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U.S. China News 2012.07.18

Wed, July 18, 2012

US keeps wary eye on China’s space program
Kansas City Star
As China quickly carves out its place in space, American experts are beginning to question what its moves mean for the United States at a time NASA is undergoing a fundamental shift in its own mission. That’s partly because China’s agenda remains unclear,
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US Adds to Review of Chinese Listings
Wall Street Journal
BEIJING—A probe by U.S. regulators into one firm’s use of a common corporate structure used by U.S.-listed Chinese stocks threatens to further complicate life for Chinese companies at a time many U.S. investors already are wary. Beijing-based education
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Wake up America: Olympic scandal reveals true cost of cheap clothes
CNN
The end of the Multi Fiber trade agreement saw the volume of textile imports to the U.S. from China more than double from 2004 to 2011. The phasing out of quota arrangements has led to the loss of millions of textile and garment jobs in industrialized and
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US SEC delays court action seeking Deloitte China audit papers
Reuters
SEC seeks six-month extension, in talks with Chinese regulators * SEC seeking audit work papers for China-based companies * SEC seeking Deloitte papers in connection with Longtop By Aruna Viswanatha and Dena Aubin July 18 (Reuters) – The U.S.
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U.S. Olympians’ outfits are fine
Philadelphia Inquirer
China’s state-run Xinhua News Agency condemned the “narrow nationalism and ignorance” of the U.S. lawmakers. Other critics have correctly blasted the flap as much ado about nothing — and perhaps more to do with election-year posturing. The U.S.
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Australia Shares Drop 0.4% Amid US, China Stimulus Concern
Wall Street Journal
SYDNEY–The Australian share market was weighed down by the resources sector Wednesday, amid concern that global growth would remain weak in the absence of decisive policy stimulus from the U.S. and China. BHP Billiton fell 2% despite
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Visa, MC still face hurdles in China after WTO ruling
Reuters
HONG KONG (Reuters) – U.S. bank card suppliers looking to take on China UnionPay in its home market after the WTO ruled Beijing illegally favors the state-owned network will be battling a deeply entrenched incumbent with 2.5 billion cards in circulation
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Yellow Card for Chinese Rebalancing
Wall Street Journal
An arbitration panel of that body this week ruled that China must allow greater market access to foreign credit-card processing companies, such as Visa and MasterCard. Despite some spin to the contrary, the decision is a major victory for the U.S. in an
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Jobs coming home
New York Post
News of our Olympic team’s uniforms being made in China has prompted Sen. Chuck Schumer and others to fulminate anew about exporting jobs. But the future’s going to look very different: It’s China that’s going to be worrying about losing jobs to us in the
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METALS-Copper up on US housing; demand fears cap gains
Reuters
U.S. housing starts rise at fastest pace in more than 3 years * Euro drops versus dollar on Merkel comments * Global growth fears, China demand worries cap gains By Harpreet Bhal and Eric Onstad LONDON, July 18 (Reuters) – Copper rose on Wednesday
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US companies may bid on South China Sea projects
MarketWatch
BEIJING–U.S. companies may bid for offshore projects in the South China Sea, state-run newspaper China Daily reported Wednesday, citing the chairman of China National Offshore Oil Corp., China’s largest offshore oil and gas producer by capacity.
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Wendy N. Powell: US Olympic team in Chinese gear sign it’s time for tariffs
TCPalm
One thing you can be sure of: Our U.S. Olympic team is true blue — that is red, white and blue under sheep’s clothing. Breaking news: Their opening ceremony uniforms were made in China with a French beret on top. Could these uniforms designed by Ralph
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How You Can Make ‘Made in America’ Cool Again
Forbes
Ralph Lauren’s decision to manufacture the uniforms they are providing to the U.S. Olympic team in China sparked criticism on Capitol Hill and across the country last week. Many media sources reacted, as well, with arguments on why Ralph Lauren should or
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Chinese companies see profits plunge amid slowdown
U.S. News & World Report
China’s expansion is still far more robust than the United States and Europe but its companies have come to depend on unusually high growth to stay profitable. Industries that rely on demand for new factories and equipment have been hurt as struggling
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Chinese activist Chen Guangcheng to publish memoir
Chicago Tribune
LOS ANGELES (Reuters) – Chinese activist Chen Guangcheng, a blind dissident who left his country after seeking refuge in the U.S. Embassy, will publish a memoir next year, his publisher said on Tuesday. In April, Chen made headlines worldwide when,
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Olympics: Uniforms from China?
Charleston Gazette
So it was galling to learn that the U.S. team’s ceremonial uniforms were made in China. Good grief. Is the U.S. Olympic Committee so blind to patriotism that it didn’t demand garments made by American workers? Did it fail to consider feelings of U.S. sponsors
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Weigh in on U.S. Olympic Uniforms Made in China
Patch.com
Lawmakers from both sides of the aisle, including one from Long Island, criticized the U.S. Olympic Committee this week for outfitting the U.S. team in Ralph Lauren uniforms made in China. Rep. Steve Israel, D-Huntington, urged the not-for profit USOC to
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China touts relations with Africa amid grumbling
U.S. News & World Report
By GILLIAN WONG, Associated Press. BEIJING (AP) — China touted its close relations with Africa on Wednesday ahead of talks with the continent’s senior officials even as some African countries grumble about problems that come from being locked in a tight
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Mark Carney takes dimmer view of US, Europe, China
Globe and Mail
The Bank of Canada has cut its growth projections for the United States, Europe, China and the global economy and warns that world prices for oil, Canada’s most lucrative export, could be “substantially weaker” through 2014 than it was expecting three
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Dell CEO upbeat on China despite slowdown
Reuters
ASPEN, Colorado (Reuters) – Dell Inc Chief Executive Officer Michael Dell said he remains upbeat about emerging markets such as China, its largest market outside the United States, despite “challenges” and a business slowdown. China, which accounts for
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Congress demands made-in-USA Olympic team uniforms
Mother Nature Network
Their broadside follows last week’s revelation that Team USA‘s uniforms for the London games, styled by iconic American designer Ralph Lauren, are made in China, the principal source of garments imported into the United States. “We are outraged,” began
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U.S. Treasury to Press China on Trade, Yuan Policy
NASDAQ
U.S. Treasury to Press China on Trade, Yuan Policy. WASHINGTON–The U.S. will use “all appropriate tools and leverage” to ensure China adopts and abides by fair trade and currency policies, a senior Treasury Department official said Wednesday. “China’s
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Copper up on US housing; demand fears cap gains
Reuters
In addition, China — the world’s biggest copper consumer — faces its slowest growth in three years, raising concerns about the outlook for demand. “Everyone is concerned about what is going on in Europe and also about the U.S. where economic numbers
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U.S. Treasury: To Press China for More Trade, Yuan Policy Progress
NASDAQ
WASHINGTON–The U.S. will use “all appropriate tools and leverage” to ensure China adopts and abides by fair trade and currency policies, a senior Treasury Department official said Wednesday. “China’s economy is now too large for it to pick and choose
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TSX moves up amid US housing data, weak profit outlook in China
Proactive Investors USA & Canada
The TSX higher on US housing data and Fed hopes, amid worries over a slumping profit outlook in China. The Toronto stock market moved up Wednesday on strong US housing data and Fed hopes, amid worries over a slumping profit outlook in China.
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Moms Talk: Should U.S. Olympic Uniforms Be Made in China?
Patch.com
A bigger issue it seems, is that these uniforms were made in China. Average Joes and lawmakers alike made their anger about this known in interviews on TV and online. And with 600000 American manufacturing jobs currently vacant, it would have been a
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China investment in US sought despite anti-Beijing sentiment
Washington Examiner
Former Treasury Secretary Hank Paulson, shown with former Chinese ambassador to the United States Zhou Wenzhong, wants the U.S. to put out the welcome mat to China investment. (Photo by ChinaFotoPress/Getty Images). Forget the furor over China
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TSX advances amid strong US housing data, weak Chinese profit outlook
Financial Post (blog)
Traders also looked to a report of a deteriorating business climate in China, a second day of testimony before Congress by U.S. Federal Reserve chairman Ben Bernanke and the release of the central bank’s so-called Beige Book, its regional study of
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Copper rises; gains seen limited
Reuters
Also weighing on prices are nagging worries over the global economy, which is battling with a triple whammy of a shaky U.S. recovery, a fermenting euro zone debt crisis and slowing growth in China. Highlighting mounting concerns about China’s sagging
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Lipinski Introduces Bi-Partisan House Bill Requiring U.S. Olympic Committee To
Patch.com
With many suburban residents still unemployed, should the U.S. Olympic Committee have off-shored American jobs to make team uniforms for American athletes in China? Read the story, then take the poll. By Lorraine Swanson; Email the author; 6:00 am
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Car Sales in China, U.S. Expected to See Massive Increase by 2015
Auto World News
Sales statistics show that in 2011, sales of light-weight vehicles in U.S. stood at 12.8 million, a whopping increase of 10.3 percent in 2012, according to Autodata. Its research reports predict that car sales may rise 12 percent to 14.3 million in 2012 and 3.5
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Louis Vuitton lures China’s super-rich with custom leather “art”
Reuters
China is the world’s third biggest market for personal luxury goods, worth at least 160 billion yuan ($25 billion). In the next three years, it is expected to leapfrog over Japan and the United States to take the top spot, with the luxury segment expanding to 180
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SEC delays court action seeking Deloitte China audit papers
Chicago Tribune
The SEC has been investigating dozens of China-based companies listed in the U.S. for accounting irregularities, but those inquiries have stalled amid difficulties in obtaining documents from Chinese auditing firms. In July 2012, the SEC said, Chairman Mary
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China Raises Treasury Holdings First Time in Three Months
Businessweek
“From China’s perspective, U.S. Treasuries are of much lower risk compared with holding European bonds,” said James Su, who oversees $50 million of fixed income assets as a fund manager at SinoPac Asset Management in Hong Kong. “It’s also linked to
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Chinese Subsidies Led to Abound’s Failure, Chief Tells Congress
Bloomberg
Abound Solar Inc., a solar-panel maker that shut after borrowing $70 million from the U.S., couldn’t compete with Chinese companies selling items below production costs, the company’s ex-chief executive said. As panel prices fell 50 percent in a year amid
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Should US Olympic uniforms be made in America?
Sun-Sentinel
The dispute is over the “Made-in-China” label on the uniforms the team will wear in the opening ceremony parade. Team USA’s uniforms were made in the communist People’s Republic. Including – gasp! – the beret. That has members of Congress more
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US firms may join CNOOC oil plans
China Daily
US companies may bid for oil exploration projects in the South China Sea, China’s largest offshore oil explorer, China National Offshore Oil Corp, said on Tuesday. “US companies are displaying interest in bidding for the oil and gas projects, which have been
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METALS-Copper steadies; growth, demand fears cap gains
Reuters
(Removes incorrect reference to copper price falls of more than 1 pct on Tuesday) * Euro drops versus dollar on Merkel comments * Global growth fears, China demand worries cap gains * Coming up: U.S. housing starts at 1230 GMT By Harpreet Bhal
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South China Sea disputes unsolvable in short term: ex-US envoy
Focus Taiwan News Channel
Taipei, July 18 (CNA) Former U.S. Ambassador to China Jon Huntsman Jr. said Wednesday sovereignty disputes in the South China Sea will not be resolved in the short term, adding that a code of conduct beingdeveloped by Southeast Asian countries will
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Why the Team USA ‘Made in China‘ Backlash is Such a Giant Story
The Fashion Spot
American Apparel Thought it might be safe to channel all your Olympics curiosity away from the Ralph Lauren Team USA made-in-China controversy and into something a little more fluffy and summery like, say, Italy’s official Armani-designed sportswear (only
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POLL: Should U.S. Olympic Uniforms Be Made In U.S.?
Patch.com
Ralph Lauren outsourced the manufacturing to China and politicians and some citizens are up in arms. The reaction has been so strong, the company has pledged to manufacture uniforms for the 2014 Winter Games in the U.S.. Rhode Island Rep. James
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Wednesday’s letters: US Olympic Team uniforms
Spartanburg Herald Journal
Our U.S. politicians sat on their hands while American textile worker jobs started leaving for China from the U.S. 25 years ago. Why all the fuss now over a few Chinese-made U.S. Olympic Team uniforms when billions of Chinese garments have been shipped
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