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China raised the prices of gasoline and diesel by 350 yuan (about 53.2 U.S. dollars) per tonne beginning Sunday, the National Development and Reform Commission (NDRC) announced Saturday night. The adjustment is the first this year but the second one in the past two months. The increase would hike the benchmark retail price of gasoline by 0.26 yuan per lit...
SINGAPORE's Ministry of Trade and Industry (MTI) expects a four-six per cent increase in GDP in 2011 after reporting a 14.5 per cent increase in 2010, reversing a decline of 0.8 per cent in 2009. The 2011 outlook is strong for Singapore but inflationary concerns in Asia may prompt further monetary tightening with a inflation forecast revised from two to ...
The European Parliament on Thursday approved a free trade pact between the European Union and South Korea, clearing the last hurdle for the pact to take effect in July. A total of 465 members of parliament (MEPs) voted for the agreement and 128 were against it, while another 19 abstained. "Having pushed through a strong safeguard clause to protect Europ...
U.S. economy is struggling for "post crisis workout" even though there are upbeat signs, one economist said on Wednesday. In a press briefing about U.S. economic outlook, Steven Ricchiuto, managing director and chief economist of Mizuho Securities declared himself as the "most negative one". "It(U.S. economy) is not ready to grow strong," he said, a rec...
China will increase efforts to expand imports this year to help balance trade, and to maintain the surplus-deficit ratio at below 3 percent of GDP on the nation's current account, said the Ministry of Commerce on Thursday. The General Administration of Customs said the trade surplus in January narrowed by 53.5 percent to $6.46 billion, with imports growi...
U.S. stocks gained on Wednesday after a round of economic data and strong earning reports. The Labor Department announced early in the morning that the Producer Price Index rose 0.8 percent in January, basically in line with market expectations. The core PPI, which excludes volatile food and energy costs, was up 0.5 percent, significantly higher than th...
The Beijing municipal government released a package of rules on Wednesday to restrict home purchases in the capital and rein in soaring property prices. The package follows the central government's property tightening measures announced in January to cool the market. Under the rules, non-Beijing residents must have paid their monthly social security co...
The U.S. 30-year fixed-rate mortgage (FRM) dropped back slightly this week after reaching the highest point since April 2010 a week earlier, said the Primary Mortgage Market Survey released Thursday by Freddie Mac. Freddie Mac said that 30-year FRM averaged 5.0 percent for the week ending on Thursday, down from last week when it averaged 5.05 percent. Las...
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