Briefs: U.S. commission raps Bush for failing to end yuan's peg

[Dover]

Briefs: U.S. commission raps Bush for failing to end yuan's peg

Bloomberg News, Agence France-Presse, Reuters
Friday, March 25, 2005

A U.S. congressional commission said President George W. Bush's administration is failing in getting China to end its decade-long currency peg, and called on Congress to force the filing of a global trade complaint on the issue.
In a March 18 letter to leaders in the Senate and House of Representatives, the independent U.S.-China Economic and Security Review Commission said it remained unconvinced that China was making progress on promises to move to a flexible exchange rate. (Bloomberg)

** Shareholders give approval to Kmart purchase of Sears
Sears, Roebuck's shareholders on Thursday approved the $12 billion acquisition of the company by Kmart Holdings, a deal that will create the third-largest U.S. retailer.

Preliminary results show the deal, spearheaded by the chairman of Kmart, Edward Lampert, garnered 69 percent of the Sears shares outstanding. The vote was held at Sears headquarters outside Chicago, where Kmart shareholders also approved the acquisition. (Reuters)

** Ford Motor will cut more costs at its luxury car unit after worldwide sales of its money-losing Jaguar fell 20 percent this year, "slightly worse" than it expected.(Bloomberg)...cont'd

http://www.iht.com/articles/2005/03/24/business/ibrief.html

[teryang]

1. The ever present delusion of dictating China policy

China goes its own way. I personally don't favor the yuan peg but our bargaining position is undermined by China's own momentum and the American corporate greed which seeks to exploit Chinese resources and labor based in large part on the yuan dollar peg.