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Digest
China's surplus surges beyond expectations
By TIMES WIRES
Published June 12, 2007
Beijing China's trade surplus rose a bigger-than-estimated 73 percent in May from a year earlier, to $22.5-billion, increasing pressure on the government to allow faster currency gains. The median estimate of 18 economists surveyed by Bloomberg News was for a $19.5-billion surplus. For the first five months of the year, the surplus grew 84 percent to $85.72-billion. Surging exports spurred economic growth of 11.1 percent in the first quarter and drove foreign-exchange reserves to a record $1.2-trillion. Exports rose 28.7 percent from a year earlier. Imports increased by 19.1 percent. Tokyo Revised data put Toyota past GM Toyota Motor Corp. topped General Motors Corp. in global auto sales in 2006, according to a review by trade journal Automotive News that pared GM's tally by more than 400, 000 vehicles sold in China. GM sold 8.68-million cars and trucks last year, compared with Toyota's 8.81-million, Automotive News said Monday. The magazine cut 420, 140 vehicles from GM's count of 9.09-million because they were sold in China under the Wuling brand by SAIC-GM-Wuling Automotive Co., a venture in which GM owns 34 percent. Automakers have to have at least a 50 percent stake in joint ventures for the magazine to count the sales. Miami Carnival to build new luxury liner Carnival Corp. said Monday it exercised its option to build a 2, 100-passenger ship for its luxury Holland America Line brand at a cost of about $567-million, with delivery scheduled for fall 2010. The 86, 000-gross-ton ship will be built by Italian shipbuilder Fincantieri at its Marghera shipyard. It will be sister ship to the Eurodam, which is scheduled to debut in summer 2008, and they will be the two largest vessels in the fleet. Washington T-bill rates fall Interest rates on short-term Treasury bills fell in Monday's auction. The Treasury Department auctioned $14-billion in three-month bills at a discount rate of 4.640 percent, down from 4.710 percent last week. An additional $14-billion in six-month bills was auctioned at a discount rate of 4.765 percent, down from 4.790 percent last week.
[Last modified June 12, 2007, 00:09:10]
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