Geely has secured financing to buy Ford-owned Volvo cars for about 2.10 billion U.S. dollars

Complied by Caijing staff

Zhejiang Geely Holding, the Chinese carmaker has obtained 2.1 billion U.S. dollars in financing and will conclude the deal with Ford to buy its Swedish unit Volvo at the end of Mar. It will be the largest purchase by a Chinese car firm if completed, according to Xinhua News Agency.

Mexico Telecoms tycoon Carlos Slim Helu saw off Microsoft boss Bill Gates and investor Warren Buffett to claim the top spot of 2010 Forbes rich list; 107 Chinese make the list.

According to the annual rich list by Forbes released on Mar. 10 in New York- Bill Gated was knocked off the top spot and 64 rich men from mainland China have made it on the list, only second to Americans in total numbers.

China's Baosteel ranked the third in term of curde steel output;Hebei Iron & Steel Group jumped to the second place in 2009

Baosteel Group Corporation has announced recently that Baosteel ranked the third in the list of top 20 biggest steel producers in 2009, released by Steel Business Briefing (SBB); the crude steel output of Hebei Iron & Steel Group totaled 40 million tons, taking the second place among global steel producers, Xinhua reported on Mar.10.

IMF proposed countries adopt a quota system to raise money needed for climate change according to its members' economic sizes

IMF Managing Director Dominique Strauss-Kahn suggested on Mar.8 that countries adopt a quota system to raise money according to its shares in IMF, Xinhua reported.

He proposed that countries adopt a quota system similar to the on the Fund uses to raise its own money from its 185 members, which could bring in money faster than other methods.

South Korean and U.S. kick off their annual Key Resolve military exercises on Mar.8, despite the strong opposition by DPRK

South Korean and U.S. kick off their annual Key Resolve military exercises on Mar.8, despite the strong opposition by the Democratic People's Republic of Korea (DPRK).

According to the spokesman, the exercises are aimed at rehearsing how to deploy the combined reinforcements in time of an emergency.

UK insists a new round of negotiations with Iceland government to repay Britain savers' losses in the Icesave bank collapse with a flexible solution

UK insists a new round of negotiations with Iceland government to repay Britain savers' losses in the Icesave bank collapse with a flexible solution, UK Treasury said on Mar.7, Xinhuanet reported.

Collapsed buildings after an explosion

Japanese Foreign Minister Katsuya Okada met with visiting U.S. Deputy Secretary of State James Steinberg to deal with the Iranian and North Korean nuclear standoffs.

Japanese Foreign Minister Katsuya Okada met with visiting U.S. Deputy Secretary of State James Steinberg on Friday morning and both parties agreed to coordinate efforts to deal with the Iranian and North Korean nuclear standoffs.

Premier Wen Jiabao expects China's gross domestic product to grow 8 percent and consumer prices to climb about 3 percent this year

Premier Wen Jiabao expects China's gross domestic product to grow 8 percent and consumer prices to climb about 3 percent this year, he said in the government work report to the opening session of the National People's Congress in Beijing on Mar.5.

A local Taiwanese resident inspects the damage to her home

DPRK and FM Micronesia will be added to the list of China's outbound tourism destinations for group tours from April 14

The Democratic People's Republic of Korea（DPRK）and FM Micronesia will be added to the list of China's outbound tourism destinations for group tours from April 14, news from National Tourism Administration, Xinhuanet reported on Mar.2.

Relevant departments and local authorities are urged to do a good job in ensuring security and maintaining stability as the annual national parliamentary and advisory sessions approach.

Special policemen are on duty along Chang'an Avenue, Beijing, to ensure the two sessions go on safely and smoothly.

A report by IMF urged developed countries to promote fiscal discipline, make the medium-term financial plan and reduce the high debt to GDP ratio.

According to a report by International Monetary Fund (IMF) released on Mar.1, to ensure financial stability is the urgent task on hand for many developed countries.

Chancellor Angela Merkel has announced that an official internet strategy is set off for mid-year to promote economic development when addressing in the opening ceremony of CeBIT

Chancellor Angela Merkel has announced that an official internet strategy is set off for mid-year to promote economic development when addressing in the opening ceremony of CeBIT, the world's foremost tradeshow for the digital industry on Mar.1, Xinhuanet reported.