US Economy

Immigrants will strengthen US power

Hundreds of protesters gather near the White House to demand comprehensive immigration reform and to protest a tough new immigration law. Photo: EPA

The United States is a nation of immigrants. Except for a small number of Native Americans, everyone is originally from somewhere else, and even recent immigrants can rise to top economic and political roles.

Thursday, 13 December, 2012, 3:08am

Chinese experts divided over US report on country's future rise

A new building in Beijing. The US National Intelligence Council report warned of major uncertainty over an emerging China. Photo: AFP

A new intelligence assessment that projects China outstripping the United States as the leading economic power before 2030, but with the US remaining an indispensable world leader, has divided Chinese experts.

8 May 2015 - 9:46am

John Boehner's dilemma in fiscal cliff showdown

Speaker of the House John Boehner faces a possible revolt from his right flank should he agree to a deal raising high-end rates. Photo: Reuters

With room for manoeuvre slipping away, top US Republican John Boehner is in a bind over how to avoid going over the fiscal cliff: embrace higher taxes and earn conservatives' ire, or scupper a deal and incur Americans' wrath.

10 Dec 2012 - 4:12am

Austerity not the solution to America's unemployment crisis now

US President Barack Obama included a modest amount of fiscal stimulus in his initial budget offer. Photo: AFP

Let's get one thing straight: America is not facing a fiscal crisis. It is, however, still very much experiencing a job crisis.

It's easy to get confused about the fiscal thing, since everyone's talking about the "fiscal cliff". Indeed, one recent poll suggests that a large plurality of the public believes that the budget deficit will go up if we go off that cliff.

9 Dec 2012 - 10:24am

US jobless rate drops but crisis continues

Unemployment Rates Drop to 7.7 Percent, As Economy Adds More Jobs Than Predicted. Photo: AFP

The US unemployment rate slipped to a December 2008 low in November but the job market remains stuck in a grinding crisis, government data released onFriday shows.

The Labor Department’s monthly jobs report was better than expected, with the jobless rate dropping to 7.7 per cent from 7.9 per cent in October and job growth picking up.

8 Dec 2012 - 9:48am

Hong Kong exports to double next year

As a transshipment hub for products produced across the border, Hong Kong is a major export city. Photo: AFP

The Hong Kong Trade Development Council says the city's export growth will double next year from this year.

8 May 2015 - 9:46am

US auto sales hit fastest pace since January 2008

Carmakers are experiencing a spike in car orders in the wake of Hurricane Sandy, which hit the East Coast in October, as people replace wrecked vehicles. Photo: AFP

US auto sales posted their fastest clip since January 2008 amid an improving economic outlook and demand for replacement vehicles following the devastating Hurricane Sandy.

Total industry sales in November were up 15 per cent from a year earlier and came in at an adjusted, annualized rate of 15.5 million vehicles, according to Autodata.

8 May 2015 - 4:27pm

Over the US fiscal cliff and out of the financial woods

MPF equity funds do not benefit much from the reviving US stock market.

When Hongkongers moan about the lousy performance of their Mandatory Provident Fund schemes, they usually focus on the ruinous fees they get charged.

But while high fees have certainly weighed on MPF returns, they are not the whole story. Poor asset allocation is also to blame.

4 Dec 2012 - 4:25am 1 comment

America supplants China in rank of biggest firms by stock market

The world’s number one technology company, Apple, is spearheading a rebound by US companies as they claw back ground. US companies now account for 171 of the top 500 of the world’s biggest stocks. Photo: AFP

American companies are supplanting China from the world’s 500 biggest stocks faster than at any time in the past decade, as an improving US economy and investor confidence in free markets overcomes the lure of equities offering twice the profit growth.

8 May 2015 - 9:46am

Sandy 'likely put dent in' US jobs

New York City Mayor Michael Bloomberg announced property tax relief efforts for homeowners affected by Hurricane Sandy. Photo: NYT

The damage wrought by Sandy probably extended to the job market last month as the superstorm forced businesses to close, upending the recent pickup in US hiring, economists projected a report this week would show.

3 Dec 2012 - 4:26am

Does government interference help in financial crises?

Greece's Finance Minister Yannis Stournaras is fighting to protect his country. Photo: Reuters

Which single aspect of the complex mess of financial and economic crises supposedly coming to a head is absolutely certain? The answer is that governments will not solve these problems. They never do. At best, palliatives will be devised, interim solutions found and some of the worst consequences of fiscal default, or similar, will be avoided.

3 Dec 2012 - 4:26am

China’s top daily tells US to avoid fiscal cliff or lose clout

Timothy Geithner, US treasury secretary, leaves the US Capitol following a meeting with House Minority Leader Nancy Pelosi in Washington on Thursday. Geithner faced demands from Republican leaders to spell out spending cuts after President Barack Obama won backing from corporate executives to raise taxes. Photo: Bloomberg

China’s top newspaper scolded the United States on Friday for shirking responsibility as a superpower by prolonging uncertainty over how it will avoid a “fiscal cliff”.

30 Nov 2012 - 6:45pm 1 comment

Business Digest, November 30, 2012

The Labor Department received fewer first-time claims for unemployment insurance last week as the disruptions wrought by superstorm Sandy ebbed.

S&P maintains China's sovereign debt ratings

Standard & Poor's affirmed China's sovereign long-term credit rating of AA-minus and short-term rating of A-1-plus in an annual report yesterday and said the outlook remains stable, citing the country's "exceptional" growth prospects, holdings of overseas assets and modest government indebtedness. Bloomberg


8 May 2015 - 9:46am

US easing a worry but gold profits help, CIC chief says

Gao Xiqing

America's indebtedness and repeated monetary easing is a matter of grave concern but gold offers a glimmer of hope in these times, according to China Investment Corp (CIC) president Gao Xiqing.

29 Nov 2012 - 3:46am

Talking points

Franklin Lam

Lawmakers will discuss the controversy surrounding Executive Council member Franklin Lam Fan-keung's sale of two luxury flats just before the government announced extra measures to cool the housing market. Lam has been granted leave of absence from his role as a member of the government's top advisory body in the wake of the controversy.

28 Nov 2012 - 5:52am