Creating more jobs

BEIJING: China has helped to create some 10 million jobs worldwide since 2001 when it joined the WTO, thanks to its massive imports, vice-president Zeng Qinghong said, “Since it joined the WTO, China has imported close to $500 billion of goods annually, creating about 10 million jobs for other countries and regions.” — AFP

US, Venezuela row on

CARACAS: US aviation authorities upgraded Venezuela’s safety ranking on Friday, averting a ban that would have blocked most US airlines from flying to the country. The Federal Aviation Administration is raising the safety rating of Venezuela to Category 1.’ The Venezuelan government had protested its category 2 ranking. — AP

M&M eyes S Africa

PRETORIA: Buoyed by the brisk sales of its vehicles in just 18 months since beginning operations in South Africa, India’s multi-utility vehicle maker Mahindra & Mahindra (M&M) is looking to increase investment in the country. Expressing confidence in South Africa’s vehicle market, where the company has sold 2,622 vehicles in 18 months. — HNS

Posco to woo money

BHUBANESWAR: South Korean steel major Posco will help attract more investment in India for the ancillary industries required for its proposed mega steel plant in Orissa. Posco (Pohang Iron and Steel Company) is setting up a plant in the port town of Paradeep with an investment of $12 billion — one of the largest foreign direct investments in India. — HNS

Workers avert strike

DUSSELDORF: Employees and management in Germany’s metalworking industry on Saturday agreed on a pay hike of three percent for the sector’s 3.4 million workers, averting the threat of an all-out strike. The accord was reached on Saturday morning after 10 weeks of negotiations and a final marathon session as the union was poised to ballot its members on strike action if talks failed. — AFP

EU, Japan plan JV

KOBE: European Commission president Jose Manuel Barroso called for Japan and the EU to increase cooperation in science and technology research. With the EU and Japan both facing an ageing population and increasing pressures from low-cost producers, Japan and the EU must both pursue their common goals.— AFP