CHINA

Senators Harry Reid, Robert Menendez and Orrin Hatch, accompanied by Texas oilman T Boone Pickens on Wednesday introduced newly proposed a Natural gas legislation. The G8 agreed on Wednesday to try to limit global warming to 2 degrees Celsius. The head of the American Petroleum Institute Jack Gerard called for more drilling to bring additional domestic energy supplies to the marketplace

The Obama administration on Wednesday said it strongly opposed legislation in the U.S. Congress that would restrict its ability to respond to future financial crises through the International Monetary Fund.

In a shift from previous incidents of unrest, Chinese authorities have welcomed foreign media to cover last Sunday's ethnic riots in China's Xianjian region, but are still limiting communications.

The G8 agreed on Wednesday to try to limit global warming to 2 degrees Celsius and cut its greenhouse gas emissions by 80 percent, but it failed to persuade China and India to join a bid to halve world emissions.

Banks of paramilitary police fanned out in the far-flung Chinese city of Urumqi on Wednesday to try to stifle unrest days after 156 people were killed in the region's worst ethnic violence in decades.

President Susilo Bambang Yudhoyono looked set to win a second term on Wednesday as provisional election results showed there would be no need for a run-off vote, opening the way for a period of quickening reform.

China is at the start of another boom in car sales that is being propelled by rising incomes in third-tier cities and could continue for a few years, JP Morgan said on Wednesday.

Global economic recovery is not yet guaranteed and governments will worry about the bill for heavy stimulus spending once it has succeeded, world leaders are set to say at a summit in Italy.

Chinese authorities are detaining Rio Tinto Ltd's top iron ore negotiator on suspicion of espionage and stealing state secrets, Australia said on Wednesday, threatening to strain already fraying ties.

China National Pharmaceutical Group Corp (Sinopharm) plans to float its drug-making and distribution businesses, raising about 7 billion yuan ($1.03 billion) in an initial public offering of H-shares in Hong Kong in October, the Wen Wei Po newspaper reported on Wednesday.

A failure of major economies to set a target for halving world greenhouse gas emissions by 2050 at a summit in Italy is a setback to any agreement at a December climate change conference in Copenhagen.

G8 leaders believe the world economy still faces significant risks and may need further help, according to summit draft documents that also reflect failure to agree climate change goals for 2050.

Chinese authorities are detaining Rio Tinto Ltd's top iron ore negotiator on suspicion of espionage and stealing state secrets, Australia said on Wednesday, threatening to strain already fraying ties.

China backed down on iron ore prices, signing up to the same 33 percent price cut agreed by Asian rivals but only for a six-month period rather than a full year, the China Business News said on Wednesday, citing informed sources it did not name.

Four employees of global mining giant Rio Tinto in Shanghai have been detained by Chinese authorities, the firm said on Tuesday.

Leaders from the Group of Eight major industrial nations will warn against complacency over economic recovery on Wednesday at a world summit that will also tackle trade, climate change and food security.

Chinese President Hu Jintao abandoned plans to attend a G8 summit in Italy on Wednesday, returning home early to deal with ethnic violence in the restive northwestern region of Xinjiang.

The Chinese foreign ministry said on Tuesday that the deadliest riots in Xinjiang region were caused by a large group of people motivated by the World Uighur Congress (WUC), which operates from Germany and the United States.

The Australian Dollar opens lower on Wednesday at 0.7886. The local unit moved towards US80 cents late on Tuesday after the Reserve Bank of Australia (RBA) left rates on hold at 3.00 per cent in a decision that was more predictable than an NRL off-field incident.

Another Round of Stimulus?; Credit Debt Hits Hard; Rio team arrested in China

Chinese officials on Tuesday vowed severe punishment for the mob in the deadliest riot since New China was founded in 1949, while international organizations urged restraint in China.