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International Business News
China to spend billions
in European spree
AFP, Beijing
Chinese Commerce Minister Chen Deming was set to fly to Europe Tuesday at the head of a 300-strong team charged with spending billions of dollars on European products, state media said.
The procurement team, which will visit Spain, Germany, Switzerland anti Britain, could spend 15 billion yuan (2.2 billion dollars) or "considerably" more, the China Daily reported.
"Chen can take a positive message to the world. China, as a major trading power, has no interest in adopting protectionism," Song Hong, a researcher at the Chinese Academy of Social Sciences think-tank, was quoted as saying.
Xinhua news agency said the delegation would be made up of about 300 officials and business people.
The commerce ministry's spokesman Yao Jian said last week chat the delegation would mainly buy technology and equipment.
The China Daily TUesday cited Yao as saying that the country's demand for European goods was growing as a result of the roll-out of a four-trill ion-yuan economic stimulus package that includes huge infrastructure projects.
"Europe has an obvious edge in providing us with the equipment we need," he said, according to the paper.
Eurozone current account
drops into deficit: ECB
AFP, Frankfurt
The flow of current payments into and out of the eurozone switched sharply to show a deficit last year from a surplus in 2007. figures from the European Central Bank showed onTUesday.
The current account, the broadest measure of the flow of all current payments including transfers for trade in goods and services, showed a deficit of 63.2 billion euros (80 billion dollars).
This represented about 0.7 percent of total gross domestic product, the ECB said.
In 2007, the eurozone had recorded a surplus of 36.3 billion euros, a statement said.
The balance of payments on current account is a key indicator of the performance of an economy.
The December figure was more positive, showing the deficit narrowing on a monthly basis to 7.3 billion euros from a revised figure for November of 13.9 billion.
According to ECB data, combined direct and porfolio investment recorded net inflows of 128 billion euros in 2008, compared with net inflows of 47 billion euros a year earlier.
That was mainly "a result of lower net purchases of foreign debt instruments by euro area residents, the statement said.
Philippines migration up despite economic crisis
AFP, Manila
Tens of thousands more people are leaving the Philippines to work abroad despite the global economic downturn which was expected to hit overseas employment, the labour department saidTuesday.
Departures by job-seekers rose 25 percent from a year earlier to 165,000 in January, Philippine Overseas Employment Administration administrator Jennifer Manalili told reporters.
"As of end-January we have deployed 165,000 and that's higher than last year -- and also considering that there is crisis," she added.
She said the data was the opposite of what the government had expected, following the return of several thousand laid off electronics workers mostly from Taiwan last year.
Manalili said the government was evaluating which jobs have disappeared since the economic slowdown gathered pace last year. About 8.5 million Filipinos temporarily work abroad and their remittances have become a major pillar in supporting the economy.
German Ifo confidence index falls to record low
AFP, Frankfurt
German business confidence hit an all-time low in February, the closely watched Ifo indicator revealed Tuesday, as leaders in the manufacturing sector reported deeper gloom in Europe's biggest economy.
The Ifo indicator edged down to 82.6 points from 83 points in January, the Munich-based economics research institute said.
Analysts polled by Dow Jones Newswires had expected the indicator to remain essentially unchanged.
The February level came in just below the revised level of 82.7 points in December, the previous all-time low, which had initially been reported as 82.6 points as well.
"The worsening of the business situation that has been going on for months has continued in February," a statement quoted Ifo president Hans-Werner Sinn as saying.
He added however that those companies surveyed "are again less pessimistic regarding the business outlook for the coming six months.