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China should let the yuan rise further to help its transition toward a consumption-based economy, although there is no clear evidence the currency is undervalued, a senior executive at Goldman Sachs said on Monday.
Higher inflation in China had contributed to rises in the yuan’s real exchange rate, said Jim O’Neill, chairman of Goldman Sachs asset management. Get the full story »
Bloomberg News | United Parcel Service says it expects to handle 430 million packages globally between Thanksgiving and Christmas, a 7.5 percent increase from the holidays last year, and is adding service to China, where demand is expected to grow 34 percent.
The United States struggled on Friday to win backing for its proposal of setting numerical targets for external imbalances as a way of pressing surplus countries such as China to let their exchange rates rise.
In a letter to fellow finance ministers of the Group of 20 leading economies, U.S. Treasury Secretary Timothy Geithner said countries should implement policies to reduce their current account imbalances below a specified share of national output. Get the full story »
Ford Motor Co. and Mazda Motor Corp. look set to drift further apart as the U.S. carmaker plans to wind down its stake in the Japanese company, leaving Mazda freer to make decisions, but possibly in need of a new partner down the line.
Ford is set to sell most almost all of its stake in Mazda, which stands at 11 percent, a source told Reuters Saturday. Trading house Sumitomo Corp. and other Japanese business partners of Mazda were in talks to buy the shares, the source said. Get the full story »
Boeing Co., in cooperation with Air China Ltd. and others, plans to test a commercial-jet biofuel in China produced from a locally grown plant by the middle of 2011-part of an effort to commercialize cleaner fuels world-wide and bolster China’s potential as a biofuel provider.
Boeing first tested a biofuel on a Virgin Atlantic Boeing 747 jet in early 2008 in London. It has since conducted similar tests a few more times, each time experimenting with different types of biofuels on different engines. The China demonstration flight, expected to be conducted by May or June next year, would be Boeing’s sixth such demonstration flight using a biofuel, said a Boeing executive, Al Bryant, in an interview Monday with The Wall Street Journal. Get the full story »
News that China’s Sinochem will not launch a counterbid for Potash Corp., removes one of the biggest potential obstacles to BHP Billiton’s $39 billion offer for the Canadian fertilizer giant.
The fate of Potash is far from certain, however, as other white knights may emerge, and BHP faces regulatory hurdles on the one hand and demands from Potash for a higher bid on the other. Get the full story »
The Obama administration faces a tough call Friday whether to label China a currency manipulator, a move long demanded by many U.S. lawmakers but also a potentially big wrench in an important relationship. Get the full story »
The dollar fell sharply against a broad range of currencies Thursday as prospects for Asian economic growth contrasted with the likely need for more stimulus in the U.S.
A monetary-tightening move overnight by the Monetary Authority of Singapore accelerated the dollar’s slide, knocking the greenback to long-term lows against rivals in Asia, Europe and North America before regaining some poise in New York trading. Get the full story »
United Airlines said Wednesday it had gained federal approval to begin daily flights from Los Angeles to Shanghai in little more time than it takes to fly between the two cities.
The speedy review of United’s request, completed a day after the Chicago carrier asked for permission to launch the new China service next year, is in contrast to the lengthy lobbying battles over access to China’s booming market that played out during the 1990s and in the 2000s.
Earlier this month, the U.S. Department of Transportation had needed just six days to approve a request by American Airlines to fly from Los Angeles to Shanghai. Get the full story »
Like rival American Airlines, United Airlines wants to expand its reach into China and has asked federal officials for permission to begin daily flights from Los Angeles to Shanghai starting in May 2011.
The new service would expand United’s reach in Asia’s booming air travel market, which has rebounded from the recent global recession faster than the U.S. and Europe.
Chicago-based United also seeks to take advantage of additional flights between the U.S. and China that will become available in 2011 under a recent trade agreement that loosened the tightly regulated market for air travel between the two countries. Get the full story »
Rival bidders may be looking to derail BHP Billiton’s $39 billion bid for Canada’s Potash Corp., with China’s Sinochem and a Canadian pension fund working on plans, according to newspaper reports. Get the full story »
China needs to take steps on foreign exchange reform and the Obama administration is monitoring Beijing’s progress on this issue, White House spokesman Robert Gibbs said Thursday.
“You have heard the secretary of treasury and the president and others in the administration discuss the need for China to take steps as it relates to its currency,” he told reporters. Get the full story »
Failure by global institutions to make a coordinated push to persuade countries such as China to let their currencies’ value rise would endanger the global economy, U.S. Treasury Secretary Timothy Geithner said Wednesday. Get the full story »
The United States urged European states on Monday to join forces with Washington in pressuring China to change its policies on intellectual property rights and foreign investment. Get the full story »
