Business News: China Inflation Level; French President Says Eurocrisis Over

By: AP
By: AP

BEIJING (AP) -- China's inflation rate rose slightly in May amid concern about the strength of the country's economic recovery.
The National Bureau of Statistics said Sunday that consumer prices rose 2.1 percent over a year earlier. That is down from April's 2.4 percent gain and well below the government's target of 3.5 percent for the year.
Inflation is forecast to rise gradually as a shaky economic recovery boosts consumer demand.
The world's second-largest economy is limping out of its deepest slump since the 2008 global crisis. Growth unexpectedly declined to 7.7 percent in the first three months of this year from 7.9 percent the previous quarter. Analysts say the economy is being shored up by state-led investment and bank lending, and could be vulnerable if trade or investment weakens.

TOKYO (AP) -- French President Francois Hollande has sought reassure Japanese business leaders that the eurozone debt crisis is over but that steps to boost the region's growth and competitiveness need to be taken.
Hollande said in a speech Saturday on the final day of his visit to Japan that "Europe is becoming more solid" and that authorities have developed tools to ensure the stability and solidarity of the 17-nation group.
Although the eurozone debt crisis that broke in late 2009 has eased, the region's collective economy has shrunk for six straight quarters and unemployment has reached 12.2 percent.
Hollande says that while Japan is an "exceptional" partner, France also needs to develop ties with China and shouldn't be expected to choose between the two nations.

RALEIGH, N.C. (AP) -- Nuclear Regulatory Commission inspectors will publicly share what they discovered when they inspected early signs of corrosion and cracking inside a reactor vessel's covering at a North Carolina nuclear plant.
Duke Energy Corp. began powering up the Shearon Harris plant Friday. The discovery of a quarter-inch trouble spot led the company to shut down the plant for more than three weeks.
The plant is located about 20 miles south of Raleigh.
Duke Energy and the NRC say there was no evidence of radiation leakage. The NRC inspectors will hold their hearing Thursday.

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