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International Business News
Latin Americans to hold food crisis summit
AFP, Managua
Leaders and representatives of several South and Central American nations prepared to meet here to discuss a regional strategy to avert the food crisis affecting poor nations around the world, officials said Tuesday.
The meeting Wednesday hosted by Nicaraguan President Daniel Ortega will study emergency measures Latin America can take to ensure domestic supplies of staple foods, as well as establishing fair prices for the region s food exports, in view of the ongoing crisis, said Nicaragua Agriculture Minister Ariel Bucardo.
But one of the summit's biggest names, Venezuelan President Hugo Chavez announced late Tuesday that he would not attend because of illness.
The Venezuelan leader last month announced a 100 million dollar donation toward a cereal production boosting program for Central America and members of the ALBA trade group --Venezuela, Bolivia, Nicaragua and Cuba.
Besides Ortega, the one-day summit on Wednesday will also include presidents Evo Morales of Bolivia, Rafael Correa of Ecuador, Oscar Arias of Costa Rica, Antonio Saca of El Salvador, Manuel Zelaya of Honduras and Martin Torrijos of Panama.
US won't cite Vietnam for apparel dumping
AFP, Washington
The United States said Tuesday it found "insufficient evidence" to launch an antidumping investigation into Vietnam for its apparel exports.
The US Commerce Department said it made the decision after reviewing 12 months of data from a monitoring program of apparel imports from Vietnam begun upon Vietnam's entry’ into the World Trade Organization in January’2007.
"There is insufficient evidence to warrant self-initiating an antidumping investigation," the agency said in a statement.
"Commerce will continue our commitment to examine imports from Vietnam to ensure that apparel is not dumped into the US market and threatening American manufacturers' competitiveness," said Assistant Commerce Secretary David Spooner.
"Our investigation reveals that prices of Vietnamese apparel are in line with, and in most cases even exceed, other major suppliers, including Central America."
The agency’ reviewed import data for five different apparel product groups from Vietnam — trousers, shirts, underwear, swimwear and sweaters - during a second six-month period. August2007 through January 2008.
World oil near record highs
AFP, Singapore
World oil traded near record highs of just below 122 dollars Wednesday after concerns over supply in key producer Nigeria helped push prices higher in frenzied trading, dealers said.
New York's main oil futures contract, light sweet crude for June delivery, was four cents lower at 121.80 dollars in Asian trade.
The contract closed on the New York Mercantile Exchange Tuesday at a record high of 121.84 dollars after it leapt to 122.73 dollars per barrel, an all-time intraday high.
Brent North Sea crude for June rose one cent to 120.32 dollars per barrel. The contract had earlier reached a new peak of 120.99 dollars a barrel before settling at a record high of 120.31 onTuesday in London.
Runaway oil prices have almost doubled in the past year and have surged by more than 20 dollars since the start of 2008.
ECB focuses on inflation as governors meet in Athens
AFP, Athens
The European Central Bankis widely expected to leave its key interest rate unchanged again Thursday, focusing as it is mandated to do on inflation rather than the risk to growth, analysts say.
The ECB governing council meets here at a twice-annual event organised in a eurozone capital, hosted this time by Greek central bank governor Nicholas Garganas, who has said he will step down when his term expires in June.
"We expect interest rates to remain on hold for a while longer yet," Capital Economics economist Ben May said in a research note.
At Bankhaus Lampe, Alexander Krueger said the ECB would undoubtedly "meet expectations of a monetary status quo." ,