China to defy WTO :

WASHINGTON: China is unlikely to live up to its WTO commitment to provide full market access to foreign banks by the end of 2006. When China joined the global trade body in 2001, it pledged to provide a uniform regulatory environment to all banks by the end of a 5-year long transition period. Under such a framework, foreign banks have to be treated in the same manner as domestic banks and operate under the same rules. — AFP

Japan’s trade surplus :

TOKYO: Japan said that its trade surplus shrank unexpectedly in July as strong domestic demand takes over from exports as the main growth driver of the world’s second-largest economy. The trade surplus fell to $7.41 billion from a year earlier. The trade surplus registered its first increase in 17 months in May but has since resumed its decline, with July’s 0.2 per cent drop coming on the heels of a 5.9 per cent fall in June. — AFP

Taiwan’s export orders :

TAIPEI: Taiwan’s export orders rose almost by 20 per cent in July from the same month last year on robust global demand for consumer electronics. The orders — indicators of coming export shipments — rose to $734.4 million. The growth rate was lower than an average increase. — AP