China Signs $25b Crude Deal with Russia
Beijing signed a deal with Moscow on Tuesday (Feb. 17) to lend $25 billion to two Russian oil firms, which in turn will sell to China 15 million tons of crude oil a year for the next 20 years. This agreement will ensure the extension into China of the long-awaited Siberia-Pacific coast pipeline. The pipeline project, agreed on late last year, will see the pipeline extended from the Siberian city of Skovorodino, 70 km north of the Sino-Russian border, into China.

Obama Signs Stimulus Bill, Readies Homeowner Plan
Racing to reverse the country's economic spiral, US President Barack Obama signed a mammoth stimulus package on Tuesday (Feb. 17) and readied a $50 billion rescue plan for homeowners, that to be announced today. Obama's plan focuses on a $787 billion stimulus plan, an ambitious package of federal spending and tax cuts, designed to revive the economy and save millions of jobs. Most wage-earners will soon see evidence of tax-breaks on their paychecks that will total $400 for individuals and $800 for couples.

State Grid to Invest 31b Yuan to Upgrade Power Grid
The State Grid Corp of China (SGCC), the country's largest power supplier, said it will invest 31.3 billion Yuan ($4.58 billion) this year to upgrade its power grid. This will be a 30.1 percent increase from 2008. A significant chunk of the money will go for projects in Northwest China, but the company said it would also promote the construction and modernization of other rural and urban power grids. This investment is in line with current government policies implemented in order to expand domestic demand and economic growth.