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International Business News
Australia approves huge gas project to supply China, India
Al P, Sydney
Australia Wednesday approved a massive energy project that will supply natural gas worth tens of billions of dollars to China and India, giving new impetus to its resources boom.
Environment Minister Peter Garrett imposed 28 condi lions to protect wildlife but said he saw no reason to block the Gorgon liquefied natural gas (LNG) plant off Western Australia, removing its final regulatory hurdle.
The project is a joint venture by Chevron, Shell anti ExxonMobil, which has signed a record 41 billion US dollar contract with Chinese giant PetroChina and another worth 21 billion dollars with India's Petronel.
"I've considered it very carefully, 1 don't believe that there will be unacceptable (environmental) impacts and, as a consequence of that, I have made my decision today," Garrett told reporters.
The Gorgon field, thought to hold more than 40 trillion cubic feet of gas, is expected to create thousands of jobs and pump billions of dollars into Australia's economy.
Chevron, majority partner in the project, welcomed Garrett’s approval and said a final investment decision on the yet-to-be developed plant would be made in the coming months.
German firms most bullish since crisis began
AFP, Berlin
German firms are at their most confident since the spectacular collapse of US banking giant Lehman Brothers in September 2008 and the subsequent global recession, a survey showed Wednesday.
The Ifo's closely watched business sentiment indicator rose for the fifth straight month to 90.5 in August with the biggest jump since the index was created in 1991 and experts said even better figures were to come.
"The latest rise in business sentiment takes place at a similar breathtaking pace as the ... collapse after the Lehman default," noted Alexander Koch at Unicredit.
He said that Germany, heavily dependent on exports, should get a boost as the global economy recovers from its worst downturn since the Great Depression in the 1930s.
"Notwithstanding the latest impressive acceleration, the rally in business sentiment is likely to continue in the short term," he said.
"The hard-hit export champion will now in turn benefit disproportionately from the pick-up in industrial demand around the globe," added Koch.
AFP
Chinese customers check out a store that uses a robot dressed as an usher in Beijing yesterday. China's economy is expected to grow by 8.5 percent in the third quarter, a government think tank was quoted by state media, suggesting Beijing would maintain a loose monetary policy.
Japan trade surplus rises for second month
AFP, Tokyo
Japan's trade surplus soared for a second straight month as the world's second largest economy limps out of its worst recession in decades, official data showed Wednesday.
Exports exceeded imports for a sixth straight month, aiding a tentative economic recovery from a severe slump triggered by a collapse in overseas demand for Japanese cars, electronics and other goods.
The trade surplus jumped more than four fold to 380.2 billion yen (4.0 billion dollars) in July, from 81.9 billion yen a year earlier, the finance ministry reported.
The figure was slightly smaller than the 390 billion yen surplus the market had expected.
Hopes are mounting that the global economy is slowly getting back on its feet, helped by massive amounts of government stimulus spending.
Japan's exports fell 36.5 percent year-on-year to 4.84 trillion yen in July while imports sank 40.8 percent to 4.46 trillion yen.
Vietnam inflation slows to
8.3pc in first eight months
AFP, flanoi
Vietnam's inflation rate slowed to 8.31 percent in the first eight months of the year compared with the same period last year, the General Statistics Office said Wednesday.
For August alone, prices rose two percent year-on-year and 0.24 percent month-on-month from July, the agency said.
During the January-August period food prices rose 11.47 percent, beverages and tobacco gained 10.50 percent while housing and construction material costs increased 2.26 percent, it said.
The figure for the first eight months of the year marked a drop from 9.25 percent posted for the January-July period.
Last year, Vietnam's monthly inflation peaked at 28.3 percent in August but then began to ease as the government took measures to address an overheating economy, and the global economic and financial crisis took hold.