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BEIJING, Jan. 31 (Xinhua) -- Chinese Vice Premier Wang Qishan met in Beijing Monday with a delegation from the Geneva Association (GA), an insurance economics group, headed by chairman Nikolaus Von Bomhard.Wang hoped the GA board would hold a successful board meeting in Beijing, praising the positive role the organization played in promoting reform of the international insurance industry.China's insurance industry was undergoing rapid and profound changes and development, said Wang. He hoped the GA could work with Chinese insurance companies to jointly push forward the global development of the industry.Chinese Vice Premier Wang Qishan (R) meets with Nikolaus Von Bomhard, chairman of the Geneva Association (GA), an insurance economics group, in Beijing, capital of China, Jan. 31, 2011.Von Bomhard pledged the GA's commitment to stepping up exchanges and cooperation with the Chinese insurance sector.The Geneva Association describes itself as an international insurance "think tank" for strategically important insurance and risk management issues. It is the first time that the association has hosted a board meeting in an Asian country.
SAN FRANCISCO, March 29 (Xinhua) -- Amazon.com Inc. on Tuesday announced the launch of an on-line music storage service,which enables users to store digital music in the cloud and access it from computers and devices running Google's Android operating system.The new service, called "Cloud Drive," offered customers five gigabytes of free storage on Amazon Web servers for all kinds of digital files, including music, photos, videos and documents. For paid plans, users can purchase storage space starting at 20 U.S. dollars a year for 20 gigabytes.The on-line retailer also launched "Cloud Player for Web" and " Cloud Player for Android." The former allows users to get the media files they stored on Amazon's servers from a Web browser on a Mac or PC. The latter lets users play music they have uploaded on Cloud Drive, computers or a smartphone that runs Android operating system.Analysts said Amazon is stepping up its rivalries with Apple and Google. Both companies are also working on similar services, allowing users to store their music on-line and access it from any compatible device.Media reports said that Apple was pushing hard to launch a digital music locker service in April. Google was also reported to be testing its own digital locker service but it still needs to make agreements with major music labels.
NEW YORK, May 27 (Xinhua) -- U.S. stocks expanded gains on Friday ahead of the long Memorial Day weekend as surging commodity prices overcame disappointing economic data.European Central Bank Governing Council member George Provopoulos said that Greece might deal with its debt problem if it sticks to the aid program. That comment, which was considered as bullish by investors, drove the U.S. dollar weaker and led commodity prices surge on Friday.The stock market was driven by higher commodities prices, with thin trading volume ahead of the Memorial Day holiday, despite somewhat disappointing economic data on Friday.The Commerce Department said that both personal income and spending rose 0.4 percent in April, in line with market estimates. However, the rise in spending was the smallest in three months, suggesting the consumption situation was still weak.Meanwhile, pending home sales dropped 11.6 percent in April. The reading was a seven-month low. The market expectation was a drop of 1 percent.Moreover, the Thomson Reuters/University of Michigan Consumer Sentiment index came in above analysts' estimates. Concerns about higher gas prices and inflation had knocked the gauge down in March and April.Despite those disappointing data, analysts still held a bullish view toward the stock market. "Despite our near-term caution, we continue to see the S&P 500 reaching 1400 over the coming year," Alec Young, equity strategist of S&P Equity Research told Xinhua.According to Alex, while recent macro headwinds were raising questions about the sustainability of recent earnings momentum, he still believed that a downside trend of market was fairly limited and that the current weakness is more likely to be a correction, rather than the beginning of a new bear market."In our view, 2011 estimated EPS would have to be excessively optimistic to justify a bear market,"he added.The Dow Jones industrial average added 38.82 points, or 0.31 percent, to 12,441.58. The Standard & Poor's 500 was up 5.41 points, or 0.41 percent, to 1,331.10. The Nasdaq Composite Index rose 13.94 points, or 0.50 percent, to 2,796.86.
BEIJING, Jan. 27 (Xinhua) -- China's foreign exchange watchdog said Thursday that the surplus of Chinese banks' foreign exchange purchases to sales in client transactions increased 51 percent through 2010 to stand at 397.7 billion U.S. dollars at year-end.China' s institutional and individual clients sold 1.33 trillion U.S. dollars in foreign exchange to banks in 2010 while purchasing 932.7 billion U.S. dollars, said the State Administration of Foreign Exchange (SAFE) in an online statement.In 2009, the annual surplus fell 42 percent to 263.5 billion U.S. dollars, according to SAFE's data released in March 2010.The statement noted the figures did not include banks' own forex transactions and interbank transactions.The forex surplus in December 2010 totaled 51.5 billion U.S. dollars, as clients sold 146.2 billion U.S. dollars of foreign exchange, up 13 percent from November, while purchasing 94.7 billion U.S. dollars, up 12 percent, it said.Chinese banks received 1.89 trillion U.S. dollars for their clients in overseas business in 2010 and paid 1.59 trillion U.S. dollars to overseas business, it added.The SAFE only began releasing monthly and quarterly data on bank foreign exchange transactions in 2010.
SAN FRANCISCO, April 7 (Xinhua) -- Google's Android will become the most popular smartphone operating system worldwide and will account for 49 percent of the market by 2012, IT research and advisory firm Gartner said Thursday.According to Gartner's projections, worldwide smartphone sales will reach 468 million units in 2011, a 57.7 percent increase from 2010.The company predicts that Apple's iOS will remain the second biggest platform worldwide through 2014 although its share will decrease slightly after 2011, on the assumption that "Apple will be interested in maintaining margins rather than pursuing market share by changing its pricing strategy."Microsoft's Windows, driven by its partnership with Nokia, is expected to move into the mid-tier by the end of 2012 and become the third largest in the worldwide ranking by 2013.Some analysts raised doubts on Gartner's forecasts, saying that its assumption on Apple's price strategy contradicts statements by Apple's chief operating officer Tim Cook and the cooperation between Nokia and Microsoft will not have that much of an impact on smartphone market share by 2012.