China :: Business & Economy

A model displays a diamond ring with a 9.27-carat Golconda pink diamond (bottom) and a pink diamond ring with a 6.01-carat cushion-shaped blue diamond (top) during the Sotheby's auction preview in Hong Kong yesterday. The 6.01-carat blue diamond ring is estimated to fetch US$9 million to US$11 million while the 9.27-carat pink diamond ring US$13 million to US$19 million at Sotheby's sale of Magnificent Jewels and Jadeite on October 5 at the Hong Kong Convention and Exhibition Center.

China'sMinistry of Finance said Thursday thatitwill exempt interest on bonds issued by local government between 2009 and this year from corporate income tax and individual income tax. The move has been OKed by the State Council, said a statement posted on the ministry's website. Local government bonds are bonds issued by provinces, autonomous regions, municipalities and cities specifically designated in the state plan.

Related story: China to strengthen economic ties with Arab states China will continue to provide financial and technological support for Chinese companies that wish to build infrastructure in Arab states, as well as improve its domestic investment environment for Arabian enterprises, according to a top Chinese official. Top political advisor Jia Qinglin told officials and entrepreneurs attending the second China-Arab States Economic and Trade Forum in Yinchuan, the capital of northwest China's Ningxia Hui autonomous region, on Wednesday that China and Arab states should further boost economic cooperation in the fields of trade, investment, energy and infrastructure. Jia speaks at the 2nd China-Arab States Economic and Trade Forumon Wednesday. "China is willing to wor...

European crisis hitting brazil economy hard As Europe continues to suffer from a sovereign debt crisis, Brazils economy is being hit hard and President Dilma Rousseff has said that her country is likely to join a rescue plan. The news comes as the European Commission announced that it will soon present plans on jointly issued eurozone bonds but warned of no simple solution to the crisis. Rousseff complained that bickering between politicians in developed nations is hampering any revival of their economies. There is not an international solution to this problem. Since there's no possible form of solution to the euro region problem, then what we need is that that they decide and come up with a framework for a rescue, Rousseff said. Central Bank President Alexandre Tombini h...

Moody's cut debt ratings of major U.S. banks NEW YORK, Sept. 21 (Xinhua) -- The rating agency Moody's on Wednesday cut the debt ratings of Bank of America Corp, Wells Fargo & Co and Citigroup Inc, due to concerns about the government' s willingness to support large lenders. The rating agency said that the government is more likely to give up big financial institutions if they get into trouble than during the financial crisis. Moody's downgraded Bank of America's long-term senior debt rating to Baa1 from A2 and its short-term debt rating to Prime 2 from Prime 1. Moody's also cut Wells Fargo's long-term debt to A1 from Aa3 and Citigroup's short-term debt from Prime 1 to Prime 2. The rating agency gave a negative outlook to all three banks. Th...

THREE of the top US banks are likely to start paying more to borrow money. Moody's Investors Service yesterday lowered its debt ratings for Bank of America, Wells Fargo and Citigroup. The ratings agency said it has become less likely that the US government would step in and prevent the three lenders from failing in a crisis. "The probability of government support for the banks is less now than during the financial crisis," said David Fanger, senior vice president at Moody's. The downgrades were widely expected after the ratings agency placed the three banks on review in June. The cuts also stem partly from new laws taking effect under the Dodd-Frank Wall Street Reform Act. The new law ended the possibility of the government bailing out a large financial firm and created a process that would allow a financially troubled bank to fail and liquidate its assets. Bank of America Corp. was hit worst. Moody's downgraded its key long-term debt ratings two notches, to Baa1 ...

Chinese Vice Premier Li Keqiang met US Energy Secretary Steven Chu Wednesday to exchange ideas on energy collaboration between the two nations. Li says that China, as a large producer and consumer of energy, is recognized in maintaining the stability of global energy market, and that cooperation between China and the US will not only deepen bilateral relations, but also help stabilize the growth of the global economy. Li identified clean, renewable and advanced energy as places for further potential. Chu said the United States attached importance to energy cooperation with China and would endeavor to promote multi-level cooperation between government and companies of both countries. Chinese Vice Premier Li Keqiang met US Energy Secretary Steven Chu Wednesday to exchange ideas on energy collaboration between the two nations. Related stories China, U.S. vow to step up audit oversight cooperation 2011-08-09 China approves plan for energy "golden zone" 2011-07-07 Edit...