 2009. This is a significant rise since last year's $690 million foreign aid. Better governing, as well as private sector growth, have encouraged higher foreign investments. Cambodian officials expect investments to further expand after passing an anti-corruption law in near future.

Revisions to the Inheritance and Gift Tax Act have reduced the tax rate to a single level of 10% instead of the current maximum of 50%. The inheritance tax exemption is set at NT $12 million, and increase of over NT $4 million. The gift tax exemption was doubled from NT $1.1 million to NT $2.2 million.

Afghanistan's financial sector is currently suffering from a severe funding crisis that has already resulted in the government control of the Development Bank of Afghanistan, one of the country's few commercial banks. Officials believe that commercial banks have been ignoring rules designed to protect them from making risky loans. Moreover, commercial banks have not been adequately regulated, resulting in potential collapses and overall decrease in public confidence in the Afghan banking system.

India and Russia plan to sign a nuclear deal tomorrow aimed at the construction of four additional reactors at the Kudankulam nuclear power plant and the expansion of other nuclear power sites. The two countries might also sign an agreement that would allow Russia to supply nuclear fuel to Indian nuclear power plants.

In 2009, Japan's largest oil distributor, Nippon Oil Corp,will merge businesses with Nippon Mining Holdings Inc, creating the world's eight-largest oil company. Within three years after the merger, both companies expect to save 60 billion yen per year in petroleum refinery costs, and post more than 100 billion yen annually in synergy effect.

Turkmenistan, Turkey and Azerbaijan announced plans to increase trade and economic cooperation during a trilateral summit held in Turkmenbashi earlier this week. The three countries also hope to increase cooperation in the communications, transport and energy sector.

Singapore and Costa Rica have started negotiations for the implementation of a Free Trade Agreement. Singapore and Costa Rica have enjoyed strong economic relations in the past with bilateral trade reaching a total of $372.9 million in 2007. The FTA is expected to liberalize trade in goods and services,open up government procurement, as well as simplify customs procedures.