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)
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August 21, 2008
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