Germans Told to Repay Subsidy
The European Union rejected a $4.7 million government subsidy granted to German commercial broadcasters to ease the shift to digital television and ordered them to return the half they have already received. The German regional government of Berlin-Brandenburg gave commercial channels the money in return for a promise to use a government-operated digital terrestrial network for at least five years. The E.U. said state support could cause imbalances in the market that would distort competition between terrestrial, cable and satellite broadcasting.
U.S. Presses India to Open Financial Sector
The United States and India are making "excellent" progress in talks on economic cooperation, U.S. Treasury Secretary John W. Snow said as he pressed India to further open its banking and insurance industries to foreign investment. Both sides are working toward some agreements before President Bush visits New Delhi early next year, Indian Finance Minister P. Chidambaram said after talks with Snow.
China to Boost Domestic Consumption
China will take measures to boost domestic consumption in an effort to narrow its trade surplus, as adjustments to the value of the yuan will not be enough to fix the problem, the central bank said.
The central bank will make adjustments to the yuan's value "at a proper time," in reference to supply and demand, it cited Xiang Junbo, vice governor of the People's Bank of China, as saying at a conference in Shanghai. Xiang didn't give a time frame.
China revalued the yuan by 2.1 percent, to 8.11 yuan against the dollar, on July 21 and started managing its value against a basket of currencies including the euro and yen. The currency is allowed to move by as much as 0.3 percent against the dollar on either side of a daily fixing rate set by the central bank.
Compiled from staff and news service reports.