Chinese state media have denounced the furious US Congressional opposition to state-owned Cnooc's attempted takeover of US rival Unocal, saying the notion of the US "as a self-appointed champion of the free market has become questionable". On Thursday Cnooc withdrew its US18.5bn cash bid for Unocal, leaving the way open for Chevron's non-controversial but lower […]
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Cnooc, having lost its takeover bid for US rival Unocal, is discussing the purchase of a stake in Australia's US$8.49bn Gorgon gas project, The Standard of Hong Kong reported, citing a Gorgon spokesman's comments on Thursday. The gas venture is led by Chevron, which won the bitter takeover battle for Unocal. Details of the Australia […]
The People's Bank of China will further adjust the yuan's trading band when the circumstances are right, state media reported, citing the central bank's second-quarter monetary report. Following its decision to revalue the currency by 2.1% last month, China has been urged by the US and other countries to revalue it further. Beijing has been […]
China will import 130m tons of crude oil this year, about 6.8% of the world's total, but the growth rate will be 28 percentage points below the 2004 import level, state media reported, citing the Ministry of Commerce. The decrease was attributed to high global oil prices, which curbed domestic demand for oil.
Hong Kong journalist Ching Cheong, under house arrest for three months, is expected to be formally charged with spying for collecting interviews with Zhao Ziyang, the former party leader who had supported pro-democracy demonstrators in Tiananmen Square in 1989, The South China Morning Post reported, quoting unnamed mainland sources. Charges could be filed as early […]