Extension of Chinese Textile Quotas Sought

U.S. textile manufacturers petitioned the Bush administration to extend quotas on Chinese clothing and textiles to stem a flood of imports. The U.S. industry said it was filing the petitions now so that current quota limits in 16 textile categories, set to expire at the end of the year, could be extended through the end of 2006.

Meanwhile, the Bush administration announced that U.S. and Chinese negotiators would meet Sept. 26 and 27 in Washington for a third round of talks aimed at a comprehensive agreement to limit Chinese textile imports.


ABN Amro Gets Control of Italian Bank

Banca Popolare Italiana Scarl approved the sale of its stake in fellow Italian bank Banca Antonveneta to Dutch bank ABN Amro Holding for $3.14 billion. Banca Antonveneta will be the first Italian bank controlled by a foreign lender.

Bank of Italy Governor Antonio Fazio was accused of trying to block ABN Amro's bid for Antonveneta in favor of its Italian rival.


Government Sets Up Carbon-Credit Exchange

Brazilian officials announced the creation of an exchange where companies can buy and sell carbon credits in order to meet emissions limits under the Kyoto Protocol. The treaty allows companies that exceed their limits to buy carbon credits by sponsoring projects that remove carbon dioxide from the air or avoid the release of emissions that would otherwise have been let into the atmosphere.

Compiled from staff and news service reports.