Economy & Markets
The important economic and stock market news that advisors need to know.
Debt Limit Increase Fails in Congress in Largely Symbolic Vote
By John SullivanThe House overwhelmingly rejected President Barack Obama's call to increase the $14.3 trillion debt limit without conditions, by a vote of 318-97. Even some Democrats supporting Obama's position voted against it.
May 31, 2011
Yuan Appreciation Against Dollar Threatens Stability: China ExpertPolitical unrest in China could result if the yuan continues to appreciate significantly against the U.S. dollar, according to Benjamin Wey, president of New York Global Group. Late Monday the yuan did just that, guided by the central bank, and the move will not be without consequences.
May 31, 2011
China Wages to Rise Over Next Five YearsWages for Chinese workers will continue to increase over the next five years, according to the CEO of consumer goods exporter Li & Fung Ltd., and the increases have already contributed to a drive to locate cheaper labor markets.
May 31, 2011
RBS Launches Joint Brokerage Venture With Chinese PartnerThe new China brokerage house, Huaying Securities, plans to cash in on the boom in investment banking in China. At the same time, Founder Securities, the Chinese joint venture partner of Credit Suisse, received approval on Monday for its IPO.
May 31, 2011
FPA in China: Learning How to Build Trust in a Private SocietyIn China financial planning is done through CFPs at banks, but cultural differences around privacy and intimacy pose challenges for Chinese financial planners.
May 28, 2011
FPA in China: 9 Answers on the Role of Insurance in ChinaChinese financial planners tell Bill Dyess where the opportunities, and growth, are in insurance products in China, such as LTC insurance and annuities
May 27, 2011
Chinese Company Cleared for Limited Rare Earth TradingBaotou Steel Rare Earth (Group) Hi Tech, which is China's largest producer of rare earths, has obtained government approval from the region of Inner Mongolia to open a rare earth exchange, according to a state media report on Friday.
May 27, 2011
MGM China IPO Raises $1.5 BillionPansy Ho, daughter of Macau casino king Stanley Ho, outpaced her father near the top of Asia's billionaire list with the IPO of MGM China, a Macau casino she co-owns with MGM Resorts International.