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▣ Feds: Homes with Chinese drywall must be gutted
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Thousands of U.S. homes tainted by Chinese drywall should be gutted, according to new guidelines released Friday by the Consumer Product Safety Commission. The guidelines say electrical wiring, outlets, circuit breakers, fire alarm systems, carbon monoxide alarms, fire sprinklers, gas pipes and drywall need to be removed.
▣ An RMB Revaluation: Could It Reduce Global Trade Imbalances?
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On March 16, five U.S. senators re-introduced a new bill to crack down on unfair currency manipulation by countries such as China, which they say is having a negative effect on the U.S. economy. Even if the bill is not passed, President Obama will increasingly be expected to step up pressure on China to raise the value of the renminbi against the U.S. dollar. The proposed legislation has aroused a hot debate in both countries about the pros and cons of a renminbi revaluation.
▣ Link found between Chinese drywall, corrosion
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The federal government said Monday that it has found a "strong association" between problematic imported Chinese drywall and corrosion of pipes and wires, a conclusion that supports complaints by thousands of homeowners over the last year.
▣ Chinese automaker aims to compete globally
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A state-owned Chinese automaker announced Tuesday it will take over several smaller producers amid a government effort to build up bigger domestic car companies that can compete globally. Changan Automobile Group said it will take over the auto assets of Aviation Industry Corp. of China, which will in turn receive a 23 percent stake in Changan. They include two Chinese brands and joint ventures with Suzuki and Mitsubishi.
▣ China's Africa goals more than just natural resources
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Barely a month goes by without some new energy or mineral deal being struck between China and an African nation. These deals have transfixed the West, but China gets far more from the relationship than raw resources. Africa offers China two important things -- a chance to earn the global respect it believes it deserves in recognition of its growing economic clout, and friends who do not judge it, or who at least have little reason to directly fear China's rise.
▣ Jingdong Mall CEO Liu Qiangdong: When It Comes to Winning in E-Commerce, the Devil Is in the Details
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China’s e-commerce business is booming, with revenue exceeding 120 billion RMB (US$17.5 billion) last year alone, more than double the previous year, and it shows no signs of slowing down. One example of e-commerce success is online retailer Jingdong Mall, which achieved an ambitious target to almost triple its annual revenue to nearly 4 billion RMB (US$585 million) between 2008 and 2009.
▣ A drywall between China and the U.S.
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Top U.S. safety officials were meeting with their Chinese counterparts to discuss complaints from American homeowners of illness and other damage from suspect drywall imported from China. Consumer Products Safety Commission Chairman Inez Tenenbaum said Friday that the two sides were talking about the issue while they await results of tests on what is causing the problems.
▣ Companies tied to Asia are recovering quicker
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Companies that ship coal, chemicals, soft drinks and purses to emerging markets like India and China appear to be snapping out of the recession faster than those that are closely tied to the U.S. and Europe. Earnings reports out Tuesday show that sales in emerging markets are providing a glimmer of hope for both the companies and their investors. In more developed parts of the world, companies still have to rely on cost-cutting to muddle through.
▣ Tokyo car show spurned, automakers eye China
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This year's Tokyo Motor Show is a lonesome affair for the Japanese, with foreign automakers largely no-shows for the first time in decades as they cut costs amid the downturn and focus on fast-growing markets like China. The Japanese have always had a major presence at the Tokyo show, now being staged for the 41st time. But never before have this nation's top five automakers and their affiliates so dominated the biannual event.
▣ Skype's Life after eBay: Free in More Ways Than One
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▣ Farhad Mohit: DotSpots and the Wisdom of Crowds
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▣ 12 million jobseekers in China won't find work
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As many as 12 million people in China who are looking for jobs will not be able to find employment this year, an official newspaper reported Saturday. China's top employment official said even if the country achieved this year's 8 percent economic growth target, only about half the 24 million jobseekers in the country would likely find work, the China Daily said.
▣ China to keep credit flowing to buoy recovery
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China's top economic official cautioned Sunday that the country still faced economic problems and assured jittery investors that easy credit policies aimed at kick-starting a recovery would continue. "We still face many difficulties and challenges and there is uncertainty over the prospect of the international economy," Wen Jiabao said during a recent visit to eastern Jiangsu province, according to remarks posted Sunday on the central government's Web site.
▣ Role-reversal: Americans provide loans to Chinese
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As Americans struggle to dig themselves out of debt and soldier on through recession, one U.S- based organization is asking them to loan their spare dollars not to the needy at home, but to those residing in the United States’ largest foreign creditor: China. Wokai ("I Start" in Chinese), is a small Oakland, Calif.- based microfinance organization that is working to provide micro loans to an estimated 200 million Chinese who live on less than $1 a day.
▣ China's growth raises hopes for global economy
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China's economic growth accelerated in the second quarter amid a stimulus-fueled investment boom, boosting hopes the world's third-largest economy is emerging from the global downturn. The economy expanded by 7.9 percent in the April-June period from a year earlier, up from 6.1 percent growth in gross domestic product the previous quarter, the National Bureau of Statistics reported Thursday.
▣ Proposed law aims to knock out knock-offs
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A proposed new law that would extend copyright protection to clothing has designers in an uproar and threatens to widen a rift in the American fashion industry. For Maria Cornejo, whose Zero + Maria Cornejo label is a favorite of First Lady Michelle Obama, the Design Piracy Prohibition Act (DPPA) would protect her work for three years from knock-offs.
▣ Smoke alarms, tea kettles, basketballs recalled
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The following recalls have been announced:
* About 94,000 Kidde dual sensor smoke alarms, model PI2000, because an electrostatic discharge can damage the unit, causing it not to warn consumers of a fire...
▣ China won't press for new global currency at G8
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China will likely push for a bigger voice for developing countries in international monetary policy at the G8 meeting this week, but a top Chinese diplomat said it won't raise its proposal for a new global currency to replace the dollar. China is not one of the Group of Eight major economies but is attending the meeting in the Italian city of L'Aquila as part of a group of five large developing countries. President Hu Jintao arrived Sunday in Italy.
▣ Chinese make largest overseas acquisition ever
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China's Sinopec will acquire oil explorer Addax Petroleum for $7.2 billion, flexing some of the country's economic clout in what would be the largest overseas takeover ever by a Chinese company. Sinopec, a refiner, would gain access to substantial reserves in West Africa and the Middle East if the deal is approved.
▣ Canada to ban phthalates in toys, vinyl bibs
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The Canadian government proposed on Friday to ban the use of chemicals known as phthalates in soft vinyl toys, dolls, inflatable toys and vinyl bibs that could cause problems if sucked or chewed by a child for extended periods. However, the chemical industry said there was no scientific basis for such a ban.
▣ Hummer's Chinese Buyer new to the Industry
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Hummer owners are an unusual breed, but a little-known Chinese company's surprise purchase of the American maker of gas-guzzling, military-style SUVs is audacious even by their standards. Sichuan Tengzhong Heavy Industrial Machinery Co., which said Tuesday it was buying the General Motors Corp. unit, is four years old and has just 4,300 employees. It makes vehicles, but they are cement mixers and tow trucks, not passenger cars.
▣ In China, Geithner calls for closer cooperation
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After years of acrimonious economic relations with China, the U.S. insists it wants to turn the page and develop closer ties with the world’s third largest economy. U.S. Treasury Secretary Timothy Geithner, who arrived Sunday in Beijing for two days of talks with Chinese leaders, said he wanted to foster the same kind of working relationship with China that the United States has enjoyed for decades with European economic powers.
▣ Trade between China and the U.S
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As China and the U.S. continue to explore ways to do business together, an overarching question remains: How to balance the benefits of economic integration -- which accrue to the people of the U.S. and China, as well as American and Chinese businesses -- with concerns about such issues as environmental and human rights protection.
▣ IE Business School's Riordan Roett
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China, the United States and Latin America: Is there any room for Europe in this economic triangle? The presence of China in the Western hemisphere is changing the rules of the game, especially after the intensification of its commercial relations with the Latin American region. Is this a relationship of equals?
▣ China's economy shows signs of recovery
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China's economy is showing signs of a nascent recovery, but even officials who want to boost public confidence warn a rebound faces risks from the global crisis and is not yet certain. Imports of oil, iron ore and other raw materials rose in March, reflecting the impact of Beijing's multibillion-dollar stimulus spending on industry. Home and auto sales are up, suggesting consumers might be more willing to spend.
▣ China's trade decline eases in March
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China's export plunge eases in March; government says trade shows 'clear signs of improvement'
▣ China grapples with new world role
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With their economy still expanding and banks still awash with cash – and the government holding $2 trillion in foreign currency reserves, more than half of which is invested in debt that supports the United States – the Chinese are generally taking pride in their unprecedented new clout in world affairs.
▣ Chinese city probes J&J baby bath products
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Chinese health authorities are investigating baby bath products made by Johnson & Johnson in response to a U.S. consumer group's charges that some of the products' chemicals could cause cancer, the U.S. company said on Thursday. Joannan Lu, the Johnson & Johnson spokeswoman in China, confirmed the company had handed in products to the Shanghai quality watchdogs for checks, but added it has no plan to pull its products from the Chinese market.
▣ China rejects Coke's bid to buy juice maker
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China rejected Coca-Cola Co.’s $2.5 billion bid to buy a major Chinese fruit juice maker Wednesday in a closely watched case that stirred nationalist opposition to the sale of a successful homegrown brand to foreigners. Coca-Cola’s purchase of Huiyuan Juice Group Ltd. was rejected on anti-monopoly grounds, the Commerce Ministry said. It would have been the biggest foreign acquisition of a Chinese company to date.
▣ Drop in China's exports accelerated in Feb.
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The decline in China’s exports accelerated in February, but Asia’s bleak picture was tempered by other news Wednesday of a jump in Chinese auto sales and a smaller-than-expected drop in Japanese machinery orders. Most Asian stock markets surged after Wall Street staged a massive rally on news that Citigroup is turning a profit, a welcome respite after weeks of gloom — although many analysts predict the market rebound will be short-lived.
▣ China stimulus package lifts recovery hope
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China announced an expected stimulus package Wednesday that could help limit the length and depth of the recession in the industrialized world. A legislative meeting starts Thursday in China and topping the agenda is what the government will do to lift growth rates, which have fallen in the wake of the global economic downturn. As one of the few major economies still expanding, China is being closely watched amid hopes its demand and trade can help the world weather the most severe global slowdown in decades.
▣ Post-crash Scenarios for Commodities and 'Turbo-coupled' Emerging Markets
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According to Ignatius Chithelen, managing partner of Banyan Tree Capital Management, an investment firm in New York City, emerging markets are not de-coupled but rather "turbo-coupled" to developed markets. In this opinion piece, Chithelen describes what he sees on the horizon for emerging markets and for commodities prices in the wake of the global economic crisis. Among his predictions: China will likely emerge as the big winner from the current worldwide recession, and Mexico's recent hedging of its oil exports will lead to a cap on commodities prices over the short to medium term.
▣ To Save the Chinese Dream
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Everyone's familiar with the American dream: work and study hard and you'll get ahead. But China has its own version, which hopeful parents and their children have adhered to ever since the emperor started meritocratic civil-service exams during the Han dynasty. Like the U.S. variant, the Chinese Dream places firm faith in hard work, but perhaps even greater faith in the value of an education, which promises to boost young people out of poverty and secure better lives for them and their families. This vision has had special appeal since Deng Xiaoping opened China to the world and getting rich became glorious.
▣ China outpaces the U.S. in Car Sales
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It looks like China may have overtaken the United States as the world's biggest auto market. Official figures are due out this week that will show, for the first time ever, more vehicles were sold in China during January than in the United States.
▣ China poised to be world's largest auto market
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Two years ago, China zoomed past Japan to become the world's No. 2 vehicle market. Now it looks poised to pass up the United States to be the biggest. While car sales in China have slowed lately, they haven't plummeted like those in the U.S., where January sales tumbled 37 percent from a year ago to 656,976 vehicles, a 26-year low.
▣ Restructuring Guangdong's Economy
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For Guangdong province, the export-oriented powerhouse whose rise has underpinned China's dramatic growth, 2008 was a memorable year for all the wrong reasons. Due partly to the global slowdown, export growth plunged from 22.3% in 2007 to a mere 5.6%. Meanwhile, Guangdong authorities say GDP expanded 10.1% in 2008, versus 14.7% in 2007.
▣ China dismisses US remark on currency manipulation
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A top official at China's central bank has dismissed U.S. Treasury Secretary-designate Timothy Geithner's comment that President Barack Obama believes Beijing is "manipulating" its currency, state media said Saturday.
▣ Global slump casts pall over Chinese New Year
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Painter Wei Haibin is carefully weighing every purchase as he heads home to Hebei province for China's biggest family holiday — a time when the economy typically enjoys a bounce.
▣ U.S. hits China with trade violation case
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U.S. Trade Representative Susan Schwab, in announcing the case, said China was violating global trade rules administered by the World Trade Organization in the way it operates a "famous brands" program to promote the sale of Chinese goods in other countries.
▣ China's exports fall for first time in 7 years
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China's exports shrank unexpectedly in November as global demand plunged, raising the threat of heavy job losses that could fuel political unrest, and a sharper downturn in the world's fourth-largest economy.
▣ Fewer toys with high lead levels, group finds
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After the high-profile recalls of millions of lead-contaminated toys last year, a watchdog group said Wednesday that its tests found fewer toys with high levels of chemicals in them this year. But about a third of the toys tested still contained a worrisome level of chemicals.
▣ FDA detains all dairy-based imports from China
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Believe it or not, the FDA has finally issued an alert that will detain all Chinese products containing milk at the border, not allowing them to enter the country and go to market until they can be tested for traces of the toxic chemical melamine.
▣ CHINESE BRACE FOR CRACKS IN 'MIRACLE' ECONOMY
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China is greeting the financial crisis with a sense of alarm.
"The economic crisis has arrived, are you ready?" asked one Chinese blogger recently.
It was one of the many tell-tale signs that the tumult is beginning to touch China’s once booming economy.
▣ China points finger at foreign milk products
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China, embroiled in a tainted milk scandal that has made thousands of infants sick, has published a list of foreign companies that failed to meet quality standards for imported products ranging from milk powder to rosewater.
At least four children died and tens of thousands were made ill by drinking milk powder adulterated with melamine, prompting many worried parents to switch to foreign-made formula.
▣ CHINESE BRACE FOR CRACKS IN 'MIRACLE' ECONOMY
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China is greeting the financial crisis with a sense of alarm. "The economic crisis has arrived, are you ready?" asked one Chinese blogger recently. It was one of the many tell-tale signs that the tumult is beginning to touch China’s once booming economy.
▣ China announces $586 billion stimulus plan
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China's massive stimulus package is its "biggest contribution to the world," Premier Wen Jiabao said Monday, as hopes rose that heavy spending on construction and other projects would help support global growth by fueling demand for imported machinery and raw materials.
▣ China's economic certitude crumbles
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Armed with bags full of cash totaling half a million dollars, accountants began distributing the money so the 900 former employees would have something to get by on. The Chinese officials who made the emergency payments on Oct. 21 called it an "advance," part of a "back-pay insurance fund." But the reality was obvious to everyone: It was a government bailout.
▣ China, India feeling impact of global crisis
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Two powerhouse emerging market countries in Asia felt the sting of the global financial crisis on Saturday as India cut its main short-term lending rate and China said it was bracing for a slowdown. In Europe, Britain’s Prime Minister Gordon Brown, who has played a big role in combating the crisis, appealed to oil-rich Gulf states to pour money into stabilizing the world financial system and helping afflicted countries.
▣ Chinese manufacturing activity slows sharply
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China's manufacturing activity slowed sharply in October amid weaker export demand despite a flurry of official measures to boost flagging growth in the world's fourth-largest economy, an industry group reported Monday.
▣ China's animal feed tainted with toxic chemical
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Shoppers walk past the eggs on display for sale together with a notice, left, bearing the words "No Melamine Contain" inside a supermarket in Beijing
▣ China delayed disclosure of tainted eggs
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The revelation was the latest in a growing scandal over food products tainted with the industrial chemical and followed the recent disclosures that Chinese authorities and a leading dairy producer also delayed reporting for months that baby formula had been tainted with melamine. The contamination caused kidney stones in babies and was blamed for killing four infants and sickening 54,000 children. More than 3,600 children remain sick, health officials say.
▣ Premier says China to ensure safe food
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China's premier said Saturday the country will take steps to improve its food safety, blaming the tainted milk products believed to have killed four babies and sickened thousands of children on a failure of regulation.
▣ China forecasts growth in its economy will slow
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China said Sunday its economy can weather the effects of the global financial turmoil, but growth will decline as the expansion of business profits and public revenues slows.
▣ Chinese lawyers pressured to drop milk cases
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A pedestrian walks past a billboard advertising White Rabbit candies in Shanghai, China. China's iconic White Rabbit candy is back in production after being pulled out of stores around the world last month in the wake of the country's tainted milk scandal, a state-run newspaper reports.
▣ China Vows Overhaul of 'Chaotic' Milk Industry
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▣ China's crisis is the opposite of America's
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▣ Chinese snoop on Skype, but are they alone?
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A Canadian researcher has discovered that a Chinese version of eBay Inc.'s Skype communications software snoops on text chats that contain certain keywords, including "democracy."
▣ Chinese Outbound M&A: The Beginning of a New Wave
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Amid the most severe crisis on Wall Street in more than half a century, the Bank of China announced on September 18 that it will take a 20% stake in La Compagnie Financière Edmond de Rothschild of France, a family-held wealth management and banking business.
▣ Cure for crisis: Chinese medicine?
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Recent government actions in China won't soothe the world's financial ills overnight. But there are 5 reasons they could eventually breathe new life into global markets.
▣ China launches nationwide baby formula probe
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Investigators believe dairy farmers added a dangerous chemical to milk that has been linked to kidney stones in dozens of babies and one death in China’s latest product safety scandal.
▣ Fake milk suspected after Chinese babies sickened
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Public health authorities in northwest China are investigating a brand of baby formula after 14 babies who drank it developed kidney stones, a state news agency said Wednesday.
▣ Workers sorry Vise-Grip plant moving to China
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Pliers are iconic in Nebraska; 300 workers to watch their jobs go overseas. "It's a kick in the head," said Gary Oden about the closure of the Vise-Grip plant, where he has worked for 19 years.
▣ China's Spending May Thwart Olympic Curse, Buoy Asia
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China's leaders are planning tax cuts and a public-works spending spree to make sure their economy's growth isn't doused along with the Olympic flame.
Ten of 11 Summer Olympics host nations analyzed by Morgan Stanley economist Stephen Jen saw growth and investment slump in the year following the games; the only exception in his study, which stretches back to 1956, was the U.S. in 1996. Government officials in China, whose expansion was already slowing before the Beijing games ended last month, are determined to avoid what Jen calls the "Olympic Curse."
▣ The Real China Threat
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Will its takeover over the U.S. economy really matter?