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Today's News

China vows to boost imports, help world recovery

3 minutes ago

A Chinese official defended the country's trade record Monday as a top economic adviser to President Barack Obama visited Beijing amid renewed pressure by American lawmakers over Chinese currency controls. China's deputy trade envoy, Chong Quan, rejected complaints that Beijing intentionally boosts its trade surplus by promoting exports while holding down imports. Speaking at a trade forum, Chong repeated promises to boost imports of resources and high-tech equipment and to ease costs for importers but announced no new initiatives. "This criticism is unfounded," Chong said. "China, in its own actions, makes its due contribution to the world's economic development." Chong spoke as U.S. National Economic Council Director Larry Summers was in Beijing to meet China's top trade official, Vice Premier Wang Qishan. No agenda was announced, but their talks were likely to include U.S. complaints that a weak yuan gives Chinese exporters an unfair price advantage.

Oil slips to near $74 as US jobless rate rises

8 minutes ago

Oil prices slipped to near $74 a barrel Monday in Asia as a stubbornly high U.S. unemployment rate undermined confidence in stronger demand for fuel. Benchmark oil for October delivery was down 35 cents at $74.25 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 42 cents to settle at $74.60 on Friday. The Labor Department said on Friday the jobless rate rose in August to 9.6 percent from 9.5 percent in July, showing that unemployment remains high despite massive stimulus spending during the last year. Oil prices have been in a holding pattern around $75 for most of the past year as developed countries rebound from last year's recession but economic growth threatens to slow in the second half. Traders are looking to China and oth

No Premier For Nepal Still

19 minutes ago

The two-month-long constitutional crisis in Nepal deepened Sunday with the land-locked Himalayan nation's parliament failing to elect a new prime minister for the sixth successive time following the June 30 collapse of a 22-party coalition led by Madhav Kumar Nepal. Both Maoist supremo Pushpa Kamal Dahal, alias Prachanda, and his Nepali Congress rival Ramchandra Poudyal were unable to muster a majority support of the lawmakers in the 601-member Constituent Assembly. While 240 lawmakers voted for the 55-year-old Prachanda, 101 voted against him. Poudyal polled only 122 votes with 242 opposing. Of the 504 present, 163 lawmakers, mainly from CPN-UML and Terai-based Madhesi parties, abstained from voting like in the earlier five rounds. Madhav Kumar Nepal, who headed a CPN (UML)-led coali

Australia Inflation Rises To 3%, Survey Shows

23 minutes ago

A gauge of Australia's inflation showed that consumer prices had risen to the top end of the Reserve Bank of Australia's 2-3% target range in August. Reports said the TD Securities - Melbourne Institute annual inflation gauge rose to 3% from 2.8% in July. On a monthly basis, consumer prices rose 0.2%, after the 0.1% rise in the prior month. The rise was driven by higher prices for food, alcohol & tobacco, and furniture & furnishings. These were partly offset by lower prices for meat & seafood and holiday travel. "The inflation gauge is telling us that the mid-year return to trend economic growth, the income surge from the terms of trade boom and ongoing tight labor market are yet to translate into worrisome price pressures," said Annette Beacher, senior strategist at TD Securities. She added that the RBA can "easily sit tight" on interest rates for the remainder of the year, as lending rates were already around historic average levels.

Australia Job Ads Rise In August

38 minutes ago

Job advertisements on the internet and in newspapers in Australia increased by a seasonally adjusted 2.6% in August compared to July, ANZ bank said on Monday. This follows a 1.4% increase in the previous month. An average of 176,239 job ads were posted per week. The number of job ads in major metropolitan newspapers rose 1.5% in August. This is the second consecutive rise after falls in April through June. The number of internet job ads rose by 2.6% in August - an acceleration from the 1.4% rise in July. The strong monthly rise means the series is now 36.1% higher than it was a year ago. This is just short of the historic high growth rate of 40.2% that was achieved in May 2007.

New Zealand Dollar Surges Up To Near 4-week High Against Greenback

46 minutes ago

Monday morning in Asia, the New Zealand dollar soared against its major counterparts as Asian stocks climbed as a better-than-expected U.S. jobs data on Friday spurred investor sentiment. The NZ dollar jumped to near a 4-week high against the greenback and a 4-day high against the aussie. Thus far, Japan's Nikkei 225 index rose 1.5%, Hong Kong's Hang Seng climbed 1.2%, China's Shangai composite index soared 0.9%, New Zealand's NZX 50 index gained 1%, South Korea's Kospi advanced 0.4% and Taiwan's main index edged up 0.8%. Australia's S&P 200 index and the All Ordinaries index climbed 0.4% each. Employment in the month of August fell by much less than economists had been expecting, according to a report released by the Labor Department on Friday, with the report also showing a much smaller than previously reported drop in employment in July.

AP Top Financial News At 11:21 p.m. EDT

50 minutes ago

Future hiring will mainly benefit the high-skilled 1 'censored' bar won't stop online prostitution Want cheapskates to spend? Hawk gizmos that save Taiwan's HTC: iPhone's `quiet' challenger AP source: Oracle, ex-HP CEO Hurd in talks for job

AP Top Extended Financial Headlines At 11:21 p.m. EDT

50 minutes ago

Future hiring will generate mainly high-skilled or low-paying jobs in service industries 'Censoring' of Craigslist's adult services section only drives online prostitution underground If you want cheapskates to pull out their wallets, tell them gadget will save them money `Quiet' smart phone maker HTC starts to build brand as it competes with iPhone AP source: Ousted HP CEO Mark Hurd in talks with Oracle over job

AP source: Oracle, ex-HP CEO Hurd in talks for job

51 minutes ago

Former Hewlett-Packard Co. CEO Mark Hurd is in talks to take a top executive job at Oracle Corp., the database software maker run by his friend Larry Ellison, a person with direct knowledge of the discussions said Sunday. It wasn't immediately clear what job Hurd would take. But the person told The Associated Press that Ellison, the only person to serve as Oracle's CEO since he founded the company 33 years ago, wouldn't be leaving that post. This person emphasized that the talks were not yet finalized. The person was not authorized to discuss the confidential negotiations and spoke on condition of anonymity. The possibility of Hurd landing at Oracle isn't a surprise. Ellison was vocal in coming to Hurd's defense after Hurd's sudden resignation Aug. 6 in the wake of a sexual harassment investigation.

New Zealand Dollar Jumps To 4-day High Against Aussie

AP Top Financial News At 1:44 p.m. EDT

10 hours ago