Longmay is the largest state owned coal company in Heilongjiang, producing close to 50 million tonnes of coal a year. On March 12, Governor Lu acknowledged that wages were in arrears for Longmay’s workers and attributed the gaffe to Longmay’s management’s withholding of information.
Banks can borrow money from the central bank at an initial interest rate of 0 percent, subject to the condition that the money will be lent to consumers and businesses, not for mortgages or any speculative activity.
CAF (Corporacion Andina de Fomento) is the only development bank owned by Latin American countries. The bank in English is known as the Development Bank of Latin America or the Andean Development Corporation. It is headquartered in Caracas, Venezuela and lends only to members in this economically turbulent area.