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International Business News
China's economy revs up
with 8.9pc growth in Q3
AFP, Beijing
China said Thursday its third-quarter growth accelerated to 8.9 percent the fastest pace in a year - as the economy powered up an expansion built on a flood of stimulus cash and bank lending.
The world's third-largest economy is on course to meet a government target of 8.0 percent growth for 2009 — seen as vital to foster job creation and ward oft social unrest in the nation of 1.3 billion people.
But analysts said China - a vital cog in the sputtering world economy -- must seek broader avenues of growth beyond the hundreds of billions of dollars injected by government this year.
The 8.9 percent growth revealed by the National Bureau of Statistics was the fastest quarterly expansion in a year. It followed 7.9 percent in the second quarter and 6.1 percent in the first three months, which was the slowest in more than a decade.
China's gross domestic product grew 7.7 percent in the first nine months of 2009 compared with the same period a year ago, after growing 7.1 percent in the first half, the data showed.
Japan's trade surplus hits 18-month high
AFP, Tokyo
Japan's trade surplus soared almost six-fold last month from a year earlier, hitting an 18-month high on the back of recovering demand in China and other Asian countries, datashowedThursday.
Exports exceeded imports for an eighth straight month, although they remain sharply lower than before the current global economic slump began.
Asia's biggest economy posted a trade surplus of 520.64 billion yen (5.7 billion dollars) in September -- the highest figure since March 2008 — up from 90.97 billion yen a year earlier, the finance ministry' said.
Exports were down 30.7 percent from a year earlier, better than a drop of 36.0 percent in August. Imports fell 36.9 percent due to lower energy costs.
The world's second largest economy is slowly recovering from its worst recession in decades, helped by a rebound in exports and factory output.
"Japan is benefiting from recovering demand in Asia. A strong yen suppressed exports figures in value but exports volume is solid,'' said Takuji Aida, an economist at the investment bank UBS. US weighs immigration fee hike
AFP, Washington
The United States could raise the price of immigration-related fees as it battles a budget shortfall spurred by the global financial meltdown, a senior official said Wednesday.
The cash-strapped US Citizenship and Immigration Sendees (USCIS) is considering hiking fees, reducing expenditures or seeking help from Congress to address its financial woes, said agency director Alejandro Mayorkas.
"We will, as an agency, potentially have to make cuts, and we will, potentially, have to raise certain fees to meet the financial challenge brought about by a decline in revenue," Mayorkas said.
Immigration-related applications have dropped markedly" over the past year amid the economic downturn, and are behind the agency's revenue decline, he said.
USCIS was flooded with applications in 2007 ahead of last year's US presidential elections and an increase in citizenship fees from 400 to 675 dollars.
S Korea acquires Canadian oil firm to boost self-sufficiency
AfP, Seoul
South Korea's state-run oil company has acquired a Canadian energy firm as part of its efforts to secure more overseas sources, the Ministry of Knowledge Economy saidThursday.
The Korea National Oil Corp signed the deal to buy Harvest EnergyTrust for 4.07 billion Canadian dollars (3.9 billion US), the ministry said.
Harvest Energy has oil and natural gas production and downstream refining and marketing operations.
The acquisition of the company which produces 53,400 barrels of crude a day will raise South Korea's self-sufficiency in oil and gas to 8.1 percent of total domestic demand from the current 6.3 percent.