US labor, industry coalition charges China currency &#39;manipulation&#39;
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WASHINGTON : An alliance of labor, industry and farm groups filed a complaint charging China with creating unfair trade conditions and undermining US workers and industry by manipulating its currency.
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The United States joined with the European Union and Canada on Friday charging that China has erected illegal barriers to the sale of U.S. and other foreign-made auto parts there.
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In WASHINGTON story headlined &quot;IMF says loosening of yuan in China&#39;s interest&quot; please read in first paragraph ... undervalued ... instead of ... overvalued ... (corrects direction). WASHINGTON, Aug 25 (Reuters
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BEIJING -- US and Chinese officials clashed publicly on the opening day of strategic economic talks, with Treasury Secretary Henry Paulson pushing China to revalue its currency while Chinese Vice Premier Wu Yi said Americans do not have a full understanding of the situation.
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The U.S. Federal Trade Commission has filed charges against a payment processing company, accusing it of attempting to debit consumers&#39; bank accounts for up to $200 million on behalf of dishonest merchants.Those consumers either never received the goods or received worthless items, said the FTC, which filed the complaint with seven other U.S. states. The payment company allegedly violated both federal and state consumer fraud laws, telemarketing rules, and FTC regulations regarding the unfair processing of payments.The payment processing company went by several names, which are listed in a FTC news release. The FTC alleges the company processed payments for fraudulent telemarketers and Internet-based merchants that used deceptive sales scripts and methods.About $69 million of the $200 million in transactions were either rejected by consumers or returned because of lack of proper payment authorization, the FTC said.The FTC wants to refund consumers and force the company to forfeit money it still holds from the fraud in addition to other civil penalties. The complaint was filed in the U.S. District Court for the Eastern District of Pennsylvania.The states that have joined the suit are Illinois, Iowa, Nevada, North Carolina, North Dakota, Ohio, and Vermont.
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The Bush administration filed a complaint with the World Trade Organization on Friday accusing China of providing companies with improper subsidies that hurt U.S. firms.
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U.S. lawmakers have resurrected a petition seeking a formal investigation of China's currency policy, in a challenge of the Bush administration's handling of trade relations with Beijing.
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WASHINGTON (CBS.MW) -- Chinese finance officials repeated Friday their commitment to move toward a flexible, market-based foreign exchange rate but didn&#39;t outline specific plans to do so after consultations with US economic officials Thursday.
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The U.S. government on Thursday  charged 13 people, including employees at major Wall Street  banks, with securities fraud, wire fraud, bribery and other  charges in what authorities are calling one of the most  pervasive insider trading rings in years.
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The US administration, facing huge and politically sensitive trade deficits, secured China&#39;s pledge Friday to work harder to move its currency toward a flexible exchange rate, which would make US goods more competitive abroad.
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The man responsible for selling portions of Microsoft&#39;s (Quote, Chart) Windows NT and 2000 source code earlier this year was charged with one count of unlawfully distributing a trade secret by the US Attorney&#39;s Office in Manhattan Tuesday.
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Fannie Mae, the largest buyer of US home loans, was accused of securities fraud by Ohio Attorney General Jim Petro, who said the company manipulated its earnings to artificially inflate its stock price.
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China's central bank on Sunday poured cold water on the idea that the country's economy can decouple from the United States.
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China&#39;s policy of fixing the value of its currency to the dollar has made government efforts to slow its economy more difficult, the US Treasury Department said in a semi-annual report
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China has arrested two labor bureau officials for their alleged links to slave labor in brick kilns, amid reports Friday that kiln bosses were hiding child laborers and charging ransoms for their release.
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A group of influential US Senators are due to unveil legislation to force China to raise the value of its currency.
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Prosecutors indicted a Korean bank and a Belgium-based holding company owned by Lone Star Funds, an American private equity group, on charges of stock price manipulation in connection with Lone StarÂs 2003 acquisition of the bank. Lone StarÂs vice chairman, Ellis Short, and its general counsel, Michael Thomson, already face charges of spreading false information to weaken the stock price of the Korea Exchange BankÂs credit card unit before it was bought by Lone Star. The new charges are against the bank and LSF-KEB Holdings, a paper company based in Brussels that Lone Star set up in 2003 to take over the bank, according to Chae Dong-wook, a senior prosecutor. Officials of the bank and other Lone Star officials declined to comment.