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Stocks are finding their feet on higher ground this morning as a positive tone embraces equities markets worldwide. Oil continues to back down from the new high struck earlier this week.
I know. Why am I talking about this? You thought this was a sports business blog. Well, this week I've been trying to give you something a little bit different as I'm filing from Beijing. (Programming reminder: Next week, we're taking you behind the business of the 2008 Olympic games. You can watch my stories on CNBC or see them here on the Web site.) Anyway, back to my thought.
In a CNBC interview, Robert Eckert, chairman and chief executive of Mattel, said the company has taken "several immediate steps" to prevent any future incident like the recall of Chinese-made toys, yanked because of fears of lead-paint tainting.
Toy-maker Fisher-Price is recalling 83 types of toys - including the popular Big Bird, Elmo, Dora and Diego characters - because their paint contains excessive amounts of lead.
China is looking to score big in hosting the Beijing 2008 Olympic Games next August, but the judging will be very tough.
A hospital in Pittsburgh is banning Crocs, the comfy rubbery shoes with holes in them. Hospital officials call them a hazard, fearing a nurse might drop a syringe on his or her foot and, bingo! One nurse tells the AP that's a croc. "I mean, I can get a needle stuck in my arm or my leg."
Before coming to Beijing this week to cover the year before the Olympic stories, I read several articles about the city trying to fix bad English translations. Signs that supposedly read "Don't Bother" instead of "Do Not Disturb" and a place called Ethnic Minorities Park dubbed in English as "Racist Park."
U.S. Treasury Secretary Henry Paulson and other top Bush administration officials warned on Tuesday of risks to the U.S. and global economy if Congress passes legislation aimed at punishing China for its currency policy.
U.S. Treasury Secretary Henry Paulson is in China this week, seeking parity on a number of economic issues. With American concern over the yawning trade and currency gaps, Congress has pressured the secretary to get results. How far will Beijing go to accomodate its key trading partner? "My hypothesis is the Chinese will do something --but not a lot," said Peter Morici, former director of economics at the U.S. International Trade Commission.
U.S. Treasury Secretary Henry Paulson saw for himself on Monday efforts to reverse environmental degradation around China's largest inland lake, taking the spotlight off currency tensions for a day.
U.S. Treasury Secretary Henry Paulson Sunday acknowledged high trade tensions with China and said he would start a four-day visit by focusing on an issue with more common ground: the environment.
Just one day after a Wall Street Journal report that Warren Buffett is buying shares of Kraft Foods, we get word today that he's sold a small slice of his stake in PetroChina, the big Chinese oil company. The AP reports there's "no indication whether he was responding to demands by activists to cut his ties to the company due to its investments in Sudan." But the very small size of the sale, about 17 million shares worth just $27 million, would appear to make it a slight adjustment rather than any kind of message.
Chinese Web search company Baidu.com on Wednesday said its quarterly net profit grew 143 percent, reflecting market share gains in the world's second-largest Internet market. Its shares rose 22 percent.
The dollar dropped to a 3-month low Thursday, as investors spooked by growing problems in credit markets fled risky assets financed by borrowing in the low-yielding Japanese currency.
The dollar jumped broadly Wednesday in a technical rebound from record lows against the euro, shrugging off fresh signs of deterioration in the U.S. housing sector.
The dollar fell to a 15-year low against a basket of major currencies and a record low against the euro Tuesday, hurt by the potential for credit woes and housing market weakness to weigh on the U.S. economy.
British bank Barclays has raise its offer for ABN Amro Holding to $93.1 billion with help from two Asian partners, an attempt to remain competitive with a rival bid from a group led by Royal Bank of Scotland.
The dollar edged higher against the euro Monday, recovering from a record low, as dealers awaited economic data later in the week to see if U.S. credit market turmoil has spread to other sectors.
On the heels of fakesteve.blogspot.com (the fake Steve Jobs), and my own fakeJane (the fake me, see below), it turns out everything, EVERYTHING, is fake. Even the story about the Chinese buns made out of cardboard. Or is it? That's the problem with China these days. You believe the bad news, then when they tell you the bad news was a lie, you don't believe that either.
British bank Barclays has raised its bid for Dutch group ABN Amro 67.5 billion euros ($93 billion), helped by some of the biggest ever overseas investments by China and Singapore.