21 Feb '11, 1am
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SINGAPORE shares opened lower on Monday, with the benchmark Straits Times Index at 3,071.04 in early trade, down 0.51 per cent, or 15.88 points. Around 78 million shares exchanged hands. Hyundai Motor looks to secure rare earth supplies 8:59 AM SEOUL - HYUNDAI Motor, South Korea's top automaker, said on Monday that it was seeking to secure rare earth metals used in electric and hybrid cars, as the industry braces for a possible shortage of the minerals. Rare earth metals like neodymium are used in the powerful magnets in motors that are a key component for electric and hybrid cars. China produces 97 per cent of the world's rare earth metals, but Beijing set 2010 export quotas 40 per cent lower than 2009 levels, raising alarm among buyer nations.