Business News Archive - November 25, 2008
China's grain yield this year is expected to break the 1998 record of 512 million tons, a senior agriculture official said Tuesday. The official, who wasn't named, said this year's harvest will set a record even as the rest of the world is experiencing shortages, China Daily reported. China has had
China says it will spend about $17.6 billion for a second rail link to northwestern Xinjiang Uighur, its major coal production region near Tibet. Construction on the passenger rail link project is expected to begin next year, with finances coming from the federal and local governments and other sources, Xinhua reported Tuesday. The rail line will go through Gansu, Qinghai and Xinjiang provinces and will facilitate the transport of agricultural products and coal, relieving congestion on the existing 1,175-mile line from Gansu's capital Lanzhou to Xinjiang. When the project is completed, the existing railway will become a cargo line, the report said. The announcement comes in the wake of the discovery of a 23-billion ton coalfield in Xinjiang. Xinjiang province with total estimated coal reserves of up to 2.19 trillion tons accounts for 40.5 percent of China's total coal reserves.
Shares of large financial firms soared after the U.S.
The third quarter U.S. gross domestic product fell further than previously estimated, dropping 0.5 percent, the Bureau of Economic Analysis said Tuesday. The previous estimate was a drop of 0.3 percent following second quarter growth of 2.8 percent.
The number of out-of-work Canadians receiving Employment Insurance benefits in September dipped 1 percent to 480,370, Statistics Canada reported Tuesday. The monthly decline from August contrasts with a 3.9 percent increase of 13,100 people from September 2007, the agency said. On a year-over-year basis,
Two Canadian big-box electronic retail chains are refuting circulating e-mail messages claiming they are in financial trouble and not honoring gift cards. Both Best Buy Canada and Future Shop issued statements from their respective headquarters in Burnaby, British Columbia, denying claims made via e-mail beginning several days ago. One of the e-mail messages claims Future Shop stopped honoring gift cards because its U.S.
Bankruptcy at General Motors Corp.
Retail sales in Canada rose 1.1 percent in September to $36.3 billion, paced largely by a surge in new car sales, Statistics Canada reported Tuesday. Sales in the entire automotive sector were up 2.2 percent from August, driven by a 2.9 percent jump in new vehicle sales, the agency said.
The Conference Board said Tuesday its monthly index of consumer confidence in the United States rose slightly above the record low set in October. November's 44.9 level was sightly above October's 38.8 reading, which was the lowest on record. The monthly index is derived from a survey of 5,000 households taken early in the month.