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BEIJING - China's trade surplus would likely fall noticeably this year as exports outlook would not be optimistic while imports would remain robust, Ministry of Commerce spokesman Yao Jian said at a briefing Saturday. Exports growth would slow after July, Yao forecast, adding the surge in exports in May was due to a low comparison basis last year. Chin...
New York: A large number of oil rigs are likely to find their way to new oil fields following a six month ban by US President Barack Obama on deep water drilling in the area. The ban was put in place while an investigation is conducted in to the factors behind a huge oil spill in the Gulf of Mexico due to an incident at a BP –leased oil rig that ruptu...
Crude oil fell for the first time in four days after U.S. retail sales unexpectedly slipped in May, spurring concern that economic growth in the world’s biggest energy-consuming country will slow. Oil tumbled 2.3 percent after the Commerce Department said that purchases declined 1.2 percent, the biggest drop since September. Retail sales were proj...
Sales at U.S. retailers unexpectedly dropped in May for the first time in eight months, indicating the rebound in consumer spending is cooling as Americans boost savings. Purchases fell 1.2 percent, led by a record plunge in demand at building-material stores that may reflect the end of a government rebate on sales of energy-saving appliances, according...
South Korean steelmaker Posco, together with Korea Resources Corp, acquired a controlling stake in a Chinese rare earth mining company. Analysts say this might be a strategy to bypass China's restriction on rare earth exports, National Business Daily reported on Friday. Posco and Korea Resources bought 60 percent of Yongxin Rare Earth Metal Co, a c...
LONDON - BHP Billiton Ltd, the world's largest mining company, may use last month's 16 percent decline in iron-ore prices to persuade steelmaking clients to pay cash instead of contract-based prices from the next quarter. Vale SA, Rio Tinto Group and BHP, the world's biggest exporters of the ore used to make steel, scrapped a 40-year custom this year...
China's exports in May totaled $131.7 billion, up 48.5 percent from a year ago and 18.1 percent from April,the General Administration of Customs (GAC) said on Thursday. The figure is much higher than previous expectation. Combining imports and exports, China's May external trade rose 48.4 percent year-on-year to $243.9 billion, among it imports reache...
BEIJING: China's consumer price index rose to a 19-month high in May, but a moderation of growth in factory production and capital spending could further ease worries that the world's third-largest economy runs the risk of boiling over. Consumer prices rose 3.1 percent in the year to May compared with a 2.8 percent annual rise in April, confirming a R...
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