CHINA Inflation Near 12-Year ...
China's inflation climbed to almost a 12-year high in April, swamping official efforts to cool surging living costs that could provoke unrest before the Beijing Olympics. The government, which took further steps to tame the inflation, faces the possibility of more sharp price increases, some analysts warned.</br></br>The government ordered banks to increase reserves for a fourth time this year in a move meant to contain inflation by curbing lending, but it did not say whether it would boost interest rates.</br></br>April's consumer prices rose by 8.5 percent over a year earlier, the National Bureau of Statistics reported. That was above March's 8.3 percent rate and was below February's 8.7 percent -- the highest in 12 years. April's inflation was driven by a 22.1 percent jump in food prices.</br></br>Chloride Group, Europe's largest maker of backup power supplies, rejected a preliminary $1.3 billion takeover approach from U.S. rival Emerson Electric. Chloride shares rose 35 percent.</br></br>Chloride, a British company that specializes in maintaining uninterrupted power to information technology systems, said the preliminary approach of an all-cash offer of about $5 per share "materially undervalued the company and its prospects."