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The U.S. Federal Reserve was forced to hold a key interest rate steady at 2 percent on Tuesday for a second straight time due to pressures of a possible recession and rising inflation. Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities, and some indicators of inflation expectations have been el...
The Industrial and Commercial Bank of China Ltd. (ICBC), the world's largest bank by market capitalization, was officially approved by the Federal Reserve Board Tuesday to establish a branch in New York. This marks an important milestone in the process of globalization for the ICBC, said Wu Bin, the fifth chief representative of the ICBC New York Repr...
The People's Bank of China (PBOC), the central bank, has agreed to raise the 2008 credit quota by 5 percent for nationwide commercial banks, and 10 percent for local commercial banks, the Shanghai Securities News reported on Tuesday, quoting an unidentified PBOC official. The credit quota rise aimed at easing the financing difficulties of small- and me...
China's reliance on foreign trade had exceeded 60 percent, which made the country more sensitive to price changes on international markets and caused the ensuing external-driven inflation in the nation, sources with the National Bureau of Statistics (NBS) said on Tuesday. The country's inflationary pressure was mainly driven by price rises for crude o...
The Dominican Republic has become the second largest trading partner of China in the Caribbean following Cuba, said Wang Weihua, representative of China's Trade Development Office in the Dominican Republic Monday. Dominican exports to China, ranging from scrap iron, rice, tobacco, cacao, coffee to banana, increased some 100 million U.S. dollars in 200...
Sinopec, China's largest oil refiner, has launched a bid for the London-listed Imperial Energy as part of its overseas development. Imperial Energy's board has allowed Sinopec to start due diligence, the Sunday Telegraph reported, without revealing the source. Sinopec is understood to have approached the Russian authorities and been given the approv...
Yahoo! Inc's investors have thrown their weight behind the Internet company's board, with 85 percent of votes supporting Chief Executive Officer Jerry Yang after he fought off a proxy fight with Carl Icahn. Each director received at least 77 percent of the votes cast, Yahoo said Friday after its annual meeting. Icahn was appointed to the board after th...
The European Commission gave the green light Monday to a proposed acquisition of Belgian imaging technology group Barco's BarcoVision textile unit by Italy's Itema. After an in-depth examination launched in April 2008, the commission, the European Union (EU)'s antitrust watchdog, concluded that the transaction would not significantly impede effective ...
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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