U.S. retailers prod China for lower prices after devaluation
By Nandita Bose CHICAGO (Reuters) - U.S. retailers including Toys R Us are starting to negotiate with their Chinese suppliers to take advantage of lower manufacturing costs after China devalued the yuan, with many saying they want to be ready if currencies in China and other Asian countries drop more against the dollar. Earlier this month, China devalued its tightly controlled currency in an effort to boost growth and help flagging exports. The nearly 2 percent cut on Aug. 11, the most significant downward adjustment to the yuan since 1994, will make imports from China cheaper.
Virginia shootings make for tough media decisions
NEW YORK (AP) ? In an era when anyone can go online and find video of extremist beheadings, police shootings and other carnage, major news organizations applied their own standards to coverage of this week's killing of a TV news crew in Virginia and showed only carefully selected portions of the footage.
Eaton is back, and immediately he leads decathlon at worlds
Soccer-Astro-turf unsafe for AFC Cup matches, says RehmanPahang FC's experienced Pakistani defender Zesh Rehman has criticised the Asian Football Confederation for allowing AFC Cup matches to be played on artificial turf, saying it is unsafe and unfair. Rehman's Malaysian side were stuffed 4-0 on the fake grass in Dushanbe by Tajikistan champions FC Istiklol in the first leg of their quarter-final on Wednesday, leaving them all but out of the second tier continental tournament. "I have played in the AFC Cup for four years out of the past five and have never previously played on an artificial surface," Rehman told ESPN FC.
US group urges China to open insurance, securities marketsBEIJING (AP) ? An American business group urged China on Friday to allow more access to its insurance and other service industries, saying foreign skills could help develop its volatile stock markets and cope with disasters like the recent chemical explosion in Tianjin.
Programs run into pitfalls with fining college players
Japan inflation flat, household spending slips
Japanese inflation fell back to zero in July while household spending dropped again, official data showed on Friday, as a slowdown in China threatens Japan's already precarious economic picture. Household spending also fell 0.2 percent in July after declining 2.0 percent in the previous month, the ministry said. The consumption levy rise -- Japan's first in 17 years -- was aimed at taming a huge national debt but it slammed the brakes on consumer spending and pushed the economy into a brief recession.
Iran premieres big-budget epic film 'Muhammad'
Iran's most expensive movie, "Muhammad", which chronicles the childhood of the Muslim prophet, opened nationwide, winning praise from early audiences. Directed by Majid Majidi, the 171-minute, visually stunning film cost around $40 million (36 million euros), partly funded by the state, and took more than seven years to complete. Majidi says the aim of his work, the first part of a trilogy, is to reclaim the rightful image of Islam, which he said extremists have distorted.
Stiffer US gun control? Not any time soon, say experts
"You can't get rid of them," Harry Wilson, a professor at Roanoke College in Virginia -- near the scene of the latest shooting -- told AFP. A landmark 2008 decision by the Supreme Court outlawed major restrictions on gun ownership by ruling that the constitutional right to bear arms included the right to keep a loaded handgun for self-defense. The government can still impose some restrictions, such as prohibiting convicted criminals and the mentally ill from owning guns and requiring background checks prior to purchase.
Asia markets rally after strong US growth figures
Asia stocks staged another rally in early trade on Friday, taking heart from strong US growth figures to cement a recovery after a torrid week when global markets took fright over China's gloomy economic outlook. Tokyo led the gains, with Hong Kong and Shanghai in tow, and oil prices zoomed higher after the US reported a surprisingly strong new estimate of economic growth in the second quarter. The latest data, which showed the world's biggest economy grew at an annual rate of 3.7 percent in the April-June quarter, buoyed markets that have been worried over the prospects for China's economy, which accounts for some 13 percent of global output.