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International Business News
Vietnam rice troubles could affect region
AH’, Los Banas, Philippines
Vietnam's farm sector is reeling from outbreaks of pests and disease that could threaten its neighbours including China, according to one of the world's leading rice experts.
I lanoi and the world scientific community have yet to find a way to prevent another crop failure following a virus attack on rice crops last year, said Robert Zeigler, head of the International Rice Research Institute (IRRI).
Vietnam is the fifth-largest rice producer and number three exporter in the world, and last year's troubles hit some of the best rice-growing areas, Zeigler told AFP in an inter-viewat the Institute, just south of Manila.
"The fact is, they got taken by surprise and they had some significant yield losses drat they were just not expecting," he said.
"Of course we are concerned about Vietnam. But some of these pests can migrate up into China, and who knows if could they move up and cause some serious problems?"
He noted that, while China is not a key player in tire international rice trade, the country is by far the world's largest producer and consumer of the grain.
Vietnam also lies close to Thailand, the world's top rice exporter, and rich rice-growing areas in Myanmar and Cambodia.
US says Doha round not a 'North-South1 matter
AFP, Hanoi
A White House economic affairs advisor said Friday that developing countries have more to gain than the rich north from the lower tariffs the United States is seeking in the Doha round of trade talks.
"The Doha round is often incorrectly characterized as a North-South issue. In fact, developing countries have the most to gain from the cut in tariffs from other developing countries," Daniel Price told a trade meeting in Hanoi.
Around 70 percent of tariffs paid by developing countries are paid to other developing countries" he added, adding that trade between developing countries is increasing 50 percent faster than overall trade.
The trade talks have opposed developing countries that denounce food subsidies by rich countries and poorer countries that are demanding lower tariffs for their products and services.
Daniel Price said the Doha round was at a critical crossroads and that it was time for world leaders to make some tough political choices.
S Korea's per capita income tops $20,000
Ann/ The Korea Herald
Recently released data by the central bank showed that the South Korea's per capita income surpassed US$20,000 for the first time ever last year on the back of strong exports and a weak dollar.
The Bank of Korea said the gross national income per capita reached $20,045 in 2007, up nearly 9 per cent from a year earlier.
In 1995, the nation's income level first touched the $10,000 mark, but the figure fell to $7,355 in 1998 following the 1997-98 Asian economic crisis.
A strong economic rebound and fast-growing exports helped triple the per capita income over the past decade.
The fast appreciation of the won also helped boost the figure growth. The won strengthened about 10 per cent against the US dollar between 2005 and 2007, raising Korean's dollar-term income.
Real gross national income, a yardstick for the consumer's buying power, expanded only 3.9 per cent last year, below the 5 per cent growth in the nation's gross domestic product. The gap resulted from worsening terms of trade due to soaring oil and commodity prices, central bankers said.