A study on information focus at sentence level in English Economics News = Nghiên cứu về tiêu điểm thông tin ở cấp độ câu trong các tin kinh tế tiếng Anh. M.A. Thesis Linguistics: 60 22 15

1 VIETNAM NATIONAL UNIVERSITY - HANOI UNIVERSITY OF LANGUAGES AND INTERNATIONAL STUDIES FACULTY OF POST-GRADUATE STUDIES VŨ THỊ THANH THÚY A STUDY ON INFORMATION FOCUS AT SENTENCE LEVEL IN ENGLISH ECONOMICS NEWS (Nghiên cứu tiêu điểm thông tin cấp độ câu tin kinh tế tiếng Anh) M.A MINOR THESIS FIELD: ENGLISH LINGUISTICS CODE: 60.22.15 HA NOI – 2011 VIETNAM NATIONAL UNIVERSITY - HANOI UNIVERSITY OF LANGUAGES AND INTERNATIONAL STUDIES FACULTY OF POST-GRADUATE STUDIES VŨ THỊ THANH THÚY A STUDY ON INFORMATION FOCUS AT SENTENCE LEVEL IN ENGLISH ECONOMICS NEWS (Nghiên cứu tiêu điểm thông tin cấp độ câu tin kinh tế tiếng Anh) M.A MINOR THESIS FIELD: ENGLISH LINGUISTICS CODE: 60.22.15 SUPERVISOR: Assoc.Prof VÕ ĐẠI QUANG (PhD) HA NOI - 2011 LIST OF TABLES AND FIGURES Table 1: Marked and Unmarked Theme Table 2: Syntactic Strategies in Assigning Information Focus Table 3: Frequency of Occurrence and Percentage of Contribution of Some Grammatical Devices of End-Focus Strategy in English Economic News Table 4: Frequency of Occurrence and Percentage of Contribution of the Active and Passive in English Economic News Table 5: Frequency of Occurrence and Percentage of Contribution of Sub-categories of Passivization in English Economic News Figure 1: Construction of the Existential strategy Figure 2: Construction of Extrapotition of Finite Subject Clause Figure 3: Construction of Thematic Fronting ABBREVIATIONS A: Adverbial C: Complement Cl: Clause ESP: English for special purpose NG: Nominal group O: Object S: Subject V: Verb TABLE OF CONTENT Acknowledgements i Abstract ii List of tables and figures iii Abbreviations iv Table of content v CHAPTER ONE: INTRODUCTION 1.1 Rationale of the Study 1.2 Scope of the Study 1.3 Objectives of the Study 1.4 Method of the Study 1.5 Design of the Study CHAPTER TWO: THEORETICAL BACKGROUND 2.1 The Concept of Discourse 2.2 Discourse and Text 2.3 Spoken and Written Discourse 2.4 Thematic Structure 2.5 Information Structure 11 2.5.1 The Notion of Information Structure 11 2.5.2 Information Focus 13 2.5.3 Principle of End-Focus 14 2.5.4 Principle of End-Weight 15 2.6 Economic News Discourse 16 CHAPTER THREE: INFORMATION FOCUS IN ENGLISH ECONOMICS NEWS 3.1 Marked and Unmarked Theme 17 3.2 Syntactic Strategies in Assigning Information Focus 19 3.2.1 End-Focus Strategy 20 3.2.1.1 The Active- Passive Alternative 21 3.2.1.1.1 The Active 21 3.2.1.1.2 The Passive 23 3.2.1.2 Existential 27 3.2.1.3 Extraposition 29 3.2.2 Thematisation Strategy 30 CHAPTER FOUR: PEDAGOGICAL IMPLICATIONS 4.1 Findings from the Interviews 33 4.2 Pedagogical Implications 34 4.3 Suggested Types of Exercises 34 CHAPTER FIVE: CONCLUSIONS 5.1 Concluding Remarks 37 5.1.1 Conclusion on Objective One 37 5.1.2 Conclusion on Objective Two 38 5.2 Recommendations for Further Studies 38 References 39 Appendices CHAPTER ONE: INTRODUCTION 1.1 Rationale of the Study It is common knowledge that language is a means of communication and has always mirrored society It is English that is one of the most common languages and is being used all over the world in education, business, science, technology.etc The economic development of our world recently has given rise to the development of economics literature, including books, magazines, newspapers and journals Therefore, it is clear that English is needed for economic communication not only in spoken but also in written form There are messages exchanging in each communication Any message is the result of number choices made by sender, though it has to be said that these choices are to some extent determined by the context of the message- who the receivers are, what the purpose of the message is According to Leech (1975), there are three conditions that make a message to be understood, such as the message has to be cut up into individual pieces of information, the ideas have to be given the right emphasis, and the ideas have to be put in the right order Accordingly, it is the speaker and the writer who decide how to understand the messages While speakers can directly convey their information focus through stress and pitch, the writer must construct a clause, indeed the whole sentence (and text), carefully — with judicious word order, punctuation, and discourse implication (about what the writer considers given or new information for the audience) — to recapture the loss of such explicit markers of emphasis in speech In written English, therefore, the reader has to rely on the structure and ordering of the syntax It can be seen that each derivation of the basic English sentence pattern SVO has its own emphasis on different sentence elements Studying the derivation patterns makes clear contribution to the understanding of how the message is organized and the proper understanding of the message From the author‘s teaching experience and the common problems faced by students of economics, Vietnamese learners have some difficulties in realizing the information focus of individual clause or sentence This happens as they not obtain how the 10 focus of information assigned in different sentence patterns As a result, they meet certain obstacles in understanding the controlling idea of the whole passage or in writing interesting passages All the reasons mentioned above have inspired the author to conduct this study Studying and analyzing economic news discourse attracts the author‘s attention because economics news is one of the highest interests of readers all over the world in general and Vietnamese ones in particulars Hopefully, the study will make some useful contribution to the way the readers analyze and understand properly how the message is organized and the information focus of each message 1.2 Scope of the Study There are various types of economics discourse which may come from textbooks, newspapers, magazine, reports or journals However, this study does not explore all the mentioned economics discourse The writer will only focus on written English economic news discourse taken from some mainstream newspapers Within the framework of a minor M.A thesis, the present study will just take up syntactic devices employed in assigning information focus at sentence level in the light of discourse Furthermore, the investigation is carried out in the English language only It is hoped that this study will help the readers in general and teachers and students in particular to gain an insight into the information focus of English economic news 1.3 Objectives of the Study The inter-related objectives of this thesis are: (i) To give a systematic and comprehensive description of syntactic devices employed for assigning information focus in English economics news (ii) To propose possible implications for teaching students how to assign information focus 1.4 Method of the Study The study is confined to the syntactic strategies in assigning information focus in English economics news The result should be useful for language teaching and 11 learning In order to achieve the objectives as stated above, research methods of description, analysis, statistics in linguistics and survey have been used Firstly, ten pieces of English economic news written by different journalists will be carefully selected from mainstream newspapers written in English including Economics, The Times, Times online, The Sunday Times, Global Finance, CNN, etc Secondly, all syntactic features in assigning information focus in these news discourses are picked up The percentages and frequencies of various types of syntactic strategies are calculated However, only outstanding examples are used to illustrate Finally, after analyzing and systematizing syntactic strategies employed in the English economics news, the author will carry out interviewing the third-year students of economics major Based on the interviews, some implications in teaching English will be figured out 1.5 Design of the Study The thesis consists of five chapters: Chapter one of this study is an introduction presenting some background information and the rationale of the study The objectives, the scope and method of the study are also dealt with in this chapter Chapter two is aimed to present the theoretical background of the work Some essential concepts closely related to the study are carefully discussed one by one Firstly, some theories of discourse including the concept of discourse, discourse and text, spoken and written discourse Next, thematic structure and information structure are taken into consideration In term of information structure, the notion of information structure, information focus, principle of end-focus and principle of end-weight are presented Finally, some features of economic news discourse are also discussed in the chapter Chapter three attempts to analyze English economics news in the light of Discourse Analysis In this chapter, the marked and unmarked themes, and syntactic strategies in assigning information focus are investigated The frequency of occurrence and the percentage of contribution of each strategy are clarified 12 Chapter four is concerned with findings from the interviews of third year students of Economics major at Thai Nguyen University Based on these findings, some useful pedagogical implications and some suggested types of exercises are delivered The last chapter is set up to give concluding remarks on the two objectives of the thesis and gives suggestions for further research 49 APPENDICES INTERVIEW SHEET Interview Schedule Interviewee: Date: Location: Interview began: Interview finished: Topic: “Information focus at sentence level in English economics news” How long have you been studying English? How long have you been reading and studying English for economics? How difficult have you found when you study English for economics? Does it often take you much time to read and understand English economics texts? Which types of sentence you find to be used the most in English economics texts? How many ways can you restate this sentence ―The falling dollar against many major currencies has also driven export demand‖? What is the focus of information in each of your above sentences? Where is it? What types of sentence patterns you regularly use when you write in your compositions? What types of exercises have you done to improve your realization of information focus and use of different sentence patterns? ENGLISH ECONOMICS NEWS Wholesale inventories and sales rise in January From Times Online Posted: Wednesday, March 9, 2011 1:42 pm | Updated: 4:01 pm, Wed Mar 9, 2011 50 Businesses at the wholesale level added to their stockpiles in January and their sales jumped by the largest amount in 14 months But the spike in sales was partially influenced by rising oil prices Wholesale inventories rose 1.1 percent in January, the Commerce Department said Wednesday It was the 12th gain in 13 months Sales at the wholesale level rose for the seventh straight month The 3.4 percent increase was the largest gain since November 2009 Still, a 10.6 percent rise in demand for petroleum helped drive the jump in sales, reflecting higher oil and gas prices The rise in inventories left stockpiles at $436.9 billion That's 13.1 percent higher than the low reached in September 2009, when companies were slashing their stockpiles to keep costs under control during the recession Greater sales should encourage businesses to keep restocking their shelves and drive factory production in the months ahead Economists are concerned that rising oil prices could pose a risk to the economy David Wyss, chief economist at Standard & Poor's in New York, said that oil prices will have a limited effect on economic growth He said the broad gain in sales and inventories in January suggest the economy could withstand that impact "There was strength almost across the board," Wyss said "This shows that businesses were busy restocking their shelves after a stronger-than-expected Christmas and that is good news for the economy." Mike England, senior economist at Action Economics, said another positive sign was the revised inventory growth in December, a stronger 1.3 percent increase That's up from percent originally was reported 51 England said that should translate into a modest upward revision in overall economic growth for the October-December quarter The government's latest estimate for growth in that quarter was 2.8 percent The restocking of warehouses has helped to boost production and job growth at U.S factories Economists believe that trend will continue in 2011 Manufacturers have benefited from rising demand for products in the United States and overseas The falling dollar against many major currencies has also driven export demand A weaker dollar makes U.S goods cheaper on foreign markets The January sales increase included a 7.8 percent surge in demand for autos The rise in inventories also reflected strength in autos Those inventories increased 2.1 percent Wall Street reform bill: Democrats have the votes From CNN By Jennifer Liberto, senior writer July 13, 2010: 3:41 AM ET WASHINGTON (CNNMoney.com) Two key Republican senators announced their support for the Wall Street reform bill Monday, placing Senate Democrats days away from winning the final vote to passing the most sweeping set of changes to the financial system in decades Top Senate Democrats say they have the 60 votes needed to pass the Wall Street reform bill this week The Senate could hold a procedural test vote as early as Tuesday, which would set the stage for a final vote later this week "It is a better bill than it was when this whole process started," Sen Scott Brown, R-Mass., said in a statement "While it isn't perfect, I expect to support the bill when it comes up for a vote." 52 Late in the day, Sen Olympia Snowe, R-Maine, issued a statement on her website saying she'll vote for the measure "To ensure we avoid another financial catastrophe such as the one that plunged our nation into the worst recession since the Great Depression It is imperative that we implement an aggressive overhaul of the American financial regulatory system," Snowe said Another Maine Republican, Sen Susan Collins, had indicated her support of the measure last week "With the support of Senators Susan Collins, Olympia Snowe and Scott Brown, Wall Street reform is a step away from heading to the president's desk to be signed into law," Sen Christopher Dodd, D-Conn., the chairman of the Banking Committee, said in a statement The final bill aims to strengthen consumer protection, shine a light on complex financial products, create a new process for taking down giant, failing financial firms, and make them stronger to prevent such failure Two weeks ago, congressional negotiators had to reopen their negotiations to change the way the bill paid for itself in order to secure Brown's support Brown opposed a proposed tax on banks and hedge funds Now the bill is self-funding by tapping money unused by the federal bailout program, the Troubled Asset Relief Program (TARP), as well as by charging banks more for the FDIC insurance they buy to protect deposits Senate leadership expects the Senate to take up the bill later this week Sen Russ Feingold, D-Wis., has vowed to oppose the bill, saying it doesn't go far enough Feingold's stance, combined with the death of Sen Robert Byrd of West Virginia late last month, means Democrats can only count on 57 votes from their own party Eurozone crisis fund expects top rating From CNN 53 By Quentin Peel and James Wilson, FT.com July 14, 2010 Updated 0343 GMT (1143 HKT) STORY HIGHLIGHTS  Eurozone's €440 billion sovereign rescue fund will be operational by the end of month  Fund expects to be awarded a triple A credit rating in August, its new head says  Eurozone governments set up the fund to calm concern about the debts of several states Frankfurt, Germany (FT.com) The eurozone's €440 billion sovereign rescue fund will be operational by the end of the month and expects to be awarded a coveted triple A credit rating in August, its new head has said Spelling out details of how the European Financial Stability Facility would operate, Klaus Regling, chief executive, said: "We will be ready to act whenever the politicians tell us to act." In an interview with the Financial Times, Mr Regling said the fund was a temporary crisis mechanism but could be extended beyond its intended three-year lifespan if any loans to eurozone governments were outstanding Many investors have doubted whether the fund would earn a triple A credit rating a badge of credibility meaning it could borrow at the best possible rate Only a minority of the eurozone members backing the fund have a triple A rating Mr Regling said specific measures had been taken to ensure the fund was awarded a top credit rating, including the build-up of a cash reserve and a guarantee by member countries to pay up to 20 percent more than their agreed shares of the fund He said rating agencies had also been told there was a "general commitment from euro area countries to whatever else is needed to get the best possible rating" 54 "I am confident that we will get the best possible rating, maybe some time in August," Mr Regling said "I think the point that 16 finance ministers of mature economies promise to whatever is necessary to get the best rating is worth a lot." Eurozone governments agreed to set up the fund as the centerpiece of a €750 billion "shock and awe" package to calm markets' concern about the mounting debts of several states including Portugal and Spain after the Greek debt crisis Governments will be able to borrow from the facility if they agree to adopt reform programs designed by the International Monetary Fund, European Commission and European Central Bank They will pay a charge comparable to that levied on Greece when it was granted an emergency bail-out this year, Mr Regling said "It does not mean there is an ATM machine Everyone agrees that countries only get money when they accept conditionality." With the results of stress tests on European banks set to be revealed next week, Mr Regling said the fund would not be used directly to shore up ailing banks, although governments drawing on the facility could use the money for bank recapitalization Mr Regling, a former senior European Commission finance official, said yields on EFSF bonds would be "very similar" to those on German sovereign debt considered a benchmark low-cost borrower or multilateral development banks, such as the European Investment Bank Slovakia is the only eurozone member state not to have approved its support for the fund so far but Mr Regling and other EU officials have said they are not worried that this will delay the fund's operability Factories spring to life and give economy a lift From The Times April 9, 2010 Gráinne Gilmore, Economics Correspondent 55 A surprise surge in factory output in February helped the economy to grow in the first three months of the year in spite of the bad weather that hit many sectors, according to new figures The National Institute of Economic and Social Research (NIESR) calculated that GDP grew by 0.4 per cent in the first quarter, matching growth in the final three months of last year as the country emerged from the longest recession on record (3) But better-than-expected data from factories prompted some economists to forecast that economic growth actually accelerated in the first quarter Jonathan Loynes, European economist at Capital Economics, said: ―Coupled with survey evidence of stronger activity in the services sector, the industrial production data suggests that the overall economy may have expanded by 0.5 per cent or more in the first quarter — a far cry from fears of a double-dip.‖ Industrial output rose by per cent in February, more than offsetting the 0.5 per cent slump seen in January as a result of the snow, figures from the Office for National Statistics (ONS) showed It was boosted by a strong increase in production of food and drink, electrical and optical equipment as well as bricks and cement Compared with February 2009, output is now just 0.1 per cent lower, the smallest annual rate of decline since April 2008 The narrower measure of manufacturing output, which excludes utilities and mining, also jumped by 1.3 per cent, reversing January‘s per cent fall as factories saw a bounce-back in demand Economists said that activity was boosted by increased overseas demand thanks to a weak pound Earlier this week the OECD forecast that the UK economy would grow by 0.5 per cent in the first quarter, and 0.8 per cent in the second quarter, marking one of the strongest performances in the G7 But Colin Ellis, European economist at Daiwa Securities, warned: ―One robust quarter could well turn out to be a flash in the pan, as Germany has found out To close the output gap, the UK economy still needs sustained, above-trend growth in GDP throughout this 56 year and next,‖ he said The German economy ground to a halt in the final quarter of last year and the OECD forecast that it is heading for a double-dip recession Benjamin Williamson, an economist at the Centre for Economic and Business Research, said that manufacturers were benefiting as companies started to rebuild stocks after the recession but added that this was a short-term factor The NIESR cautioned that the underlying condition of the economy remained poor Two-year decline in UK building industry slows From Times Online March 2, 2010 Robert Lindsay Britain's building industry, the laggard of the country's fragile economy, continued to shrink in February but the pace of contraction is slowing The Chartered Institute of Purchase and Supply/Markit construction PMI index of activity edged down from 48.6 in January to 48.5 in February Any reading below 50 indicates contraction rather than growth However, February's reading is the second highest of any month in the past two years, lower only than January, signalling that there is some stabilisation in the sector Although employment continued to fall sharply, at a faster pace than in January, confidence over future activity levels remained high, the survey said David Noble, the chief executive at the Chartered Institute of Purchasing & Supply, said: ―While the UK economy slowly pulls into recovery mode, the construction sector has now been confined in recession territory for two years and is still very fragile "Though this was a relatively modest rate of contraction, tough operating conditions, dire weather and funding constraints dampened overall sector activity." Sarah Ledger, an economist at Markit, added: ―Construction companies remained optimistic over future activity for the next 12 months Nonetheless, potential cuts in public 57 spending could negatively impact sector performance, suggesting that fragility will be a key theme over the coming months.‖ Within the construction sector, which accounts for per cent of Britain's GDP, house building expanded for a sixth successive month but civil engineering and commercial work, such as offices and factories, continued to contract CIPS said that new orders received by construction companies fell for a third successive month, although at only a marginal pace Howard Archer, the chief UK and European economist at IHS Global Insight, said: "The construction sector is essentially stabilising after enduring a major recession Nevertheless, the construction sector is likely to be hit by the Government's need to rein in its spending, which is bound to hit expenditure on infrastructure and public buildings." Oil hovers above $77 as US crude supplies rise TEXT SIZE By: ALEX KENNEDY The Associated Press Wednesday July 14, 2010 04:01 AM STORY IMAGES: Restaurant waiters Salvito Lacavoli, 27, left, and David Ramirez, 24, of Denver, talked about oil prices and the economy while filling up their vehicle at a gas station in Denver on Wednesday, July 7, 2010 (AP Photo/Ed Andrieski) 58 Oil prices hovered above $77 a barrel Wednesday in Asia after a report showed U.S crude supplies rose unexpectedly last week, suggesting demand remains lackluster Benchmark crude for August delivery was up cents to $77.24 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange The contract gained $2.20 to settle at $77.15 on Tuesday Crude inventories rose 1.7 million barrels last week the American Petroleum Institute said late Tuesday against a drop of 2.6 million barrels forecast in an analyst survey by Platts, the energy information arm of McGraw-Hill Cos Inventories of gasoline and distillates rose, the API said The Energy Department's Energy Information Administration reports its weekly supply data later Wednesday A strong start to second-quarter U.S corporate earnings reports has helped buoy oil prices this week Profits by Alcoa Inc and Intel Corp have beat analyst estimates Google Inc., JPMorgan Chase & Co., and Bank of America Corp are scheduled to announce earnings later this week Advertisement "Economic guidance should continue to rule in moving oil prices," Ritterbusch and Associates said in a report "This difficult trading environment is likely to continue for at least a couple more months with trading confined to the spring-summer range of about $70 to $80." In other Nymex trading in August contracts, heating oil fell 0.72 cent to $2.0402 a gallon, gasoline dropped 0.80 cent to $2.0741 a gallon and natural gas rose 1.5 cents to $4.369 per 1,000 cubic feet 59 Brent crude was up 19 cents to $76.84 a barrel on the ICE futures exchange World stock markets jump after Intel result TEXT SIZE By: PAMELA SAMPSON The Associated Press Wednesday July 14, 2010 04:41 AM STORY IMAGES: 1, 2, People wait for a traffic signal to change in front of the electronic stock board of a securities firm in Tokyo, Wednesday, July 14, 2010 The benchmark Nikkei 225 Average climbed 258.01 points to 9,795.24 as Asian stock markets jumped Wednesday, powered by better-than-expected earnings from chipmaking giant Intel Corp (AP Photo/Koji Sasahara) World stock markets advanced Wednesday, powered by better-than-expected earnings from chipmaking giant Intel that eased fears of a stalled global recovery Technology stocks in Asia got a big boost from Intel's after-hours report of quarterly earnings and revenue that beat expectations Markets also advanced after export-reliant Singapore raised its growth forecast for 2010 to a blistering 15 percent after a record expansion in the second quarter China, meanwhile, will report second quarter growth figures on Thursday Major indexes in Europe opened higher following a strong day in Asia Britain's FTSE 100 was up 0.2 percent to 5,282.04, Germany's DAX gained 0.5 percent to 6,222.47 and France's CAC-40 added 0.4 percent to 3,652.83 Wall Street appeared set to build on 60 Tuesday's gains, with Dow futures up 62 points, or 0.6 percent, to 10,350 S&P 500 futures were up 7.1 points, or 0.7 percent, to 1,097.60 Oil prices hovered above $77 a barrel in Asia after a report showed U.S crude supplies rose unexpectedly last week, suggesting demand for fuel remains tepid The yen was weaker against the dollar The euro strengthened However slight, trader sentiment was on the upswing, according to analysts "In the short term, the expectation is that the markets will go further," said Castor Pang, director of research at Cinda International in Hong Kong Fund managers are also "trying to balance their portfolios" following second-quarter results by looking for new investment opportunities Major indexes in Asia were up percent or more, led by Japan's Nikkei 225 stock average It climbed 258.01 points, or 2.7 percent, to close at 9,795.24 _ shrugging off concerns that the ruling party's loss of its upper house majority will slow economic reforms Hong Kong's Hang Seng rose 0.6 percent to 20,560.81 and South Korea's Kospi added 1.3 percent to 1,758.01 Higher metals prices and data showing rising consumer confidence pushed Australia's S&P/ASX 200 up 1.9 percent to 4,462.40 Tech and semiconductor-related issues were big beneficiaries of Intel's result, with Advantest Corp., a Japanese maker of chip-testing equipment, soaring 5.7 percent Korea's Samsung Electronics Co rose 3.5 percent Advertisement Mizuho Financial Group Inc also triggered buying in Tokyo after the Japanese megabank set the price for its new share offering at 130 yen per share _ below Tuesday's closing price The offering, which could raise about $8.4 billion yen, is among the largest this year in Japan Mizuho rose nearly percent 61 More good economic news came out of Singapore, which raised its forecast for economic growth this year to a range of 13 percent to 15 percent from the previous forecast of percent to percent It also raised its forecast for export growth as global demand has stayed strong amid Europe's debt and fiscal crisis "This should reinforce the view that fears from the eurozone crisis may be exaggerated," DBS bank said in a report Singapore, which has the highest percentage of millionaires in the world, is often seen as a barometer of world demand because its economy _ built on manufacturing and services like finance _ is one of the most export-reliant in Asia Singapore's benchmark was up 0.7 percent to 2,949.49 and the Shanghai Composite Index gained 0.8 percent to 2,470.44 Markets in Taiwan, Indonesia, New Zealand and Malaysia also rose Analysts said Intel was the driving force behind the stock market surge, but there were additional signs Tuesday on Wall Street that the U.S economy is improving, including better-than-expected profits from aluminum maker Alcoa Inc and railroad operator CSX Corp The companies also issued upbeat forecasts for the rest of the year The Dow Jones industrial average climbed 1.4 percent to 10,363.02 on investors' hopes for a strong earnings season In currencies, the dollar rose to 88.91 yen from 88.70 yen late Tuesday, while the euro strengthened to $1.2726 from $1.2722 Benchmark crude for August delivery was up cents to $77.24 a barrel in electronic trading on the New York Mercantile Exchange The contract gained $2.20 to settle at $77.15 on Tuesday China to invest $10B in Argentina's railways TEXT SIZE The Associated Press Tuesday July 13, 2010 11:36 PM 62 Argentine President Cristina Kirchner , third from left in front, and Chinese President Hu Jintao, second from left, inspect a guard of honor contingent during a welcome ceremony held at the Great Hall of the People in Beijing, China, Tuesday, July 13, 2010 (AP Photo/Ng Han Guan) Argentina and China signed a deal for Beijing to invest $10 billion in the South American nation's railways during a visit by the Argentine president but there was no sign of progress in a dispute over soy imports The agreements announced Tuesday during the visit by President Cristina Fernandez come as Beijing expands its role in Latin America through investments in oil and other industries and closer financial ties with the region's governments The railway deals include a $2.5 billion project to upgrade the rail system of Argentina's capital, Buenos Aires, Chinese news reports said They said projects would include the purchase of Chinese railway technology China is promoting exports of railway equipment and is trying to develop its own highspeed rail technology A Chinese railway official said in March that state-owned companies are building high-speed lines in Venezuela and Turkey There was no sign of progress in a dispute over China's ban on imports of Argentine soy, a key export for Fernandez's nation The Chinese government played down the ban, calling it a normal trade dispute The soy dispute is the most pressing issue for Fernandez, who was on the first trip to China by an Argentine president since 2004 The railway deals were among a dozen agreements announced Tuesday 63 Others included a memorandum of cooperation state-owned China Petroleum & Chemical Corp., also known as Sinopec, and state-owned Energia Argentina SA, or Enersa No details were released Advertisement There was no word on a possible Chinese purchase of BP plc's stake in Argentina's Pan American Energy, an oil and gas producer News reports say BP might sell its 60 percent share to state-owned China National Offshore Oil Corp., which owns 20 percent of Pan American and wants to expand abroad Argentine exports of soy oil to China totaled $1.4 billion last year, accounting for a sizable chunk of two-way trade that strongly favored Beijing China imposed the soy ban April 1, after saying it found shipments containing excessive levels of hexane, a potentially cancerous chemical used in soy processing The restrictions also came after Argentina last year imposed antidumping measures on some Chinese goods China has denied the soy ban is a retaliatory measure, while Argentina has said its soy products are not contaminated When asked Tuesday by reporters about the soy dispute, a Chinese Foreign Ministry spokesman called Argentina an important partner in Latin America and said the problem should be resolved "Regarding the import of soybean oil to China, it's just a normal problem that comes with the development of trade and economic relations," said the spokesman, Qin Gang "I believe as long as the two countries follow the spirit of cooperation and mutual benefit and through friendly consultation, a proper resolution will be found."