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International Business News
US mortgage crisis to cost $945b worldwide: IMF
A1P, Washington
The International Monetary Fund said Tuesday (he worldwide losses stemming from the US subprime mortgage crisis could hit 945 billion dollars as the impact spreads in the global economy.
The IMF. in a particularly stark report, said (hat falling US housing prices and rising delinquencies on the residential mortgage market could lead to losses of565 billion dollars.
That, combined with other categories of loans originated and securities issued in the United States related to commercial real estate, the consumer credit market and corporations "increases aggregate potential losses to about 945 billion dollars," it said.
"The crisis is spreading beyond the US subprime market --namely to the prime residential and commercial real estate markets, consumer credit, and the low- to high-grade corporate credit markets," the IMF said in releasing its semiannual Global Financial Stability Report.
China becomes world's biggest gold producer
AFP, London
China became the world's biggest producer of gold last year, overtaking South Africa which held top spot for 100 years, the independent precious metals consultancy GFMS said here on Wednesday.
Meanwhile the price of gold was on course to reach a record high of 1,100 dollars an ounce in 2008 amid global financial turbulence, the respected research group added in its latest annual Gold Survey.
Gold struck an all-time peak of 1,032.70 dollars an ounce on March 17, four days after the yellow metal breached 1,000 dollars for the first time.
"Global mine production fell by a slight 0.4 percent in 2007 to an eleven year low," GFMS said in its report published Wednesday.
Rice crisis to cost Philippines
1 pc of GDP: Study
AFP, Manila
Soaring food prices are likely to cost the Philippines nearly one percent of its economic output this year to ensure adequate supplies to the poor, Credit Suisse said Wednesday.
The government has announced plans to import up to 2.7 million tonnes this year even as prices soared to near-historical levels amid tight global supplies.
President Gloria Arroyo has cited rising food prices as a threat to the Philippine economy, while analysts have warned major rice importers that soaring prices could lead to social unrest and pose security problems. The government has deployed police and military to crack down on rice hoarders.
The Swiss-based investment bank said in a study that Manila was likely to import 2.6 million tonnes this year at up to 1,000 dollars a tonne to ensure it would have enough stocks to sell to the poor at state-subsidised prices.
Euro strikes record high against British pound
AFP, London
The euro hit an all-time high against the British pound on Wednesday as the market expects the Bank of England to cut interest rates this week while its European counterpart sits tight, traders said.
One euro was worth a record high 80 pence shortly after 0700 GMT. It later stood at 0.7981 pounds, compared with 0.7979 in New York late on Tuesday.
The European single currency climbed to 1.5720 dollars from 1.5711 onTuesday.
Against the Japanese currency, the dollar slipped to 102.37 yen from 102.53.
The Bank of England "is still odds on to cut interest rates" Thursday, said Capital Economics analyst Paul Dales.
Hyundai Motor opens new China plant
Ann/ The Korea Herald
Beijing Hyundai Motor Co. opened its second plant in Beijing on Tuesday in a ceremony attended by 600 dignitaries, including Hyundai Kia Automotive Group chairman Chung Mong-koo and BeijingMayor Guo Jinlong.
Beijing Hyundai Motor is a company Hyundai Motor founded in equal partnership with Beijing Automotive Holdings in 2002.
With the completion of the new plant, Hyundai Motor now has an annual production capacity of 600,000 units in China.
"The new plant has the latest equipment and because much of the production line has been automated, the plant is efficient and achieves high quality," Chung said.