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U.S. China News 2011.08.02

Tue, August 2, 2011

Analysis: Pakistan relying too much on China against U.S.
Islamabad makes no secret of its preference for China over the United States as a military patron, calling Beijing an “all-weather” ally in contrast to Washington’s supposedly fickle friendship. The Pakistani foreign ministry issued a statement on
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U.S. debt deal fails to assuage China
A possible downgrade is a difficult situation for China, said Diane Swonk, chief economist at Chicago-based financial services firm Mesirow Financial Holdings Inc. Swonk believes a downgrade of the US credit rating is “still up for grabs” and Treasury
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Chinese agency warns of U.S. debt downgrade
CNN International
By Steven Jiang, CNN Beijing (CNN) — As the deadline looms for the United States to raise its debt ceiling or risk default, China’s leading credit rating agency on Tuesday told CNN it is prepared to downgrade US sovereign debt after putting it on
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Coach profit up on China, US sales
Upscale handbag maker Coach Inc posted a higher quarterly profit Tuesday, helped by growth in China and elsewhere in Asia and robust sales in North America. Sales increases in China, as well as North America, where the company is expanding its outlet
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US and China on course for top solar spots
Solar is set to rebound in the second half of the year, with China and US to see further installation increases. Despite a slow start to the year worldwide, capacity should see installations double from the first half. This is compared to the 13
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Avoid Europe; Invest in Japan, China, US: Strategists (blog)
“We had a deal [last month on bailing out Greece] that was supposed to put us in new territory, and it really hasn’t.” His advice? “Avoid Europe. You have had better numbers in Asia. Japan could be a good play shorter term. So could China,” he said.
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African Minerals Inks US$1.5 Bln Deal with China’s Shandong Steel
2 – A US$1.5 billion agreement was signed between African Minerals and China’s Shandong Steel and Iron Group (SSIG), the world’s ninth largest steel producer, bringing the a long-awaited deal to a close. According to the agreement, SSIG will fund
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Elavon and China UnionPay Reach Processing Agreement
MarketWatch (press release)
“We believe that their vast merchant base and excellent quality of service will help drive global acceptance of China UnionPay.” China is expected to overtake the US as the largest market for credit cards by 2020 with total cards expected to increase
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Xinhua Analysis: Risk Of US Default To Exist Long Term
Wall Street Journal
BEIJING (Dow Jones)–The deal to raise the US debt ceiling doesn’t fundamentally alter the country’s “debt economy” model and the possibility of a US default remains a long term risk, China’s Xinhua news agency said in an analysis late Monday.
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Wolfowitz warns against complacency towards China
Radio Australia
A former US Deputy Defence Secretary has warned against complacency over China’s future military might. Paul Wolfowitz is also a former World Bank Managing Director and US Ambassador to Indonesia. In a speech delivered in Sydney to the Centre for
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China muscling US aside in Thailand
Tehran Times
The United States is worried about China’s growing influence in Thailand, as Washington’s prestige appears to be fading with America’s oldest South Asian ally. Former US Ambassador Eric John warned of China’s assertive diplomacy in a confidential cable
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US Assistance Aims at Preventing Cross Border Conflict in Mekong Region
Voice of America
Brian Padden | Jakarta Although the dispute about conflicting claims in the South China Sea took center stage at the recent ASEAN security forum, US officials also focused on addressing another potential conflict relating to Asia’s growing energy needs
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US debt crisis turns focus on yuan as reserve currency
BBC News
Officials, from the head of the International Monetary Fund (IMF) to the Philippines finance minister, have warned that the US dollar may lose its reserve status. For China, the largest lender to the US and the world’s second biggest economy,
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US poised to join China, Spain in double-A club
2 and 3 economies of the world, China and Japan — both of which rely heavily on US consumers to buy their products. It’s worth noting that Japan has never missed a debt payment, and that China is the US’s biggest foreign creditor.
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China-Costa Rica FTA Comes into Effect
China Briefing
Seeing some US$3.1 billion worth of exports to China last year, Costa Rica has found the emerging Asian country its second largest export market in the world after the United States. At the same time, China sold US$690 million of goods to the Costa
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Chindex International, Inc. to Report Financial Results for the Second Quarter
MarketWatch (press release)
2, 2011 /PRNewswire via COMTEX/ — Chindex International, Inc. /quotes/zigman/88782 CHDX -2.84% , an American health care company providing health care services in China through the operations of United Family Healthcare, a network of private primary
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The end of the triple-A world
CNN (blog)
Editor’s Note: Dr. Dan Steinbock is Research Director of International Business at the India, China and America Institute in the US and Visiting Fellow at the Shanghai Institutes for International Studies in China. By Dan Steinbock – Special to CNN
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HK, China shares dip, hit by global growth worries
“Europe and US are China’s top export destinations, any slowdown would hurt Chinese exports and compound domestic growth worries.” Chinese banks, seen as a barometer of the wider economy, were also broadly lower. ICBC’s A-share listing was among its
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US F-16 verdict looms, requires balancing act between Taiwan, China
Monsters and
Taipei – A sale of advanced US F-16 fighter jets to Taiwan would offer the island a boost against military rival China but shake Sino-US relations, military officials said Tuesday as a decision looms by October 1. The island, which has fallen behind in
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China’s JAC plans to invest US$600 million in car factory in Brazil
Sao Paulo, Brazil, 2 Aug – Chinese car manufacturer Jianghuai Automobile Company (JAC Motors) and SHC the company’s importer, plan to invest US$600 million in building a factory in Brazil. The factory, which is planned to build 100000 vehicles per year
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The US economic engine sputters
CNN (blog)
Will the US economy relapse? Is Europe finished? Will China, Inc. crash? Read more here. By Thomas Mucha, GlobalPost BOSTON — With all the anguish about crippling government debt, a growing unease about China’s economic rise and the dreary harping
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Experts: Opportunities Increasing for Space Engagement with China
“I think all of us who go to China and try to set these dialogues up, we really struggle to get past the usual suspects, the people we see at every meeting. “We really do have this important challenge of finding a way to get at people who actually have
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N. Korean missiles could hit Guam, Japan warns
CBS News
The report, released Tuesday, does not bode well for progress in the talks between the US and North Korea. Japan also is concerned about China’s growing naval reach in the Pacific and what it called Beijing’s “opaque” military budget.
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World Stocks Slide Despite US Debt Deal
Japan’s Nikkei 225 closed down 1.2% to 9844.59 and China’s Shanghai Composite Index lost 0.9% to 2976.26. Hong Kong’s Hang Seng shed 1.1% to 22421.46. Seoul, Taipei, Sydney, Singapore and Mumbai also fell. The declines came despite an agreement by US
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Analysis: Debt deal unlikely to boost U.S. investor confidence
It isn’t as if China and Europe are providing much comfort. China’s manufacturing sector slowed further in July as Beijing cooled an overheated economy and demand for exports weakened amid Europe’s debt crisis and sluggish US growth, two surveys showed
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Terrorism in China
The Express Tribune
PHOTO: REUTERS When our erstwhile American allies accuse us of harbouring terrorists, it no longer comes as a surprise. Similar accusations from China, whom we consider a true friend, carry an additional sting. China has claimed that terrorist elements
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Asian Markets Fall on Weak US Data
In Hong Kong too, yesterday’s gains from the progress on US debt talks to raise the debt ceiling were wiped out. In banks, index heavyweight ICBC fell 3.3% while Bank of China dropped 1.7%. HSBC bucked the trend, supported by first-half profit that
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Primavera’s Hu Says China Seeing `Meaningful Slowdown’
Washington Post
2 (Bloomberg) — Fred Hu, chairman of Primavera Capital Group in Beijing and former Greater China chairman at Goldman Sachs Group Inc., talks about China’s economy and holdings of US Treasuries. Hu also discusses the proposed plan to raise the US debt
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Bluffing their way into crisis
Sydney Morning Herald
Australia can play a role smoothing the waters between the US and China in the South China Sea. Over the next few months, as Asia’s leaders gather for their annual round of summits, we are going to hear a lot about the South China Sea.
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Gold at New All Time High of $1642.10 Spot
Resource Investor
Gold rallied to a fresh all time high of $1642.10 today following a rash of poor economic data from the US, Europe and China which suggests that the global economy growth is sliding. Despite news that the US had tentatively reached an agreement to
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Five Lasting Lessons From The Debt Ceiling Debate
Palisades Hudson Financial Group
As a result, China is piling up trillions in reserves that it can find no place to invest, except in US Treasury debt. This is why the Chinese were horrified at the prospect of a US default. China is, in fact, a developing country, with an economy
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Fed Governor Lobbied by Chinese Gov’t on Bank Deal, FOIA Shows
Inner City Press
By Matthew R. Lee, Exclusive NEW YORK, August 2 — When the US Federal Reserve Board decided to allow a company owned by the People’s Republic of China to buy an American bank without requiring any application by the Chinese government,
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Lihua Falls a Record 22% in U.S. Trading After Short Seller’s Allegations
US-traded Chinese companies such as China MediaExpress Holdings Inc. disclosed financial irregularities or auditor resignations this year, raising concern there may be widespread fraud. Carson Block, a short seller at Muddy Waters LLC, helped fuel that
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UPI NewsTrack Business
2 (UPI) — China, the largest foreign holder of US debt, will be relieved by the agreement in Washington to raise the debt ceiling, but concerns remain, analysts said. “The agreement is likely to avert default by Washington and it certainly is a relief
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China and Russia vital to grains
Weekly Times Now
Mr Krueger said there was likely to be a big demand for feed grains from China in coming years. He said China had gone from being a small net exporter of grain to a net importer. “The US and China account for 75-80 per cent of the world’s corn market,”
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KPMG Survey Shows U.S. Auto Manufacturers to be More Efficient
Automotive Discovery
The majority of auto executives surveyed said North America is the primary growth market for their individual companies with China and South America next in line. “Even though our economic recovery remains weak, there is pent-up demand for vehicles in
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China an unlikely pit stop for NBA vagabonds
FS Arizona
Ultra-competitive Kobe Bryant might be tempted to prove himself to China’s basketball fans during the NBA lockout. (Kirby Lee / US Presswire) Randy Hill has covered the NBA for 25 years in Southern California and Arizona. He played high school and
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The latest news from the USOC – August 2
Kansas City Star
However, the small setback didn’t stop Team USA from moving forward and dominating defensively, capturing the gold medal against Spain, 69-46. The US Women’s Junior National Team fell to China, 20-25, 25-19, 25-16, 25-23 on July 31 in the bronze medal
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Dead Media Beat: United States Post Office
Wired (blog)
By Bruce Sterling *The Great Wall of China used to be a post office, of sorts. It had fire-station telegraphy and a military courier service. “On 9 June, the General Services Administration threw Modesto’s downtown post office onto the auction block.
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World markets breathe again, but economists fret
Deutsche Welle
“So that concern, that financial markets could turn their attention away from the US, is probably less relevant now.” Meanwhile, state media in China, the largest holder of US debt, chided Washington on Tuesday over the new debt ceiling, saying it was
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Brynjolfsson Says Metrics Reflect ‘AA’ U.S. Rating: Video
1 (Bloomberg) — John Brynjolfsson, chief investment officer of Armored Wolf LLC, talks about the outlook for the US credit rating, the sovereign debt crisis in Europe and China’s economy. Brynjolfsson talks with Pimm Fox on Bloomberg Television’s
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FTSE continues downward drift for second day as Obama faces backlash on US
Daily Mail
Relief overnight that the US Congress had voted to raise its debt ceiling soon dissipated after poor manufacturing data from the US, Europe and China overnight reminded traders of the fragility of the world economy. The warnings transferred to the
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The Best Law Firms for Diversity
Above the Law
This continues what has been a spectacular year for Kinney in Asia, with almost 50 US associate placements already this year. While we expect the US biglaw associate lateral hiring market in HK / China and Singapore to remain very strong during the 2nd
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