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International Business News
Investments in water infrastructure must he sustained if Asia is to succeed in reducing poverty and maintaining strong economic growth, the region's top development banker saidTUvsdav
Asian Development Bank (ADB) president Haruhiko Kuroda said the global economic slump should not be a reason to cut back on investment in projects aimed at increasing water supply and managing waste water.
Economic growth, population expansion and the influx of people into cities have sharply raised the region's water requirements while increasing pollution risks, he told an international water conference in Singapore.
" I hrs is actually tire time to be sustaining and increas ing financing to fuel infrastructure investment to be the engine of growth again,' Kuroda said, according to an ADB statement
"Stagnant investments in this sector may compromise our energy and food security, as well our economies and environment, creating a significant new threat to both poverty reduction and economic growth
I Ie said the crisis could present investment opportunities and that the business sector can step in to make up investment shortages in cash-strapped countries
The Asia Pacific region accounts for more than half of the world's population.
Obama to create panel for auto workers
Al l’, Washington
President Barack Obama is to reach out to workers in the battered US auto sector on Tuesday, announcing the establishment of a policy panel to address their woes.
The White House is to create a "Council on Automotive Communities and Workers," which will be charged to recommending policies that would help auto workers, an administration official said.
After decades of industry decline, workers have recently been buffeted by plant closures, slumping car sales and production plant sell-offs.
According to the government's own estimates, 400.000 jobs have been lost in the industry.
Big names like General Motors and Chrysler have been brought to their knees, forced to lend tens of billions from the government to keep afloat.
Obama has ushered the firms toward bankruptcy in order to hive-off non-core businesses, but it has come at a political cost for the administration.
Bankruptcy has shuttered some factories and put dealerships and parts manufacturers on notice, as the impact of the crisis continues to trickling down across the sector.
Toyota to roll out fuel-cell car by 2015
AFP, Jbkyo
Toyota Motor, the world's top automaker, plans to roll out a fuel-cell car by 2015 in its push to stay ahead in the global race for green autos, vice president Masatami Takimoto saidTuesday.
His comments came at a shareholders' meeting at Toyota headquarters in Aichi prefecture in response to an investor’s question about the company's outlook on zero-emissions technology, but he declined to elaborate.
Fuel-cell technology is considered a cutting-edge solution to reducing carbon dioxide emissions as it generates electricity by combining a fuel - usually hydrogen — with oxygen, and therefore only emits water.
Toyota began limited sales of a fuel-cell hybrid vehicle in 2002 in the United States and Japan, using technology from its best-selling Prius hybrids.
But carmakers have generally concentrated on implementing the more affordable technology used for hybrids or battery-powered vehicles.
Fuel-cell systems remain costly due to the technology involved and the fact that it is difficult to store enough hydrogen in a vehicle to allow it to travel as far as a conventional car.
IMF sees Polish economy shrinking 0.5pc in 2009
AFP, Warsaw
Poland's economy is set to shrink 0.5 percent this year, making it one of Europe's least crisis-hit nations, but a modest 1.O-percent recovery in 2010 hinges on a continent-wide revival, the IMF saidTuesday.
"We predict a mild recession in 2009 and a modest recovery next year, said Alexander Hoffmaister, head of the International Monetary Fund's operations in the region.
"That's our central scenario. We see that the risks are still on the downside. The critical thing, in particular in 2010, will be how events in Europe hold up. If they do, we would expect the economy to grow slowly next year," I loffmaister told reporters.
He declined to say how the IMF expected Poland to perform if the signs of green shoots in other recession-hit European nations turned out to be temporary.