Alexa

In Brief

In Brief

China sticking to monetary policy
China's biggest economic risk this year is inflation and the central bank will stick to a tight monetary policy despite the impact of January snowstorms and the U.S. credit crisis, said a central banker quoted yesterday by news reports.
"This year we will closely monitor the increase of the money supply and carry out a tight monetary policy," said Yi Gang, a vice governor of the People's Bank of China, quoted by the business magazine Caijing and other outlets.
Yi said that was despite the fact that China expected its economy to feel the impact of the U.S. subprime mortgage crisis and snowstorms in January that wrecked crops and pushed up inflation.
Spanish producer
Producer prices in Spain accelerated in January to the fastest pace in 20 months as higher oil increased costs for manufacturers.
The price of goods leaving Spain's factories, farms and mines rose 6.6 percent from the year-earlier period after a 5.9 percent increase in December 2007, the National Statistics Institute in Madrid said yesterday. Prices rose 1.3 percent on the month.
Crude has gained 62 percent in the past year and touched a record US$101.32 a barrel in New York last week.
Price increases are accelerating across the euro region as bad weather in grain-producing countries boosts the price of food.
Developer slumps
Hammerson Plc, the U.K. developer that owns Birmingham's Bullring and London's Brent Cross shopping centers, said profit slumped last year because of smaller increases in the value of its properties.
Net income fell to 101 million British pounds (US$199 million), or 34.9 pence a share, from 1.02 billion pounds, or 356.9 pence, a year earlier, the London-based real estate investment trust said yesterday in a statement. Net asset value rose 3 percent to 15.45 pounds a share.
Malls, offices and warehouses in Britain lost 8.6 percent of their value last year, according to
Investment Property Databank, following 11 years of gains. Banks have made loans more expensive and harder to obtain, crimping demand for real estate.


Updated : 2020-12-03 00:30 GMT+08:00