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International Business News
Germany's European Commissioner slams banks
AFP, Berlin
Germany's representative in the European Commission launched a sharp attack on his own country's banks on Monday, saying they had been "world champions" in investing in risky financial products.
Guenter Verheugen, the EU's Industry Commissioner, told the Sucddeutsche Zeitung daily in an interview; "Nowhere in the world, not even in America, were banks so ready to take incalculable risks, especially the regional banks."
"Germany was world champion in risky banking." the 65-year-old commissioner added.
He also said that financial oversight in Germany had been insufficient and inadequate compared to other countries in the EU.
"In Germany and in other countries the regulators just let tilings run their course. Other countries dealt better with their banks. Italy for example. There is no toxic paper there," said Verheugen.
In the future, regulators must examine new financial products very carefully, he insisted.
"I would have nothing against the idea of needing permission for highly risky assets," he said.
Germany's banking system - especially the Landesbanken, regional banks that play a vital role in Europe's largest economy - has been hit hard by the global crisis, caught with billions of euros of toxic assets on their books.
Vietnam approves Taiwan's China Steel joint venture
AFP, Taipei
Taiwan's China Steel said Monday authorities in Vietnam approved its application to set up a joint venture there with Japan's Sumitomo Metal Industries.
In a statement, China Steel said it received approval from the Vietnam government on May 12 to establish the joint venture, to be capitalised at 1.15 billion US dollars with Sumitomo Metal Industries and Taiwanese partners.
China Steel will take a 51 percent stake in the new venture, China Steel Sumikin Vietnam Joint Stock Co, which is expected to produce 1.6 million metric tonnes of cold rolled steel products annually for auto and home applianceuse.
While the global economy has been hard hit by financial woes, "the partners of the joint venture will go ahead with the project based on our long term investment strategies, " China Steel said in the statement.
China begins building oil pipeline to Russia
AFP, Beijing
China began work Monday on an oil pipeline to connect its northeastern border with crude-rich Russia, state press said, as the Asian giant looks to supply its energy hungry economy.
China's Vice Premier Wang Qishan launched the project, which will link the Siberian border town of Mohe with refineries in China's Daqing city over 900 kilometres (558 miles) away, Xinhua news agency said.
The construction is pan of a 20-year deal signed in April between the two nations that will pump 15 million tonnes of Russian crude annually into China when the pipeline is completed in 2010.
As part of the agreement, China will help finance Russian oil firms Rosneft and Transneft with a total of 25 billion dollars in loans.
The pipeline is a spur of the East Siberian-Pacific Ocean pipeline that is currently under construction and will transport Russian crude from Siberia to a terminal on its eastern coast
Singapore exports down 19.2pc in April
AFP, Singapore
Singapore's main exports fell 19.2 percent year on year in April, government data released Monday showed, as the city-state struggles to find a way out of its worst recession in decades.
Shipments of electronics extended their sharp fall from March and petrochemicals accelerated their decline to weigh down a strong showing by pharmaceuticals, the figures showed.
Non-oil domestic exports (NODX) totalled 11.32 billion Singapore dollars (7.7 billion US) in April, the trade development agency International Enterprise Singapore (IE Singapore) said.
It was the 12th straight month of slippage for the NODX, a closely watched barometer of the health of the trade-driven economy, with the pace of decline in April accelerating from the 17.3 percent recorded in March.