About 7,300 children’s tiaras, made in China and imported by Wilton Industries Inc. of Woodridge, have been recalled because they contain high levels of lead, which is dangerous for young children.
Filed under: China
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June 25, 2010 at 6:19 a.m.
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Filed under: China, Food, Franchises, International, Restaurants McDonald’s strikes deal to expand in China
U.S. fast-food giant McDonald’s Corp. formed a five-year strategic alliance Friday with China subway operator Shenzhen Metro Group Co. under which McDonald’s will have first pick of the prime retail spots in the subway operator’s underground commercial spaces and above ground property projects. Get the full story »
Higher wages to end cheap gadgets from China
The era of cheap manufacturing in China is coming to an end.
Rising wages spurred by a series of labor disputes at factories in China, coupled with the country’s just-announced decision to allow its currency to rise in value — making it more expensive to build things there – will lead to higher prices for tech gadgets, cut into corporate bottom lines and force companies to rethink manufacturing strategies anchored in China, the world’s assembly line. Get the full story »
Oil, gas prices rise on China currency move
China’s move to end its currency’s peg to the dollar initially fanned enthusiasm for crude, since a stronger yuan will make dollar-based commodities such as oil cheaper in China and bolster demand, but oil prices gave up earlier gains Monday afternoon as uncertainty set in about how quickly China may implement currency changes trimmed oil prices.
Crude gained 64 cents, to settle at $77.82 a barrel, on the New York Mercantile Exchange after rising as high as $78.92.
Retail prices for gasoline in the United States have climbed over the last week and are headed back toward a national average of $2.80 to $2.90 per gallon with higher prices on the West Coast, said Tom Kloza of the Oil Price Information Service. Get the full story »
G20 will want details on yuan
Leaders of some of the Group of 20 nations meeting in Canada this weekend will want to hear more about how China plans to make its currency more flexible, Canadian Finance Minister Jim Flaherty said Monday.
“Some countries will want to see more detail and perhaps even a schedule of some sort,” he told reporters when asked whether China’s announcement on Saturday that it would make the yuan more flexible meant the currency issue would not be such an important topic at the meetings.
Get the full story »
Caterpillar encouraged by yuan move
Caterpillar Inc. , the U.S. machinery giant that sells billions of dollars of earth-moving equipment and other products to China each year, said on Saturday it was heartened by China’s move to gradually make the yuan more flexible, saying it would help lift U.S. exports.
“Caterpillar is encouraged by this development,” said Rich Lavin, a group president with the company who is responsible for emerging markets, “and we believe over time that a stronger Chinese currency will promote more exports from the U.S. to China.” Get the full story »
Caterpillar, Navistar near $586M China truck tie
Reuters | Caterpillar Inc and Navistar International Corp are finalising a 4
billion yuan ($586 million) truck and engine manufacturing tie-up with
China’s Jianghuai Automobile, a source with direct knowledge of the deal
said on Friday.
Initial investment in the project will be twice as much as the amount
previously disclosed — 2 billion yuan — as Jianghuai and Navistar are
also planning a separate 50-50 diesel engine tie, the source told
Reuters.
“There will actually be two joint ventures. The engine venture is meant
to be a supplier for the truck project,” said the source.
Geithner: World economy needs yuan reform
Reuters | U.S. Treasury Secretary Timothy Geithner said on Thursday that reform of China’s exchange rate is “critically important” to the U.S. and global economies, and that a more flexile yuan was in China’s interest.
May 26, 2010 at 9:54 a.m.
Filed under: China, Consumer electronics, International, Technology, Wireless Chinese maker of iPods apologies for suicides
Associated Press | The head of Foxconn bowed deeply several times and apologized Wednesday
for a spate of suicides at the factory that makes Apple iPods and
iPhones, promising the electronics giant will try to stop more deaths. But the usually media-shy executive, Foxconn Technology Group Chairman
Terry Gou, cautioned there was only so much his company could do.
Get the full story: Chinese maker of iPods apologies for suicides.
Ghosn: U.S. auto market will sell 12M cars in 2010
Dow Jones Newswires | The U.S. auto market will sell 12 million vehicles in 2010, a 15 percent increase over last year, as the economic recovery continues, said Nissan
Motor Co. Chief Executive Carlos Ghosn.
The U.S., which was passed by China last year to be the largest market,
will never again regain its crown, Ghosn said in an interview Monday.
European sales have been better than forecast so far this year, but may
be dragged lower if the debt crisis in Greece pulls down the regional
economy.
PepsiCo to invest $2.5 billion in China
Reuters | PepsiCo Inc. plans to invest $2.5 billion in China over the next three
years to expand its presence in a major, growing market where its drinks
lag behind rival Coca-Cola Co.
The spending, announced Friday, comes in addition to the $1 billion
investment the soft drink and snack food giant announced in 2008 that
will be completed this year.
Emerging markets, particularly China, are critical growth engines for
soft drink makers, which have have experienced sluggish sales in recent
years in the saturated U.S. market.
May 12, 2010 at 5:53 p.m.
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Filed under: China, International, Jobs/employment, Labor, M&A Caterpillar CEO warns against M&A protectionism
From Reuters | Jim Owens, the chairman and chief executive of Caterpillar, warned against regulations that might prevent Chinese and
other overseas companies from buying U.S. businesses. Owens said on Wednesday that efforts to discourage cross-border deals, like China National Offshore Oil Corp’s derailed effort to take over U.S. oil firm Unocal Oil back in 2005, made it more difficult for U.S. companies to invest in overseas markets.
Get the full story: reuters.com.
American Airlines to begin Chicago-Beijing service
Associated Press via Forbes | American Airlines will begin nonstop service from Chicago’s O’Hare International Airport to Beijing on May 25, the carrier said Monday.
There will be four flights per week and on May 27, American will initiate the same number of nonstop flights from Beijing to Chicago. American will offer daily departures from both cities starting July 3.
Get the full story: forbes.com.
American further delays Chicago-Beijing service
American Airlines is further delaying the launch of flights between Chicago’s O’Hare International Airport and Beijing because it has yet to get approval for certain takeoff and landing times from Chinese authorities.
The airline said earlier this week it was tentatively delaying the start of flights until May 4. On Friday, the airline said it now plans to start the service on May 25.
April 30, 2010 at 10:24 a.m.
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Filed under: China, Food, Government, International, Investigations, Policy, Politics FDA accused of not pursuing leads in heparin case
From The Wall Street Journal | A Congressional committee faulted the Food and Drug Administration for not pursuing “specific and credible leads” to identify culprits in China during the 2008 crisis involving contaminated imported heparin.
Get the full story: wsj.com.
