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Washington Post
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Jan 30, 08 3:01 AM CST
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The world economy will still catch a cold when America sneezes, but it won't be as bad as it would have been 5-10 years ago, the Washington Post reports. The International Monetary Fund predicts a 2008 global growth forecast of 4.1%—down from 4.9% last year—largely because of an expectation of a US downturn. The impact could have been far worse, but American economic dominance has been diluted, leaving other economies better able to weather a US recession.
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Reuters
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Jan 29, 08 7:46 AM CST
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China’s record snowstorm has killed at least 25 people when the bus they were riding in careened off a slick mountain road in the southwestern province of Guizhou, reports Reuters. Chinese Premier Wen Jiabao today visited hordes of stranded train passengers in Hunan province, and the government urged migrant workers not to travel to next week’s Lunar New Year until the worst snowstorm in 50 years abates.
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Washington Post
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Jan 28, 08 7:01 PM CST
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As the dollar drops, foreign investors are buying up US enterprises large and small, from multi-billion-dollar stakes in Wall Street banks to ownership of chemical factories and construction companies in the likes of North Carolina. Canadian, British and German companies have been expanding their portfolios in the US for years, but the Middle East and China are quickly catching up. And it makes some politicians queasy, the Washington Post reports.
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Bloomberg
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Jan 28, 08 7:14 AM CST
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The biggest snowstorm in 50 years is wreaking havoc with China’s transportation and power-supply infrastructure and triggering widespread shortages the week before the Lunar New Year. Over a foot of snow fell in Nanjing, reports Bloomberg. "We face a very severe situation in ensuring supplies of coal, electricity, oil and transportation,'' said a government spokesman.
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Reuters
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Jan 28, 08 5:59 AM CST
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European and Asian markets slid again today as fears that the US is in a recession gained ground—despite efforts to shore up its economy and the likelihood the Fed would cut rates up to 50 basis points this week, reports Reuters. Commodity producers and banks suffered as investors worried about a global slowdown and anticipated more losses tied to the subprime contagion.
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Guardian (UK)
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Jan 25, 08 3:00 PM CST
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The Chinese divorce rate shot up 18.2% last year, the Guardian reports. It's not a huge surprise: Simplified divorce proceedings have contributed to the long-term trend, and the social stigma appears to have dwindled considerably. Some sociologists have an additional theory: China's one-child policy has created a generation of spoiled kids who are unable to sustain relationships as adults.
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New York Times
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Jan 24, 08 1:22 PM CST
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With the Summer Olympics set to begin Aug. 8 in one of the world’s smoggiest cities, competitors are looking for a Beijing edge. US athletes have been asking if they should train near busy highways to simulate Beijing’s noxious air, the New York Times reports, but trainers are advising they arrive at the last minute, and wear a mask when not competing.
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CNN
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Jan 23, 08 5:01 PM CST
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Bigwigs spooked by the downturn in the US economy aren't spreading their usual cheer at the World Economic Forum in Switzerland, Fortune reports, but many other Davos attendees are smiling. Representatives say the Indian and Chinese economies are strong enough to weather recession; many agree with George Soros that “the current crisis is the end of an era based on the dollar.”
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Associated Press
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Jan 23, 08 4:00 PM CST
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China took down 44,000 porn websites last year, arrested 868 people, and penalized 2,000 others. The Public Security Ministry said today that Internet pornography has “perverted China’s young minds,” the AP reports. Porn and paid sex are illegal in almost all forms in the country; the crackdown involved the seizure of cash and film equipment.
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Middle East Online
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Jan 18, 08 6:00 PM CST
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The central Baghdad neighborhood of Karrada has seen its share of brutal changes over the past few years, but saw a sign of life in January, when a Chinese restaurant opened its doors, reports Middle East Online . "Like security in Baghdad, it will get better," said one of the owners, referring to his inchoate menu.
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Reuters
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Jan 17, 08 12:03 PM CST
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China is cracking down on its booming, billion-dollar online game industry, which is seen as “spiritual opium” that threatens to hook the Chinese people, Reuters reports. The government today said it plans to regulate “undesirable” elements out of the game, which 41 million Chinese played this year. “The whole industry is marginalized by mainstream society,” one senior official said.
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Wall Street Journal
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Jan 14, 08 7:28 AM CST
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On the eve of Citigroup’s fourth-quarter earnings announcement, the Chinese government appears to have raised objections to China Development Bank's purchase of a $2 billion stake in the struggling financial giant, reports the Wall Street Journal . The proposed deal, reported by the Journal over the weekend, is part of an $8-billion to $10-billion infusion Citi has been trying to put together from a number of foreign investors.
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BBC
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Jan 12, 08 12:25 PM CST
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Taiwan’s China-friendly opposition party dominated parliamentary elections today, the BBC reports, dealing a blow to the hard-line president 2 months before his own poll. The KMT, which supports closer ties with Beijing, trounced the ruling DPP, winning 72% of the seats in the 113-seat chamber. President Chen Shui-bian, resigning as the DPP’s chief, said he was “shamed” by the outcome.
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Wall Street Journal
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Jan 11, 08 6:02 PM CST
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A Saudi prince and one of China's government banks are expected to invest billions in Citigroup, the Wall Street Journal reports today. The China Development Bank is expected to pump in $2 billion, sources said; the amount billionaire Prince Alwaleed bin Talal would front is yet to be determined, but would need to be below 5% of Citigroup's $140 billion value to avoid regulatory issues.
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CNN
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Jan 11, 08 3:37 PM CST
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More than 50 municipal inspectors beat to death an onlooker filming a confrontation between government officials and villagers in central China, CNN reports, sparking renewed criticism of China's press-freedom record. The head of the city administration bureau was fired today, reports the state news agency Xinhua, as authorities reacted quickly to forestall larger protests. The incident has set Chinese chat rooms ablaze.
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Bloomberg
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Jan 11, 08 11:15 AM CST
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The trade deficit widened 9.3% to $63.1 billion in November, despite a healthy growth in exports. With the dollar down, and demand for US goods rising in Asia and Latin America, exports moved at a healthy clip. But spending on imported oil overshadowed everything else, Bloomberg reports. “It comes down to three things: oil, oil, and oil,” said one economist.
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