Business NewsUPDATED: 15:34, July 04, 2007 |
Yao Jingyuan, chief economist of the National Bureau of Statistics, said that China's economy had maintained a steady and rapid growth in the first half of the year. However, within economic development, some major problems also exist, including extremely fast industrial growth, the pressure of a large foreign trade surplus, and growing pressure from a price hike. China's currency, the yuan, hit a new high on Tuesday against the U.S. dollar, according to the Chinese Foreign Exchange Trading System. Brazil's foreign trade surplus reached 20.6 billion U.S. dollars in January-June 2007, announced the Ministry of Development, Industry and Foreign Trade on Monday. Brazilian President Luiz Inacio Lula da Silva pledged a total of 2.03 billion U.S. dollars Monday to boost the development of Rio de Janeiro. The Organization of Petroleum Exporting Countries (OPEC)'s weekly average crude oil prices stood at 67.49 U.S. dollars per barrel, down 0.25 dollars from this year's record high registered in the previous week, the cartel's secretariat said on Monday. The Cambodian government will introduce safer route between the kingdom's hottest travel destinations Siem Reap and Sihanoukville, thus reducing the possibility of air crash, local press reported on Tuesday. The Futures Exchange of Chicago Board Options Exchange (CBOE) announced Monday that average daily volume for June month was 3,898 contracts, a new all-time high for the futures exchange. Wall Street rallied Monday on stronger manufacturing activity and buyout news with the Dow Jones average rose more than 120 points. U.S. Trade Representative (USTR) Susan C. Schwab expressed appreciation Monday for action in Congress passing and President George W. Bush signing legislation to extend the Andean Trade Preference Act (ATPA). The European Union (EU) on Monday launched a public consultation to help explore new markets worldwide for its already competitive information and communication technology (ICT) industry. Economic activity in the U.S. manufacturing sector expanded in June at its fastest pace since April 2006, the Institute for Supply Management (ISM) said Monday in its latest report on business. The number of coal mine accidents in China in the first half of 2007 totaled 1,066, down 242 from the same period last year, based on figures released by the country's safety watchdog on Monday. Manor Care Inc., the operator of nursing homes and assisted-living centers, agreed on Monday to be acquired by the Carlyle Group in an all cash transaction valued at approximately 6.3 billion dollars. Ten years after some Asian countries were hit by a twin currency and banking crisis marked by massive outflow of "hard currencies," they are faced with the challenge of how to tap its huge foreign reserves via financial cooperative mechanisms, said experts at a symposium held Monday in Manila on the 10th anniversary of the Asian financial crisis. Economic growth in the United States is likely to recover as the year progresses, but that could fuel inflation, according to the latest Wall Street Journal survey of forecasters. The U.S. online advertised job vacancies declined in June, according to a report released Monday. The Nasdaq Stock Market Inc. ( NASDAQ) announced on Monday it will introduce the NASDAQ Exchange Traded Fund (ETF) Market, a market segment designed specifically for ETFs and Index Linked Notes (ILNs). U.S. private equity giant The Carlyle Group is in discussions with Virgin Media, a British cable company, over a potential bid worth around 20 billion dollars, The New York Times reported on Monday. Crude prices rose above 71 U.S. dollars a barrel on Monday after profit-taking in the early trading. For the first time since the 1970s, Denmark's unemployment rate has fallen below 100,000, said reports on Monday, quoting new monthly figures from Statistics Denmark. SHANGHAI: Goodman, the world's second-largest industrial property developer, is planning to pour $2 to $3 billion in the next three to five years in China, increasing its current investment almost tenfold. GlaxoSmithKline (GSK) said yesterday that it will spend $40 million this year to start a research facility in Shanghai that will grow into one of its largest research centers globally. Heavy buying of financial stocks yesterday lifted the mainland stock market to end 0.41 percent higher after it dropped as much as 2.5 percent at mid-afternoon on lingering fears that a special bond issue may draw liquidity out of the market. Italian industrial giant Fiat Group plans to spend more than 16 billion yuan in China in the years to 2010 to help it achieve a fivefold rise in annual sales revenue in the country. China will give top priority to energy statistics in the economic census next year, a senior statistician said yesterday. MANILA: Asia faces risks of new financial shocks despite its remarkable recovery from the 1997-98 financial crisis, and regional cooperation is vital to keep the region strong, Asian Development Bank (ADB) officials said yesterday. Asian countries put the humiliation of the 1997 financial crisis behind them yesterday, arguing they were in a better position to deal with the sort of meltdown that crippled the region a decade ago. GUANGZHOU: A leading French law firm has opened an office in Guangzhou in response to increasing demand for French legal information. As one of the world's largest producers of two ozone-depleting chemicals, China has honored its promise to phase out the substances ahead of schedule by banning the production and import of chlorofluorocarbons (CFCs) and halon. Corporate social responsibility (CSR) should be taken into consideration when appointing and appraising the heads of State-owned-enterprises (SOEs), a business leader said yesterday. |
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