Thursday, September 23, 2010
Each week check out the MarketWatch feature on myBiz. We will report on facets of the economy to keep you informed and prepared for the internship and full-time job markets.
U.S. Pressures China to Revalue Its Currency
In a meeting at the United Nations, President Obama stessed the importance of China revaluing the yuan. Many feel China keeps the value of their currency low so they can keep their exports competitive and enjoy a trade advantage. The Chinese government argues that said if the value of the yuan increases, “they do not know how many Chinese companies will go bankrupt and how many Chinese workers will be laid off…and there will be major turbulence in the Chinese society.” According to Chinese trade data, China’s trade surplus with the U.S. was $18.1 billion in August.
Wall Street Sequel Debuted Friday
It has been 23 years since Oliver Stone directed the first "Wall Street" film and Michael Douglas starred as Gordon Gekko uttering the famous line, “Greed is good.” Oliver Stone is back as director and Michael Douglas returns as Gekko in the sequal "Wall Street: Money Never Sleeps." In this new film, business has gotten more cutthroat since Gekko was sent to jail for insider trading and the financial world is on the brink of collapse, just as Gekko is released from prison. According to MarketWatch preliminary reviews indicate that Douglas and Stone generally have pleased critics with their update of the story. The question is whether the movie can capture the interest of new audiences. Movie franchises with instant name recognition tend to perform well.