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China is protesting the decision by Washington to impose a quota on sock imports, warning it might take "further steps" under World Trade Organization rules to protect its own rights. The decision to limit the increase in sock imports from China, announced Friday, is the latest round in increasingly bitter trade spats with Beijing. China's Ministry of Commerce said in a statement that the move "violated liberalization of trade in textiles, severely bruised the confidence of Chinese industry and people in the international trade environment under the WTO and undoubtedly damaged the trading system." The statement, posted on the ministry's website, did not say what China might do. But it did urge a swift resolution of the dispute "to avoid having it negatively affect Sino-U.S. relations." Washington plans to seek talks with China on the disruptions. Meanwhile, a quota will limit imports of socks from China to a 7.5% annual increase over current import levels - a far smaller increase than in recent years. If the talks fail to resolve the dispute, the quota will remain in effect for a year. While Beijing's Commerce Ministry asserts that there was no evidence China's exports were causing disruptions, US manufacturers contend they could be ruined by a flood of low-cost socks from China. According to US figures, China exported 265 million pairs of socks to the US last year, up 370% from the 69.6 million pairs it exported in 2002…

European Commission antitrust regulators has given the Oracle Corp. the go-head to pursue its hostile $7.7 billion bid to buy PeopleSoft Inc., but the legal breakthrough isn't expected to end the negotiating stalemate separating the bitter business software rivals. The decision removes the last antitrust hurdle that threatened to block Oracle from taking over PeopleSoft - a quest that has lasted nearly 17 months. Pleasanton-based PeopleSoft said its board will review the implications of the decision but emphasized the directors already have concluded Oracle's current cash offer of $21 per share undervalues the company; and…

Pets crossing European Union borders with their owners now need a passport. The new passports, which were launched throughout the EU this month, are issued only at off-post veterinary clinics. The little blue booklet, which will be valid in all 25 EU member countries, costs about 12 euros, depending on the facility and if shots are up to date. The passport must be renewed every other year and costs 5 euros to renew it. Owners will even have the option of adding their pet's photo. In addition to the new passport, pets must either have a microchip implanted or a tattoo for identification, as well as have current rabies shots before a passport can be issued. The mandatory microchip may halt US travelers, though, since the microchip used in the EU is different from those used in the US. The difference in the chips makes it virtually impossible for the other country's chip readers to view the information. Owners either have to get a European chip for the pet while in the EU or get it tattooed to get the new pet passport. It's recommended that travellers should talk to their local veterinarian prior to making a trip outside of the EU with their pets, since more paperwork is needed than just the passport.

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