20 10 / 2011
Euro hits session highs vs dollar, yen on report
“That is what’s driving this stock and euro rally in the
afternoon,” said Brian Dolan, chief strategist at Forex.com in
Bedminster, New Jersey. “That would be what the market’s been
looking for and $2 trillion seems to be in the right
neighborhood.”The euro hit a session high of $1.3817 after news of
the report, according to Reuters data. It last traded at
$1.3798, up 0.4 percent on the day.Against the yen , the euro jumped to a session
high of 106.19 and last traded at 105.94, up 0.4 percent on the
day.
14 10 / 2011
U.S. delays China currency report; lawmakers push bill
The decision to delay the sixth semiannual report to Congress under the Obama administration, which was due on Saturday, came days after the Senate approved legislation that aims to pressure Beijing to let its yuan rise in value faster.The delay “will give us a chance to assess progress following several international meetings,” the Treasury Department said in a statement.Ministers and leaders of the Group of Twenty major global economies and the Asia Pacific Economic Cooperation forum, bodies in which the United States and China are key players, are scheduled to meet this month and in November.President Barack Obama and key figures in his cabinet, while stopping short of endorsing the currency bill, have voiced clear sympathy with lawmakers’ contention that China undervalues the yuan to give its companies a price advantage in global markets.”China has been gaming the trading system to hold down the value of its currency to give its companies a leg up. Its currency has appreciated, but not enough,” said Secretary of State Hillary Clinton in a speech in New York on Friday.Clinton, whose currency remarks echoed those of Obama this week, also raised concern that some provisions could violate World Trade Organization rules.DEMOCRATS PUSH REPUBLICANSBeijing says it is committed to gradual currency reform and has pressed the White House to block the currency bill, which it says is protectionist and against WTO rules.The Democratic-controlled Senate on Tuesday voted 63-35 to pass the bill, which would allow the United States to slap duties on goods from countries with undervalued currencies.But the measure has been held up in the Republican-run House of Representatives, where Speaker John Boehner opposes the measure and has branded it “dangerous.”Boehner, the most powerful Republican in Congress, could make sure the bill never comes up for a vote. A similar measure cleared that chamber last year 348-79, when it was controlled by Democrats.U.S. Democratic lawmakers vowed on Friday to keep pressing for a vote on the currency bill, saying the legislation Republican leaders are blocking is vital for U.S. trade competitiveness.”It is estimated that currency manipulation costs our economy over a million jobs,” said Steny Hoyer, the No. 2 Democrat in the House of Representatives. “I urge the Republican leadership to put the currency bill on the floor.”Hoyer also urged Republican presidential hopeful Mitt Romney, who has promised to label China a currency manipulator on his first day in office, to press the issue with other Republicans.”He certainly ought to talk to Mr. Boehner,” Hoyer said.A bipartisan group has reintroduced the bill the House passed last year and it currently has 225 co-sponsors, including 61 Republicans. Only 218 votes would be needed to pass the measure if it came up for a vote.A “discharge petition” to try to force House action has garnered 175 signatures but 218 are needed. No Republicans are supporting that effort.GEITHNER: “BIG PROBLEM WITH CHINA”The Obama administration, in five previous reports that were also delayed, declined to take the step of formally labeling China a manipulator. Doing so would require stepped-up negotiations with China over its exchange rate.The previous Treasury report on May 27 found China did not meet the U.S. legal definition of a currency manipulator, but said Beijing still needed to allow the yuan to rise much faster in value.Treasury Secretary Timothy Geithner, long a proponent of a multilateral approach to get China to adjust its exchange rate, expressed what appeared to be growing impatience with China within the administration.”We have a big problem with China as a country and an economy,” he told the CNBC news network in an interview.”It’s a global problem, and it’s partly because they’re not letting their exchange rate rise rapidly enough,” he said.”We’re very supportive of the objectives of that bill,” said Geithner, while repeating administration caveats about the bill’s compliance with WTO rules.”We’re open to any tool, any piece of legislation, that gives us more leverage that could be effective in helping advance our interests,” he said.
13 10 / 2011
UPDATE 1-Romney sharpens attack on China’s economic policies
* To address Microsoft employees laterSEATTLE, Oct 13 (Reuters) - Republican U.S. presidential
candidate Mitt Romney on Thursday threatened trade sanctions
against China if the world’s No. 2 economy does not halt what
he said was currency manipulation, unfair subsidies and rampant
intellectual property theft.”As president, I will present China with a clear choice,”
said Romney in an advance copy of a speech to be delivered
later on Thursday near Seattle. “Either abide by your
commitments, open your markets, and respect our property, or
else the days of open access to our markets, our ideas, and our
companies, are over.”Romney, who is to address Microsoft Corp employees
at its Redmond, Washington, headquarters, said the United
States should impose duties and tariffs on Chinese goods, and
block the transfer of some technology, if Beijing continues
these practices.The world’s largest software maker is especially interested
in intellectual property issues, having lost billions of
dollars in Chinese sales over the years due to piracy.Romney outlined a similar tough stance on China last month,
as he sought to stake out differences with President Barack
Obama and tap into the U.S. public’s rising concern over
China’s economic and military growth.The former Massachusetts governor is a leader among
Republicans seeking the nomination to run against Obama in
2012. But fewer than one in four of the party’s voters back him
as a surging Herman Cain gains ground, according to a
released on Wednesday.Romney believes the Obama administration has been weak on
advancing overseas agreements that might boost free trade,
although Wednesday’s vote by Congress to approve long-delayed
trade pacts with South Korea, Colombia and Panama may take the
edge off such criticism.On the currency issue, the U.S. Senate approved a
controversial bill aimed at forcing China to raise the value of
the yuan earlier this week, in an effort to save American jobs,
but its fate in the House of Representatives is uncertain.
China denounced the vote as a protectionist step.Earlier on Thursday, Romney named three of former President
George W. Bush’s advisers to his campaign’s trade team,
including Carlos Gutierrez, who was Bush’s Secretary of
Commerce from 2005 to 2009.
13 10 / 2011
Future is bright for Asian players: Choi
“Asian players have grown so much in the past 10 years and compete shoulder to shoulder on the world stage week-in and out. The positive is that this is only the beginning.”Through the opportunity and experience of playing in international tournaments from such a young age, Asian players are increasingly adapting to new environments and expanding their skill level.”I think that number (Asians in the top 200 of the world rankings) will double in the next 10 years, with more players higher up in the top 100.”Twenty Asians currently feature in the top 200 and Choi, a rice-farmer’s son who battled through the ranks to establish himself as a prominent golfer on the U.S. PGA Tour, said competing around the globe was key to any player’s development.”Playing outside of Korea and on the Asian Tour provided me with the experience and know-how of adapting to different weather, course conditions, food, culture, language, travel logistics and time zones,” Choi added.”Getting accustomed to these elements is so important to become a global player.”The 41-year-old eight-time PGA Tour winner is hosting an Asian Tour event on home soil next week, putting Choi in an elite group including Jack Nicklaus, Arnold Palmer and Tiger Woods as players with their own tournaments.
12 10 / 2011
Tens of thousands rally to support Assad in Damascus
“God, Syria and Bashar,” they sang.State television described the government-backed rally as a “million-strong march … supporting national independence and rejecting foreign intervention.”At the start of the demonstration a man holding the flags of Russia and China — which both vetoed a European-drafted resolution against Syria at the United Nations last week — flew over the crowd, suspended from a helicopter by rope.It was the biggest demonstration for months in the center of the capital, which has been relatively untouched by the protests which have rocked Damascus suburbs and other parts of the country.Assad has responded to the protests with a promise of reforms and a military crackdown on protesters in which tens of thousand have been arrested, according to activists.There have also been increasing reports of clashes between security forces and opponents, made up of deserting troops and gunmen. Authorities blame armed groups for the violence and say 1,100 members of the security forces have been killed.The United States and European Union have imposed sanctions on Syria and called on Assad to step down. Russia and China have blocked Western efforts seeking U.N. action against Damascus, but have told Assad he must speed up reforms.(reporting by Dominic Evans)
12 10 / 2011
Sony says to recall 1.6 million LCD TVs globally
There have been no reports of injuries or of damage to anything other than the televisions, Sony said.The televisions subject to recall were manufactured in 2007 and 2008 and were mostly sold in Europe and the United States, although some were also sold in Japan and other parts of the world, a Sony spokeswoman said. The company will issue an advisory to customers on its websites and by e-mail.
12 10 / 2011
PRESS DIGEST - British business - Oct 12
The European authorities are preparing to impose draconian
standards on the region’s banks that could force them to raise
hundreds of billions in additional capital.IRISH REVIVE TASTE FOR PROPERTYA devastating property crash has not slaked the Irish thirst
for bricks and mortar, with cash buyers splashing more than 30
million euro on flats and houses in the past six months,
according to an Anglo-Irish auction house.The TelegraphGOLDMAN ‘DEAL’ WITH HMRCGoldman Sachs escaped paying up to 20 million pound
on a disputed National Insurance bill for bankers’ bonuses,
according to leaked UK government documents.MOTHERCARE BOSS TO GO IN A MONTHBen Gordon, the longstanding chief executive of Mothercare
, is to leave following a series of profit warnings from
the retailer.SLOVAKIA DEALS BLOW TO BAILOUT EXPANSIONEuropean markets faltered as the Slovak government looked
set to fall before the euro zone’s bailout fund is approved and
Greece’s crucial money injection remained uncertain.The GuardianRECESSION OVER BUT UK STILL SUFFERING, SAYS THINK-TANKThe UK recovery will be the weakest seen for almost a
century, as the economy remains mired in “depression”,the
National Institute of Economic and Social Research
(NIESR)think-tank warned on Tuesday.The IndependentBP TO RISK WORST EVER OIL SPILL IN SHETLANDS DRILLINGBP is making contingency plans to fight the largest
oil spill in history, as it prepares to drill more than 4,000
feet down in the Atlantic in wildlife-rich British waters off
the Shetland Islands.ENRC TAKES UP OPTION TO CONTROL KAZAKH MINERA former board member of Eurasian Natural Resources
Corporation (ENRC) said “he couldn’t quite believe” the
news that the controversial Kazakh miner had bought a company
controlled by its three biggest shareholders.
