The Organisation for Economic Cooperation and Development (OECD) will cut its 2009 economic growth projection for China to below 6.5 per cent, the Wall Street Journal reported. The OECD's previous forecast, made in November, was 8 per cent, but Richard Herd, the organisation's chief economist, said it was unlikely China will achieve this goal. Last week, the World Bank revised its projection for China's GDP growth to 6.5 per cent from 7.5 per cent. Herd said the OECD's revised figure, which is … [Read more...] about OECD cuts China’s growth figure again
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OECD cuts China's growth figure again
The Organisation for Economic Cooperation and Development (OECD) will cut its 2009 economic growth projection for China to below 6.5 per cent, the Wall Street Journal reported. The OECD's previous forecast, made in November, was 8 per cent, but Richard Herd, the organisation's chief economist, said it was unlikely China will achieve this goal. Last week, the World Bank revised its projection for China's GDP growth to 6.5 per cent from 7.5 per cent. Herd said the OECD's revised figure, which is … [Read more...] about OECD cuts China's growth figure again
Congressional report questions TSA scan plan
The ambitious plan by the US Transportation Security Administration to screen all 3.5 million tonnes of cargo transported annually on passenger airliners in the US may come up short, according to a report by Congress' Government Accountability Office (GAO). The report says the Transportation Security Administration (TSA) may not have enough inspectors nor adequate equipment to meet the August 2010 Congressional deadline to screen all cargo transported in the bellies of airliners for explosives. … [Read more...] about Congressional report questions TSA scan plan
Virgin Atlantic cuts Mumbai service
Virgin Atlantic Airways will cease operations - at least temporarily - on its Mumbai-London service from May as the economic crunch continues to take its toll on the global aviation industry. “We have decided to temporarily suspend operations to Mumbai with effect from May 4. We are suspending this service until rational conditions re-emerge and it can resume service on this important route,†said Neha Lidder Ganju, senior marketing manager- India, Virgin Atlantic Airways. … [Read more...] about Virgin Atlantic cuts Mumbai service
Chinese exports plunge 26% in February
China's exports declined 25.7 percent year-on-year in February, the fourth straight monthly decline, according to China's General Administration of Customs. Total foreign trade was US$124.95 billion in February, down 24.9 per cent year-on-year. Total Chinese exports in February amounted to US$64.9 billion, reflecting weak demand for Chinese goods in the US and Europe. The country's imports also slumped 24.1 per cent to $60.05 billion. China's trade surplus narrowed to US$4.84 billion, less than … [Read more...] about Chinese exports plunge 26% in February
Cargo crime to jump as crisis deepens
The global economic downturn will lead to an increase in incidents of cargo crime in 2009, warns the Transported Asset Protection Association (TAPA). The latest statistics from the association's Incident Information Service (IIS) for the Europe, Middle East and Africa (EMEA) region show 3,756 reported incidents of cargo crime during 2008 with a total loss value of more than ¢ã170.6 million. This figure will continue to grow with incident data still being collated for last year, according to … [Read more...] about Cargo crime to jump as crisis deepens