Ecuador has been accepted as an active member of the Organization of Petroleum Exporting Countries(OPEC) after 15 years of absence, Mines and Energy Minister Galo Chiriboga said on Tuesday.
OPEC sent a letter, dated Tuesday, two weeks after Ecuador asked for the reactivation of its membership, Chiriboga said.
"We will do all that is required to be present at the next meeting in Saudi Arabia in November," he added. "Ecuador will return to OPEC, which it left in 1992, to foster its strengthening and receive advise from other nations in oil matters," he added.
Ecuador stopped paying OPEC membership fees in 1992, although it never formally left the organization.
Chiriboga said Ecuador and OPEC agreed on a three-year payment plan to clear its 5.7 million U.S. dollar debt.
Ecuador returns to the cartel as it is renegotiating contracts with overseas oil companies, following a change in law that gives the state 99 percent of so-called excess oil profits, corresponding to the extra made by companies due to the increase in oil prices after a contract had been agreed with the state.
The move hits the profits of the following companies: Brazil's Petrobras, China's Andes Petroleum, Spain's Repsol-YPF, the United States' City Oriente, and France's Perenco.
Ecuador's President Rafael Correa said two weeks ago that returning to OPEC was an important step for the nation, because it allows the nation, South America's fifth largest producer, to have better information on what other nations are doing.
"OPEC will help us with its experience of renegotiating contract with private oil companies," he said.
Ecuador produces 514 million barrels a day, 49 percent of which is extracted by private companies.
2007年10月24日星期三
Hong Kong authority intervenes to defend currency peg
The Hong Kong Monetary Authority said Tuesday it had sold 775 million Hong Kong dollars to defend the local currency peg to US dollars.
The move, which has not been seen in over two years, came after the Hong Kong dollar hit 7.75 to the US dollar, the upper limit of a trading band set by the government.
The government of Hong Kong Special Administrative Region introduced the band in May 2005, pledging to buy or sell the local currency should it rise or fall more than five cents on either side of 7.80 to the US dollar.
Hong Kong's currency peg at the fixed rate of 7.80 to the US dollar was first adopted in the 1980s and was widely believed to have contributed significantly to local economic stability after surviving the Asian financial crisis in the 1990s.
The Hong Kong Monetary Authority, which is virtually the special administrative region's central bank, was established in 1993 by merging two existing institutions. One of its main functions is to keep the Hong Kong dollar stable.
The move, which has not been seen in over two years, came after the Hong Kong dollar hit 7.75 to the US dollar, the upper limit of a trading band set by the government.
The government of Hong Kong Special Administrative Region introduced the band in May 2005, pledging to buy or sell the local currency should it rise or fall more than five cents on either side of 7.80 to the US dollar.
Hong Kong's currency peg at the fixed rate of 7.80 to the US dollar was first adopted in the 1980s and was widely believed to have contributed significantly to local economic stability after surviving the Asian financial crisis in the 1990s.
The Hong Kong Monetary Authority, which is virtually the special administrative region's central bank, was established in 1993 by merging two existing institutions. One of its main functions is to keep the Hong Kong dollar stable.
US to foster trade ties with China: Paulson
With the US and China racing towards the next session of the Strategic Economic Dialogue (SED) in December, the US is keen to see tangible progress.
"Direct engagement keeps a relationship on an 'even keel' by lessening miscommunications and dispelling misperceptions. It further signals to China that we welcome the rise of a competent, peaceful and prosperous China," US Treasury Secretary Henry Paulson said.
"China's re-emergence on the global stage is one of the most consequential geo-political events in recent times. The United States must manage our disagreements with China and foster bilateral cooperation," Paulson said.
Speaking at the third biennial George W. Bush China-US Relations Conference in Washington, Paulson urged results from the three-day meeting and at the upcoming session of the SED.
He said that leadership from both countries must engage in strategic objectives to further the process of an economic, social and environmental relationship.
He congratulated China on the successful conclusion of the 17th Party Congress. "My colleagues and I look forward to developing constructive and productive relationships with the new members of the Chinese leadership team," Paulson said.
The effectiveness with which China addresses product safety concerns will have long-term implications for US-China trade ties. He cautioned that policymakers in both nations should focus on science-based safety decisions rather than "protectionism or retaliation."
"Direct engagement keeps a relationship on an 'even keel' by lessening miscommunications and dispelling misperceptions. It further signals to China that we welcome the rise of a competent, peaceful and prosperous China," US Treasury Secretary Henry Paulson said.
"China's re-emergence on the global stage is one of the most consequential geo-political events in recent times. The United States must manage our disagreements with China and foster bilateral cooperation," Paulson said.
Speaking at the third biennial George W. Bush China-US Relations Conference in Washington, Paulson urged results from the three-day meeting and at the upcoming session of the SED.
He said that leadership from both countries must engage in strategic objectives to further the process of an economic, social and environmental relationship.
He congratulated China on the successful conclusion of the 17th Party Congress. "My colleagues and I look forward to developing constructive and productive relationships with the new members of the Chinese leadership team," Paulson said.
The effectiveness with which China addresses product safety concerns will have long-term implications for US-China trade ties. He cautioned that policymakers in both nations should focus on science-based safety decisions rather than "protectionism or retaliation."
Chinese yuan breaks 7.5 mark against USD
BEIJING, Oct. 24 (Xinhua) -- China's Renminbi (RMB) broke the 7.5 mark to reach a new central parity rate of 7.4938 yuan to one U.S. dollar on Wednesday, according to the Chinese Foreign Exchange Trading System.
The yuan, climbing 72 basis points to one dollar from Tuesday, rose a total 3,149 basis points from 7.8087 yuan on the last trading day of 2006.
Tan Yaling, an expert with the Bank Of China, said a weakening dollar and calls from the United States and the Europe that China should allow the currency to appreciate more quickly were "short-term reasons" contributing to the recent rise in value.
"Speculation ignited by rising expectations of a stronger yuan also led to the continuous appreciation of the Chinese currency," she said.
The accumulative appreciation since July 21, 2005, when China abolished yuan's peg to the dollar, has exceeded eight percent.
However, Tan said the move to a more market-valued yuan should be made gradually.
"Currency appreciation was not the key solution to China's huge surplus, which should be solved through improvement of China's economic structure over the long term," she said.
Data from the General Administration of Customs shows the trade surplus for the first nine months reached 185.7 billion U.S. dollars, exceeding the total trade surplus of 177.47 billion U.S. dollars for 2006.
Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, echoed Tan's opinion.
More than 55 percent of China's exports were made by foreign-funded enterprises, which were little affected by the appreciation as 70 to 90 percent of their materials and spare parts were purchased abroad, he said.
"Yuan appreciation has little impact on them since they use dollars in transaction settlements," he said.
"However, in the long term, we will see significant impacts since Chinese enterprises are still exporting a considerable amount," said Zhuang Jian, senior economist with Asian Development Bank Resident Mission.
The problem was that appreciation hurt domestic manufacturers too much, Zhuang said.
Wu Xiaoling, deputy governor of the central bank, said on Oct. 20 during a visit to Washington that a sudden move to float the yuan would harm China, and ultimately the global economy.
The current mission for the Chinese government was not to control the currency value, but to adjust the economic structure. "The world should be more patient," said Wu.
Tan Yaling suggested that the central government should dispel expectations for yuan appreciation by expanding the trading band of the currency.
The People's Bank of China on May 21 further widened the floating band of yuan against dollar for daily spot trading on the inter-bank market from 0.3 percent to 0.5 percent.
At a conference of the People's Bank of China on Tuesday, the central bank said it would strengthen efforts in financial control and improve the valuation mechanism of the RMB exchange rate.
The yuan broke the 7.6 mark against the U.S. dollar on July 3.
"After all, the 7.5 mark is just a psychological threshold and the appreciation is still mild and controllable," Zhuang said. "I don't expect any sudden moves."
However, China had to be aware of the influx of hot money during the continuous appreciation process, Zhuang warned.
The appreciation of yuan would increase asset values and so give a further boost to the stock market, said Cheng Weiqing, an analyst with the CITIC securities.
"It's hard to tell how much hot money have contributed to the surge of the stock and property markets," Zhuang said. "The influence might be minor and under well control right now."
"However, China needs to be cautious of the trend considering the excessive liquidity it already faces," he argued.
On Wednesday, the yuan lost 329 basis points from the previous trading day to reach a central parity rate of 10.6779 yuan against one euro.
Meanwhile, it climbed 28.5 points from 6.5585 on Tuesday to 6.53 yuan against 100 Japanese yen.
The yuan, climbing 72 basis points to one dollar from Tuesday, rose a total 3,149 basis points from 7.8087 yuan on the last trading day of 2006.
Tan Yaling, an expert with the Bank Of China, said a weakening dollar and calls from the United States and the Europe that China should allow the currency to appreciate more quickly were "short-term reasons" contributing to the recent rise in value.
"Speculation ignited by rising expectations of a stronger yuan also led to the continuous appreciation of the Chinese currency," she said.
The accumulative appreciation since July 21, 2005, when China abolished yuan's peg to the dollar, has exceeded eight percent.
However, Tan said the move to a more market-valued yuan should be made gradually.
"Currency appreciation was not the key solution to China's huge surplus, which should be solved through improvement of China's economic structure over the long term," she said.
Data from the General Administration of Customs shows the trade surplus for the first nine months reached 185.7 billion U.S. dollars, exceeding the total trade surplus of 177.47 billion U.S. dollars for 2006.
Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, echoed Tan's opinion.
More than 55 percent of China's exports were made by foreign-funded enterprises, which were little affected by the appreciation as 70 to 90 percent of their materials and spare parts were purchased abroad, he said.
"Yuan appreciation has little impact on them since they use dollars in transaction settlements," he said.
"However, in the long term, we will see significant impacts since Chinese enterprises are still exporting a considerable amount," said Zhuang Jian, senior economist with Asian Development Bank Resident Mission.
The problem was that appreciation hurt domestic manufacturers too much, Zhuang said.
Wu Xiaoling, deputy governor of the central bank, said on Oct. 20 during a visit to Washington that a sudden move to float the yuan would harm China, and ultimately the global economy.
The current mission for the Chinese government was not to control the currency value, but to adjust the economic structure. "The world should be more patient," said Wu.
Tan Yaling suggested that the central government should dispel expectations for yuan appreciation by expanding the trading band of the currency.
The People's Bank of China on May 21 further widened the floating band of yuan against dollar for daily spot trading on the inter-bank market from 0.3 percent to 0.5 percent.
At a conference of the People's Bank of China on Tuesday, the central bank said it would strengthen efforts in financial control and improve the valuation mechanism of the RMB exchange rate.
The yuan broke the 7.6 mark against the U.S. dollar on July 3.
"After all, the 7.5 mark is just a psychological threshold and the appreciation is still mild and controllable," Zhuang said. "I don't expect any sudden moves."
However, China had to be aware of the influx of hot money during the continuous appreciation process, Zhuang warned.
The appreciation of yuan would increase asset values and so give a further boost to the stock market, said Cheng Weiqing, an analyst with the CITIC securities.
"It's hard to tell how much hot money have contributed to the surge of the stock and property markets," Zhuang said. "The influence might be minor and under well control right now."
"However, China needs to be cautious of the trend considering the excessive liquidity it already faces," he argued.
On Wednesday, the yuan lost 329 basis points from the previous trading day to reach a central parity rate of 10.6779 yuan against one euro.
Meanwhile, it climbed 28.5 points from 6.5585 on Tuesday to 6.53 yuan against 100 Japanese yen.
Sales growth slows, Wal-Mart tightens cost controls
Analysts welcomed a move announced Tuesday by Wal-Mart Stores Inc. to cut back on spending to build new stores and tighten cost controls as sales growth slows during the next three years.(File Photo)
BEIJING, Oct. 24 (Xinhuanet) -- Analysts welcomed a move announced Tuesday by Wal-Mart Stores Inc. to cut back on spending to build new stores and tighten cost controls as sales growth slows during the next three years.
Chief Financial Officer Tom Schoewe told investors and analysts at a conference that he has trimmed plans for capital expenditures for the second time this year to about 15 billion U.S. dollars from a June forecast of 15.5 billion dollars. The original projection was 17 billion dollars.
Increased free cash flow, or the money left over after a company pays its expenses including capital expenditures, could make Wal-Mart shares more attractive by funding higher dividends, new technologies or acquisitions, analysts said.
"Strong free cash flow is the key to corporate flexibility and potential growth. The highest quality companies, in my opinion, are able to self-finance their future growth from their free cash flow," said Patricia Edwards, managing director and retail analyst at Wentworth, Hauser and Violich in Seattle, which manages about 12 billion dollars in assets and holds about 35,700 Wal-Mart shares.
Wal-Mart, which is finding fewer places to build new stores and faces tougher competition from other retailers, said sales will continue to slow after years of strong double-digit growth. Schoewe said sales growth will fall to 9 percent this fiscal year from nearly 12 percent the year before and then be between 5 and 8 percent the next two years.
Wal-Mart is also faced with tougher economic challenges as its shoppers struggle with higher food and gas prices and a widening credit crunch.
"No doubt that our work has been made more difficult by the current economic environment," said Eduardo Castro-Wright, head of Wal-Mart's U.S. stores.
Schoewe said Wal-Mart is focused on using the tremendous cash flow generated by its U.S. and international stores more efficiently, including building fewer giant Supercenter stores and managing corporate costs better.
(Agencies)
New CPC Politburo holds first plenary session
The Political Bureau of the 17th Central Committee of the Communist Party of China (CPC) held its first plenary session on Tuesday to arrange the implementation of the Party's policies established in the 17th CPC National Congress.
The meeting underlined that the most important task for the Party after the congress is to publicize and implement spirit of the 17th CPC National Congress.
Presided over by Hu Jintao who remains head of the CPC Central Committee, the meeting called for all party members to be fully engaged in realizing Party's objectives established in the congress.
The meeting urged Party organs at all levels and all circles to earnestly study Hu Jintao's report delivered at the opening ceremony of the congress and the newly revised Party Constitution.
The Politburo asked Party members to profoundly understand and continue to promote the scientific outlook on development on the basis of social harmony, environmental protection and energy conservation in addition to economic expansion.
The outlook has been newly incorporated into the Party's Constitution which also enshrined Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory and the important thought of Three Represents.During Hu's previous tenure as general secretary of the 16th CPC Central Committee beginning November 2002, Hu and his eight colleagues of the Politburo Standing Committee went all out to promote the scientific outlook on development.
The outlook should be carried out in every field of economic and social development, the Politburo said.
The meeting especially stressed that Party organs and members at local level should work out new measures of reform to solve practical problems that common people most concern about.
It is important for the Party organs at all levels to enable more people to share achievements in economic development, the Politburo asked.
The Politburo also asked Party members in local enterprises, educational institutes, communities and military units to mobilize the public to learn and understand the Party's tasks set at the 17th Congress.The first plenary session of the 17th CPC Central Committee on Monday elected the new politburo and its Standing Committee in which four new members came to the Party's top leadership.
The meeting underlined that the most important task for the Party after the congress is to publicize and implement spirit of the 17th CPC National Congress.
Presided over by Hu Jintao who remains head of the CPC Central Committee, the meeting called for all party members to be fully engaged in realizing Party's objectives established in the congress.
The meeting urged Party organs at all levels and all circles to earnestly study Hu Jintao's report delivered at the opening ceremony of the congress and the newly revised Party Constitution.
The Politburo asked Party members to profoundly understand and continue to promote the scientific outlook on development on the basis of social harmony, environmental protection and energy conservation in addition to economic expansion.
The outlook has been newly incorporated into the Party's Constitution which also enshrined Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory and the important thought of Three Represents.During Hu's previous tenure as general secretary of the 16th CPC Central Committee beginning November 2002, Hu and his eight colleagues of the Politburo Standing Committee went all out to promote the scientific outlook on development.
The outlook should be carried out in every field of economic and social development, the Politburo said.
The meeting especially stressed that Party organs and members at local level should work out new measures of reform to solve practical problems that common people most concern about.
It is important for the Party organs at all levels to enable more people to share achievements in economic development, the Politburo asked.
The Politburo also asked Party members in local enterprises, educational institutes, communities and military units to mobilize the public to learn and understand the Party's tasks set at the 17th Congress.The first plenary session of the 17th CPC Central Committee on Monday elected the new politburo and its Standing Committee in which four new members came to the Party's top leadership.
President Hu congratulates on successful launch of Chang'e-1
Special report: China launches first lunar orbiter
XICHANG, Sichuan, Oct. 24 (Xinhua) -- Chinese President Hu Jintao extended his congratulations on the successful launch of China's lunar probe Chang'e-1 on Wednesday.
Hu also expressed his regards to the scientists, technicians and army officers who have worked for the research, development and experiment of the lunar orbiter project.
Vice Premier Zeng Peiyan conveyed Hu's congratulations and regards at Xichang Satellite Launch Center in southwest China's Sichuan Province.
Zeng said "the successful launch of Chang'e-1 is a key step of China's space exploration program."
XICHANG, Sichuan, Oct. 24 (Xinhua) -- Chinese President Hu Jintao extended his congratulations on the successful launch of China's lunar probe Chang'e-1 on Wednesday.
Hu also expressed his regards to the scientists, technicians and army officers who have worked for the research, development and experiment of the lunar orbiter project.
Vice Premier Zeng Peiyan conveyed Hu's congratulations and regards at Xichang Satellite Launch Center in southwest China's Sichuan Province.
Zeng said "the successful launch of Chang'e-1 is a key step of China's space exploration program."
U.S. shuttle Discovery lifts off, delivering new module to ISS(4)
The astronauts wave before they board the U.S. space shuttle Discovery in Kennedy Space Station. The U.S. space shuttle Discovery lifts off from its launch pad at Kennedy Space Station in Cape Canaveral, Florida of U.S., at 11:38 a.m. (1538 GMT) on Oct. 23, 2007. (Xinhua Photo)
U.S. shuttle Discovery lifts off, delivering new module to ISS(3)
The U.S. space shuttle Discovery lifts off from its launch pad at Kennedy Space Station in Cape Canaveral, Florida of U.S., at 11:38 a.m. (1538 GMT) on Oct. 23, 2007. (Xinhua/Reuters Photo)U.S. shuttle Discovery lifts off, delivering new module to ISS(2)
The U.S. space shuttle Discovery lifts off from its launch pad at Kennedy Space Station in Cape Canaveral, Florida of U.S., at 11:38 a.m. (1538 GMT) on Oct. 23, 2007. (Xinhua/Reuters Photo)Built in Italy for the United States, Harmony is a high-tech hallway-like hub. Therefore, including in the Discovery crew is Italian astronaut Paolo Nespoli, the mission specialist who represents the European Space Agency.
Harmony will also be the first new U.S. pressurized component to be added to the station since the Quest Airlock was attached to one of Unity's six berthing ports in 2001.
The shuttle will also deliver a new crew member, Daniel Tani, to the station's Expedition 16 and bring back another one Clayton Anderson, after his five-month mission.
This mission includes the most number of spacewalks conducted while the shuttle is docked to the station. Altogether, there are five spacewalks scheduled, including one to evaluate a shuttle tile repair technique. Each spacewalk will last approximately 6.5 hours.
STS-120 is the 120th space shuttle flight, the 34th flight for shuttle Discovery and the 23rd flight to the station. If all goes well, Discovery is expected to complete its mission and return home on Nov. 6U.S. shuttle Discovery lifts off, delivering new module to ISS(1)
The U.S. space shuttle Discovery lifts off from its launch pad at Kennedy Space Station in Cape Canaveral, Florida of U.S., at 11:38 a.m. (1538 GMT) on Oct. 23, 2007. (Xinhua Photo)The U.S. space shuttle Discovery lifts off from its seaside launch pad at Kennedy Space Station in Florida at 11:38 a.m. (1538 GMT) on Tuesday, NASA TV shows.An area of "clear ice" near the liquid hydrogen part on the massive external tank poped up during the countdown, but after re-examining, it has been determined not to be a problem on liftoff.
The weather around the launch pad also continued to be not so cooperative. However, at the final minutes near the exact launch time, the weather turned to be "go" for launch.
Two minutes after the liftoff on a spectacular tower of smoke and flame, the twin solid rocket boosters have burned out and separated, falling back to Earth toward the Atlantic Ocean, according to NASA launch control center.
"Discovery climbs toward space, and all is going well with the flight as the shuttle's three main engines power the vehicle through Earth's atmosphere," said NASA TV commentator.
The shuttle, with seven astronauts aboard, will deliver a critical component Node 2, known as Harmony module, to the International Space Station.
During the 14-day mission designated STS-120, the shuttle crew, along with their station counterparts will take into orbit the new connecting module that will increase the space outpost's interior space.
Harmony module will provide attachment points for European and Japanese laboratory modules to be installed later this year and early next year respectively."
STS-120 is such a cool mission," said Discovery Commander Pamela Melroy, the second woman to command a shuttle. "Node 2 is the expansion of the station's capability to bring international laboratories up. It's the expansion of our capability to carry additional people.""It has additional life support equipment that will allow us to expand out beyond a three-person crew.
It's this big boost in the capability which is really exciting," she said.
Moreover, the STS-120 mission will mark the first time females have been in command of both the space shuttle and the International Space Station at the same time, with female astronaut Peggy Whitson currently serving as the station's commander.
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