Copenhagen’s analysts said that any deals at Copenhagen will need to be supported by the world’s two largest emitters.
Senior US expert with the Chinese Academy of Social Sciences Zhou Qi said that China and the US must concrete and practical solution acceptable to both countries and must coordinate, therefore both sides have to make compromises.
The growing concern has Read more…
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HSBC Holdings said on March 2, 2009 that it would raise a total of $17.7 billion in new capital from shareholders in a rights issue to strengthen its financial structure after reporting a more than 50% fall in 2008 earnings and, as expected, a surge in bad debts in the US.
The largest bank in Europe is in the process of offering 5.1 billion new shares at 254 pence apiece, or a 48% discount on Friday’s closing price, for subscription by its current shareholders. In Hong Kong, the issue price per new share is HK$28, or a 50.2% discount on its Friday close of HK$56.95.
Stephen Green, the Group Chairman, disagreed that the rights issue had appeared too late. He said it was the right time when they got the information about their performance in 2008.
Douglas Flint, the HSBC finance director, Read more…
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Thanks to the help of US taxpayers and China’s government, General Motors Corp can continue its business, for GM gets a $13.4 billion loan from US taxpayer and $1,170 subsidies from the latter one.
As a result of cut in retail taxes on small vehicles, GM’s minivan venture sales in China have had a 32% rise in the first 2 months. Recently, the government is giving out 5 billion yuan in subsidies in order to promote the auto sales in countryside.
Because of the tax cut and subsidies, GM predicted that it would enjoy a double growth in China. However, in the US market, it saw a 51% slide in the sales, which forced GM to ask for about $16.6 billion aid from government. Read more…
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A clause in a sweeping economic stimulus package would undermine the country’s foreign policy and threaten the relations with other countries, especially with China, according to economists and scholars.
The main purpose of the ‘Buy American’ clause in a bill that President Barack Obama made law on Tuesday is to release $787 billion to rescue the US economy. The stimulus law says US iron and steel would be used for government projects.
It also states that the ‘Buy American’ provision be applied reducing US responsibilities without international agreements, and this Read more…
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Sino-Us relations is now facing new challenges due to the global economic crisis, said Morgan Stanley Asia Chairman Stephen Roach on Tuesday at the US Congress’s US-China Economic and Security Review Commission.
Roach said that during the recession while the America’s unemployment gets high, it is inevitable for people to believe what Geithner has commented—China is playing a more influential role in this crisis. His words were rooted from what Read more…
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Owing to a series of industry and market support measures that the government applied, it unprecedentedly breaks the record last month and China outstrips the US in automobile sales.
In February 10, China Association of Automobile Manufacturers (CAAM) said that China sold totally 735,500 units of vehicles in January, 14.5 percent less year-on-year because of the falling demand, and, compared with December, it drops slightly 0.83 percent. However, it is Read more…
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A series of trade barriers will be caused by the “buy American” products only clause in the $787-billion US economic stimulus package while large exporters, such as China will be hurt by this move, economists said last Sunday.
It is obvious that trade protection is certain to rise, said Mei Xinyu, a trade expert form the Ministry of Commerce. The current situation will stay for some time, he said, referring to the lasting effects caused by the US stimulus package. Read more…
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Based on the latest data, China became the third-largest world in economy in 2007, treading on the heels of Japan and the United States.
China’s economy has boomed in the past 30 year. Data showed that China has been ahead of Germany. But overtaking the US is another matter. Read more…
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Prologis, the Denver, US-based company will sell its China business to GIC Real Estate (GICRE), the property investment arm of the Government of Singapore Investment Corp, for nearly $1.3 billion to raise cash to pay down debt. Read more…
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Compare with $587 billion at the end of September, China got the largest monthly increase this year in October of the holdings of US treasury securities by $65.9 billion, which make it replace Japan to become the top holder of US debt with a total holdings of $652.9 billion.
Fierce domestic debate has resolved around the continual increases in US debt holdings in recent months, as the country has spent $2 trillion of foreign Read more…
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