business
News
London stock market continues to fall by middayLondon's leading shares were behind in Wednesday's lunchtime trade, though they had recovered somewhat from their negative opening. By 12:50 GMT, the FTSE 100 index was down 18.84 points, or 0.46per cent, at 4,104.02. Shares in bus and rail operator Stagecoach group were down 18.3percent after the company said its rail arm faced tough times and job cuts. Other losers included Rio Tinto, Fresnillo, First Group and Drax. &$&$Source:Xinhua&$&$ ...
Source : people.com.cn | 03-Dec-2008 14:58
Former AOL chief trying to raise money to buy out Yahoo
Former AOL chief Jonathan F. Miller is trying to raise money to buy out Yahoo, the Wall Street Journal reported on Tuesday. Miller, who now runs the Velocity Interactive Group, a private equity firm, has been trying to raise money "for months," either from private equity sources or sovereign wealth funds, the report said. For a deal at 20 to 22 U.S. dollars per share, Miller would have to raise about 28 billion dollars, the Journal said. That would be a big hurdle when credit is ...
Source : people.com.cn | 03-Dec-2008 14:58
Indonesian gov't to take steps to avoid people suffering from crisis
The Indonesian government has prepared concrete steps to help people at the grass-root level in facing with an expected economic crisis in 2009, a senior official said here Wednesday. "The objective of the government's various programs is to provide a social safety net (JPS) at the grass-root level," Antaranews agency quoted Finance Minister Sri Mulyani Indrawati as saying on the sidelines of a working meeting with the House of Representatives (DPR). The steps the government woul ...
Source : people.com.cn | 03-Dec-2008 14:57
PM: Australian economy better than most developed countries
Australian Prime Minister Kevin Rudd said here on Wednesday that Australia's economy was better than most developed countries. Speaking at the Australian Chamber of Commerce and Industry annual dinner, Rudd said while most other countries are contracting, Australian economy continues to grow. Though the whole financial situation remained uncertain, Australia's outlook was better than much of the developed world, he said. However, the prime minister warned that Australia w ...
Source : people.com.cn | 03-Dec-2008 14:56
S. Korea to inject $690 mln into troubled savings banks
South Korea's financial watchdog Wednesday announced its plan to inject 1 trillion won (690 millionU.S. dollars) in public funds this month to prevent the collapse of savings banks. According to the Financial Services Commission (FSC), 89 savings banks which provided 12.2 trillion won (8.41 billion U.S. dollars) in private financing to areas such as construction, are currently facing repayment problems amid deepening economic slump. The FSC said the state-run Korea Asset Manageme ...
Source : people.com.cn | 03-Dec-2008 14:56
HK stocks rise following U.S. stocks' rally
A rally on Wall Street overnight sent Hong Kong shares higher Wednesday, but weakness in the property sector due to concerns about the domestic real estate market pared gains. The benchmark Hang Seng Index rose 182.81 points, or 1.4 percent, to 13,588.66, after trading between 13,573.43 and 13,778.05 during the session. Turnover dropped to 37.97 billion HK dollars (4.90 billion U.S. dollars) from Tuesday's 38.50 billion HK dollars (4.97 billion U.S. dollars). Traders said ...
Source : people.com.cn | 03-Dec-2008 14:49
China Enterprises Index 3.29% higher
The Hang Seng China Enterprises Index gained 230.06 points, or 3.29 percent, to close at 7,232.54 on Wednesday. The H-shares index, initiated in August 1994 and readjusted on March 10, 2008, tracks the overall performance of 42 Chinese mainland state-owned enterprises listed on the Hong Kong Stock Exchange. The Hang Seng China H-Financials Index was up 213.03 points, or2.31 percent, at 9,451.60. The H-Financials Index, initiated on Nov. 27, 2006, readjusted on Sept. 10, 2 ...
Source : people.com.cn | 03-Dec-2008 14:49
China bank regulator urges risk control for rural financial institutions
Small and mid-sized financial institutions in rural areas should improve their risk controls amid worsening economic conditions.
Source : xinhua | 03-Dec-2008 13:35
China Cabinet meeting encourages commercial banks to make more loans
China's State Council said Wednesday it would adopt more favorable policies and update the financial system so as to encourage the country's commercial banks to grant more loans to support economic growth.
Source : xinhua | 03-Dec-2008 13:31
Japanese gov't to halt spending cut policy to boost economy
Japanese government is to effectively halt its spending cut policy in compiling the budget for fiscal 2009, in a bid to prioritize stimulus measures over efforts to improve the nation's fiscal health, government and ruling party sources said Wednesday. The Cabinet of Prime Minister Taro Aso is scheduled to endorse basic guidelines in formulating the fiscal 2009 budget starting in April later in the day. Sources said the written spirit of the guidelines will be putting economic stimulus m ...
Source : people.com.cn | 03-Dec-2008 11:17
Economist: China has "limited scope" for yuan depreciation against dollar
China has "very limited scope" to keep its currency, the yuan, depreciating against the U.S. dollar in the coming year, UBS Securities said on Wednesday.
Source : xinhua | 03-Dec-2008 09:53
Renminbi exchange rate drops by the maximum limit for two consecutive days
A trend has emerged where for two consecutive days the exchange rate of the renminbi against the dollar has dropped by the maximum amount permitted. Experts in the industry believe that the renminbi depreciation is a normal event, and although there was recently speculation that the renminbi would devalue, there is still no evidence that the renminbi has already made a u-turn onto the path to devaluation. Pei Changhong, director of the Institute of Finance and Trade Economics under the Chine ...
Source : people.com.cn | 03-Dec-2008 09:53
Zimbabwe lifts duty on basic goods
The Zimbabwean government has lifted import duty on basic commodities to make them available and affordable ahead of the Christmas and New Year holidays, Reserve Bank of Zimbabwe Governor Gideon Gono has said. The central bank chief on Tuesday told delegates attending a National Economic Consultative Forum workshop that the new policy will be gazetted later this week. Gono said the government also increased by 10 percent foreign currency retention levels to 85 percent for shops l ...
Source : people.com.cn | 03-Dec-2008 09:19
Chinese shares surge over 4%, led by banks and oils
Chinese equities staged a big rally on Wednesday, with the key Shanghai index rising over four percent, which was led by gains of heavyweight banks and oils. The benchmark Shanghai Composite Index closed at 1965.41 points, up 4.01 percent or 75.78 points. The smaller Shenzhen Component Index added 245.26 points, or 3.61 percent, to close at 7041.07 points. Gainers outnumbered losers by 860 to 6 in Shanghai and by 739 to 3 in Shenzhen. Combined turnover was up to 132.78 billion yu ...
Source : people.com.cn | 03-Dec-2008 08:41
Brazil's industrial production down 1.7 percent in October
The international financial crisis caused Brazil's industrial production to fall 1.7 percent in October, after increasing 1.7 percent in September, a monthly study said Tuesday. It was the sharpest fall in the country's industrial production since the 2.1 percent decrease registered in November 2007, according to the Brazilian Institute of Geography and Statistics (IBGE). In the first 10 months of 2008, Brazil's industrial production increased 5.8 percent, down from 6.4 percent i ...
Source : people.com.cn | 03-Dec-2008 07:46
Tokyo stocks rebound 1.79 %
Tokyo stocks rebounded Wednesday, mostly because of the overnight rally in Wall Street and bargain hunting. The benchmark 225-issue Nikkei Stock Average gained 140.41 points, or 1.79 percent, from Tuesday to 8,004.10. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 12.07 points, or 1.53 percent, to 799.19. Major gainers included retail as well as pulp and paper issues. Decliners were led by sea transport, transport equipment such as ...
Source : people.com.cn | 03-Dec-2008 07:45
China's yuan strengthens after largest one-day fall against greenback
China's currency, the yuan, strengthened against the U.S. dollar on Wednesday. This came just days after it fell to its lowest value since its peg to the dollar ended in July 2005. The central parity rate of the yuan, or Renminbi (RMB), was 6.8502 yuan to the U.S. dollar, according to the China Foreign Exchange Trading System. The yuan's central parity rate is based on a weighted average of market makers' price inquiries before the market opens on each business day. The rate is a ...
Source : people.com.cn | 03-Dec-2008 06:27
China's water-saving drive makes its way to nation's farms
China's drive to save water has come to Guanli Village, Sujiatun District, in Shenyang City. Wu Zhenqi, a farmer in the village in northeast China's Liaoning Province, said: "I have to save water. If I use an extra ton of water to irrigate one mu of farmland, I will need 54 more tons of water a year on my 54 mu of contracted land. That is too dear." The mu, a traditional unit of measurement, equals one-fifteenth of a hectare. The village water saving association has issue ...
Source : people.com.cn | 03-Dec-2008 06:26
Chinese shares open 0.73% higher following Wall Street rally
Chinese shares opened 0.73 percent higher on Wednesday in reaction to a Wall Street rally overnight. The benchmark Shanghai Composite Index, which covers both A and B shares, rose 0.73 percent to 1,903.43 at the opening. The smaller Shenzhen index was up 0.56 percent, to open at 6,833.86 points. U.S. Treasury Secretary Henry Paulson will lead a high-level delegation to Beijing on Thursday to discuss a range of economic issues, including the ongoing financial crisis that has dragg ...
Source : people.com.cn | 03-Dec-2008 06:22
Accounting firms start cutting jobs
The sharp fall in initial public offerings and other businesses has forced many accounting firms in China, including the big four international giants, to start cutting jobs for the first time in many years. Ernst & Young has laid off 50 to 100 auditors at its Beijing office, a source at the firm said. There has been a spate of departures from the firm last week. Many of those who have left are manager assistants who are yet to obtain professional qualifications. A few sen ...
Source : people.com.cn | 03-Dec-2008 03:22
EU finance ministers support economic stimulus plan
Finance ministers from 27 European Union members agreed here on Tuesday to support a stimulus plan in general though they remained divided concerning certain details. Eurogroup Chairman and Luxembourg Finance Minister Jean-Claude Juncker said that the sum of the plan was not important, but that "everyone agrees with the general direction" was more important. Juncker chaired an eurozone finance ministers' meeting Monday night to discuss the plan, which was unveiled by the European ...
Source : people.com.cn | 03-Dec-2008 02:50
British Airways in merger talks with Qantas
British Airways (BA) confirmed on Tuesday that it is undergoing talks with Australia's Qantas Airways on possible merger. A statement issued by the BA said it is exploring a "potential merger" with Qantas Airways Limited via a dual-listed company structure while continuing discussions with Iberia, the Spanish airline. However, it added, "there is no guarantee that any transaction will be forthcoming." Following the news, the BA shares rose 12.46 percent. Earlier o ...
Source : people.com.cn | 03-Dec-2008 02:49
EU, Egypt sign energy cooperation agreement
The European Union (EU) and Egypt signed a memorandum of understanding (MoU) on Tuesday to enhance energy cooperation between the two sides. The MoU covers energy market reforms and convergence of Egypt's energy market with that of the EU, promotion of renewable energy and energy efficiency, development of energy networks as well as technological and industrial cooperation. The document was signed by EU Commissioner for External Relations Benita Ferrero-Waldner, Commissioner for ...
Source : people.com.cn | 03-Dec-2008 02:49
EU agrees to set emission standards for new cars
The European Parliament (EP) and the French Presidency of the European Union have agreed on details of future targets on emissions from cars, setting the target for 2020 at 95 grams of carbon dioxide (CO2) per kilometer, the European Parliament announced on Tuesday. A press release from the Parliament said the compromise backs the European Commission's proposed target of an average of 120g ofCO2/km for the whole car industry by 2012, compared to the current levels of 160g/km. Und ...
Source : people.com.cn | 03-Dec-2008 02:48
Wall Street rebounds after huge sell-off
Wall Street rebounded Tuesday from the worst tumble since October, as investors bought on dips after Monday's huge sell-off and as Ford reassured the market with its financial health. Some bargain hunting is not a surprise Tuesday after the skid that sent the Dow Jones industrials down 679.95 points on Monday. Ford Motor said it will seek nine billion U.S. dollars in government loans but may not need the money because it plans to return to a pretax profit or break even in 2001. ...
Source : people.com.cn | 03-Dec-2008 02:47
Dollar mixed against major currencies
The dollar rose against the pound but dipped against the euro on Tuesday as Wall Street rebounded and investors waited for expected rate cuts from Europe later this week. U.S. stocks jumped higher on Tuesday after a volatile session. The Dow Jones industrials rose 270 points, regaining more than a third of Monday's loss. High-yielding currencies were helped as rising stocks boosted risk appetite in foreign exchange trading. The European Central Bank and the Bank of England will a ...
Source : people.com.cn | 03-Dec-2008 02:46
Oil prices down to 3-1/2 year low
Crude oil settled below 47 U.S. dollars a barrel Tuesday as the concerns about the weakening economy and slumping demand continued to weigh on the market. Light, sweet crude for January delivery fell 2.32 dollars to settle at 46.96 dollars a barrel on the New York Mercantile Exchange. It is the lowest level since May 20, 2007, and is more than 100 dollars down from oil's record high of 147.27 dollars a barrel reached in mid-July. Investors are concerned that the U.S. consumers an ...
Source : people.com.cn | 03-Dec-2008 02:46
Tokyo stocks open sharply higher
Tokyo stocks opened sharply higher Wednesday on Wall Street rally and bargain hunting. In the first 15 minutes of trading, the 225-issue Nikkei Stock Average gained 129.16 points, or 1.64 percent, from Tuesday to 7,992.85. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 12.90 points, or 1.64 percent, to 800.02. The Second Section also advanced. &$&$Source: Xinhua&$&$ ...
Source : people.com.cn | 03-Dec-2008 02:44
Australian FM says Qantas merger keeps it competitive
Australian Foreign Affairs Minister Stephen Smith said on Wednesday the merger between Australian airline company Qantas and British Airways may ensure the Australian airline industry remains competitive. "The airline industry is a very tough industry," Smith told ABC Radio, adding that consolidation, through mergers or partnerships had kept some airlines in business. "But like a lot of airlines in recent times it's ... been through tough times, so it's no surprise that it may be ...
Source : people.com.cn | 03-Dec-2008 02:44
Vietnam to use one bln USD to stimulate national economy
Vietnam will spend one billion U.S. dollars, sourced from State currency reserves, to fix problems with the national economy and stimulate economic growth, Vietnam News Agency reported on Tuesday. The decision, made at a regular government meeting held in Hanoi on Monday and Tuesday, has been approved by Vietnamese Prime Minister Nguyen Tan Dung. Vietnam' economic growth, which averaged at 7.5 percent in the past 10 years, slowed down to 6.52 percent in the first three quarters t ...
Source : people.com.cn | 03-Dec-2008 02:43
Accounting firms start cutting jobs
Special Report:Global Financial Crisis BEIJING, Dec. 3 -- ...
Source : xinhua | 03-Dec-2008 02:43
CNPC to build pipeline in UAE
China National Petroleum Corp (CNPC) has inked a deal to build a $3.29 billion oil pipeline in the United Arab Emirates (UAE), the company's largest overseas construction project so far. CNPC, the country's largest oil and gas producer, signed the agreement with its UAE partner on Sunday. It will build a 400-km pipeline to Fujairah port from an oilfield in the western part of the country, CNPC said in a statement on its website yesterday. The pipeline, with a designed capacity of 1.5 milli ...
Source : people.com.cn | 03-Dec-2008 02:25
Coca-Cola seeks anti-trust nod for Huiyuan deal
The Coca-Cola Company announced yesterday that it had submitted an application for anti-monopoly approval to the Ministry of Commerce (MOFCOM) for its $2.3 billion takeover of premier domestic juice maker China Huiyuan Juice Group. "The application for antitrust approval has been filed with the MOFCOM and the review process is progressing," the Atlanta-based company said in a joint statement with Huiyuan to the Hong Kong Stock Exchange. Coca-Cola said that a further announcement will be ma ...
Source : people.com.cn | 03-Dec-2008 02:22
China to set strategy for 8% GDP growth
China's top economic policy makers will meet next week to decide how to secure growth of at least 8 percent, outpacing the World Bank's more pessimistic forecast, government officials said Tuesday. The annual Central Economic Work Conference, scheduled for Monday through Wednesday, will tackle ways to implement the recently adopted "expansive" fiscal policy and "moderately easy" monetary policy, officials said. Also on Tuesday, the Chinese Academy of Social Sciences predicted tha ...
Source : people.com.cn | 03-Dec-2008 02:13
Yearender: Global financial crisis takes toll on UAE
The financial crisis sweeping the world sends the Gulf oil producing country's economy into an uncertain path.
Source : xinhua | 03-Dec-2008 02:09
China's economy expands at 9.8% in 2008
Chinese Academy of Social Sciences says the China's economy is expected to slow down to 9.8% in 2008, decline to 9.3% in 2009.
Source : xinhua | 03-Dec-2008 02:08
China to set strategy for 8% GDP growth
Special Report:Global Financial Crisis BEIJING, Dec. 3 ...
Source : xinhua | 03-Dec-2008 02:04
Fifth China Products Fair kicks off in Jordan
The fifth China Products Fair kicked off on Tuesday in Jordan's capital of Amman. About 150 Chinese firms came to the fair with their latest high value-added products aimed at the Middle East market, said Wang Qingjiang, an organizer of the fair. "Some products have competitive quality with those from Europe and the United States, though priced 75 percent lower," he added. The fair, which covers about 10,000 square meters, is divided into four areas, including machinery, ...
Source : people.com.cn | 03-Dec-2008 01:58
Think tank: China economy to grow over 9% in 2009
Chinese economy is forecast to grow by more than 9 percent next year, according to an annual blue paper released by the Chinese Academy of Social Science on Tuesday. Despite the huge uncertainty in 2009, China could still achieve a 9-percent growth as long as it unveils timely and suitable macro-economic control measures to boost domestic demand, said the blue paper. Economic growth slowed to 9 percent in the third quarter from 10.4 percent in the first half and 11.9 percent last ...
Source : people.com.cn | 03-Dec-2008 01:58
Coca-Cola "won't adjust Huiyuan offer" despite weak stock market
The Coca-Cola Co. on Tuesday said it will not revise its offer for China Huiyuan Juice Group Ltd. despite the weak equities market. Li Xiaojun, vice president of Coca-Cola China, told Xinhua that the world's beverage giant is still confident about the outlook for Huiyuan's juice business. In a joint statement to the Hong Kong Stock Exchange on Tuesday, the two companies said China's Ministry of Commerce is still reviewing the application for anti-trust approval. The review will c ...
Source : people.com.cn | 03-Dec-2008 01:57
Wall Street rebounds after huge sell-off
Wall Street rebounded Tuesday from the worst tumble since October, as investors bought on dips after Monday's huge sell-off and as Ford reassured the market with its financial health. Some bargain hunting is not a surprise Tuesday after the skid that sent the Dow Jones industrials down 679.95 points on Monday. • Oil prices down to 3-1/2 year low
Source : xinhua | 03-Dec-2008 01:50
Fifth China Products Fair kicks off in Jordan
AMMAN, Dec. 2 (Xinhua) -- The fifth China Products Fair ...
Source : xinhua | 02-Dec-2008 23:15
EU finance ministers support economic stimulus plan
BRUSSELS, Dec. 2 (Xinhua) -- Finance ministers from 27 ...
Source : xinhua | 02-Dec-2008 23:13
Oil prices down to 3-1/2 year low
NEW YORK, Dec. 2 (Xinhua) -- Crude oil settled below 47 ...
Source : xinhua | 02-Dec-2008 22:20
British Airways in merger talks with Qantas
LONDON, Dec. 2 (Xinhua) -- British Airways (BA) confirmed ...
Source : xinhua | 02-Dec-2008 21:01
Think tank: China economy to grow more than 9% in 2009
Chinese economy is forecast to grow by more than 9 percent next year, according to an annual blue paper released by the Chinese Academy of Social Science on Tuesday.
Source : xinhua | 02-Dec-2008 17:17