China lifts tax rebates to boost export
China's Ministry of Finance announced on Monday a list of 3,770 new items involved in the third export tax rebate increase this year. The items include labor-intensive, mechanical and electrical products. The new export tax rates for these items were also announced. The change will take effect on December 1. The 3,770 items accounted for 27.9 percent of the country's total exports, according to a statement posted on the government's website.
Crude oil settles below 55 dollars
Crude oil dropped below 55 U.S. dollars a barrel on Monday, as the news that Japan has entered recession exacerbated worries about the global economic slowdown. Sweet crude for December delivery fell 2.09 dollars to end at 54.95 dollars a barrel on the New York Mercantile Exchange. It is the lowest settlement price since January 29, 2007.
Bank of America to exercise option, buy in 19.6 billion CCB shares Bank of America will exercise its option and purchase 19.58 billion USD of shares in the China Construction Bank (CCB) from Central Huijin. CCB announced on Monday that after the purchase, Bank of America will hold 19.13 percent, or 44.7 billion USD of CCB's issued shares. Huijin still holds the majority at 57.03 percent, directly and indirectly through its wholly owned subsidiary -- China Jianyin Investment Limited.
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