China cuts fuel prices for first time in 2012

China has cut retail prices of gasoline and diesel by around 0.25 yuan per liter starting from today.
The move is the first cut since late last year.
Global crude prices have been falling as a weak economic outlook for the eurozone the United States have sparked fears of a decline in global oil demand.
Shares of the country's two oil giants dropped hours before the announcement.
Greece Left Coalition fails to form a government

Greece's Syriza Party leader Alexis Tsipras has failed to form a left-leaning coalition government following meetings with other party leaders.
Earlier, Tsipras had demanded the two main parities, New Democracy and PASOK tear up their 130-billion euro bailout deal with the EU and IMF.
However, Evangelos Venizelos, the leader of the socialist PASOK, says he found no common ground with Tsipras.
Tsipras also met with the leaders of the other anti-austerity parties elected in Sunday's national vote, but only one was willing to enter into a coalition with Syriza.
UN observers chief says mission to continue despite blast

The head of the UN observer mission in Syria says the mission will continue as usual despite the explosion near his convoy.
A roadside bomb went off Wednesday near a convoy of UN observers heading to Syria's southern province of Daraa, injuring at least eight accompanying security personnel.
There were no reports of casualties among the observers.
UN Secretary-General Ban Ki- moon has condemned the attack.
Israeli parliament approves "super-coalition" deal

The Israeli parliament has approved coalition deal Prime Minister Benjamin Netanyahu's Likud Party and the Kadima Party of Shaul Mofaz.
The new government will have one of the largest majorities in Israeli history with 94 seats in the newly expanded 120-seat Knesset.
Prime Minister Netanyahu hailed the new coalition as "good for the economy, security and the people of Isreal", however the public appear to be more skeptical about the deal.
When questioned, only 23 percent of Israelis felt that the Netanyahu-Kadima pact was in the interests of the country.
Putin not to attend G8 summit hosted by Obama

Russian President Vladimir Putin will not attend the G8 summit hosted by U.S. President Barack Obama later this month.
The Russian leader, who took office on Monday, excused himself so as to finalize appointments to his cabinet.
Instead, Russian Prime Minister Dmitry Medvedev will attend the summit to be held in Camp David in Maryland.
Obama and Putin have agreed to meet at the G20 summit in Mexico in late June
Rainstorms, tornadoes leave four dead, 30 others injured in central China

Rainstorms and tornadoes have left four people dead and 30 others injured in Hunan province.
Rural areas of Lianyuan city have been battered by torrential rains, hail and tornadoes since Tuesday afternoon, affecting over 100,000 residents.
More than 5,000 people have been evacuated and up to 1,000 houses have collapsed.
Power supply, telecommunication networks and road traffic have also been disrupted.
Toxic gas leaves at least five dead in workshop near Xinjiang's airport

At least five people have been killed in a toxic gas leak in a workshop in Xinjiang.
The accident took place Wednesday night in a nitrogen-production facility near the Diwopu International Airport in Urumqi, the regional capital of Xinjiang.
A number of people are still receiving emergency medical treatment.
An initial investigation has revealed worker error.
Forest fire raging in SW China

A team of 700 firefighters are tackling a raging forest fire near the picturesque city of Lijiang in Southern China's Yunnan province.
The fire is reported to have started at just after 1 pm on Wednesday in a area of pines and shrubs on a mountain close to the town.
The area has been suffering from a lingering drought for many weeks, which has made extinguishing the fire difficult.
Fed approves Chinese Banks to expand operations in U.S. market

The U.S. Federal Reserves has approved the purchase of The Bank of East Asia U.S.A. by China's largest bank.
The Fed says it has approved the Industrial and Commercial bank of China and two other Chinese investment firms acquiring up to 80 percent of the voting shares of The Bank of East Asia U.S.A.
The Bank has total assets of approximately 780 million U.S. dollars and operates 13 branches in New York and California.
China to soon release bank charge regulation

New regulations governing the service charges of Chinese commercial banks is expected to come into effect soon.
According to the China Banking Regulatory Commission, the government is working on sorting charged items under each service category - they will then publish the new rule together with government pricing and guidance pricing catalogues compiled by the price regulator.
The public have been invited to give feedback on the draft proposals, which are expected to limit the amounts banks that can charge for services.
In recent years, hidden bank charges have been a major source of public complaint.