China Cancels Plan to Raise Gas Price Ceiling

Source: Bloomberg

China's government has cancelled a plan today to raise the ceiling retail price for gasoline and diesel, CBI China Co. said. The Guangdong Oil & Gas Association had said yesterday that the prices would be increased today.

Geely Automobile Holding Ltd., China’s largest privately owned carmaker, said overnight that it had “not submitted, and has not plans to submit” any bids to buy Ford Motor Co.’s Volvo brand or General Motors Corp.’s Saab brand. Geely’s stock price soared as much as 21 percent yesterday in Hong Kong after it said it had reviewed Volvo’s books.

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Editor: Zhu Yanshan