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International Business News
IMF urges action on stimulus, bank clean-up
A1P, Kuala Lumpur
The roll-out of stimulus packages and the clean up of banks must be accelerated, the head of the International Monetary' Fund said Saturday, urging action to avert "a repeat of the Great Depression".
IMF managing director Dominique Strauss-Kahn said stimulus measures announced so far were nearing the IMF's goal of about 2.0 percent of global GDP.
"But the reason I’m worried is that implementation takes time," he said, citing delays in the United States caused by the political transition, and in Europe because oftheEU's political processes.
"On top of that I’m worried that all this will work if, and only if, the different countries are likely to do what they have to do in terms of restructuring the banking sector," he told a press conference.
Strauss-Kahn said there were still losses in the banking sector that remained undisclosed, and that until the balance sheets are cleaned up confidence in the financial markets will not return.
"Loss of confidence is now the central problem. Governments and central banks should credibly commit to measures sufficient to eliminate the risk of a repeat of the Great Depression," he said.
fhe IMFbossendorsedWashington'sstimuluspackage -which aims to pump at least 780 billion dollars into the ailing US economy - - saying it was the "correct size" and mix.
Economic crisis hits China's toy exports: state media
AFP, Beijing
Growth in Chinese toy exports slowed sharply last year as the global economic crisis hit demand, state media said Saturday, citing customs figures.
Exports rose by 1.8 percent to reach 8.63 billion dollars in 2008, well down from the 20.3 percent growth recorded in 2007, the Xinhua news agency said.
China accounts for 60 percent of the world's toy production but has been hard hit by the slowdown in its main markets in the West, and almost half its toy companies have been forced to close, the customs department said
"Toy’s are not a life necessity, so people's demand for that kind of product declined in the face of a grim economic situation," it said in a report.
The slowdown has been exacerbated by a series of safety scandals that have hit China's toy industry in recent years, the report said.
The United States and European Union countries buy two-thirds of all exported Chinese toys.
Chinese toy exports to the United States rose 3.1 percent last year, w'ell down on 2007's 14.2 percent, while sales to EU countries increased 9.3 percent, against 21.1 percent
US unemployment hits 7.6pc, 598,000 jobs lost
AFP, Washington
US unemployment surged in January to 7.6 percent, the highest since 1992, as 598,000 jobes were cut, the Labour Department reported Friday.
The number of job losses for the recession-hobbled economy was the worst since 1974, according to the monthly Labour Department report on nonfarm payrolls, seen as one of the best indicators of economic momentum.
The department also revised up its estimate of December job losses to 577,000 from 524,000.
Payroll employment has declined by 3.6 million since the start of the recession in December 2007, with around one-half of the decline in the past three months.
"The expectations were for a disastrous January for the labour market, and the preliminary numbers exceeded these expectations," said Sophia Koropeckyj at Economy.com.
Ian Shepherdson, chief US economist at High Frequency Economics, called the data "another horrific report, showring job losses across the economy.”
Weyerhaeuser Q4 loss balloons to $1,2b
AP, New York
Weyerhaeuser Co said Friday its fourth-quarter loss ballooned to more than $ 1 billion as the rapidly deteriorating U.S. housing market forced the timber and wood products company to book a massive charge and write down other assets.
The Federal Way, Wash.-based company, which builds houses and makes pulp and wood panels from trees it grows on more than 6 million acres, is facing its most challenging environment in a generation.
New home sales plummeted 14.7 percent in December to the slowest pace since 1963, the Commerce Department said late last month.
The moribund US housing market has pushed down lumber prices to their worst levels in more than 20 years, with homebuilding at its weakest since 1959. On top of that, construction slows during the cold months of the fourth quarter.