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NEW YORK: Wall Street ended broadly lower, with both the Dow and S&P down more than 1 percent, as a late plunge of financial sector accelerated selloff across the board. As market closed, the Dow Jones industrial average fell 126.82, or 1.24 percent, to 10,066.57. The Standard & Poor's 500 index dropped 14.04, or 1.29 percent, to 1,073.65 and the...
HOUSTON: British oil giant BP announced Monday it will provide $500 million to an independent research program studying the impact of a massive oil on the marine and shoreline environment of the Gulf of Mexico. "BP has made a commitment to doing everything we can to lessen the impact of this tragic incident on the people and environment of the Gulf Coast....
Copper demand in China, the world's largest user of the metal used in pipes and wires, may gain as much as 12 percent this year and prices won't fall much further, according to Wanxiang Resources Co's chief analyst. "Consumption is still strong," driven by continued economic growth, said Sheng Weimin from the unit of Wanxiang Group, the country's larg...
HONG KONG - China is pushing the country's three major airlines to merge their cargo operations in a bid to claw back business in a market dominated by foreign carriers, the South China Morning Post reported on Tuesday, citing sources. The three major airlines are Air China, China Eastern and China Southern. The newspaper citing an official from China ...
BEIJING - China has made some progress in combatting illegal flows of speculative capital and at present is not facing a large influx of hot money, the country's foreign exchange regulator said on Tuesday. The State Administration of Foreign Exchange also said that there were small-scale inflows of speculative funds into the property sector. It made th...
Company acquiring Soalala iron ore mine in Madagascar to boost stocks BEIJING - China's third largest steelmaker Wuhan Iron and Steel Group on Monday received approval from the National Development and Reform Commission (NDRC) for two overseas acquisition deals in Africa that are expected to contribute nearly 2 billion tons of iron ore deposits. The go...
BEIJING - With China's high-end, heavy-duty truck market not expected to boom for at least 10 years, global truck makers are now seeking opportunities in China's special-purpose vehicle segment in hopes of grabbing a foothold in the world's fastest growing economy. "Although our major business in China still targets imports of heavy-duty trucks for log...
Steelmakers in China and South Korea, the world's largest- and sixth-biggest producing nations, will meet today in Beijing to discuss rising raw material prices. Mills, including Posco and Baoshan Iron & Steel Co, share the view that "sharp gains" in the prices of iron ore and coal may lead to higher production costs of cars, ships and appliances, So...
Port of Tallinn is the biggest port authority in Estonia and as far as both cargo and passenger traffic are taken into account, the biggest port on the shores of the Baltic Sea.
Qingdao Saint Voyage Logistics Inc. (SVL) is an Experienced International Shi
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