Want more proof that the U.S. economy is still in a fragile state? Consider this. People are still holding back on buying burgers, soda and beer. So much for fast food, soft drinks and booze being recession-proof.
In one of his many applause lines at Wednesday night's State of the Union address, President Obama emphasized the importance of American exports: "Tonight, we set a new goal," he said, "We will double our exports over the next five years, an increase that will support two million jobs in America." It's no surprise that people cheered; what's not to like? There's just one problem: Growing exports is almost entirely out of the president's -- and even business's -- hands.
Stocks slumped for a third straight session Friday, on worries that the White House's bank plan and China's lending curbs will mean a broader cutback in lending.
China seizes the limelight in the data due to be published this week, with its economic growth likely to have accelerated amid mounting concerns about inflationary pressures.
China's exports rose in December for the first time in 14 months, providing fresh evidence of recovery in the global economy but also placing renewed pressure on Beijing to appreciate its currency.
Want more proof that the U.S. economy is still in a fragile state? Consider this. People are still holding back on buying burgers, soda and beer. So much for fast food, soft drinks and booze being recession-proof.
In one of his many applause lines at Wednesday night's State of the Union address, President Obama emphasized the importance of American exports: "Tonight, we set a new goal," he said, "We will double our exports over the next five years, an increase that will support two million jobs in America." It's no surprise that people cheered; what's not to like? There's just one problem: Growing exports is almost entirely out of the president's -- and even business's -- hands.
Stocks slumped for a third straight session Friday, on worries that the White House's bank plan and China's lending curbs will mean a broader cutback in lending.
China seizes the limelight in the data due to be published this week, with its economic growth likely to have accelerated amid mounting concerns about inflationary pressures.
China's exports rose in December for the first time in 14 months, providing fresh evidence of recovery in the global economy but also placing renewed pressure on Beijing to appreciate its currency.
Asia's rapid recovery from last year's recession appeared to be confirmed on Monday by a slew of positive reports on industrial production that suggested economic growth is powering steadily ahead, led by China and India.
It happens every weekday: A group of ladies gathers at the cavernous, badly lit stock-brokerage office on Shanghai's Xiangyang Lu in what was once, when China was colonized by European powers last century, known as the French Concession. There are usually at least four, and sometimes as many as eight.
China's banks are preparing to raise tens of billions of dollars in additional capital to meet regulatory requirements following an unprecedented expansion of new loans this year, according to people familiar with the matter.
As President Obama completes his trip to China, it's a natural time to ask if trade with the greatest source of U.S. imports is a good thing or bad thing for the still battered U.S. economy
President Obama is in China this week meeting with that nation's leaders. Since China is the largest foreign owner of U.S. debt, I wonder if they are going to give Obama a free toaster.
In a world still awash in economic worry, China has stood apart as the one country that has come through the global slump with only the briefest of hiccups.
1: China today, say many analysts, is in a comparable position to U.S. at the beginning of the 20th century... an emerging power that the dominant global power of the time is trying to downplay. Then it was Great Britain vs. the United States. Now it is the United States vs. China.
Australia's central bank on Tuesday raised interest rates for the second time in just over a month as evidence mounts the nation's economic recovery is building momentum.
China's manufacturing sector grew last month at the fastest pace since April 2008, according to the country's official purchasing managers' index released on Sunday.
Rising Chinese demand helped drive South Korea's economy to its fastest growth in seven years in the third quarter, underscoring how Asia is leading the global economy and trade out of the worldwide downturn.
Anyone scanning recent business headlines in China would not recognise the country where people supposedly save and never spend. In September, China Mobile's customer base crossed the half billion mark -- a powerful symbol of the awesome size of the Chinese consumer market.
At the UNIDO/UNEP/UN ESCAP/ILO conference on green industry in Asia, held in Manila, the Philippines in the second week of September, I proposed the formation of an International Green Finance Association in support of green industry and green economy in general.
You wouldn't think the men who run the oil-rich country of Nigeria would have much spring in their step these days. The nation is plagued by a never-ending guerrilla war, one that has trimmed the country's oil production to two-thirds of its potential capacity.
Great. The global economy finally starts to show signs of emerging from the recession and now a possible trade war between the U.S. and China is throwing a monkey wrench into the recovery.
China's manufacturing sector expanded for the sixth straight month in August to a 16-month high, according to the official purchasing managers' index, an indication that the economy continued to see strong recovery.
China's stocks fell on Tuesday, one day after the nation's premier warned against overly optimistic signs of a recovery from the global financial downturn.
The financial crisis has wreaked havoc on many a money manager, but not Samson Capital Advisors, a firm that offers bond and currency investments to endowments and high-net worth individuals and families.
China's surging economy slowed slightly in July as state-controlled banks heeded Beijing's instructions to rein in excessive lending, with the volume of new lending dropping 77 percent from a month earlier.
As the U.S. stock market tosses and turns, sustainable growth -- both in corporate profits and economic output -- seems far off. In China, on the other hand, recovery already seems to be a reality: Real estate, auto, and industrial sales have all bounced back this year, driving stocks on the Shanghai exchange up 50% since February. The velocity of the Chinese rebound surprised the World Bank, which recently increased its estimate for the country's GDP growth this year from 6.5% to 7.2%. Jing Ulrich, J.P. Morgan's Chinese equities strategist, thinks that figure is still too low. "China can still achieve 8% growth," she says. "Everything is happening very fast there."
China can expect 7.2 percent growth in 2009, according to the World Bank, which says the country's fiscal policies in the face of a global financial slowdown have kept the Chinese economy "growing respectably."
China can expect 7.2% growth in 2009, according to the World Bank, which says the country's fiscal policies in the face of a global financial slowdown have kept the Chinese economy "growing respectably."
Soon after the bloody crackdown on pro-democracy protesters in Tiananmen Square in 1989, China became a world pariah. Bill Clinton, while campaigning for the U.S. presidency, condemned the country's leadership as the "butchers of Beijing," and the European Union imposed a ban on military sales to China that remains in place today.
It's only fitting that General Motors, once the embodiment of U.S. economic might, decided to sell its Hummer brand to a Chinese manufacturer after GM filed for bankruptcy.
Global economic troubles are fueling a human-rights crisis, Amnesty International warned as it released its "Report 2009: State of the World's Human Rights" on Thursday.
It feels nothing like 2007 these days, except in one respect: Chinese stocks are outperforming again. The MSCI China Index, which tracks stocks traded in Hong Kong, has climbed 67% since late October (the S&P 500 has risen 2% in that time).
China's economy grew 6.1 percent in the first quarter of 2009, down from 6.8 percent last quarter and from 10.6 percent year-on-year, state media reported on Thursday.
China, holder of nearly $1 trillion in U.S. debt, will keep buying Treasuries, but will keep a close eye on their value just the same, a Chinese government official said.
Government debt prices fell Monday as stock prices soared after the Treasury Department unveiled its plan to partner with private investors to buy up banks' troubled assets.
Chinese exports plunged 25.7 percent, to $64.90 billion, in February compared with the previous year, the government reported Wednesday, as the once-white hot economy fell victim to the international economic downturn.
In the early evening light, on a block that once bustled but is now deathly quiet, Li Zhong-he walks to the front gate of the factory where he used to work. There he looks for his name on a sheaf of papers. They are notices from a local administrative court, granting small unemployment payments to workers like Li and the hundreds of others who were left without jobs when their company, Hejun Toy Manufacturing, ceased operation.
The National People's Congress -- the marquee event of China's political calendar -- opened Thursday with Premier Wen Jiabao pledging economic growth amid a growing national deficit and the global financial crisis.
China's National People's Congress convened Thursday in Beijing, with Premier Wen Jiabao saying China's economy eyed an 8 percent growth target and that the nation was ready to end "a state of hostility" with Taiwan.
Job losses triggered by the global financial crisis have driven some 20 million Chinese workers from cities back to their rural homelands, according to China's state-run Xinhua news agency.
China's economic growth slumped to 9 percent for 2008, according to numbers released by the government Thursday -- in line with expectations, but still the slowest rate the nation has seen in seven years.
China's sharp economic slowdown is set to cause more labor unrest amid factory closures and mass layoffs triggered by the global financial crisis, a government minister and economists have warned.
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