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24- Vanguard, MONDAY, FEBRUARY 21,2011
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FinancialvarlOUai G20 split on imbalance indicators, . monetary policy ~ . . ,,--,. .
HE world's major economies were split down the middle on Friday over how to measure imbalances in the global economy in a bid to avert future financial crises, Japan's Finance Minister said. Speaking hours before the start of a meeting of G20 finance ministers and central bankers, Yoshihiko Noda, said he was not sure they would reach any agreement on a set of indicators to assess economic equilibrium. "It is uncertain whether the countries will agree on all indicators, but I think agreement on some is possible," Noda told reporters. From working group discussions, I get the impression countries are now split in half about their opinions. In preparatory talks on Thursday, G20 sources said. China and Germany dragged their feet over a balance of payments indicator. Beijing was resisting including measurements of the real foreign exchange rate and currency reserves in the package. Chinese Central Bank Governor, Zhou Xiaochuan, in Paris for the
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London is wortd's shopping capital with 62bn pounds sales --Report
G20 meeting, said Beijing would decide the pace of the appreCiation of theyuan on its own and would not be swayed by pressure from other countries. A German source cast doubt on a deal at the two-day Paris session, saying Berlin wanted nothing less than a full list of five indicators to be used to tackle global mismatches. "It
is hard for us to imagine leaving some out, for example leaving out the currencyrelated ones while holding on to the current account one," the German source told Reuters. .' France has run into opposition with its push for greater transparency and regulation of commodities prices and a reform of the
international monetary system and is pirmi,n!L~l!I./l()pes on measuring imbalances in the world economy, where the G20 nations account for around 65 per ce.nt of GOP. French Finance Minister, Christine . Lagarde said she hopes the. first ministerial meeting of France's yearlong G20 presidency would agree to a preliminary list of indicators in a two-step process leading to guidelines for more coordinated global economic policies by the end of the year.
From Right: Helkld Nona, SeDlor VIce-PresldeDt, Corporate Strategy, Corporate DefIfJ/opmeDt of Nokia CorporatioD aDd Mark OurraDt, Director. CommuDlcatioDs, Nokia Corporation during an iDteractlon with De_meD at the oDgolng MWC ID.Baroe/oDa, SpaiD.. Photo By Emeka Aglnam.
Food storage c~pac.ity in 2010 exceeded 200,000 tonnes --- Official rn-IE grain storage capacity 1. of silos in Nigeria in 2010 was more than 200,000 tonnes, an official of the National Food Reserve Agency (NFRA), has said. Mr Daniel Kakwi,the Regional Head (North-East) of NFRA, disclosed this in Bauchi. Kakwi said that part of the stored food, especially maize, was released to countries in need such as Niger and Chad, as requested by the UN. "Production last year in terms of farmers' output was encouraging because farmers had reported higher yields from the harvest. The reduction in food production was not as drastic as expected especially in cereals and grains. As it is now, Nigeria has produced a lot of cereals such as rice, maize, millet, etc in large quantities that can ensure self sufficiency and even for export. Root crops too, improved due to government interventions in agriculture through various schemes and programmes aimed at food sustainability", he said. He, however, said that the shortfall experienced in food production was due to constraints arising from 'the challenges of climate change. According to him, the government is conducting a survey on the quantity of crops harvested and the food requirements before embarking on the purchase of grains for the reserve.
T ONDONhasbeatenNew ...... York, Tokyo and Paris to become the world's highest shopping city with more than 62 billion pounds sales, a London report stated. A n expert in the housing at diffe~ent tiines, listed Nubi said that inadequate another major probl~m The Europe correspondent f i sector, Mr Timothy finance as part of the housing information and working affecting housing finance was of the NeW'S. Agency of Nubi, says housing finance problems, but they ranked knowledge on housing bigh interest' rates that had Nigeria (NAN) teports that has not developed enough to land and building materials finance were still major made it difficult for people to the figure was. contained in a drive housing delivery in the higher," he said. problems today. He said get mortgage loans. study of 22 worldwide country. Nubi, National shopping destinations by Coordinator of Ideal Habitat Britain's Centre for Retail Cooperative Housing Research. Initiatives' said in Lagos on Acopyofthe report obtained Friday that this situation had by NAN in London on made many residents in Thursday stated that the city urban areas to live in had the highest sales in 2010 dehumanising environment. with shoppers spending more "Thos.e that have access to "It's been a good six months for us," said Moir, than 62 billion pounds. average housing do so at Woolworths Holdings Ltd., a South "This compares with 61.4 abnormal costs; rents in major . African food and clothing retailer, is who took over as CEO from Simon Susman on billion pounds for Tokyo; 47 cities -of Nigeria constitute considering opportunities in Nigeria, Nov. 18. "We have got more people coming in, billion pounds for New York about 60 per cent of an Mauritius and Angola, as it seeks to buying a b~gger basket and spending more. They and 46.6 billion pounds for average worker'. disposable increase income from outside its home are feeling wealthier, their disposable income is by and large higher, interest rates are low, Paris," the report said. It also income," he said. Nubi said market. stated that consumers spent that the country could only "We are committed to Africa," Chief inflation is low." Woolworths rose 1.14 rand, or 4.6 per cent, to more in London than in other meet about 4.2 per cent of the Executive Officer, Ian Moir has said in a countries including Los housing demand in a year in phone interview from Cape Town. "In 10 25.74 rand in Johannesburg trading at 3:08 p.m. giving the company a market value of 21.8 billio~ Angeles, Milan, Rome, spite of the fact that the years' time, Africa will become a much more Madrid and Berlin. It further Federai Government could important part of our business. It's nota two- rand. The shares have gained 30 per cent in the past 12 months: -.' stated that London's 26,000 easily address factors limiting to-five-year game." The retailer reported an 11.8 per cent gain in stores house 136 of the housing delivery. Woolworths operates in about 12 African World's 250 leading retail "It should be acknowledged countries and in Australia through its food sales in the first half as it raised prices an average of 3 per cent. Sales of clothing and brands, against an average of that private sector developers Country Road unit. African nations other 90 elsewhere. account for 83 per cent of than South Africa, accountfor less than 5 per general merchandise rose 8.1 per cent, with prices gaining 1.4 percent. "It attracts about 14.1 million urban housing. Unfortunately, cent of the retailer's revenue. "Inflation is going to rise, both in clothing and overseas tourists, four million the private sector is saddled Woolworths said that net income rose to 775 million rand ($107 million) in the six in food f?r a whole host of reasons," including more than its nearest rival. It with numerous problems hIgher oil, wheilt and cotton prices, Moir said. was also the top city for which make supply to always months through Dec. 26, from 662 million internet shopping, with 9.9 fall far short of demand. Of rand a year earlier. Sales gained 9.4 per cent "Within our business we expect we will see a billion sales in 2010," the these, the most limiting is to 12.8 billion rand, the Cape Town¡based price rise of about 8 per cent going forward over the next 12 mOl).ths." ..:r",ep=o:::rt:.::::sa",i::::d::.._ _ _ _ _ _ _ _.!!fi'!Jn"'a'!Jnl!:c~e'_.Vi~a!.!ri,2o.!!u.es2S!!tu!!d;!!i~e~s..!!h~a"'v~eL,_~re:t:a:il:e:.:.r..:s:::a:id~-in a stock exchange filing.
HOUsing finance in Nigeria cannot drive housing delivery -- expert
Woolwo.rths considers opportunities . ,";.in Nigeria, Angola
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