Chinese oil firm CNOOC withdrew from the bid for U.S. firm Unocal one week before Unocal's final decision. Why?
What can other Chinese companies learn from this failed bid?
CNOOC's withdrawal from its months long bid for Unocal has been the leading news in both China and the U.S. since it made the announcement last Tuesday. It's also our top story today.But first we turn to Cam MacMurchy for a review of last week's major stories.
Cam: China's State Administration of Foreign Exchange says it will increase the current account rate of domestic institutions from the present thirty to fifty percent to fifty to eighty percent. It was the eighth time since 1994 for the administration to increase the limit.
Meanwhile, the administration also raised the ceiling of foreign currency bought by individuals. One can buy five thousand U.S. dollars or the equivalent if staying abroad for less than half a year. Previously the ceiling was three thousand dollars. And for one year, the amount will be raised to eight thousand dollars.