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International Business News
Mistakes were made, says AIG chief
Ari’, Hiuhfrqpon
AIG Chairman and CEO Edward Liddy, who heads (he insurance giant at the epicenter of a scandal over executive bonuses, acknowledged mistakes in an opinion piece published on Wednesday.
Anger over the government rescue of AIG as well as the rising demand for accountability "is understandable, and I share it," Liddy wrote in The Washington Post.
"Mistakes were made at AIG, and on a scale that few could have imagined possible," he acknowledged.
"I am mindful of the outrage of the American public and of the president's call for a more restrained coinpen sation system. 1 am also mindful that every decision we make at AIG has consequences for the American taxpayer."
The US government has demanded that the American International Group repay the 165 million dollars it gave in executive bonuses while taking more than 170 billion dollars in bailout money.
The bonuses were doled out to the Financial Products unit, the AIG division at the heart of the company's near collapse.
World Bank cuts China's growth forecast
Al-'P, Beijing
I he World Bank Wednesday slashed China's economic growth forecast to 6.5 percent in 2009, well below the level the nation says it needs to keep enough people at work and to avoid social unrest.
The Washington-based development lender based its estimate for the world's third largest economy -- down sharply from a 7.5 percent forecast made in November --on a dramatic worsening of the global outlook in recent months.
"China's economy cannot escape the impact of the global weakness," it said in its quarterly update on the Chinese economy.
"Since end-November 2008... developments in and the outlook for the global economy have been worse than expected."
The World Bank's forecast comes less than a week after Chinese Premier Wen Jiabao insisted that tire economy would be able to achieve eight-percent growth "with considerable effort."
South Korea unemployment hits 4-year high
AFP, Seoul
South Korea's unemployment rate rose to 3.9 percent in February -- its highest in almost four years -- as companies cut back on recruitment amid the economic down turn, data showed Wednesday
The February rate, up from 3.6 percent the previous month, is the highest since March 2005 when it stood at 4.1 percent, the National Statistical Office said.
The number of people in employment was 22.74 million in February, 142,000 fewer than a year earlier, the office said. It was the largest reduction since September 2003 when 189,000 jobs disappeared.
Younger people were hardest hit, with the unemployment rate among those aged 15-29 rising to 8.7 percent in February:
"The job market usually remains sluggish in February when more college graduates come out to find work," Jeong In-Sook, head of the NSO's employment statistics division, told reporters.
AFP
A model poses with newly launched Sony digital cameras in New Delhi yesterday. Sony India launched slimmest camera Cybershot T-90 available at price of 17,990 rupees ($346), 12 mega-pixels cyber shot S-series cameras at prices between Rs7,990 to Rs9,990 ($15 3 to$19 2), and cyber shot H-series cameras at Rs17,990 to Rs 29,990.
Vietnam 2009 growth seen at4.75pc:IMF
Al P, Hanoi
The International Monetary Fund on Wednesday downgraded its growth forecast for Vietnam to 4.75 percent this year, further below the government's 6.5 percent target.
"While inflation pressures are subsiding with easing food and energy prices, growth is expected to slow further to 4.75 percent in 2009 on the back of weaker domestic and external demand," the IMF said after a routine assessment mission to the country and talks with Vietnamese officials.
In December, an IMF official had forecast the country's real gross domestic product growth would ease to five percent this year.
Vietnam recorded 6.2 percent expansion in 2008, the lowest level in almost a decade and a sharp drop from 8.5 percent in 2007.