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International Business News
EU plans farm sector shake-up in face of record food prices
AFP, Brussels
The European Commission was to recommend on Tuesday a shake-up of Europe's farm sector to crank up production in the face soaring demand, with Britain and France braced for battle over hand-outs to farmers.
With food prices rocketing worldwide on tight supplies, the European Union's executive arm wants to encourage farmers to produce more after years of trying to rein in chronic overproduction.
Even though prices of farm products have eased off recent peaks, they remain at historically high levels amid rising demand in China and India with wheat up 84 percent over one year, maize 21 percentand butter 21 percent.
According to drafts, the commission's proposals focus on phasing out milk quotas and scrapping rules on keeping land fallow, which it hopes would bring four to five million hectares (10-12 million acres) of idle fields into production.
Philippines cuts subsidies to state-owned firms
Ann/ Philippine Daily Inquirer
The government of the Philippines has drastically reduced the amount of subsidies it extends to state-owned companies to force them to become financially independent.
Data from the Department of Finance showed that the government only granted 2.5 billion pesos (US$58.25 million) in subsidies to state-run firms in the first four months, down 70 per cent from the 8.43 billion pesos ($196.43 million) extended in same period last year.
“There is now a preference for equity infusion," Finance Undersecretary Jeremias Paul Jr said in a briefing Monday on the government's fiscal performance in April.
Paul said infusing more equity into state-controlled com-panies-instead of granting subsidies-would help increase dividends for government.
This explains the dramatic increase in the government's equity investments in government-owned and -controlled corporations (GOCCs) to 600 million pesos ($13.98 million) as of April from 110 million pesos ($2.56 million) in the first four months last year. Arcelor Mittal announces
$3b bond issue to cut debt
AFP, Paris
Arcelor Mittal, the world's biggest steel producer, announced on Ibesday a bond issue to raise 3.0 billion dollars (1.9 billion euros) which would be used to reduce debt.
Half of the amount would be raised with bonds with a life of five years and half with 10-year bonds.
The five-year bonds would yield 5.375 percent and the 10-year paper 6.125 percent, the group said. Bush sees progress on US housing reforms
AFP, Washington
US President George W. Bush met Monday with Treasury Secretary Henry Paulson to discuss "tough times" for the world's richest economy and lawmakers' efforts to steady the crisis-hit housing sector.
"Laws shouldn't bail out lenders, laws shouldn’t help speculators. Government ought to be helping creditworthy people stay in their homes," Bush said during a brief joint public appearance in his Oval Office.
"And one way we can do that -- and Congress is making progress on this — is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong independent regulator," said the president.
The government-sponsored mortgage finance giants are stockholder-owned firms created by the US Congress to provide funds for the housing market by buying mortgages and issuing mortgage-backed securities.
No decision on output before
Sept meet: Opec
AFP, Algiers
Opec president Chakib Khelil said Monday the oil group would take no decision on output levels before a meeting in September despite calls by the United States for a hike to dampen soaringprices.
"There will be no change in Opec output before the meeting in September (in Vienna)," said Khelil, who is also Algeria's energy minster,
"All decisions regarding maintaining or increasing current Opec production will be taken at that meeting," he told a meeting.