Industrial & Commercial Bank of China Ltd. earned $9.42 billion in the first half of the year, a 57 percent rise in profit, becoming the world’s most profitable bank. Its nearest challenger, HSBC, topped out at $7.72 billion. “This shows the rise of economic power in China,” said analyst Yuk Kei Lee at Core Pacific-Yamaichi International in Hong Kong. (Bloomberg) Japan also said that China has passed the U.S. to become the biggest importer of its goods, for the first time ever. (MarketWatch)
The bottom line
August 21, 2008
Try 4 Risk-Free Issues of The Week magazine.