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Oil crisis cuts Games budget

published less than 1 hour ago
Oil crisis cuts Games budget
Azerbaijan has had to make a "modest" cut to the nearly one billion euros ($1.1 billion) operating budget to run the first European Games which start in 100 days, a top organizer said Wednesday. The fall in the price of oil, which the country's economy relies upon, has led to a 34 percent fall in Azerbaijan's currency, the manat, as it prepares for the invasion of 6,000 athletes for the 16-day event which starts on June 12. "We had a ... more

China aims for around seven percent economic growth in 2015: Premier Li

published less than 1 hour ago
China aims for around seven percent economic growth in 2015: Premier Li
China aims to grow its economy by around 7 percent in 2015 and to keep consumer inflation at around 3 percent, Premier Li Keqiang said in remarks prepared for delivery at today's opening of the annual meeting of parliament, the National People's Congress. Weighed down by a sputtering housing market, industrial overcapacity and reduced government investment, China's economy grew 7.4 percent in 2014, its slowest expansion in 24 years. The government will keep annual growth in broad M2 money supply ... more

China to trial 'stock connect' between Shenzhen and Hong Kong

published less than 1 hour ago
China to trial 'stock connect' between Shenzhen and Hong Kong
China will link up the Shenzhen and Hong Kong stock exchanges on a trial basis as part of its financial sector reform, the government said Thursday. The move follows a similar scheme between the Shanghai and Hong Kong bourses launched in November, which officials trumpeted as opening up China's closeted stock markets to the outside world. The Shenzhen programme will be launched "at an appropriate time", according to Premier Li Keqiang's "work report" to be submitted to the annual session ... more

China sets growth target of about 7 percent for coming year

published about 1 hour ago
China sets growth target of about 7 percent for coming year
BEIJING (AP) — China has set an official economic growth target of about 7 percent for this year, according to a work report to be delivered Thursday by the country's premier.

China lowers 2015 growth target to 'around 7%': govt

published about 1 hour ago
China lowers 2015 growth target to 'around 7%': govt
China lowered its 2015 economic growth target to "around seven percent", the government said Thursday, as authorities attempt to set the world's second-largest economy on a more sustainable expansion path. The goal announced by Premier Li Keqiang comes after China's economy expanded 7.4 percent in 2014, the slowest pace in 24 years. Last year's target was "about 7.5 percent". China also lowered its target for annual inflation to "around three percent", according to the text of a "work report" Li ... more