LITTLE ROCK — QUOTE OF THE DAY "Government workers and their unions have every reason to want bigger and bigger government.And we know that the bigger the government gets, the more difficult it gets to be competitive." Tom Donohue, chief executive officer of the U.S. Chamber of Commerce Article, 1D
Consumers wary of Chinese products
WASHINGTON - Treasury Secretary Henry Paulson said Tuesday that the recalls of tainted Chinese products were causing fear among U.S. consumers. He called on China to take bold moves to address that and other economic problems facing the two countries.
He said the two countries needed to work together to address safety issues that have been raised about a number of Chinese products from tainted toothpaste to toys containing lead paint.
"Recent and repeated reports of tainted food and product imports are causing fear and uncertainty in American consumers and harming the 'Made in China' brand here in the United States," Paulson said in a speech at the George H.W. Bush China-U.S. Relations Conference.
He said China needs to move aggressively to refocus its economy, fight off protectionist forces and address the growing concerns about tainted Chinese imports.
Wang Chao, an assistant minister of foreign affairs for China, said that the Chinese government was paying great attention to the issues of export quality and safety.
"The Chinese government has carried out thorough investigations and rigorously penalized the offenders," Wang said in remarks that followed Paulson's address.
Paulson said the effectiveness with which China addresses the safety concerns will have long-term implications for U.S.-China trade relations. He cautioned that policymakers in both countries should focus on science-based safety decisions rather than "protectionism or retaliation."Farmers alerted about hay-fraud scheme
CLINTON- Two farmers who advertised their hay on a Cooperative Extension Service Web site sniffed out a scam involving 30 bales of hay and fake checks from a fake bank.
An alleged buyer asked the two hay producers to sell them 15 bales of hay each, then sent along checks to cover the cost of the bales and the shipping charges.
Tom Troxel, a professor and associate head of the Animal Science Department at the University of Arkansas Cooperative Extension Service, said one grower grew suspicious because the buyer usually pays the shipper. A bank declared the sent checks fakes.
The hay scam targeted producers in Hempstead, Van Buren and Washington counties.
Each bale sells for $30 to $35.
"By keeping amounts small, [the buyer] apparently hoped to fly under the radar and not draw suspicion," Troxel said. "The alleged buyer could have gotten a load of hay free, and he could have turned around and sold it."
Troxel said several states operate online hay directories.
"You must investigate a proposal if it doesn't sound right," he said.
Nike buys U.K. soccer supplier Umbro
LONDON - Nike will acquire Britain's Umbro PLC for $582 million, the companies announced Tuesday, as the U.S. apparel and shoe maker seeks a larger presence on soccer fields worldwide.
Nike Inc., through its subsidiary Nike Vapor Ltd., agreed to pay $3.94 in cash for each Umbro share, a 61 percent premium over the closing price on Oct. 17, the last business day before Umbro confirmed that it had received an offer.
Umbro, based in Cheadle, England, designs, sources and markets soccer-related apparel, footwear and equipment sold in more than 90 countries.
The acquisition is a major strategic development for Beaverton, Ore.-based Nike, which has said it wants to become the sport's top brand by the next World Cup in 2010.
Nike said it intended to operate Umbro as an independent, U.K.-based subsidiary, like its Converse brand.
Nike's soccer brand has performed well and grown in recent years, but Umbro's ties to the United Kingdom, where Nike has struggled, should help boost the company's profile and performance.
"It's similar to the Converse brand, where Nike had a great basketball brand but there was room in their portfolio," said Sara Hasan, an analyst at McAdams Wright Ragen.
Hitachi leaving household computer field
TOKYO - Hitachi Ltd. is pulling out of the household computer business in the latest shift among Japanese electronics makers to refocus their sprawling operations.
Hitachi has stopped making PCs for individual consumers since this year's summer models, although the Tokyo-based manufacturer will keep making some kinds of computers for corporate clients, company spokesman Keisaku Shibatani said Tuesday.
Hitachi's decision underlines increasing competition among global electronics makers and the need for Japanese companies to give up some sectors to keep up with rivals.
Hitachi - whose businesses span nuclear power reactors, flat-panel TVs, washing machines and such electronic devices as hard disk drives - has been losing money and is struggling to turn itself around.
Business, Pages 30 on 10/24/2007