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UNCTAD says China fudged FDI stats
New Delhi: A recent report by Unctad
has said the numbers claimed by China in foreign direct
investment are far different from those reported by investors.
China
claimed FDI of US$5.42bn from US in 2002 while US said
the numbers were about US$924mn, accounting for a variation
of 83 percent, according to Unctad's World Investment
Report 2005.
The discrepancy is visible in case of other investors
as well. China says Hong Kong invested US$17.86bn in 2002.
But Hong Kong says the amount is US$15.93bn. Again, Chinese
data show that Japan pumped in US$4.19bn during the year,
while Japan claims it invested US$2.60bn a discrepancy
of 38 per cent.
Similarly an OECD report titled "China: Progress
and Policy review" has said that FDI flow into China
from OECD countries during 1995-2000 was US$39.3bn, while
the Chinese commerce ministry shows it to be US$77bn.
The Unctad report points out that bilateral discrepancies
between FDI flows reported by home and host countries
can be quite large as many countries deviate one way or
another from recommendations of the International Monetary
Fund and the Organisation of Economic Cooperation and
Development in their collection, definition and reporting
of FDI data.
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US
airlines cancel flights as fuel prices rise
Chicago:
After the price of jet fuel touched US$125 a barrel,
American Airlines announced a temporary cancellation of
15 domestic services and one international flight to Japan.
The move is likely to be followed by other carriers.
US airlines have already cancelled marginal routes as
they were not successfully able to pass on higher fuel
costs to passengers.
American
Airlines is suspending core services from its hubs at
Chicago and Dallas-Fort Worth.
Analysts said the move underlined the crisis facing the
US airline industry, struggling to bring costs down at
a time when intense competition is keeping fares down.
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Austria
objects to Turkey's inclusion in EU
Luxembourgh:
European Union foreign ministers have failed to persuade
Austria to drop its objections to Turkey's bid to join
the European Union.
The
EU had promised Turkey's inclusion in the EU as far back
as 1963. Austria has refused to agree to the EU's negotiating
mandate putting the talks on hold and the 25-member bloc
into crisis.
Austria
has suggested a "privileged partnership" for
Turkey rather than full membership. However, the draft
negotiating mandate calls for full membership, with no
mention of a lesser partnership and Turkey has promised
to reject Austria's alternative.
Austrian
Foreign Minister Ursula Plassnik said Friday there were
widespread European concerns about Turkish membership
but also said the pressure on Austria to agree was increasing.
A
poll released in Vienna said 73 percent of Austrians think
cultural differences between Turkey and the EU are too
great to warrant granting Turkey membership.
Across
the EU, that view is held by 54 percent, according to
the poll published by the Austrian news agency. No margin
of error was given.
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