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Cambodia extends use of high-tech bio-digester for farmers [2009-01-07]
Some 17,500 rural households will be equipped with eco-friendly bio-digesters, which convert agricultural waste into cooking gas, English-language daily newspaper the Phnom Penh Post said on Tuesday. "We hope this bio-digester will benefit not only households, but the agricultural sector as a whole because it can help reduce the rate of deforestation, and the waste left over will be used for natural fertilizer," Agricultural Minister Chan Sarun was quoted as saying. The ministry, in partnership with the Ne...
China's external trade estimated to grow 18 percent in 2008 [2009-01-07]
China's foreign trade probably reached 2.55 trillion U.S. dollars last year, up 18 percent from 2007, according to an analysis released on Sunday by the General Administration of Customs. The trade surplus was about 290 billion U.S. dollars, it said. In the first 11 months of 2008, external trade was 2.38 trillion U.S. dollars, up 20.9 percent year-on-year. The growth rate was 2.6 percentage points below the year-earlier level. The 11-month trade surplus was 255.95 billion U.S. dollars, up 6.9 percent year...
Growth of China's energy imports slows in Jan.-Nov. 2008 but value soars [2009-01-07]
China imported 240 million tonnes of major energy commodities (oil, refined products, natural gas and coal) in the first 11 months of 2008, up 3.7 percent year-on-year, according to a report released on Sunday by the General Administration of Customs. The growth rate was 9.7 percentage points below the year-earlier level. These imports were valued at 158.6 billion U.S. dollars, up 74 percent, and they accounted for 14.9 percent of total imports for the 11 months. High world coal prices turned China from a net...
China's PMI rises to 41.2% in Dec. [2009-01-07]
The Purchasing Managers' Index (PMI) of China's manufacturing sector climbed 2.4 percentage points month-on-month to 41.2 percent in December, China Federation of Logistics and Purchasing (CFLP) told Xinhua Sunday. The index has been lower than 50 percent for three consecutive months. It was also the fifth time the index remained below 50 percent within last year after it fell to a record low of 38.8 percent in November. The new monthly figure reflected the country's economy had further contracted, analysts said. &...
Gold declines on profit-taking as dollar firms [2009-01-07]
Gold futures on the COMEX Division of the New York Mercantile Exchange dropped moderately due to investors profit-taking and strong U.S. dollar on the first trading day of 2009. Silver and platinum both ended higher. Gold for February delivery fell 4.80 dollars, or 0.5 percent, to 879.50 dollars an ounce. March silver gained 19.5 cents to 11.49 dollars per ounce. April platinum closed at 946.7 dollars per ounce, up 5.2 dollars. During the past several days, gold has accumulated enough profit-making space to release. Investors opted ...
Think tank: China is economy expands at 9.8% in 2008 [2008-12-05]
China's top think tank, the Chinese Academy of Social Sciences(CASS), says that the countr's economy is expected to slow down to 9.8% in 2008 and further decline to 9.3% in 2009. In its annual Blue Paper on China's economy, which was released on Tuesday, CASS noted the Chinese economic downturn is mostly attributed to the global financial crisis. The Blue Paper also notes that housing prices will fall dramatically in a short period of time, and subsequently enter a rather long adjustment period in 2009. Economists fro...
Yearender: Global financial crisis takes toll on UAE [2008-12-05]
The financial crisis sweeping the world that emerged from Wall Street has taken its toll on the United Arab Emirates (UAE), sending the Gulf oil producing country's economy into an uncertain path. DOWNTURN IN MARKETS In the first half of 2008, the world saw a steady rise in oil prices, which climbed to a record high of 147.27 U.S. dollars a barrel on July 11. However, the soaring oil prices did not get a firm footing since then, with the supply and demand factors remained in a balance, as top officials ...
Wall Street rebounds after huge sell-off [2008-12-05]
Wall Street rebounded Tuesday from the worst tumble since October, as investors bought on dips after Monday's huge sell-off and as Ford reassured the market with its financial health. Some bargain hunting is not a surprise Tuesday after the skid that sent the Dow Jones industrials down 679.95 points on Monday. Ford Motor said it will seek nine billion U.S. dollars in government loans but may not need the money because it plans to return to a pretax profit or break even in 2001. As investor closely watched the future of automakers, Ford's as...
Oil tumbles below $50 on delayed OPEC output cut [2008-12-05]
Crude oil lost more than 9 percent to close below 50 U.S. dollars a barrel Monday after OPEC deferred decision on further production cut to its next meeting later this month. Light, sweet crude for January delivery fell 5.15 dollars to settle at 49.28 dollars a barrel on the New York Mercantile Exchange, which is the lowest settlement price since May 23, 2005. Price fell to as low as 49.05 dollars a barrel during the session. Oil prices rose last week on speculation that OPEC would trim output on the uno...
EU to seek coordinated response to economic crisis [2008-12-05]
European Union (EU) finance ministers are due to start a two-day meeting here late Monday, aiming to coordinate their national responses to a real recession in the wake of the financial crisis. As a usual practice, the regular monthly gathering will be preceded by a meeting of eurozone finance ministers on Monday evening and then be enlarged to the whole EU on Tuesday. The meeting comes as gloomy figures show the 15 EU nations that use the euro, or the eurozone, were officially in a recession in the third quarter and the EU was exp...
U.S. stocks trade higher despite negative economic data [2008-12-05]
U.S. stocks ended higher Wednesday despite negative economic data. Wall Street tumbled at the open, after ADP Employer Services said U.S. payrolls shrank by a larger-than-expected 250,000 jobs in November, the most since 2001. The Institute for Supply Management said its services sector index fell to 37.3 in November from 44.4 in October. The reading was significantly lower than the 42 the market expected. Meanwhile, the Labor Department reported that productivity rose at an annual rate of 1.3 percent i...
Retail trade in eurozone plunges in October [2008-12-05]
Retail trade in the 15-nation eurozone witnessed a faster decline in October than expected due to falling consumer demand, said the EU's statistics bureau Eurostat on Wednesday. The volume of retail sales fell 0.8 percent in October compared with the previous month, and it decreased by 2.1 percent on a yearly basis, said Eurostat. Economists had forecast a month-on-month decrease of 0.4 percent and a year-on-year decrease of 1.5 percent in retail trade. The retail trade figures in September remained unchanged ...
China levels field with fixed fee for messages [2008-12-05]
China will set 0.10 yuan (1.5 U.S. cents) as a uniform fee for short messages nationwide next year, its telecommunications regulator said on Wednesday. The move helps to establish a fair and open telecommunications market, industry insiders said. China has more than 627 million mobile phone users, ranking it No. 1 in the world, China will cancel the different mobile short message fee packages among telecom carriers from January 1. The uniform price for short messages will take effect on January 15, the Ministry of Industry and Infor...
Fed: U.S. economic activity has weakened since mid-October [2008-12-05]
The U.S. economy has weakened since mid-October as the worst financial crisis in decades, which is ongoing as of December, damps consumer spending and business investment, the Federal Reserve said Wednesday in its latest survey on business conditions around the nation. "Overall economic activity weakened across all Federal Reserve districts" since the last report, which was issued on Oct. 15, the Fed said in the survey, the so-called Beige Book. Districts generally reported decreases in retail sales, and vehicle sales were down si...
China is stimulus financing spelt out [2008-12-05]
The government Wednesday unveiled a raft of measures to encourage lending by financial institutions to infrastructure projects, small businesses and potential home and car buyers. Also, an extra credit volume of 100 billion yuan ($14.6 billion) will be provided to three policy banks this year to prop up economic growth amid the worsening global financial crisis. An executive meeting of the State Council, or the Cabinet, presided over by Premier Wen Jiabao, also said steps will be taken to help financial institutions better ward off ri...
China to build sugar stockpiles, maintain price stability [2008-12-05]
The central and local governments will act to prevent further falls in sugar prices, Guo Shengkun, Communist Party head of southwest Guangxi Autonomous Region, told reporters here on Tuesday. Guo, speaking at a press conference held by the State Council's Information Office, said some governments have started to build a sugar stockpile with the goal of keeping prices at 3,000 yuan (about 435 U.S. dollars) to 4,000 yuan per tonne. On Tuesday, prices in Yunnan and Guangxi, China's major sugar-producing area, dropped below 3,000 yuan...
EU agrees to set emission standards for new cars [2008-12-05]
The European Parliament (EP) and the French Presidency of the European Union have agreed on details of future targets on emissions from cars, setting the target for 2020 at 95 grams of carbon dioxide (CO2) per kilometer, the European Parliament announced on Tuesday. A press release from the Parliament said the compromise backs the European Commission's proposed target of an average of 120g ofCO2/km for the whole car industry by 2012, compared to the current levels of 160g/km. Under the agreement, a target of 130g/km is to be reache...
British Airways in merger talks with Qantas [2008-12-05]
British Airways (BA) confirmed on Tuesday that it is undergoing talks with Australia's Qantas Airways on possible merger. A statement issued by the BA said it is exploring a "potential merger" with Qantas Airways Limited via a dual-listed company structure while continuing discussions with Iberia, the Spanish airline. However, it added, "there is no guarantee that any transaction will be forthcoming." Following the news, the BA shares rose 12.46 percent. Earlier on Tuesday, Australian Transport...
Accounting firms start cutting jobs [2008-12-05]
The sharp fall in initial public offerings and other businesses has forced many accounting firms in China, including the big four international giants, to start cutting jobs for the first time in many years. Ernst & Young has laid off 50 to 100 auditors at its Beijing office, a source at the firm said. There has been a spate of departures from the firm last week. Many of those who have left are manager assistants who are yet to obtain professional qualifications. A few senior managers transferred from the f...
Rolls-Royce to cut up to 2,000 jobs next year [2008-11-25]
Aircraft engine manufacturing giant Rolls-Royce Group Plc has announced plans to cut around 1,500 to 2,000 jobs worldwide next year. The decision was made after reviewing the possible impact of current economic uncertainties, delays on individual programs, such as the Airbus A380 and the Boeing 787, and the benefits of the company's continuing focus on efficiency, the manufacturer said in a news release Thursday. "These reductions account for around four percent of the total workforce and will have an effect globally. As the precise scale and ...

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