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The House was set to pass legislation Wednesday to put pressure on China to let its currency rise faster, fanning the flames of a long-running dispute over trade and jobs.
The bill, expected to get heavy support from Democrats but a mixed reaction from Republicans, treats China’s exchange rate as a subsidy. That would open the door to extra duties on Chinese goods entering the United States, some of which are already subject to special levies. Get the full story »
Caterpillar Inc. said it will build a new assembly plant in China to produce small hydraulic excavators as the company continues to expand its production capacity in developing regions.
Construction of the plant in Wujiang is expected to begin by the end of the year, with excavator production scheduled to start in 2012. Caterpillar, the world’s largest manufacturer of construction equipment by sales, has supplied the Chinese market with excavators weighing less than eight tons from plants in Xuzhou, China, and Sagami, Japan. Get the full story »
The Senate is unlikely to vote on legislation to pressure China to raise the value of its currency until after the November 2 congressional elections, a Democratic senator said on Tuesday. Get the full story »
President Barack Obama said in a meeting Thursday with Chinese Premier Wen Jiabao that China needed to do more to resolve a dispute over the value of the Chinese currency, a senior U.S. official said.
Obama told Wen in their talks on the sidelines of the U.N. General Assembly that the currency was the “most important issue” of their meeting, the official said.
China’s Sinochem Corp. has hired banks to advise it how to foil BHP Billiton’s $39 billion bid for Potash Corp., two sources with direct knowledge of the matter told Reuters.
The state-owned chemicals group had hired Deutsche Bank and Citigroup for the purpose, the sources said after BHP extended its offer for Potash, the world’s largest fertilizer group, by a month to November 18 to provide Canada’s competition regulator with more information. Get the full story »
Chinese automaker and General Motors Co. partner SAIC said Monday it is paying close attention to GM’s upcoming stock sale, but gave no hint over whether it plans to take a stake itself.
GM executives in the U.S. and China likewise refused comment on reports that the automaker is in talks with its state-owned joint venture partner SAIC about buying a stake in the Detroit company through its initial public offering. Get the full story »
A faster appreciation of the Chinese yuan by Beijing would be “appropriate,” the head of the European Union delegation to the U.S. said Friday.
EU Ambassador Joao Vale de Almeida said there is greater potential for collaboration between the U.S. and Europe, particularly in Group of 20 nation negotiations, to press more rapid reform of China’s currency to a market-based rate.
Kraft executives laid out a strategy to deliver more growth and higher returns following its Cadbury acquisition, at the company’s annual investor conference in New York Wednesday.
In a presentation some analysts described as short on specifics, chief executive officer Irene Rosenfeld and key members of the executive team described a strategy of focusing on so-called “power brands” and regional brands in each area of the world, and a system for sharing best practices throughout the world. Get the full story »
Oreo products packaged for distribution in China. (Lane Christiansen /Tribune)
Kraft Foods, North America’s largest food company, is looking to double the number of Chinese cities in which it distributes Cadbury products within the next two years, its China head said on Monday.
The number of cities in China in which Cadbury confectionary is sold would rise to about 40 by tapping Kraft’s distribution network, Lorna Davis, president and chairman of Kraft’s China operations told Reuters in an interview on the sidelines of the World Economic Forum in China. Get the full story »
Air China Ltd. said it has agreed to buy four 777-300ER aircraft from Boeing for a total basic price of $1.15 billion to expand fleet capacity. Get the full story »
China wants people who buy new cell phone numbers to register their personal details, joining many European and Asian countries in curbing the anonymous use of mobile technology.
Most countries that have such rules say they prevent the use of unregistered phones in terror attacks or drug crimes. In China, authorities say they have their sights on rampant junk messages — but some believe the move gives the government a new tool for monitoring its citizens. Get the full story »
Mayor Richard Daley will travel to China and South Korea next month to promote Chicago as a destination for businesses and tourists.
The Sept. 18-24 trip will be sponsored by the Chicagoland Chamber of Commerce and World Business Chicago. The mayor will make stops in Shanghai, China, and in the cities of Busan and Seoul in South Korea.
Northern Trust Corp. said Tuesday it received a branch license in Beijing, allowing the bank and asset manager to directly provide client services from that office rather than from a representative office in Singapore or Hong Kong.
Brazilian mining giant Vale Monday denied market talk it is planning a bid for Canada’s Potash Corp., as Potash seeks to fends off a $39 billion takeover offer from Australia’s BHP Billiton.
“The rumors that the company has bid to acquire or is negotiating to buy a fertilizer company (are) totally unfounded,” Vale said in statement. Get the full story »
