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G8 focuses on economic recovery first, cost later

Global economic recovery is not yet guaranteed and governments will worry about the bill for heavy stimulus spending once it has succeeded, world leaders are set to say at a summit in Italy.

China holds Rio exec as spy; iron ore deal in doubt

Chinese authorities are detaining Rio Tinto Ltd's top iron ore negotiator on suspicion of espionage and stealing state secrets, Australia said on Wednesday, threatening to strain already fraying ties.

Sinopharm eyes $1.03 bln HK IPO in October: report

China National Pharmaceutical Group Corp (Sinopharm) plans to float its drug-making and distribution businesses, raising about 7 billion yuan ($1.03 billion) in an initial public offering of H-shares in Hong Kong in October, the Wen Wei Po newspaper reported on Wednesday.

Major economies disappoint on climate

A failure of major economies to set a target for halving world greenhouse gas emissions by 2050 at a summit in Italy is a setback to any agreement at a December climate change conference in Copenhagen.

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Economic crisis to dominate opening of G8 summit

Leaders from the Group of Eight major industrial nations will warn against complacency over economic recovery on Wednesday at a world summit that will also tackle trade, climate change and food security.

China's Hu skips G8 to deal with Xinjiang riots

Chinese President Hu Jintao abandoned plans to attend a G8 summit in Italy on Wednesday, returning home early to deal with ethnic violence in the restive northwestern region of Xinjiang.

China accuses WUC of instigating the deadliest riots

The Chinese foreign ministry said on Tuesday that the deadliest riots in Xinjiang region were caused by a large group of people motivated by the World Uighur Congress (WUC), which operates from Germany and the United States.

Forex Daily Commentary - 08/07/2009

The Australian Dollar opens lower on Wednesday at 0.7886. The local unit moved towards US80 cents late on Tuesday after the Reserve Bank of Australia (RBA) left rates on hold at 3.00 per cent in a decision that was more predictable than an NRL off-field incident.

Daily News Wrap Up - July 7

Another Round of Stimulus?; Credit Debt Hits Hard; Rio team arrested in China

China vows severe punishment for the mob

Chinese officials on Tuesday vowed severe punishment for the mob in the deadliest riot since New China was founded in 1949, while international organizations urged restraint in China.

Daily Wrap Up - July 7 - Industries

Hospitals' White House Deal; Rio team arrested in China; Opel's possible role on Mainland

G8 struggles to persuade China, India on climate

Rich nations sought to persuade China and India on Tuesday to agree to a goal of halving world greenhouse gas emissions by 2050 at a summit of major economies in Italy later this week.

Senate begins push for climate change bill

Democrats in the Senate on Tuesday began a drive to advance climate change legislation, a top Obama administration priority, amid warnings that a bill recently passed by the House of Representatives to reduce carbon emissions would have to be changed.

Russia, China to push global currency at G8 summit

China, Russia and Brazil will use this week's G8 summit in Italy to push their view that the world needs to think about a new global reserve currency as an alternative to the dollar, officials said on Tuesday.

Hong Kong's H1N1 tally exceeds 1000

Hong Kong's H1N1 tally has exceeded1000 with 41 new cases conformed, the Department of Health (DH) said on Tuesday.

Singapore and Hong Kong top the ETI list, WEF says

East Asian economies - Singapore and Hong Kong SAR - occupied the top two positions in the Enabling Trade Index (ETI) ranking, followed by Switzerland, Denmark and Sweden, the World Economic Forum (WEF) released on Tuesday in the Global Enabling Trade Report 2009.

Beijing Auto is not such an eccentric Opel suitor: Wei Gu

The public has dismissed Beijing Automobile Industry Corp.'s last-minute offer for General Motors' Opel business in Europe, but in fact this is not such a daft proposal.

Toyota says H1 China vehicle sales break even

Toyota Motor Corp said on Tuesday its vehicle sales in China in the first half of 2009 were roughly unchanged compared with a year earlier.

Chinese go online to vent ire at Xinjiang unrest

Chinese are venting their anger online after ethnic violence in the Muslim region of Xinjiang left at least 156 dead but are playing a cat-and-mouse game with censors who appear to be removing some posts and blogs.

Armed Chinese protesters seek vengeance for riots

Thousands of angry Han Chinese, many of them armed and seeking vengeance for deaths in rioting two days earlier, surged through the capital of the northwestern region of Xinjiang on Tuesday looking for Uighur targets.

China Development books $26 mln profit in property deal

Taiwan's China Development Financial Holding has sold its stake in the Taipei 101 building for an T$860 million ($26 million) profit to a unit of Ting Hsin International group, paving the way for the food company to enter the island's property market.

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