International Channel--Financial News

Business News

Domestic Demand: Main Force Behind Economic Growth
In 2001, China's investment infixed assets was 3,689.8 billion yuan, an increase of 12.1 percent over the previous year, while the total retail sales of consumer goods was 3,759.5 billion yuan, up 10.1 percent, according to a senior government official.

World Bank Grants Bulgaria New Loans for Structural Reform
The World Bank will grant a Project Adjustment Loan of between 400 and 500 million U.S. dollars to Bulgaria's structural reform over the next three years,the bank's director for Bulgaria, Romania and Croatia, Andru Vorkink said on Wednesday.

Central Bank: No Relaxation of Monetary Policy
The People's Bank of China Wednesday claimed that it would continue to pursue its three-year-old "prudent monetary policy" rather than relax spending, Thursday's China Daily reported.

Steady Growth of China's Industrial, Agricultural Production
China's total output of grain for the year of 2001 was 452.62 million tons, down by 2.1 percent from the previous year, according to China's top statistics official.

China's GDP Grows 7.3 Percent in 2001
China's gross domestic product(GDP) of 2001 was 9,593.3 billion yuan, an increase of 7.3 percent over the previous year in constant terms, exceeding the targeted seven percent growth, according to official statistics released here Thursday.

China's Foreign Trade Maintains Growth Momentum
China's total volume of imports and exports in 2001 reached 509.8 billion U.S. dollars, up7.5 percent over the previous year, according to statistics released here Thursday.

Survey: U.S. Chief Executives Cautious About Near-Term Economic Growth
Chief executives of some of the United States' largest companies have a cautious view about the U.S. economy's near-term growth, but are more optimistic about future growth, according to a February survey released Wednesday.

Beijing Remains China's Biggest Car Market
Beijing remained China's biggest car market in 2001 with new car sales hitting 100,100 units, a year-on-year growth of 22.5 percent, according to the latest statistics from Beijing Association for Automobile Circulation.

UK Economy Stagnates in Last Quarter of 2001
The Office for National Statistics said Wednesday that Britain's gross domestic product between October and December 2001 was unchanged from the previous three-month period, reversing its earlier 0.2 percent growth estimate.

Accidental Damage Poses Biggest Risk for PC Owners, Says Study
Accidental damage poses the biggest single risk for personal computer owners in the United States, according to a new insurance industry study released Wednesday.

European Economy in Good Shape, EU Official
The European economy is in good shape and the economic policies in the region are appropriate,Rodrigo Rato, current chairman of European Union (EU) finance ministers, said Wednesday.

GE to Build International R&D Center in Shanghai
The U.S. electronics giant, General Electric Co. (GE), Wednesday signed an agreement with Shanghai's hi-tech zone on the establishment of an international research and development center in China.

Federal Reserve Chief Sees Moderate U.S. Economic Recovery
U.S. Federal Reserve Chairman Alan Greenspan said Wednesday that the U.S. recession is closing to an end but he cautioned that the recovery will be moderate.

Total Investment in Pakistan Up by 100 Mln Dollars
Total investment in Pakistan has increased by 100 million U.S. dollars in this fiscal year, a report by the State Bank said on Wednesday.

U.S. Economy Expected to Grow 2.5-3 Percent in 2002: Federal Reserve
The U.S. Federal Reserve projected on Wednesday that the U.S. economy will increase 2.5-3 percent in 2002, compared with the 1.1 percent growth last year.

Foreign investors encouraged to participate in SOE reform
Foreigners are likely to acquire more investment opportunities in China since the central government approved a fresh regulation on Tuesday to attract foreign capital.

Hong Kong Exports Remain Sluggish in January
According to the external merchandise trade figures released Tuesday by the Census and Statistics Department, the values of Hong Kong's total exports and imports of goods both fell in January 2002 over a year earlier.

Investors Warned against Certain Sectors in China
Investors are advised to avoid ineffective investment into China's glass making and electrolytic aluminum sectors, according to official sources.

Economic Survey Calls for Deepened Reforms, Fiscal Balance
The annual Economic Survey for 2001-02, released in New Delhi on Tuesday, asked the government to further deepen the economic reform process for a higher growth, saying that crucial issue of fiscal imbalance need to be addressed urgently to save the economy from the deleterious impact of high deficit.

India Losing out in Foreign Hardware Investment: Survey
India was losing foreign investment in hardware sector to certain developing countries mainly due to tariff and other policy deficiencies in contrast to the country's continued dominance in the export of software, according the annual Economic Survey issued on Tuesday.

China, Kuwait to Expand Economic, Trade Cooperation
China and Kuwait agreed at the fourth meeting of the Economic and Trade Mixed Committee in Beijing Tuesday to work together to boost trade and economic cooperation.

Russia's GDP to Grow 2-4 Percent in 2002: Forecast
Russia's gross domestic product(GDP) will grow 2-4 percent this year, a leading Russian economist said here Tuesday.

U.S. Consumer Confidence Slips
The Conference Board, one of the U.S. leading business research groups, reported that its Consumer Confidence Index fell to 94.1 in February from a revised 97.8 in January. The index jumped more than 10 percent in December and 3.4 percent last month.

U.S. Existing-Home Sales Hit New High in January
The sales of existing homes in the United States surged 16.2 percent to a seasonally adjusted annual rate of 6.04 million units in January, a new monthly record for existing-home sales, the National Association of Realtors reported Monday.

New Report Documents Dumping of U.S. High-Tech Trash in Asia
Huge quantities of hazardous electronic wastes (e-wastes) are being exported from the United States to Asian countries, according to a report released by U.S. environmental organizations on Monday.

European Stocks End Higher
European major stock markets ended higher on Monday, led by media and auto stocks and supported by encouraging U.S. corporate and economic news.

Wall Street Stocks End Sharply Higher
Wall Street stocks ended sharply higher Monday, with the Dow index breaking through its 10,000 mark, amid investors' buying supported by a strong existing home sales and upbeat earnings forecasts from corporate icons.

China Issues Quotas to Help Enterprises
The State Economic and Trade Commission (SETC) has proposed a set of targets for the country's major industries in 2002, according to Tuesday's China Daily.

Vietnam Plans to Boost Economy of Mekong Delta Region
Vietnam has worked out a five-year plan to boost the economy of the country's Mekong delta region.

Thai Oil Company Signs Oil Deals With Myanmar
Petroleum Authority of Thailand(PAT) has agreed on four oil deals with Myanmar's national petroleum company, which will help the former to further expand its overseas market, the Thai News Agency(TNA) said Monday.

New Zealand Welcomes Chinese Wool Quota Regulations for 2002
New Zealand Trade Negotiations Minister Jim Sutton issued a statement in Wellington Monday, welcoming China's publication of the tariff quota regulations for wool imports in 2002.

Japan Posts Trade Surplus of 1.44 Billion Dollars in January
Japan posted a customs-cleared trade surplus of 188.1 billion yen (1.44 billion dollars) in January, turning around from a deficit of 95.7 billion yen (730.5 million dollars) a year earlier, the Finance Ministry said Monday. It was the first time in 19 months that Japan's trade balance improved from the level a year earlier.

China's Tourism Market to Grow
Tourism authorities have anticipated a bigger tourism market this year despite the depressed world tourism industry. The latest statistics from the National Tourism Administration indicate that tourism revenue last year reached 499.5 billion yuan (60.18 billion U.S. dollars), an increase of 10.5 percent from that of last year.

Tajik-Russian Trade Drops 36 Percent in 2001
Trade between Russia and Tajikistan dwindled 36 percent to 234 million U.S. dollars last year as compared to 2000, Tajikistan's State Statistics Committee said in a report Sunday.

Chinese Residents Confident of Nation's Future
The majority of residents from six major Chinese cities show confidence in the nation's economy, according to a recent national survey conducted by the China Economic Monitoring Center.

China's Stock Markets Open 2.2 Percent Higher
Stimulated by interest rate cutting, China's stock markets opened sharply higher on the first trading day following a two-week suspension during the Lunar New Year festival.

India's Inflation Remains at 1.13 Percent
After weeks of steep declines, India's inflation stood unchanged at the previous week's level of 1.13 percent in the week ended February 9, even as prices soared for vegetables, fruits, bakery products, coconut oil, groundnut oil and rice bran oil.

India's Foreign Exchange Reserves Cross 50 Billion Dollars
India's foreign exchange reserves crossed the 50 billion U.S. dollars during the week ended February 15, 2002.

ECB Chief Sees Signs of Euro Zone Recovery
The economic growth of euro zone is recovering and inflation is declining, European Central Bank (ECB) President Wim Duisenberg said on Saturday. He said,"There is an increasing number of signals from all over Europe that we are past the bottom.We are seeing signs that the process of recovery has begun."

Shanghai Approves 230 Foreign-funded Projects in January
Projects involving exclusive foreign investment in this, China's leading industrial center madeup 78 percent of the total foreign-funded projects approved in January.

Hu Jintao on Study of Int'l Situation Following WTO Entry
Vice President Hu Jintao Thursday called for an all-out effort to study the current international situation and opportunities as well as challenges now that China has joined the World Trade Organization (WTO).

Moscow Cuts World Bank Cooperation Projects
Russia is to reduce the amount of its cooperation program with the World Bank to 400-500 million U.S. dollars annually, the Russian Trade and Economic Development Minister German Gref announced Thursday.

South China Province Reports Steady Economic Growth
The Southern Chinese island province of Hainan's gross domestic product last year was 56.6 billion yuan (about 6.82 billion U.S. dollars), 8.9 percent higher than in 2000.

EU Concerned Over U.S. Accounting Standards
The European Union (EU) will urge the United States to change its accounting standards because the U.S. system was partly to blame for the collapse of Enron, a European Commission spokesman said Thursday.

U.S. Trade Panel Orders Punitive Duties on Steel Bar Imports
The U.S. International Trade Commission (ITC) ruled Wednesday that the U.S. steel industry is materially injured by imports of stainless steel bars from five countries, which will lead to punitive duties on the imports.

Shandong to Be China's Top Green Farm Goods Producer
Shandong Province, in east China, recently announced it plans to build up the largest green farm goods production base in the country during the 10th Five-Year Plan period (2001-2005).

Thai Banks Need Not Raise Capital in Next 2 Years
Bank of Thailand (BOT) Governor Pridiyathorn Devakula has affirmed local commercial banks need not increase capital in the next two years as many parties had worried about, according to a BOT report available in Bangkok Thursday.

China To Change its Latrine Image
pite many tasks ahead forsocial and economic development, China has decided to pay attention to the management and construction of public toilets.

State to Intervene in Exchange Market: Argentine President
Argentine President Eduardo Duhalde said on Wednesday the State will intervene in the exchange market so as to fix the price of the U.S. dollar at 1.60 to 1.70 Argentine pesos.

Some Asian Nations to Face Food Shortage As Regional Output Declines: FAO
Some Asian countries will face food shortage as the food production is declining in the region, the United Nations Food and Agriculture Organization (FAO) warned here Thursday.

Nepal's Carpet Export Declines Deeply
The export of woolen carpet declined by almost 24 percent during the first seven months of thecurrent fiscal year, the independent English daily The Kathmandu Post said Thursday.

Overseas Businesses Major Contributors of Guangdong Revenue
Local taxation officers in south China's Guangdong Province levied 14.11 billion yuan (1.7 billion U.S. dollars) in taxes on overseas-financed businesses last year, up 36.14 percent over 2000.

Private Capital Flows into Zhejiang Infrastructure Sector
The prosperous eastern China province of Zhejiang has become a leading beneficiary of booming private investment.

HKEx Defers Abolition of Minimum Brokerage For One Year
The Board of Directors of Hong Kong Exchanges and Clearing Limited (HKEx) decided Wednesday to defer the abolition of minimum brokerage for one year until April 1, 2003.

South China Province Reports Growing Foreign Trade
Guangdong Province, an economic powerhouse in south China, saw its imports and exports hit 15.35 billion U.S. dollars-worth in January this year, up 37.8 percent from the same period of last year.

U.S. Company to Build Golf Course in Southern China City
A U.S. company signed an agreement with the government of Beihai Wednesday to build a golf course and supporting facilities in this coastal city in the Guangxi Zhuang Autonomous Region.

China Cuts Interest Rates by 0.25 Percentage Points
The People's Bank of China (PBOC) announced in Beijing Wednesday that it has decided to lower the interest rates of deposits in Renminbi by an averaging 0.25 percentage points as of February 21.

Steady Growth of Money Supply in January
China's financial industry maintained healthy and steady operations in January, with an appropriate growth in the money supply, said a statistical report released Wednesday by the People's Bank of China, the central bank.

Shanghai Aims at 10-Percent GDP Growth Rate for 2002
Shanghai, the largest commercial and financial city in China, is aiming at a 10-percent economic growth rate in 2002, which would be the 11th consecutive year for a double digit growth rate.

Shanghai to Build International Purchasing Platform
Shanghai, the business and financial center of China, is determined to build a more effective purchasing platform to facilitate multinational corporations.

U.S. Retailer Giant Reports Record Sales in 2001
U.S. retailer giant Wal-Mart Stores reported on Tuesday record earnings and sales for the 2001 fiscal year that ended on January 31, 2002, thus becoming the world's largest retailer company in terms of sales.

Thai Economy Not to Plunge Into New Crisis
The Thai economy would not plunge into a new crisis in a similar way Argentina is experiencing because its economic fundamental is stronger, the Thai News Agency reported Wednesday.

Indonesian Banks Asked to Raise Mininum Capital Adequacy Ratio
Indonesian central bank, Bank Indonesia, will raise the minimum capital adequacy ratio (CAR) for banks to 12 percent this year from the current eight percent level.

Shares Recover in Argentina, Drop in Brazil, Mexico
Latin America's three major stock markets -- Mexico City, Sao Paulo and Buenos Aires -- closed mixed Tuesday.

China's Aviation Industry Gains Surplus
A source at the China Aviation Industry Corporation I (AVIC I) said in Beijing Tuesday that this, China's leading aviation company has made up its deficit and begun to gain a surplus.

Asian Currencies Growing Stronger
Many Asian currencies gained ground against the US dollar, with the Japanese yen strengthening amid expectations of new economic reforms and the Australian dollar rising on the back of better than expected jobs data.

Customs Head Sent to Jail
The former head of the customs of Ningde city, in south China's Fujian Province, has been sentenced to three and a half years in prison for dereliction of duty.

Macao's Exports Slide in 2001
Ailing market demand in the United States and the European Union drew down the exports of China's Macao Special Administrative Region (SAR) in 2001, the latest official tallies show.

THAI's Profit Expected to Fall by 50 Pct This Year
Net profit of Thai Airways International Plc. (THAI) is expected to fall by 50.43 percent this year, according to a broker firm's report available in Bangkok Tuesday.

Thai Economy to Grow at Least 3 Pct This Year
The Thai government is confident that the economy will expand at least 3 percent this year as its fiscal stimulus policy starts to yield fruits and the world's economy begins to recover, the state-owned radio reported Tuesday.

Bush Urges Japan to Carry Out Bold Economic Reforms
U.S. President George W. Bush on Tuesday urged Japan to carry out bold economic reforms to recover its ailing economy, including tax cuts, prompt disposal of bad loans and accelerated deregulation.

Colombian Workers on Strike Against Fuel Price Hike
Colombian Workers on Strike Against Fuel Price Hike

Panamanian Govt to Build Second Canal Bridge
The Panamanian government and the German company Bilfinger/Berger AG Monday signed a contract for the construction of a second bridge over the Panama Canal, near the Pacific Ocean coast.

More Mainland Tourists Travel to Hong Kong in Chinese New Year Holiday
About 410,000 mainland tourists were estimated to be traveling in Hong Kong during the Chinese New Year, up 25 percent from last year, according to the Hong Kong Tourism Development Board.

Myanmar Uses Indian Loans in Building Bicycle Factory
Myanmar is using 1.3 million out of 15 million U.S. dollars of loan provided by India in building a bicycle factory in Kyaukse township in northern Mandalay division, about 643.6 kilometers north of the capital of Yangon, according to the Myanmar Ministry of Industry No.1.

Buenos Aires Banco Ciudad Bank's Director Resigns
The Director of the Buenos Aires Banco Ciudad Bank (BCBA), Monica Almada, presented her resignation Monday in the face of accusations that she withdrew her savings from the institution hours before the application of banking restrictions imposed by the government.

Private Economy Overrides State-Owned Economy in East China
Hangzhou, the capital of east China's Zhejiang Province, has reported a bigger share for the private economy in the past few years. According to the city's statistics bureau, the private economy has scored a higher increase rate than other sectors of the economy and overrides the state-owned economy in the three major sectors of industry, real estate and service.

Indonesia's New Economic Package Draft Nearly Completed
The Indonesian government's new economic package draft to spur economic recovery is now 80 percent ready, Vice-President Hamzah Haz has said.

China's Research Institutions Bid for Public Funding
Research institutions have to seek public backing for future projects after the government closed the door on providing central funding.