current events summary 2/5/08

For the past few weeks, there has been a cold spell in China and there is a lot of snow that is causing damage there. It has wrecked winter crops, posing a future food shortage which (of course) could later lead to higher food prices and (further) inflation. This heavy snowfall has also damaged homes and caused power outages, difficulty in traveling for the many people trying to reach home for the Chinese new year, and even some deaths. The state and its troops are working hard to clear roads and such, and this snow spell will probably end up costing the state (country) and the economy as a whole a lot of money and hardship.
The Bank of China is reporting growth and profits, contrary to the Bank's losses that media reports were apparently suggesting. There are conflicting reports about its shares and time will tell the true state of the Bank of China.
A different report claims that China's economy is (and has been) expanding, helped by increased exports and a boom in the construction industry. Officials warned that overheating is a danger, and inflation is also a serious concern, with many Chinese people hit by recent dramatic increases in food prices. With consumer prices rising at their fastest rate in 11 years, China's inflation is a sign of economic woes.