BRUSSELS: The China Construction Bank is to set up its European base in Luxembourg, the latter’s Finance Minister Luc Frieden announced yesterday. The third Chinese lender to move into the low-tax statelet sandwiched between Germany and France, CCB follows the Bank of China and the Industrial and Commercial Bank of China in sealing terms. A fourth, the China Merchants Bank, also announced its intended arrival earlier this year.
Poland inflation sinks to historic low
WARSAW: Polish annual inflation fell to a record low of 0.2 percent in June from 0.5 percent in May mainly owing to lower food prices, official data showed yesterday. The Central European powerhouse last saw annual inflation at near zero a decade ago, when it sank to 0.3 percent. Prices stayed flat in June on a monthly comparison in the EU member state of 38 million people that has so far escaped recession and has yet to join the eurozone. May saw 0.1 percent deflation on a monthly basis after a 0.4 percent hike in April.AFP
