New York sues AIG, charging fraud was used to boost stock price

Section:

From Reuters
Wednesday, May 25, 2005

_http://www.reuters.co.za/locales/c_newsArticle.jsp;:42946425:ff173fdb917366b2
?type=businessNews&localeKey=en_ZA&storyID=8600404_
(http://www.reuters.co.za/locales/c_newsArticle.jsp;:42946425:ff173fdb917366b2?t\
ype=businessNews&localeK

ey=en_ZA&storyID=8600404)

LONDON -- Gold mining is becoming increasingly important to the world's
heavily indebted poor countries, with a steep rise in output seen over the last
10 years, a report from the World Gold Council showed on Wednesday.

The industry-backed group's report said developing countries accounted for
72 percent of global bullion output last year.

Stripping out world No. 1 producer South Africa, gold output from developing
countries rose by more than 50 percent over the last decade, it added.

The strongest rise in output was seen in highly indebted poor countries
(HIPCs), whose gold production rose 84 percent between 1994 and 2004.

Global gold mine output was 2,464 tonnes in 2004, figures from consultants
GFMS show.

"Gold is generally associated with the rich and yet this latest report
proves that, in relative terms, it is actually much more important to the
poor,"
WGC CEO James Burton said in a statement launching the report.

Due to rising output, HIPC dependence on gold exports has also increased
significantly, with the precious metal now one of the most important exports,
accounting for nearly eight percent of goods exports in 2003.

The report come as British Prime Minister Tony Blair struggles to clinch a
global deal to tackle poverty in Africa.

European Union countries agreed on Tuesday to boost aid spending to help
implement a U.N. global poverty plan, in the hope of shaming other rich donors
into giving more.

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