Snow Says U.S. to Press China on Currency

Treasury Secretary John Snow says the Bush administration will push China on trade issues from currency reform to copyright piracy during a U.S. visit by China's president.

Snow told a House subcommittee that the administration believed its campaign of "quiet diplomacy" was working to get China to let its currency value rise against the dollar. He predicted more change in this area in coming months. 

Austria Struggles to Control Floodwaters

Troops and firefighters have joined the struggle to shore up dams in several northeast Austrian towns, as floodwaters rose across the region.

Hundreds of homes have been flooded across Lower Austria province and more than 1,000 people have been evacuated amid fears that the water will burst through dam walls. 

Fedex Express Eyes China's Rising Msmes Delivery Market

US-based courier giant FedEx Express has announced in Beijing that it will supply seven new kinds of packing materials especially for China's micro, small and medium-sized enterprises clients.

It's the first time FedEx has provided new packing materials specifically for the Chinese market. Currently, FedEx has offered 16 kinds of packing materials free of charge to its Chinese clients. 

ICBC Tightens Loans Against NPL Risks

The Industrial and Commercial Bank of China (ICBC) has restricted loans to over-producing industries in a bid to cut the risks of non-performing loans (NPL).

The spokesperson says ICBC has established an industry analysis center to adjust its loan policies to different sectors.  

Edison Chen to Tempt Water in Hollywood in US Thriller "The Grudge II"

Hong Kong star Edison Chen will be the lead star in the sequel to "The Grudge" - the US remake of a popular Japanese thriller. The popular US stars Sarah Michelle Gellar and Jennifer Bell will also star in the film as leading actresses.