April 21, 2014 |
Premier Li Keqiang wants to wean the Chinese economy off its dependence on export trade in cheap electronics, clothes, toys and tchotchkes of all variety. Let the Chinese people consume instead, he says, and let them consume products and services of high value. But how do you take a developing country like China, where saving has traditionally been favored over spending, and transform it into a nation of mass consumers? Simple, Li explains: You urbanize it, because city dwellers earn much more and spend much more.
CALIFORNIA | LOCAL
April 21, 2014 |
Along with its manicured greenbelts and meticulously neat neighborhoods, Irvine suddenly has something else on its hands: an international incident. Members of its vast Chinese American community are fighting a city decision to bow to the demands of Vietnamese Americans, who arrived by the hundreds this month to demand that Irvine abandon its plans to formalize a relationship with a tourist town in coastal Vietnam. A parade of speakers spent hours pleading with council members to reject the proposal, saying it would be insulting for the city to forge a "friendship" with a country they'd fled to escape a brutal communist regime.
April 16, 2014 |
The largest tech IPO of the year will come from a company that many Americans have never heard of. Alibaba -- a Chinese e-commerce behemoth that produces more sales and net income than Amazon and EBay combined -- has decided to go public in the U.S. after months of speculation that it would list in Hong Kong. The company could raise up to $15 billion at an estimated valuation of up to $200 billion. “We expect it to be the largest tech IPO ever, the largest IPO of the year, the largest Chinese IPO of the year,” said Max Wolff, chief economist and strategist at Citizen VC. “It's a big number, probably a record-breaker by any metric.” PHOTOS: Top 10 tech acquisitions Alibaba's initial public offering plans are part of a wave of Chinese companies going public in the U.S. this year.
April 10, 2014 |
The curtain goes up Thursday on the fifth TCM Classic Film Festival with the world premiere of the restoration of Fred Zinnemann's 1955 "Oklahoma!," based on the landmark Rodgers and Hammerstein musical. Shirley Jones, who made her film debut in the hit, will be on hand at the TCL Chinese Theatre Imax to discuss the film with Robert Osborne, Turner Classic Movies' popular host. Over the next four days, rabid movie fans will descend on Hollywood to watch beloved classic films and see some of Tinseltown's most venerable stars, including Jerry Lewis, who will have a hand and footprint ceremony outside the Chinese and appear at the screening of 1963's "The Nutty Professor"; Kim Novak, who will appear at the screening of 1958's "Bell, Book and Candle"; Maureen O'Hara, who will be the special guest at the presentation of the 1941 Oscar-winning best film "How Green Was My Valley"; and Mel Brooks, who will be cracking wise at the 40th anniversary celebration of "Blazing Saddles.
April 8, 2014 |
It measures only 8 centimeters, or about 3 inches, in diameter and couldn't even hold a cup of morning coffee. And yet it is worth $36 million. Or at least someone was willing to pay that much. A 15th century porcelain cup from China sold at a Sotheby's auction in Hong Kong on Monday for $36 million. The item -- which is being called a "chicken cup" for its depiction of a rooster and other fowl on its side -- was purchased by mainland China billionaire and collector Liu Yiqian, according to reports.
April 6, 2014 |
BEIJING - The pinger locater that Chinese searchers are using in the quest for Malaysia Flight 370 is a $16,000, U.S.-made device typically used by divers to find lost marine equipment in relatively shallow waters. But the Massachusetts manufacturer says it's possible the machine could detect pulses from an airplane “black box” lost in the ocean several miles deep. Thomas Altshuler, vice president and group general manager of Teledyne Marine Systems, said his company was aware that China had purchased several of its pinger locaters in the past but did not know how or where authorities were using the equipment.