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U.S. China News 2012.08.27

Mon, August 27, 2012

US official praises China’s recent action on currency; says US will push for
Washington Post
WASHINGTON — A U.S. Treasury official says China has made progress allowing its currency to rise against the dollar but greater flexibility is needed. Lael Brainard, the Treasury Department’s undersecretary for international affairs, praised China’s
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Join us for a live chat with David Wharton in China with UCLA [chat canceled]
Los Angeles Times
Join us at 8:15 a.m. today for a live Google+ Hangout chat with sportswriter David Wharton, who is in China with the UCLA basketball team, and Times sports editor Mike James. [Update at 8 a.m.: The chat has been canceled because of technical difficulties.
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Chinese industrial profits fall in July
U.S. News & World Report
By JOE McDONALD, Associated Press. BEIJING (AP) — Profits at China’s industrial companies tumbled in July for a fourth straight month, a sign of enduring economic weakness that adds to pressure on Beijing to drive a sluggish recovery. Total industrial
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Ford breaks ground on China plant key to growth plans
Reuters
CHONGQING, China (Reuters) – Ford Motor Co (F.N) will begin making its 2.0-liter EcoBoost turbocharged engine in Chongqing, its manufacturing hub in southwest China, next year, with the second-largest U.S. car maker hoping to catch up with rivals in
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GRAINS-US soybeans hit highs after production estimate cut
Reuters
November soybeans hit contract high on Pro Farmer forecast * U.S. soybean production pegged lower than USDA – Pro Farmer * Soybeans and corn output seen at lowest levels since 2003 * Hopes for Chinese, U.S. steps to stimulate the global economy
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Biggest Lumber Profit Since ’06 Led by by U.S.: Corporate Canada
Bloomberg
“For lumber producers, it’s really the combination of China and the U.S. that’s been so spectacular,” David Elstone, an analyst at Gibsons, British Columbia-based research firm ERA Forest Products Research, said in a telephone interview. ERA recommends
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EMERGING MARKETS-Latam stocks fall on China data, cenbanks eyed
Reuters
China industrial profits drop in July * Volume low as investors await signs of cenbank action * Brazil Bovespa falls 0.48 pct, Mexico IPC down 0.12 pct By Asher Levine and Danielle Assalve SAO PAULO, Aug 27 (Reuters) – Latin American stocks dropped for
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China eyes next lunar landing as US scales back
Times of India
BEIJING: Neil Armstrong’s 1969 lunar landing marked a pinnacle of US technological achievement, defining what many saw as the American century, but the next person to set foot on the moon will likely be Chinese. As the United States has scaled back its
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US Arms Sales Tripled In 2011 To $66.3 Billion: Report
Huffington Post
The U.S. also sold around $2 billion worth of antimissile batteries to Taiwan, a deal that stoked the ire of China and caused tension during a diplomatic Chinese military visit last July. For its part, Russia has also faced criticism for its weapons
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US stock futures up slightly, signal subdued open
Sacramento Bee
NEW YORK — Wall Street appears headed for a subdued opening, as the absence of stimulus action by central banks in the U.S. and China dismays investors while the German economy shows signs of weakening. Dow Jones industrial average futures are
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China Shenhua profit up 17 percent on coal demand
NBCNews.com
BEIJING — China Shenhua Energy Co., the country’s biggest coal producer, says its first-half profit rose 17 percent on strong sales despite a weakening economy. China Shenhua said it earned 26.7 billion yuan ($4.2 billion), or 1.34 yuan (21 U.S. cents
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US advances at U20 World Cup despite loss
Yahoo! Sports
China and the U.S. both finished the group stage with four points, but the Americans advanced because of better goal differential. Zhao Xindi scored in the 35th minute for China. The U.S. will face North Korea in the quarterfinals on Friday. North
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China Construction Bank 1H profit up 14 percent
NBCNews.com
The bank said late Sunday profit rose 14.5 percent to 106.28 billion yuan ($16.7 billion), or 0.43 yuan (7 U.S. cents) per share. That’s down sharply from a year ago, when net income grew 31 percent. Interest income rose 16.5 percent to 169.7 billion
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Shanghai copper up on stimulus hopes, spot sales
Reuters
SHANGHAI (Reuters) – Shanghai copper edged up on Monday, supported by hopes for stimulus measures from China after a state-backed paper called for plans to tackle economic risks, while the U.S. Federal Reserve also raised expectations for further
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US U20 WNT Reach Quarter-finals
SoccerNation.com
In Monday’s other Group D match, China PR defeated Ghana 1-0 to finish the group stage with four points alongside the USA. China could not make up the significant goal differential, and the U.S. advanced to the next round. The U.S. was shut out for the
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China Refiners to Cast Abroad as Price Curbs Hit Profit: Energy
Businessweek
China Petroleum & Chemical Corp. (386), Asia’s largest refiner, and rival PetroChina Co. (857) are poised to seek assets overseas to diversify as domestic earnings are depressed by state-controlled prices for processed fuels. Refining losses resulted
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World stocks stall without central bank moves
U.S. News & World Report
PARIS (AP) — Global stock markets stalled Monday as the absence of stimulus action by central banks in the U.S. and China dismayed investors while signs of a weakening economy in Germany showed the increasing impact that the eurozone debt crisis is
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US-Japan Security Alliance Is Obsolete Leaving Japan Caught between China
Forbes
controlled by Japan but claimed by China and called Diaoyutai? And is the alliance going to be a factor in any future resolution or management of this dispute? To anyone closely watching the situation, the answer to both of these questions is clearly
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Asian Stocks Drop as China’s Industrial Profit Declines
Businessweek
(358), China’s biggest supplier of the metal, slid 1.9 percent in Hong Kong. Samsung Electronics Co. tumbled by the most in almost four years in Seoul after a U.S. jury ruled that the world’s No. 1 maker of smartphones infringed Apple Inc. (AAPL) patents.
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China’s Best Laid Plans No Match for American Ingenuity
Wall Street Daily
While China’s rapid growth over the past few decades may seem miraculous, it’s actually the result of meticulous planning. But in a global economy that can be influenced by a country as small as Greece or Spain, you simply can’t be prepared for every
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Protesting Chinese AIDS Patients Tear Down Government Gate
Medical Daily
About 300 Chinese AIDS patients and their relatives stormed and tore down the main gate of a government office in central China Monday in a protest over unfulfilled demands for financial assistance, according to the Associated Press. By Christine
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Asian Shares Fall, Hurt by China Gloom; Samsung Declines
Wall Street Journal
South Korea’s Kospi was 0.1% lower at 1917.87, weighed down by index heavyweight Samsung Electronics, which plummeted 7.5% after a U.S. court ruled that the Korean company must pay Apple more than $1 billion in damages for violating its patents.
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World Stocks Stall Without Central Bank Moves
ABC News
World markets stalled Monday as the absence of action by central banks in the U.S. and China dismayed investors while Apple’s court victory in a high-stakes patent dispute sent shares of Samsung Electronics into a tailspin. After more than three weeks
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US Treasury’s Brainard: China has made progress in economic rebalancing
FXstreet.com
China current account surplus has been reduced to sustainable levels US will continue to pressure China to move toward market determined exchange rate Important that European institutions works together to support countries undertaking difficult
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F*$# Pride: Why Does China Need 100 Global Brands by 2015?
Business Insider
China is determined to have 100 globally influential industrial brands and 1,000 domestically renowned brands by 2015, said Yang Xueshan, vice-minister of industry and information technology, at the Brand Leader Summit on Aug 25. (China Daily)
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China’s Wen calls for steps to stabilize exports
Businessweek
BEIJING (AP) — Chinese Premier Wen Jiabao has called for efforts to stabilize weakening exports amid signs the country’s economy is weakening despite stimulus efforts. Wen’s weekend comments during a visit to Guangdong province, an export center in
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US economy shows weakness, at risk for 2013 recession
Examiner.com
We have seen large dips in economic growth in China to an annual rate of 8%, down from 11% during 2011, and continued fiscal and debt struggles in Europe which largely affect the US economic growth overall since both regions are crucial to the US
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Closer Sino-U.S. military ties urged
UPI.com
The China-Japan island dispute, which could draw the United States, escalated sharply this month as activists from China and Japan landed on one of the islands to assert their country’s claims, triggering diplomatic protests and ongoing demonstrations
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China Refiners to Cast Abroad as Price Curbs Hit Profit: Energy
Bloomberg
Cnooc Ltd. (883), China’s biggest offshore oil and natural gas maker with no refining operations, has proposed the nation’s biggest overseas acquisition, offering $15.1 billion for Canada’s Nexen Inc. (NXY) Canadian and U.S. regulators are reviewing
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China approves Ford, Mazda, Changan to split JV in two: Ford CEO
Reuters
CHONGQING, China (Reuters) – Ford Motor (F.N) and Mazda Motor Corp (7261.T) and their local Chinese partner Chongqing Changan Automotive Co have received approval from China’s central government to split their three-way, manufacturing and sales
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GA An Economic Powerhouse In US, AOPA Tells Chinese
The Leading Aviation Industry Resource for News, Equipment and
general aviation provides the only available option for fast, reliable, flexible air transportation to small and rural corners of the U.S., Spence told the audience of government aviation officials, dignitaries from AOPA-China, and other industry
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China’s Smartphone Shipments Overtake Feature Phones Earlier Than Expected
PCWorld
Driving most of China’s smartphone sales are those priced at 1000 yuan (US$158) and lower, Wong said. At the same time, Chinese retailers are less interested in carrying feature phones, and instead want to sell smartphones. In the second quarter,
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Study: 2.1 million US manufacturing jobs lost to China
Plastics News
27, 12:30 p.m. ET) — The U.S. has lost more than 2.7 million jobs — 2.1 million in manufacturing alone — since 2001, because of the U.S. trade deficit with China, according to a study by the Economic Policy Institute. Between 2001 — the year China
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China trade deficit costs Florida 106100 jobs
Bizjournals.com
with China, 106,100 of those jobs were in Florida. More than 2.7 million American jobs, including 106,100 in Florida, have vanished since 2001 because of the U.S. trade deficit with China, according to a report this week by the Economic Policy
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Most Japan Stocks Fall as China Industrial Profit Drops
Businessweek
Most Japanese stocks declined, with the Topix (TPX) Index falling for a second day, after profit at Chinese industrial companies fell, pointing to a deepening slowdown and outweighing optimism central banks in the U.S. and China will move to boost growth.
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