China’s trade surplus :

SHANGHAI: China’s trade surplus in July hit a record $14.61 billion, state press reported on Wednesday, offering further evidence that the Chinese economic machine was continuing to race ahead. July exports were up by 22.6 per cent to $80.34 billion from a year ago, with imports rose by 19.7 per cent at $65.72 billion. The report said exports for the seven months to July rose by 24.8 per cent to $508.9 billion. Imports for the period were up by 21.1 per cent at $432.95 billion. The trade surplus in June was a then-record $14.5 billion. — AFP

S’pore ups forecast :

SINGAPORE: Singapore’s economy grew by 9.4 per cent in the first half of 2006 from a year ago, and is expected to exceed previous forecasts to expand by 6.5 per cent-7.5 per cent for the full year, prime minister Lee Hsien Loong said. Lee said the global economic outlook remains positive, with moderation in the US economy balanced by stronger growth in Japan, gradual improvements in several European economies, and the continued momentum in China. — AP

Rate hike campaign :

WASHINGTON: The Federal Reserve called off the longest run of interest rate hikes in its recent history, explaining that slowing economic growth would vanquish the menace of inflation. The central bank’s Federal Open Market Committee voted, with a lone dissenting voice, to keep the benchmark US cost of borrowing at 5.25 per cent. It was the first time since June 2004 that the bank has left the federal funds rate unchanged, a move that will please consumers and businesses. — AFP

BoJ to take breather :

TOKYO: The Bank of Japan (BoJ) is expected to take a breather this week, one month after ending its unorthodox six-year policy of zero interest rates, as it keeps an eye on the economy’s recovery path. The policy board opens a two-day long meeting amid no signs that inflationary pressure has crept up, although some economists warn the economy may already be overheating. — AFP

McDonald’s sales up :

OAK BROOK: McDonald’s Corp shares fell on Tuesday after the world’s largest fast-food chain reported the smallest increase in monthly US comparable sales in more than three years. Worldwide same-store sales grew by 3.8 per cent in July. — AP

Fun trip concludes :

KATHMANDU: The 100 lucky winners of Coca-Cola Fun Island summer offer completed their fun-filled trip to Fun Island in Bangkok. Bottlers Nepal Ltd and Bottlers Nepal (Terai) Ltd has chosen 50 winners through lucky draw to visit to Coca-Cola Fun Island along with their partners. The winners were transported to the fun-filled island on 7th August in a company-pays-all facility. — HNS

Lure of hydropower :

DOLAKHA: Kush Kumar Joshi, second vice-president of FNCCI — while inaugurating the Zonal Conference of district and municipal chambers in Janakpur, organised by Dolakha Chamber of Commerce and Industry — said that entrepreneurs are keen on investing in the Upper Tamakoshi Hydel Project. “People of Dolakha should get an opportunity to invest in the Upper Tamakoshi, which is one of the largest projects,” he said. — RSS

Demand for banks :

UDAYPUR: People of 27 VDCs have been facing problems as there is no financial institution at Katari bazaar of Udayapur district and a business hub and the gateway to upper parts of Sagarmatha zone. The only Rastriya Banijya Bank was relocated from the area three years ago due to insurgency. Businessmen from Katari Bazaar, where daily business transaction crosses over one million rupees are compelled to go to the financial institutions in Gaighat, Mirchaiya, and Lahan, which is impractical. — RSS

GDP gap in China up :

SHANGHAI: The economies in three quarters of China’s provinces expanded at 12 per cent or more in the first six months, above the national figure of 10.9 per cent. All 31 mainland provinces reported double-digit growth rates in the first half, while 23 recorded growth above 12 per cent. This means that if the provincial GDP figures were added, the current size of China’s economy would be $100 billion bigger than the country’s official GDP of about $1.1 trillion for the first six months. — AFP