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International Business News
Heads set to roll over trading scandal at French bank
AFP, Pam
The fate of top executives al French savings bank Caisse d'Epargne hung in the balance Sunday over huge losses in a trading scandal that President Nicolas Sarkozy said were unacceptable.
Caisse d'Epargne. considered one of France's most trustworthy banks, lost 600 million euros (800 million dollars) in high-risk derivatives trading last week at a time when European governments were scrambling to rescue banks.
A meeting of the supervisory board was called for later Sunday to decide whether bank chairman Charles Milhaud and other top executives would be ask to step down.
"Yes I do fee) responsible." Milhaud told Le Journal du Dimanche newspaper. "Believe me. this incident is serious and is profoundly upsetting for me."
The scandal revived memories of the disaster at another French bank, Societe Generale, which lost 4.9 billion euros in unauthorised deals allegedly made by junior trader Jerome Kerviel.
Milhaud, 65, said he first learned of a 100-million-euro loss on derivatives last Monday and that he had asked traders to quickly unwind those deals after concluding that the bank stood to lose much more.
Britain will spend way out of recession: Darling
AFP, London
Britain will boost public spending to help pull the economy through a looming recession, finance minister Alistair Darling said in an interview published Sunday.
"This is a time when you have to support the economy." Darling, Chancellor of the Exchequer, told the Sunday Telegraph newspaper.
"You will see us switching our spending priorities to areas which make a difference."
His comments come ahead of crucial data this week that are expected to show that the British economy shrank in the third quarter after zero growth in the second. The technical definition of a recession is two straight quarters of negative economic growth.
Darling told the paper that Britain would embark on large government projects to help prop up the economy, with a "reprioritising" of spending to funnel cash into areas like housing, energy and small businesses.
The government would also press ahead with plans for two new aircraft carriers and a new nuclear deterrent programme, he added.
Tata chief warns West Bengal of flight of industry
AFP, New Delhi
Tata group chief Ratan Tata, forced to relocate production of the world s cheapest car from eastern India, has warned there could be a flight of capital and industry from the poverty-hit region.
In an open letter to residents of communist-ruled West Bengal, Tata asked whether they wanted to build a prosperous state or "see the state consumed by the destructive political environment of confrontation, agitation, violence and lawlessness?”
The letter received here Saturday was published in leading West Bengal newspapers the previous day.
The tea-to-steel group earlier this month shifted production of the high-profile Nano car to the business-friendly western state of Gujarat, abandoning the original site in West Bengal.
The decision to move production followed a mopth of violent demonstrations by activists and evicted farmers who complained they were forced to give up their land for a pittance to make room for the factory.
Philippine exporters brace for tougher times ahead
AFP, Manila
The Philippines has so far escaped relatively unscathed from the global financial crisis, but its export industries are brac-ing themselves for tougher times ahead, analysts say.
While orders for the remainder of the year still look healthy, exporters fear thal going forward into 2009 the outlook might not be so rosy, especially if the United States slips into recession as expected.
The export sector is hugely important for the Southeast Asian nation, accounting for about 45 per cent of its economy.
Philippine exports last year rose 6.1 percent to 50.3 billion dollars and the government expects growth of about 5.0 percent this year.
But in 2009 exports are expected to see zero to 4.0 percent growth, according to the government's own Development Budget Coordination Committee.