U.S., China End Textile Talks
The United States and China, in a third round of negotiations in Washington, failed to reach agreement on limiting Chinese clothing and textile exports, both governments said.
The two sides made progress but differences remain, the Chinese Commerce Ministry said in a written statement. The United States is seeking a three-year deal, while China wants a two-year agreement like the one it has with the European Union. China's textile and apparel exports to the United States are on course to grow more than 60 percent this year, from $15 billion in 2004.
GM Criticizes Japanese Policy
General Motors said Japanese government policies threaten free trade with the United States. GM chief economist G. Mustafa Mohatarem said at a House committee hearing that currency manipulation gives Japanese automakers an unfair advantage in the U.S. market.
Chavez Promotes Oil Alliance
Venezuelan President Hugo Chavez said he is seeking to share his country's oil wealth with every nation in South America. He said his "Petroamerica" initiative is intended to reach countries across the hemisphere, and that Venezuela has ample reserves to help the region deal with high oil prices for generations to come.
"With this mission of energy integration, Venezuela guarantees petroleum and gas for the South American continent for at least 200 years," Chavez said.
Chavez said Venezuela and Brazil will jointly exploit an oil block in the Orinoco tar belt, and that deals were planned with Argentina and Uruguay. Officials also announced that Brazil and Venezuela agreed to share the cost of building a $2.5 billion refinery in northeastern Brazil to process as much as 200,000 barrels of crude a day.
Air France Raises Fuel Fee Again
Air France-KLM, Europe's largest airline, raised fuel surcharges on Air France flights for a fifth time since May because of higher oil prices.
The Paris-based airline raised the fee by $7 on intercontinental flights and by smaller amounts on European and domestic flights.
Compiled from news service reports.