EU May Relax Biotech Rules; China Bank for Sale
Jun 04, 2010
The Nikkei closed slightly lower overnight. European stocks are trading lower this morning.
More Jobs, Sorta
The good news: Job creation was on the rise in May. Payrolls were up 431,000 jobs last month and unemployment has dropped to 9.7%. Maybe the jobs the U.S. trade thought we’d get here went to Canada where their numbers were stronger than expected?
The bad news: It wasn’t nearly close to the number anyone believed it be. And as the Associated Press reported yesterday, the jobs are temporary government jobs (i.e., funded by taxpayers) most of which won’t exist in two months when the Census is over. Correct me if I’m wrong, but isn’t this like Avon hiring a bunch of summer interns to knock on doors? Or maybe a closer example is, isn’t this like the government hiring a bunch of summer interns and calling them jobs?
Europe’s Going Biotech
The Web site EuroActiv is reporting this morning that the European Union is willing to allow easier standards for the approval of biotech crops. The reported agreement was sparked by a resolution that will give individual member countries the decision on which varieties they decide to plant.
Bank for Sale in China
Agricultural Bank of China, the bank that funds much of the rural development in China, is planning to go public -- with their stock, that is, reports Bloomberg. The bank has 350 million customers.