OTTAWA
Chinese Premier Wen Jiabao travels to India this week as part of efforts to build trust between the rival neighbors amid lingering disputes over territory, trade and telecoms.
Wen will hold talks with his Indian counterpart Manmohan Singh and oversee celebrations marking the 60th anniversary of diplomatic ties, an opportunity to highlight a historical relationship that has evolved into a sharpening competition over resources and global markets.
The sides are expected to sign agreements in areas including energy and infrastructure development, although no major breakthroughs in ties are anticipated.
“The visit aims to improve mutual trust and development cooperation with India. People shouldn’t have too high expectations for the visit,” said Hu Shisheng, an expert on China’s relations with South Asia at the Institute of Contemporary International Relations.
The Foreign Ministry said Monday that Wen would also visit longtime ally Pakistan on a five-day sweep through South Asia starting Wednesday.
Wen’s visit to India follows one to China by Indian President Pratibha Patil in May _ the first by an Indian head of state in a decade _ and comes on the heels of a 14th round of discussions on their disputed border.
It marks the latest attempt to redefine relations long beset by mutual suspicion and a natural rivalry befitting the world’s first and second most populous nations.
“Leaders of our two countries have agreed that there is enough space in the world for China and India to develop together and there are enough areas for China and India to cooperate with each other,” Chinese Assistant Foreign Minister Hu Zhengyue told a briefing Monday.
The most glaring disagreement remains the remote, mountainous China-India border, over which the two fought a brief but brutal war in 1962. The two lack even a commonly designated line of control and a resolution is not expected in the near future.
China has also aggravated Indian concerns by refusing to stamp visas in passports held by residents from Kashmir, in a move seen questioning New Delhi’s sovereignty over the region also claimed by Pakistan.
Indian businesses, meanwhile, complain about a gusher of cheap Chinese exports that account for about two-thirds of bilateral trade that is expected to hit $60 billion this year. Underscoring the lopsided economic relationship, India’s Reliance Power in October contracted with a Shanghai company to purchase equipment and services valued at $8.9 billion over 10 years. Indian exports to China, in contrast, remain largely limited to raw materials such as iron ore.
Partly in response to the imbalance, New Delhi this year blacklisted telecom equipment from Chinese vendors Huawei and ZTE, citing national security concerns. The eight-month ban, which was relaxed in August, came less than a week after media reports that Chinese hackers had broken into the computer networks of India’s security, defense and diplomatic establishments.
India is also deeply suspicious of China’s close ties with archrival Pakistan as well as the Chinese navy’s growing presence in the Indian Ocean and Beijing’s close ties to the Maoist parties now governing Nepal.
China for its part resents the presence in India of the self-declared Tibetan government-in-exile headed by the Himalayan region’s Buddhist leader, the Dalai Lama, who fled across the border amid an abortive rising against Chinese rule in 1959. Beijing last year angrily protested a weeklong visit by the Dalai Lama to the northeastern Indian state of Arunachal Pradesh, which it claims is Chinese territory. China, meanwhile, occupies a part of Kashmir claimed by India.
“This is not a relationship that is adversarial at this point, although it could become one in future,” said Jasjit Singh, director of the Center for Strategic and International Studies in New Delhi.
Despite such disputes, the sides have striven to find common ground on international issues of concern to the bloc of large developing nations known as the BRICs.
Both have pushed for a greater say in global finance following the global economic crisis that wreaked havoc on advanced economies while leaving their own largely unscathed. They also briefly found common cause at last year’s climate change talks in Copenhagen where they united to resist a push by industrialized nations to reach a new legally binding treaty.
“We shouldn’t forget that the relationship was far worse in the past,” said T.C.A. Rangachari, a retired Indian diplomat.
In Pakistan, Wen is expected to focus on energy cooperation and pushing ahead China’s pledge of $200 million in aid to help the country rebuild after devastating summer floods.
China has agreed to sell Pakistan two 300 megawatt nuclear reactors to join two already in place, and is believed to be in talks about adding a much larger 1 gigawatt reactor.
Stocks are ending the day mixed after President Barack Obama said he was willing to compromise with Republicans on extending Bush-era tax cuts.
In a speech, Obama said he was willing cede ground to help lawmakers reach an agreement that would extend the tax cuts along with unemployment benefits.
According to preliminary calculations, the Dow Jones industrial average is down 20, or 0.2 percent, at 11,362 quick payday loan. The S&P 500 index is down 1, or 0.1 percent, at 1,223.
The Nasdaq composite index is up 3, or 0.1 percent, at 2,594.
Rising shares and falling ones were almost evenly matched on the New York Stock Exchange. Trading volume was 804 million shares.
Leaders of all the main Iraqi political blocs met Monday for the first time since March elections in a new push to break the eight-month deadlock over forming a new government. Car bombs struck the country’s two holiest cities and killed 14 people, a reminder that insurgents remain determined to destabilize Iraq.
The 90-minute meeting of political leaders in the northern town of Irbil kicked off three days of negotiations that could signal the deeply divided political blocs are close to a power-sharing agreement. However, officials said there are still major obstacles to overcome.
Since inconclusive March 7 elections, insurgents have tried to exploit political uncertainty over the new government with periodic violence. Monday’s blasts were the third major attacks since last week, following the slaughter of more than 50 Christians in a Baghdad church and a string of 13 coordinated bombings across Baghdad that killed more than 70 people.
Prime Minister Nouri al-Maliki, who is fighting to keep his job, was among the leaders who attended the meeting in Irbil. His main rival, Ayad Allawi, was also there. Allawi heads the Sunni-backed Iraqiya coalition that won 91 seats, more than any other party, in the parliamentary election. Al-Maliki’s bloc took second with 89 seats.
But no party won an outright majority in the 325-seat parliament and the blocs have spent the past eight months haggling to form alliances that could lead to a government inclusive enough so that it will not trigger a new outbreak of sectarian strife that just a few years ago brought Iraq to the brink of civil war.
Al-Maliki described the meeting as a new push forward by the political blocs to reach an agreement.
“We need to open a new page and leave the past behind,” he said.
Others who attended pointed to difficulties in forging an agreement between political parties that have in the past fought their battles on the streets and still view each other with deep suspicion.
Vice President Tareq al-Hashimi, a Sunni from the Iraqiya alliance, warned that negotiating committees who have been meeting for weeks before the Irbil summit had left many of the most contentious issues to the leaders to work out.
“Based on that, I do not think that the leaders will be able to solve these sticking points because they need a lot of discussion and study,” he said. “I do not know how the leaders, today and tomorrow, will be able to discuss this list of sensitive and strategic issues during this short period of time.”
After the nationally televised meeting concluded, the political leaders agreed to meet again in Baghdad the following day before flying out of Irbil.
Massoud Barzani, president of the Kurdish Autonomous Region in northern Iraq, lobbied for the meeting to be held in Irbil, seat of the Kurdish government. Also in attendance in the large auditorium were Ammar al-Hakim, who heads the Iranian-backed Supreme Islamic Iraqi Council, followers of anti-American cleric Muqtada al-Sadr, Iraqi President Jalal Talabani, and Iraq’s other vice president, who is a Shiite, Adel Abdul-Mahdi.
Two separate car bombings struck Iraq’s two holiest cities, Karbala and Najaf, the sites of important shrines revered by the country’s Shiite majority.
Hours before the political leaders met, seven pilgrims were killed in a car bomb blast in the holy Shiite city of Karbala, 50 miles (80 kilometers) south of the Iraqi capital.
Police and hospital officials said dead included six Iranians and one Iraqi and that at least 35 others were wounded in the blast, including Iranian and Pakistani nationals.
The car bomb exploded at a parking lot in central Karbala that is used by pilgrims traveling between Iraq’s holy sites. Such parking lots have often been targeted by Sunni militants unable to get close to the holy shrines due to beefed up security.
Later Monday a suicide bomber blew himself up just 500 yards from the shrine of Imam Ali, one of the most revered Shiite saints and a cousin of the Prophet Muhammad, killing seven people including two Iranian pilgrims, according to police and hospital officials.
The officials spoke on condition of anonymity because they were not authorized to speak to the media.
Léo Apotheker was the only person offered the CEO job at Hewlett-Packard, company leaders said Friday in a press conference to discuss their surprising choice.
HP ended two months of speculation on Thursday when it announced that Apotheker, the former CEO of business software firm SAP (SAP), will take the helm beginning November 1.
"Our board of directors cast the net very far and very wide both internally and externally," Bob Ryan, the lead independent director of HP’s board, said on the call. "We ended up with six people who could have done the job."
In the end, the board unanimously chose to offer the job to Apotheker, Ryan said.
Apotheker will receive an annual salary of $1.2 million, plus a $4 million signing bonus and an additional $4.6 million for relocation assistance and to offset payments from SAP that Apotheker forfeits by taking the new job, HP said. He’s also eligible for a cash bonus of $6 million next year.
Apotheker will also collect a boatload of HP stock. He’ll receive 156,000 shares of HP, vesting over the next two years, as long as he remains employed with the company over that time period. He’ll also have the opportunity to earn up to 728,000 shares of stock, vesting over the next three years, as a bonus for hitting performance targets.
All totaled, Apotheker’s hiring agreement with HP gives him the opportunity to collect cash and stock compensation over the next three years worth up to $53 million, based on HP’s closing stock price on Thursday.
Former CEO Mark Hurd received a $1.4 million annual salary and a $2 million signing bonus when he was hired in 2005, plus a $2.8 million relocation package. Including perks and stock, HP valued Hurd’s total compensation package last yest at $30.3 million.
Todd Bradley, executive vice president of HP’s personal systems group, and Ann Livermore, the head of the company’s enterprise business, were widely considered to be among the leading contenders for the open CEO spot payday advance.
Hurd resigned from his position as HP’s CEO and chairman of the board on Aug. 6 after the company said that he submitted false expense reports to hide a relationship with a marketing contractor.
Cathie Lesjak, HP’s chief financial officer, had been acting as interim CEO. She took herself out of the running for the permanent CEO position.
"My heart is in being a CFO, and my family and I are pleased I’m going back to that," Lesjak said. "I have never felt more confident about our business."
Apotheker said HP is "undervalued" and can compete in several areas. It already has a "lock" on the hardware market, and should pay more attention to software, he said.
"Software is the glue," Apotheker said. "It’s how we can make sure that the various parts of our technology work together."
The search took almost two months — about as long as HP took to replace former CEO Carly Fiorina, who was forced out by HP’s board in 2005 after a rocky tenure.
Apotheker, 57, comes with his own checkered past. He served for a short time as CEO and for many years in other top roles at SAP, which is struggling to hold its market share against onslaughts from Oracle (ORCL, Fortune 500) and IBM (IBM, Fortune 500). After more than two decades at SAP, Apotheker was ousted in 2009.
In early trading on Friday, shares were HP (HPQ, Fortune 500) were down 2.6%, at $40.96.
The executive who succeeded founder B. Thomas Golisano at Paychex Inc. will exit at the end of this month.
The Rochester-based company announced Monday that Jonathan Judge has resigned as president and chief executive officer, effective July 31. Judge, who joined Paychex in October 2004 as just its second president and CEO, will complete his term as a member of the Paychex board of directors.
Golisano, who owns the Buffalo Sabres, told reporters the resignation by Judge to pursue other interests was straightforward and simple.
“Jon joined Paychex as my successor, bringing with him experience and qualifications gained during his 25-year career with IBM,” said Golisano payday loan lenders. “During his tenure with Paychex, Jon guided our company’s revenue growth from $1.4 billion in fiscal 2005 to $2.0 billion in 2010. He also strengthened our management practices, oversaw key technology advances for our payroll and HR offerings, and led our successful entry into the health and benefits business.”
The Paychex (NASDAQ: PAYX) board immediately began the search for Judge’s successor with an executive committee formed to lead the payroll and benefits company on an interim basis.
Employment gains, a rebound in exports and an increase in taxable sales are cited as reasons for optimism in Wells Fargo Securities’ Florida economic outlook for July.
“After more than two years of dark clouds across much of the Sunshine state, a few rays of sunlight are finally beginning to break though,” said the report, authored by senior economist Mark Vitner and economic analyst Yasmine Kamaruddin.
Nonfarm employment has risen during three of the past four months, producing a net gain of 78,000 jobs since bottoming in January of this year, the report said. Still, virtually every part of the state was hard hit by job losses, including Tampa, where employment declined by 110,200 jobs.
Florida’s manufacturers are getting a lift from a rebound in exports, and taxable sales rose solidly during the first part of 2010, the report said.
Tourism spending also has improved and hotel occupancy rates are up from a year ago, but the latest data does not incorporate much impact from the Gulf oil spill, the report said .
The biggest cloud hanging over Florida is the huge oversupply of housing constructed during the previous decade, Wells Fargo said. Florida leads the nation in foreclosures and about one in five homes with a mortgage is either seriously delinquent or in foreclosure.
A big risk that is hard to quantify is growth and an economic base historically built around a continuous inflow of retirees, tourists and working-age adults seeking a lower cost of living and a better lifestyle.
“The fundamental growth model that has served Florida so well since the 1950s is broken,” the report said.
The best strategy for the state is to boost the presence of industries such as biotechnology, medical devices, aerospace, international trade and finance, simulation, alternative energy, and film, television and new media, the report said.
Read the full report here.
New York Gov. David Paterson, as promised, has started vetoing 6,900 spending items included in a budget plan approved Monday by the Senate and Assembly.
In all, Paterson will ax more than $600 million in spending approved by legislators in votes on Monday. Paterson called the spending a “gimmick” and said legislators were “self-serving” and “fantasizing” that certain revenue would materialize.
The largest items to go: $419 million of extra money for K-12 education, plus close to $200 million in grants, mostly for nonprofits. The budget votes, though, avoid a government shutdown.
Paterson’s vetoes mean legislators will have to hold another vote on the spending to override it. An override in the Senate appears unlikely, as 10 Republicans would have to vote with all 32 Democrats to overcome the veto with the required two-thirds majority.
Another contentious vote is on tap today, as legislators hold session to vote on a plan to generate nearly $1 billion of new revenue to help erase the state’s $9.2 billion deficit and pay for spending in the budget.
The bill is the last significant piece of the state budget yet to be acted on—capping a disjointed and piecemeal budget process three months after a budget was due.
This bill, like the ones voted on Monday, is the product of a deal brokered between Democrats in the Assembly and Senate. The budget plan contains fewer spending cuts than Paterson’s original $135 billion proposal, laid out back in January.
At this point, it remains unclear how much money the state will spend this fiscal year, which runs through March 2011.
The revenue bill up for a vote today forces businesses to defer $1.1 billion of their tax credits over the next three years. They’ll be unable to begin tapping that money until 2013.
The state will also charge sales taxes on clothing and footwear purchases of less than $110 from October 2010 through March 2011, raising $330 million.
In addition, the bill hikes taxes on hedge fund managers living out-of-state, cuts the number of charitable donations the wealthiest New Yorkers can claim on tax returns and boosts an annual tax credit given mostly to filmmakers downstate by $85 million, to a total of $505 million low rate payday loans.
On Monday night, Paterson blasted legislators for their budget plan. He had promised to veto certain spending if legislators failed to create a safety net in case close to $1 billion of federal funds do not come through.
The Medicaid reimbursement funds have been in doubt for weeks, tied up in debate in Congress. Without the money, the state’s deficit would jump to $10.2 billion—requiring legislators to return to Albany later this year, during an election campaign, if they don’t account for the potential loss of funds now.
At best, New York will receive much less than the $989 million it was initially expecting, Paterson said.
“The reality is, the day of reckoning has come,” Paterson said. “I am disappointed, stunned and frankly chagrined with a Legislature that is either unwilling or unable to address the problems the state of New York has. New York, again, wants to blissfully move forward, fantasizing that Medicaid money is coming. We’re actually going in reverse.”
Paterson said he is open to further negotiations with legislative leaders, although the vetoes are “his final word” on the specific spending.
“I never take any joy in vetoing education money, health care, services for poor and indigent,” Paterson said. “It breaks my heart to do this. The only reason I’m doing it is because I think otherwise, we’re proverbially kicking the can down the road.”
Democrats criticized the vetoes.
A spokesman for Senate Democrats called the vetoes “a typical Albany power play with school children and taxpayers caught in the middle.” He said Democrats are discussing a potential veto override.
Assembly Speaker Sheldon Silver (D-Manhattan) said: “The budget passed by the Legislature would dramatically reduce state spending. The governor’s decision to veto these bills will mean larger classes, higher property taxes and more expensive tuition for SUNY and CUNY students.”
Alan Faber, executive vice president of Waltham, Mass.-based Accounting Management Solutions, has won the Lifetime Achievement award for the Boston Business Journal’s CFO of the Year contest. A special section with profiles of this year’s winners will run in the July 16 edition.
According to one of the many nominations in his favor, Faber, a veteran of such companies as IBM Corp. and Sylvania, has been a fixture in the Boston business community for over 45 years whose influence on behalf of executives has only been surpassed by his mentor and friend, F. Gorham Brigham Jr., for whom this award has been named.
“I’m most honored and flattered to be such an important part of the continuing legacy of F. Gorham Brigham Jr.,” said Faber, 72. “I take the liberty of speaking for so many of Gorham’s admirers who have and continue to benefit both professionally and personally from his wise counsel and enduring friendship no teletrek payday advance.”
The Dow advanced for a sixth straight session Thursday. In Colorado, Array BioPharma and American Oil & Gas led actively traded gainers.
The Dow Jones Industrial Average finished the trading day at 11,144.57, up 21.46 points (0.19 percent).
The S&P 500 closed at 1,211.67, up 1.02 points (0.08 percent).
The NASDAQ Composite finished at 2,515.69, up 10.83 points (0.43 percent).
Among actively traded Colorado stocks, Array BioPharma Inc. (ARRY) led the day’s gainers, up 9.52 percent (28 cents) to close at $3.22.
Other Colorado gainers:
• American Oil & Gas Inc easy pay day loans. (AEZ) — Up 4.26 percent (30 cents) to $7.34.
• St. Mary Land & Exploration Co. (SM) — Up 3.57 percent ($1.36) to $39.45.
• General Moly Inc. (GMO) — Up 3.24 percent (12 cents) to $3.82.
• Liberty Capital Group (LCAPA), a tracking stock of Liberty Media Corp. — Up 2.4 percent ($1.01) to $43.16.
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