Philipp Hildebrand, chair of the central bank's governing board, said that the move to counter "a massive overvaluation of our national currency" was taken to avert a recession.
Starbucks plans to triple its China coffee shops
SINGAPORE (AP) â¿¿ Starbucks Corp., the world's largest coffee retailer, plans to triple its coffee shops in China during the next four years and step up expansion elsewhere in Asia, an executive said Tuesday.Starbucks plans to operate 1,500 outlets in China by 2015 from a current 470, the company's Asia Pacific president Jinlong Wang said. The company also expects to open 700 coffee shops in South Korea by 2016, up from 370 now, Wang said. Wang said Starbucks sales in Asia have remained robust in recent months despite a slowing global economy. ___ PepsiCo and NFL renew sponsorship deal PURCHASE, N.Y. (AP) â¿¿ PepsiCo and the NFL say they're renewing their long-term partnership with a new, multi-year deal that starts next year. Financial terms were not disclosed. The deal extends a 28-year relationship between the Purchase, N.Y., company and the NFL and involves several of PepsiCo Inc.'s brands. PepsiCo's Gatorade sports drinks will be provided to NFL players and the Gatorade brand take part in educational programs, while Pepsi MAX will be the official soft drink of the NFL. ___ By The Associated Press(equals) The Dow Jones industrial average fell 100.96 points, or 0.9 percent, to 11,139.30. The Standard and Poor's 500 index dropped 8.73, or 0.7 percent, to 1,165.24. The Nasdaq composite fell 6.50, or 0.2 percent, to 2,473.83. Benchmark West Texas Intermediate crude lost 43 cents to $86.02 per barrel in New York. Brent crude added $2.81, or 2.6 percent, to $112.89 in London. In other trading, heating oil added 1.28 cents to $3.0102 per gallon and gasoline futures dropped 1.7 cents to $2.8226 per gallon. Natural gas added 6.6 cents to $3.938 per 1,000 cubic feet.