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China,
US start technical talks over textile imports
San Francisco: China and the United States have
begun talks on a comprehensive textile trade agreement
in San Francisco yesterday.
The
two-day talks are expected to centre on the seven categories
on which the US imposed quotas in late May this year,
according to information published by the US Trade Representative
Office.
The
Ministry of Commerce said last week that the ongoing round
of talks was still technical. The two sides failed to
reach an agreement at the two previous rounds of talks
in June and July.
However,
some US textile importers and retailers have criticized
Washington for imposing limits on Chinese textile products,
saying that America's annual clothing bill could rise
US$6bn, or US$20 for each US consumer, if China agrees
to restrain textile exports.
Since
a three-decade system of clothing and textile quotas expired
January 1, clothing shipments are up 58 per cent, a rise
that has played a big part in pushing the cost of clothing
down at an annual rate of 5.9 per cent for the three months
ending in June.
In
another development, some European Union (EU) countries,
including Germany, Sweden, Denmark and the Netherlands,
are pressing the European Commission to relax its quotas
on China's textile and apparel products.
In
June the EU negotiated a comprehensive arrangement with
China that covered 10 categories and allowed growth in
shipments of 8.5 per cent to 12.5 per cent annually through
2007. But Chinese textile exporters have already reached
the EU ceiling in sweaters and trousers, and used more
than 80 per cent of the quotas on T-shirts, blouses and
bras.
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Oil
prices dampen Wal-Mart's Q2 performance
New York: Wal-Mart Stores, the world's largest
retailer, has reported its most modest quarterly growth
performance in four years and lowered its earnings expectations
for the third quarter in the shadow of rising energy costs.
The
company said that high oil prices risked damaging consumer
sentiment, adding that high-energy costs could undermine
an improving American economy. The company added that
it cost $30 million more during the second quarter to
transport merchandise from distribution centres to stores,
while utilities bills surged by $100 million.
Second-quarter
earnings rose 5.8 per cent to a company record US$2.8bn
or 67 cent a share, up from US$2.7bn for the same period
last year. Total revenue climbed 10 per cent to US$77.5bn
from US$70.46bn.
The
average price of a gallon of gas in the US has risen by
18 cents in the past seven days, the biggest one-week
jump since the US Energy Department began keeping records
15 years ago. The average national price of a gallon of
regular was $2.55 yesterday, up more than a third compared
with a year ago.
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