Factories busier in China and US
2 September 2010 - Manufacturing output in China, Russia, and the US accelerated in August, while European factory activity expanded more slowly. The manufacturing rebound in China and the US spurred a jump in stock and commodities prices worldwide on Wednesday, cheering investors after a gloomy August. Major stock indexes around the world rallied more than 2 per cent. (more)

Greece bans smoking, again
2 September 2010 - Greece banned smoking in all indoor public places again on Wednesday in yet another effort to persuade Europe's heaviest smokers to kick the habit. The new government hopes fines and vigilance will work after a similar attempt in 2009 was largely ignored. The new law forbids smoking in areas such as hospitals, schools, airports, bus stations, taxis, cafes, and restaurants. (more)

Israel and Palestinians set for face-to-face talks
2 September 2010 - US President Barack Obama urged Israeli and Palestinian leaders on Wednesday not to let the chance for peace slip away, bringing them together for ceremonial handshakes at the White House on the eve of relaunching direct talks. Israeli Prime Minister Benjamin Netanyahu and Palestinian President Mahmoud Abbas shook hands and voiced commitment to the US-sponsored diplomatic drive, which sets a one-year target for reaching a peace deal on Palestinian statehood. Striking a conciliatory tone before dinner, Netanyahu called Abbas 'my partner in peace' and pledged to seek an end to the conflict 'once and for all'. (more)

Nigeria embarks on vast free trade zone with China
2 September 2010 - Nigeria is building a multi-billion dollar free trade zone with Chinese investors on the edge of its commercial capital Lagos to try to develop a local manufacturing base and help reduce its import dependence. The consortium will provide basic infrastructure including roads, power plants, and water plants before manufacturing firms are invited to set up business, Lekki Free Zone Development Co (LFZDC) deputy managing director Adeyemo Thompson said. The free zone is modelled on free zones around China which have helped the Asian giant to develop its manufacturing base and economy over the past three decades. (more)

Russia: Moscow bans night-time vodka sales in health drive
2 September 2010 - Moscow banned night-time sales of vodka and other spirits on Wednesday, part of a nationwide drive to curb crime and disease linked with Russia's national drink. The ban is among a series of tough measures to reduce alcohol abuse ordered last year by President Dmitry Medvedev as part of a fight to slow Russia's persistent population decline. He called alcoholism a 'national disaster' that undermines public health and hampers the economy. (more)

South Africa's July trade surplus at 2.0 billion rand
2 September 2010 - South Africa's trade balance remained in surplus in July, with exports edging up slightly while the monthly rate of increase in imports was higher, but off a low base. Exports were up 0.8 per cent at 56 billion rand in July compared with the month before, while imports increased by 8.1 per cent to 54 billion rand. 'That is a very healthy surplus, I think what is encouraging is that imports at least ticked up, because imports give you a good indication of domestic spending. So that shows that there is life in domestic spending,' said Citadel economist Dave Mohr. (more)

Tesla Roadster qualifies for Japan electric vehicle rebates
2 September 2010 - US electric car startup Tesla Motors said it has qualified for the Japanese government's clean energy cash rebate programme, knocking off up to 3.24 million yen ($38,490) from the price of its Roadster. The zero-emission sports car costs more than 12.8 million yen ($152,100) in Japan. Mitsubishi Motors Corp's i-MiEV electric car, by comparison, costs 2.84 million yen after government subsidies. Tesla is scheduled to open a showroom in the world's third-biggest car market by the end of this year. (more)

US stocks: Wall Street jumps two per cent on manufacturing data
2 September 2010 - Wall Street jumped on Wednesday as an increase in US manufacturing activity and new signs of growth in China and Australia boosted investor confidence on the state of the global economy. Major indexes rose more than two per cent after a closely watched report showed US manufacturing grew faster than forecast and chalked up a 13th straight month of expansion. (more)

US: Stock market kicks off September with strong gains
2 September 2010 - Stocks jumped Wednesday after surprisingly strong growth in US and Chinese manufacturing allayed some of the worries that had been building over the global economy in recent weeks. The new reports snapped a string of disappointing economic data that sent stocks slumping in August. The Dow Jones industrial average jumped 250 points on the first day of September. Broader US indexes also rose more than 2.5 per cent. The Institute for Supply Management said manufacturing activity in the US rose in August, in contrast to regional reports from recent weeks that pointed to a slowdown in growth. Economists had expected a decline. Overseas, Australia's S and P/ASX 200 index jumped 2.1 per cent on the upbeat growth report. Hong Kong's Hang Seng and Japan's Nikkei stock average both climbed on the strong Chinese manufacturing data. Major European markets surged by more than 2 per cent in afternoon trading following the strong economic data in the US. (more)

World trade grows by 25 per cent in second quarter
2 September 2010 - World trade continued to rebound strongly in the first half of this year, rising by over a quarter from year-ago levels, with emerging economies showing particularly powerful export growth, World Trade Organization figures showed on 1 September. Trade typically grows and contracts at much faster rates than the overall economy, but the WTO data confirm the strength of the global recovery in the first half of this year. Trade in the first half of the year was about 25 per cent higher by value than a year earlier. The figures are based on monthly statistics from about 70 economies representing about 90 per cent of world trade. (more)