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    NEW YORK, May 6 (Xinhua) — Wall Street closed higher on Wednesday, as economic data indicated job losses slowed in April and investors thought the stress tests results of banks may not be as bad as expected.

    The ADP employer Services reported that companies in the United States cut an estimated 491,000 jobs in April, fewer than economists’ forecast and the fewest since October. The report boosted investors’ confidence.

    Financials led the big board higher. Citigroup surged 16 percent after a person familiar with the matter said the lender needs about five billion U.S. dollars. Goldman Sachs and Morgan Stanley rose three percent and 6.8 percent, respectively, as people knowing the matter said they don’t need more money following the stress tests.

    The market was awaiting the results of the government’s stress tests of the nation’s 19 largest banks, due on Thursday. The report is expected to reveal which banks will need to raise capital.

    Concerns about the stress tests briefly intensified in early trading after The New York Times reported on Wednesday that federal regulators have warned that Bank of America Corp. will need to raise about 34 billion U.S. dollars, more than expectations.

    Energy stocks also helped the market sentiment, as crude oil rose above 56 dollars a barrel for the first time since November.

    The Dow Jones rose 101.63, or 1.21 percent, to 8,512.28. Broader indexes also traded higher. The Standard & Poor’s 500 index rose 15.73, or 1.74 percent, to 919.53, and the Nasdaq rose 4.98, or 0.28 percent, to 1,759.10.

Finance ministers from the Eurozone countries said Monday that there is no need for additional stimulus packages though economy forecast to be in a deeper recession. (full text retrieval failed)

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    WASHINGTON, May 4 (Xinhua) — The Obama administration on Monday unveiled a plan to reform the U.S. international tax laws, a move to close taxation loopholes through offshore tax havens.

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    BEIJING, May 5 –  The economy is likely to expand 7 percent in the second quarter - up from the first quarter’s 6.1 percent - even as it confronts the painful prospect of shedding industrial overcapacity, a top government think tank said Monday.

China has raised the number of people held in isolation to 160 to block a possible spread of the H1N1 virus causing swine fever. The move includes isolation of 50 Mexican citizens has resulted in a stand off between China and Mexico. China has also suspended flights coming from Mexico.

China’s Taikoo Aircraft Engineering (TAECO) has completed the combi-to-freighter conversion of the first of three 747-400 aircraft for Air China Cargo.

Air China Cargo is receiving the 37th 747-400BCF redelivery and the eighth conversion from a combi model. The aircraft is also the 29th to be converted at the TAECO facility.

    NEW YORK, May 6 (Xinhua) — Crude prices surged to a six-month high on Wednesday after a slowdown in private sector job losses in the United States boosted hopes for a turnaround in the economy.

    U.S. private sector job losses slowed in April as employers cut491,000 from the pay rolls, less than an expected loss of 650,000.Investors believed that the U.S. economy may be on its way to recovery.

    On Tuesday, Fed Chairman Ben Bernanke gave his most optimistic prediction yet about the end of the U.S. recession, saying he expects the economy to start growing again this year.

    An unexpected decline in U.S. gasoline stocks also boosted the rally. The Energy Department’s Information Administration said on Wednesday that gasoline stocks fell by 200,000 barrels to 212.4 million barrels last week.

    Crude levels for the week ended May 1 rose by 600,000 barrels to a fresh 19-year high at 375.3 million barrels, according to the data. Analysts had expected a buildup of 2.2 million barrels.

    Light, sweet crude for June delivery was up 2.50 dollars, or 4.6 percent, to settle at 56.34 dollars a barrel, the highest since Nov. 14, 2008.

    In London, Brent prices rose 2.03 dollars to settle at 56.15 dollars a barrel on the ICE Futures exchange.

    BEIJING, May 7 –  The central bank will continue following a moderately loose monetary policy, its quarterly report said Wednesday, dispelling speculation that the stabilizing economy could prompt it to raise interest rates.