World Economy

Granite Construction, Skanska USA get $542M contract for PATH station at Trade Center site. Granite Construction Inc., a contractor and producer of construction materials, said Wednesday it is part of a joint venture that received a $542 million contract with the Port Authority of New York and New Jersey.

WASHINGTON/BEIJING (Reuters) - China on Wednesday rejected criticism of its exchange rate policies and said it was being made a "scapegoat" after the U.S. Congress threatened to slap duties on Chinese goods unless it revalues its yuan.

Nunavut lawmakers voted to ban European alcohol in the northern Canadian territory in symbolic retaliation for an EU ban on seal products, a government official told AFP on Wednesday.

Oil settles close to $83 as crude supplies rise less than expected, interest rates stay low. Oil prices settled near $83 a barrel Wednesday after crude inventories grew less than expected last week, and the stock market rose on the Fed's promise to keep interest rates at record lows.

A look at economic developments and activity in major stock markets around the world. A look at economic developments and activity in major stock markets around the world Wednesday:

WASHINGTON/BEIJING (Reuters) - China on Wednesday rejected criticism of its exchange rate policies and said it was being made a "scapegoat" after the U.S. Congress threatened to slap duties on Chinese goods unless it revalues its yuan.

WASHINGTON (Reuters) - The United States and India signed an agreement on Wednesday to strengthen trade and investment ties, following through on a pledge leaders of the two countries made last year.

Obama praises Ireland, welcomes prime minister in Oval Office on St. Patrick's Day. President Barack Obama celebrated St. Patrick's Day by welcoming Irish Prime Minister Brian Cowen to the Oval Office and joking it's the one day in America when everyone's Irish.

Economies in developing Asia will show further strong growth in 2010, despite risks of a possible slowdown in the Chinese economy, the head of the Asian Development Bank said Wednesday.

A forthcoming WTO ruling on a US complaint against European Union subsidies to Airbus is likely to have a broader impact on aerospace markets, a lawyer acting for Airbus' US rival Boeing predicted Wednesday.

IMF warns governments to cooperate on economy, says Chinese currency is undervalued. Nations risk losing a window of opportunity to fix the global financial system in the wake of the credit crisis if they do not push reforms through soon, the head of the International Monetary Fund warned Wednesday.

OPEC formally decided Wednesday to hold oil output steady at its meeting here, according to an OPEC source.

OPEC was set Wednesday to formally announce a freeze in the cartel's oil output ceiling in the face of recovering crude prices and uncertain economic recovery, member countries said.

World Bank says China should grow 9.5 pct in 2010 but must control inflation, asset bubbles. The World Bank raised its China growth forecast this year to 9.5 percent from 9 percent on Wednesday but said Beijing needs to cool inflation and possible bubbles in real estate prices.

Singapore said Wednesday that its key non-oil domestic exports (NODX) saw strong growth in February, bolstered by improved demand from the European Union and Asian markets.

BEIJING (Reuters) - China said on Wednesday it "could not be any clearer" in its repeated commitment to a stable exchange rate after the U.S. Congress threatened to levy duties on some Chinese exports unless it revalues its currency.

BEIJING (Reuters) - The World Bank raised its 2010 growth and inflation forecasts for China and recommended a tighter monetary policy as well as a stronger exchange rate to restrain inflation expectations and asset bubbles.

Senators announce bill to pressure China to allow currency to rise in value against dollar. A group of 14 U.S. senators unveiled legislation Tuesday that seeks to increase pressure on China to let its currency to rise in value against the dollar, saying Chinese "currency manipulation" is hurting the U.S. economy.

China on Tuesday dismissed calls from US lawmakers for Beijing to be labelled a currency manipulator, saying the value of the yuan was not to blame for global trade imbalances.

Patriot Coal cuts deal to export to Asia, boost W.Va. production. Patriot Coal says it's landed a deal to export 1.5 million tons of metallurgical coal to Asia.