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International Business News
Insurance giant AIG faces failure
All’, New York
US insurance giant AIG raced against the clock to avert collapse Tuesday after (hree blows to its credit standing, and central banks pumped out 160 billion dollars to prop up financial markets.
AIG was at risk of following Lehman Brothers into bankruptcy despite approval for it to borrow 20 billion dollars and as report said the Federal Reserve had asked two banks to help provide 70-75 billion dollars.
Markets, investors and savers around the world focused on AIG to see if it would be the next failure in the firestorm from the shocks on Wall Street on Monday, when another investment bank Merrill Lynch was bought out of trouble by Bank of America.
Economist Jeffrey Sachs of Columbia University warned: "There is more ahead. The US economy is definitely going into recession ...There's more financial turmoil ahead."
Stock markets fell for a second day on widespread recognition that die financial crisis is the worst since the crash of 1929. The fall in Europe was smaller than on Monday but Asia markets plunged and bank shares everywhere were showing big losses.
Vietnam asks EU to end antidumping duties on leather shoes
AFP, Hanoi
Vietnam called on the European Union to end its antidumping duties on leather footwear, denouncing the "hard" impact it has on local companies and employment.
The trade ministry in a statement received Tuesday said the tax - which the EU slaps on imports it deems too low — affected die employment of more than half a million workers in Vietnam.
Exports from Vietnam to the EU of shoes with leather uppers have fallen from 120,400 in 2005 to 91,000 last year, according to the Vietnam Leather and Footwear Association (Lefaso).
"About 20 to 25 percent of footwear manufacturers were hard hit by the antidumping measures and 40.000 workers lost their jobs in the last two years," the ministry's statement said.
The antidumping measures were introduced by the EU in 2006 to combat an influx of leather shoes from Vietnam and China, where Brussels said manufacturers were getting unfair state aid.
Wall Street chaos to hit
Japan economy
AFP, Tokyo
A senior Japanese official said Tuesday that the meltdown on Wall Street will hi t Asia's largest economy by slowing demand for Japanese exports.
"Japan’s economy is reliant on external demand for its growth," Kaoru Yosano, the minister for economic and fiscal policy, told reporters.
The turmoil "will inevitably curb US demand for Japanese export products down the road and this will affect the overall Japanese economy," said Yosano, who is a candidate in next week's ruling party vote to be prime minister.
Yosano also said that Japan did not want volatility on the foreign exchange market. The yen has risen sharply against the dollar after US investment giant Lehman Brothers filed for bankruptcy protection.
Trade liberalisation brings little gains to Africa: Unctad
AFP, Geneva
Africa has opened up its markets significantly to trade, but the move has not given the needed push to the continent's export performance, a United Nations trade and development agency report said Monday.
The UN agency said that despite trade liberalisation, African exports were still insufficient in terms of quality and quantity to gain a foothold in foreign markets.
Average tariffs for the continent fell from 21.7 percent in 1995 to 13.1 percent in 2006, but the average ratio of exports to gross domestic product climbed to just 26 percent from 23 percent.
This increase amounted to a 11 percent growth, much lower than the 50 percent increase (growth from 21 to 31 percent) posted by non-African developing countries after trade liberalisation, said the UN Conference on Trade and Development (Unctad).