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U.S. China News 2011.08.07

Sun, August 7, 2011

China state paper says U.S. debt downgrade a “warning bell”
Reuters
BEIJING (Reuters) – China’s top newspaper on Sunday warned that Asian exporters could be among the biggest victims of mounting US economic woes after Standard and Poor’s downgraded the United States‘ sovereign credit rating.
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Euro leaders in crisis talks after China tells US to put its house in order
Herald Scotland
by Judith Duffy THE downgrading of the United States‘ top-notch credit rating sent shockwaves around the world yesterday, with China launching a stinging rebuke and claiming America’s “debt-addiction” is threatening the global economy.
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Hong Kong braces for U.S. downgrade fallout
MarketWatch
China also urged the United States to apply “common sense” to “cure its addiction to debts” by cutting military and social-welfare expenditure. See: China rips US on debt-rating downgrade . Coveted AAA rating is stripped by S&P, but relegation to
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Biggest Foreign Buyers to Stick With Treasuries After Downgrade
Bloomberg
By Christopher Anstey and Shamim Adam – Sun Aug 07 15:00:01 GMT 2011 At $1.16 trillion, China’s holdings of US Treasury debt trail only the Social Security trust fund and the Federal Reserve, giving it a lot to lose in a US default.
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Bloomberg Gives $50 Million to Drive American Jobs to China
Huffington Post (blog)
His $50 million gift to support the Sierra Club’s anti-coal agenda and to stop coal-fired power plants will undoubtedly help move American jobs to China. As the Mayor of America’s largest city, Bloomberg should understand the overwhelming demand for
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China’s dollar dilemma worsens after US drama
gulfnews.com
In April, China bought bills worth $7.6 billion and in May $7.3 billion. The purchase reversed its previous stance when it offloaded US Treasury bonds for five consecutive months since October 2010. Even though China’s holding in US bonds has increased
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India faces Rs 1.83 lakh crore exposure to US debt
Economic Times
The overall national debt of the US is moving nearer to $ 15 trillion, out of which it owes over $ 4.5 trillion to foreign countries holding the US government debt securities. While China is the single-largest holder of the US treasury securities with
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China lectures US on its “addiction to debts”
Denver Post
BEIJING — In a blistering editorial Saturday by the state-run news agency, China said the downgrade of the US credit rating by Standard & Poor’s showed the need for America to “cure its addiction to debts” and to “re-establish the common-sense
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China demands new global reserve currency as US credit rating crumbles
Examiner.com
It’s not the first time that China has demanded a new global reserve currency. They started pushing for that long before now and were very vocal about it in 2009 when the US congress was still completely controlled by the democrats who wanted to raise
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Global Markets React To Downgrade Of US Credit Rating
KXLY Spokane
Stock market values fell Friday across Europe and Asia, where reaction to news of the US credit downgrade was mixed. A scathing editorial in the Chinese state-run Xinhua News Agency criticized the United States for living outside its means. “China
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Whatcom executive candidates differ on Gateway Pacific Terminal
Bellingham Herald
Louws believes it’s probably overextending for the environmental impact statement to look at the national or global environmental impacts of China burning the coal exported from here. He also said that the US doesn’t particularly like coal as a fuel
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China’s Innovation Capacities May be Over-hyped
International Business Times
According to the OECD, in 2008, the most recent year for which data are available, there were only 473 triadic patent filings from China versus 14399 from the US, 14525 from Europe, and 13446 from Japan. Data for patent grants in 2010 by individual
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China in thrall to the cult of Apple
Financial Times
The vision is a telling sign of the cult status Apple has achieved in China, already the world’s largest handset market and set to become the world’s largest PC market this year. While long queues at Apple stores are common in the US,
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Rio Tinto head says world economy needs ‘hard work’
AFP
Rio Thursday booked record underlying first-half earnings of US$7.8 billion due to strong Asian demand for its commodities, and chief executive Tom Albanese said business in China continued to be strong. But the company was watchful given the volatile
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Trade agreements would benefit Ohio Agriculture
Marion Star
When American farmers are allowed to compete in international markets, they have proven they can win. We already export to places such as China, Japan, Mexico and Europe, and now need to knock down barriers to our exports in other countries.
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Brendan Hansen wins 200 breaststroke in comeback at US nationals; Franklin
Washington Post
Franklin, the 16-year-old phenom who won three gold medals at the recent world championships in China, won in 53.63, a time that would have earned her a bronze medal in the event at Shanghai. She also set a national 15-16 age group record.
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Israeli Stock Market Plunges in Response to US Debt Crisis
Voice of America
Related Articles China Slams US on Credit Downgrade, Most Countries Cautious China criticizes US debt addiction by saying Washington needs to understand it can no longer borrow its way out of economic problems Obama Presses Congress For Action On Jobs
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World of good experiences for Denmon
Columbia Daily Tribune
Missouri’s Marcus Denmon and rest of Team USA will leave for China tomorrow and begin playing in the World University Games on Saturday. By Steve Walentik Marcus Denmon already has been raving about the experiences he’s had with the United States
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India’s exports vital for the US
mydigitalfc.com
Exports from China to the US have been primarily manufactured goods. By contrast, India has been much more involved in high value-added services. If the dollar declines substantially against the yuan, some of the cost advantage of Chinese goods will be
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How American Companies Can Plug into the Chinese Rocket-Propelled Economy?
The Open Press (press release)
(OPENPRESS) August 7, 2011 — Would it be wise to short an economy with $US 3 trillion in reserves, as Thomas Friedman pointed out? Golden Networking’s China Leaders Forum 2011, “How American Companies Can Plug into the Chinese Rocket-Propelled Economy
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Australian market likely to fall further – analysts
Herald Sun
“Most bond investors will stay in US Treasury because they have no alternatives.” China condemned US politicians, predicting further downgrades and saying it had “every right” to demand Washington safeguard Chinese assets. China – which at the end of
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Dollar to Be ‘Discarded’ by World: China Rating Agency
CNBC.com
His sentiment is also reflected in a strongly worded editorial published by China’s official Xinhua news agency on Saturday that is widely seen as a thinly-veiled criticism of US fiscal and economic policies from Beijing. The editorial called for
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Investors to assess U.S. debt downgrade, Fed moves
MarketWatch
Reacting to S&P’s first-ever downgrade of the US credit rating, China, the largest foreign holder of US debt, uses a sharply worded statement to tell Washington it no longer can borrow its way out of difficulties. See full story.
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US MONEY WEEK AHEAD: For Treasurys, AA+ Could Be The New AAA
Wall Street Journal
Chris Rupkey, chief financial economist in New York at Bank of Tokyo-Mitsubishi UFJ, said China and other foreign central banks are unlikely to dump Treasurys but it will pay to watch the indirect bidding at coming Treasury auctions for signs that
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It’s Time to Abandon the United States
Seeking Alpha
If the US cannot provide it, we should look for alternatives where we can find them. I may be barking up the wrong tree with China and fundamental instability there may be too much to handle. Nonetheless, the search should begin immediately and with
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Bank of England to reduce UK economic growth forecast for 2011
MyFinances.co.uk
Meanwhile, India and China have issued stern warnings to the United States that the era of high debt for the world’s leading economy may be over. Between them, China and India are two of the biggest buyers of US debt. China alone owns $1.2 trillion of
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Honda To Recall 1.5 Mln. Cars In US
RTT News
Additionally, Honda would also call back 760000 vehicles in China and 135142 in Canada for the same problem. Honda has found engine stalling issues as a result of damage to transmission components when transmission is quickly changed between reverse,
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From the Guardian: US credit rating downgrade prompts warning from China
Al-Arabiya
(Photo by Jonathan Ernst/Reuters) By Dominic Rushe and David Batty The United States has lost its top AAA credit rating for the first time, in a move that could severely undermine the recovery of the world’s largest economy and prompt further
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How to create American jobs
newjerseynewsroom.com
Closing down American factories and firing Americans so that products can be made in China to be sold to unemployed Americans has become a sure fire way to make money. Look at the Walton family fortune of $80 billion. Look at the Administration’s
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TAKE-A-LOOK-US, Italy troubles set to rock markets
Reuters
TOP STORIES > ECB eyes Italy bond buys to ease crisis > G7 major powers to confer on mkts crisis-source > United States loses prized AAA credit rating > Trichet wants ECB decision on Italy – source > China tells US good old days of borrowing over
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Lodi labels fill glasses in China
Sacramento Bee
The United States has a minor share – about 5 percent of that market – with California representing 90 percent of the US wines being exported. Exports of US wine to China are rising, however. They reached $45 million in 2010, a 27 percent increase from
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Schmitt defends US freestyle title
Hometownlife.com
Less than a week after capturing a gold medal in the women’s 4 x 200-meter freestyle relay at the FINA World Aquatic Championships in Shanghai, China, Canton’s Allison Schmitt returned home to successfully defend her individual 200 freestyle title
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0806-China declares financial war against America, a new currency on the table
MobileTribune.com (blog)
Response to the downgrade of US Government credit rating was swift, especially in China where leaders are calling for a new world currency to replace the dollar that has for decades been the money of choice everywhere. The most common complaint is that
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Debt crisis: Beijing happy to help eurozone but is wary of domestic cost
Telegraph.co.uk
But now, if there was a serious credit incident in Europe or the US, the feeling is that China does not have the same credit in the cupboard,” said Mr Green. Two more pillars of the Chinese economy, domestic consumption and fixed asset investment,
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Report: Verizon workers threaten Sunday strike
CBS News
If you want to work for China wages please go there as you are not needed here. An X Version worker here. by donretired August 7, 2011 5:14 AM EDT Would you work for China wages. If so please be my guest and go there as you are not needed here tea
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Oh Unhappy Day
Economic Populist
The US could have created a gentle process of shared political and military power, avoiding confrontation with China, India, Russia or other countries, and developing ways in which regional conflicts of any sort could be managed in a multi-polar world.
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Sen Franken Presses Obama Administration to Work with China Japan to Open
PoliticalNews.me (press release)
urged the Obama administration to work with China and Japan to end trade barriers that prevent market access for US beef. Sen. Franken joined Senate Agriculture Chairwoman Debbie Stabenow (D-Mich.), and a bipartisan group of colleagues in a letter to
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Orix to Invest $1 Billion in China for Water, Aircraft Leasing
Bloomberg
In the US, Orix will keep its focus on financial institutions as the investment target, Inoue said. Last year, Orix USA Corp. won a deal to buy a majority stake in the holding company of Mariner Investment Group, a New York-based manager of hedge funds
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Chavez: Venezuela not immune from US economic woes
The Associated Press
around the globe would probably hurt Venezuela as international oil prices fall, but added that the South American nation has partially protected itself by diversifying its economy and forging trade ties with countries like China and Russia.
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More guns and less butter
Gulf Times
The US is now “fiscally hollow”, warns respected senior American strategist and diplomat Charles Freeman, noting the entire US military budget is financed by money borrowed from China and Japan. He warns the US is entering a long-term military rivalry
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New trade agreement may hurt US jobs, not help
CBS News
by donretired August 6, 2011 11:42 PM EDT Free trade is what cost all the jobs in the USA. We need to get this turned around now or there will not be any jobs at all. Big Companies like GE not paying any tax and still send jobs to China. by skeezix06
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‘Shady RAT’ Hacking Claims Overblown, Security Firms Say
PCWorld
And in June, China refuted claims by Google that identity thieves in the country had targeted Gmail accounts of senior US government officials, military personnel and Chinese anti-government activists. Shady RAT is, in other words, just more of the
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Shaky U.S. economy won’t benefit from natural gas expansion
phillyBurbs.com (blog)
While US natural gas consumption is actually expected to decline through 2015, it is expected to increase overseas-as much as 44 percent by 2035, with China and India leading that demand. Liquefied natural gas (LNG) facilities once conceptualized for
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