China filed a World Trade Organization case Monday challenging U.S. anti-dumping measures on billions of dollars of kitchen appliances, paper and other goods, adding to worsening trade strains as global demand weakens.
Beijings move came shortly before the Obama administration filed its own WTO case accusing China of improperly subsidizing exports of automobiles and auto parts.
China and the U.S. have clashed over complaints about market barriers and subsidies for goods including autos, solar panels, tires, steel and chicken. Political pressures on both sides are worsening as demand for their goods cools, raising the threat of job losses in export industries.
The Chinese Ministry of Commerce said its latest WTO complaint centers on the U.S. Congresss passage of a law this year that retroactively gave the Commerce Department power to impose anti-dumping duties on Chinese goods. That came after a U.S. court reversed earlier duties imposed under rules covering countries such as China and Vietnam that are deemed to be non-market economies.
The ministry said U.S. measures being challenged cover 24 types of products worth $7.2 billion. It gave no details, but a statement from the WTO in Geneva said they include paper, steel, tires, magnets, chemicals, kitchen appliances, wood flooring and wind towers.
Peregrine CEO admits $200 million fraud case
Peregrine Financial Group CEO Russ Wasendorf Sr., 64, pleaded guilty Monday to carrying out a 20-year fraud that duped investors and transformed his image from a highly regarded businessman to a notorious corporate criminal.
During a court hearing in Cedar Rapids, Iowa, Wasendorf admitted to the $200 million fraud that he first confessed in a note found on him after an unsuccessful suicide attempt in July. He pleaded guilty to charges of mail fraud, embezzling customer funds and making false statements to two regulatory agencies.
Wearing an orange jail-issue jumpsuit, Wasendorf repeatedly answered yes, your honor as he admitted guilt to each element of the four felony counts.
Lowe’s withdraws bid for Canada’s Rona
Home improvement giant Lowes is withdrawing its buyout bid for Rona Inc., saying that the Canadian home improvement companys board does not seem to want to engage in talks.
Lowes Cos. says it has repeatedly attempted to engage Ronas board to conduct due diligence and move forward with a friendly, negotiated deal.
In July, Lowes offered $14.92 a share for Rona, but the company rejected the offer. Based on Ronas 127.4 million outstanding shares, the value of the proposed deal is $1.9 billion.
Google snaps up photo-editing service
Google has snapped up the digital photo-editing service Snapseed as part of its effort to compete against Facebooks online social network.
Snapseed is the centerpiece of Googles acquisition of Nik Software, which developed the services photo-editing technology.
The deal announced Monday gives Google a popular service that competes against Facebooks Instagram, whose tools are used to display, touch up and share photos taken on smartphones and tablet computers.