China edges out Japan as the world's third largest exporter
Beijing: Buoyed by a 35 per cent growth in exports of electronic products, China has overtaken Japan in 2004 to become the world's third largest exporter behind the US and Germany, according to the Beijing News.

The Chinese Ministry of Commerce has confirmed that the World Trade Organisation (WTO) statistics released last week have affirmed that China's export value rose to the third position in 2004. The WTO said surging demand for Chinese electronic products had pushed China's overseas sales up by 35 per cent. One-third of Chinese exports are electronic products.

WTO statistics attribute China's 35 per cent rise of export value and 20 per cent increase in export volume to the 45 per cent upturn of its electronic products sales on the international market. Although the export value of textiles and clothing jumped 15 per cent and 17 per cent respectively, their sales accounted for less than ten per cent of China's export volume.
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Rover collapse: Holding company chairman denies allegations
London: The chairman of the Phoenix Venture Holdings, the company that owns collapsed British carmaker MG Rover, has denied that he stripped money from the stricken firm.

The government has ordered a formal inquiry into MG Rover's accounts and has accused the directors of parent company Phoenix Venture Holdings of taking too much cash out of the business.

But in a newspaper interview published today, Phoenix chairman John Towers said he earned less than other executives in similar jobs.

"My annual salary has been 200,000 pounds," Towers was quoted as telling the Sunday Mercury, a weekly paper published in central England, where MG Rover is based. "If you look at the salaries of other company chairmen within the same industry, you will see that this is significantly below the average," he said. "It is very easy to get consumed by the character assassination stuff that is going on."

Rover's administrators announced Friday that they planned to break up the only major British-owned auto manufacturer after a lifesaving deal with a Chinese firm fell through. More than 5,000 of Rover's 6,000 employees will lose their jobs.

Trade and Industry Secretary Patricia Hewitt said yesterday that the independent Financial Reporting Council would look into the accounts of MG Rover and Phoenix.

She said she expected the directors of Phoenix to make a personal contribution toward supporting the work force.
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