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Business today

China economy larger than reported earlier

By Times Staff
Published December 20, 2005

China's government sharply increased the official size of its economy in a report today that said output grew by 16.8 percent last year - nearly twice the figure reported earlier. The figures were issued by the National Bureau of Statistics following a survey meant to gather more accurate data on China's emerging service industries, which were underreported in earlier statistics. The government also will revise its economic growth figures back to 1993 based on the new research, the director of the statistics bureau, Li Deshui, said at a news conference. Based on the new data, China has replaced Italy as the world's sixth-largest economy.

First Advantage buys recruiting company

St. Petersburg's First Advantage Corp. acquired TruStar Solutions Inc. of Fishers, Ind., for an undisclosed price. TruStar works with Fortune 500 corporations to help them recruit more effectively via the Internet. John Long, chief executive of First Advantage, said TruStar will complement First Advantage's employer services division, which offers applicant tracking, background screening and substance abuse testing of potential hires.

USF St. Petersburg names interim dean

Former Ball State University President Blaine A. Brownell, a former administrator and academic in the fields of history and social sciences, was named the interim dean of the College of Business at USF St. Petersburg. Brownell succeeds Ron Hill, who was demoted in the fall. Brownell, who recently retired, is not a candidate for the permanent position. USF said a national search is under way. The first meeting of the search committee is set for January at the start of spring semester.

Lawmakers agree on all-digital TV date

House lawmakers approved legislation Monday that would complete the transition to all-digital television broadcasts by Feb. 17, 2009. The measure also would allocate up to $1.5-billion to help consumers with older, analog TV sets purchase converter boxes so they would continue to get service in the digital era. The Feb. 17 deadline was a compromise between House and Senate legislation that called for different end dates.

T-bill rates rise

Interest rates on short-term Treasury bills rose in Monday's auction, with the rate on six-month bills climbing to the highest level since March 2001. The Treasury Department auctioned $18-billion in three-month bills at a discount rate of 3.895 percent, up from 3.820 percent last week. An additional $16-billion in six-month bills was auctioned at a discount rate of 4.220 percent, up from 4.180 percent last week. The three-month rate was the highest in two weeks since the bills brought 3.930 percent on Dec. 5.

[Last modified December 20, 2005, 10:49:34]