all nike's shoes made here in china are sent back through hong kong for export.d here the bar code reader again connects to corporate headquarters to track the delivery of the finished goods to customers around the world. nike is able to harness low-wage structures through use of its flexible production system and with the encouragement and support of china's government. nike doesn't own these factories. production cane moved at very short notice. that means nike could stop producing here if wages became too expensive. but according to cliff pannell, that'snlikely. pannell: the labor force in china is huge. there are, uh, over 600 million people at work in china. uh, most of them are still in the agricultural sector of the economy. and there are too many. there are probably at least a hundred million redundant laborers in the agricultural work force. what to do with them? how to make them more productive? well, one thing is you've got to enhance their mobility and allow them to go where the jobs are, and the jobs are down in places like guangdong province and the

they will be shipped to hong kong and then to new york.hether run by a municipal government, village council or private individual, th type of business is called a "township enterprise." in 199 china had over 20 lln suchesses. township enterprise output grows almost ten percent a year, just adding to the disparity between industry and agriculture. the disparity has always existed, but now it is growing wider and wider because of the industrial... faster growth rate in the industrial sector. ( interviewer speaking mandarin ) translator: why did you decide to work here? ( speaking mandarin ) translator: i started working here 15 years ago, right after i graduated from middle school. this company is special. i've gotten attached to it, and it would be hard to leave. narrator: onodera visits the home of jiang guifang and her husband, rui chengyun. thremembers of their family work in the factory. jiang guifang is preparing lunch. today, it is green pepper and pork stir fry. an advantage for a farming town like sijia is that fresh vegetables are

well in faraway hong kong real estate prices are through the roof because the hong kong monetary authority has had slashed the value of the hong kong dollar to the u.s. dollar so the hong kong monetary people simply take america's monetary policy as their own so they have zero interest rates and q.e. as far as the eye can see. but it seems not to be so appropriate for the prosperous city state now i guess special territory of hong kong they are looking at a huge asset levitation in real estate now that is a consequence you'll find nowhere mentioned in the federal open market committee meeting minutes but it is one of the reverberating away he was the. our money printing has set in motion worldwide aha you won't find that in the f o m c minutes but you'll find it here on capitol callen via jim grant we will have much more with you after the break editor of grant's interest rate observer and still ahead you don't want to go away well tom gold it with jim grant but first your closing market numbers oh. oh . you won't come to the place to shop for a swimming bird you can catch both of the prem

he at one point went from hong kong to japan to recuperate.the one that wanted to be an artist and wanted to paint. i thought about that because it must have been hard growing up in hong kong to be far away from everything and have a dream and get sick at this point. i thought u is there a story here? that's the way it begins for writers. people think things jump out and we have it in our head. it's the opposite we have nothing in our head. we turn on the machine and praying for something to come. with women of the silk i researched for 6 amongs and read and read and read. in one book i found 2 lines about the woman silk workers and knew immediately that's hai wanted to write about. it came to me like a dream that every writer prays for that you just knew you wanted to write about this. with the second book it was difficult i sat down and didn't know what i was going to write for about 6 months. which was fearful for me because of the fact i knew i didn't have the second book. steven's story, i asked myself questions. a lot of writers do that

so up go hong kong real estate prices. that is a distant unintended consequence of these radical interventi interventions. the most important thing to know about them is that -- to quote the chairman himself, as i said, we are learning by doing. this is an experiment, and we are lab rats in the financial markets of the world. >> it's a science project? >> one can imagine all manner of things coming to pass. the junk bond market, yields hit recorded lows on the standard and poors junk bond index. now, this is the high yield market without the yield. we shouldn't have this. there is a great stampede in the corporate debt, in speculative grade debt by people that are not getting paid for the risk. >> they're looking for yield. >> the credit markets when they are left unmanipulated convey manipulation. a struggling issue will pay more than a sound issue. you read the financials, and that is priced in the marketplace. when there's a stampede for yield bond, the credit markets convey no information except for the one and only --

victim mized in hong kong also. we just spoke today about getting a video made through our resources in hong kong to have that video brought over here. we can use it also for our population, so everyone can get the message. and yes, we are throughout the entire city. >> great, thank you. >> no, my questions have been asked and answered. i will say this though, commissioners. i just want to say this is my first community meeting in this building, so i want to say kudos to the commissioner and whoever it is, particularly for the translation services. i remember a meeting we had here one time when we did not think about that and at the last moment we pulled out headsets everywhere. so we were prepared. i hope everyone appreciates that. i'm sure the community does. so nice job. >> thank you. >> well ladies and gentlemen, this wraps up our meeting. i want to thank everybody who helped prepare the meeting from the station, from the captain, the command staff and the members of the community that came for the record. and a

. >>> a group of hong kong activists land on the islands last month. japanese authorities arrested, then deported them. japanese officials say they reached an agreement to buy the islands. they plan to push through paperwork to nationalize the territory by the end of september. >>> diplomats with the chinese foreign ministry have criticized japan for all activity around the islands. >> translator: we have already made a harsh protest against the japanese side. their unilateral actions are illegal and invalid. >> hong said the japanese government's effort to increase its claim to the islands by nationalizing them is of no use. >>> government officials around the region are watching to see what happens. earlier nhk, who has covered japanese politics for years, shared her insight. >> how is the government reacting to the survey? >> well, a government official say the surveyors exercise restraint by not trying to land. they had warned the team not to step foot on the islands. but the governor says he and the team need to go ashore to conduct a thorough sur

because her father, a hong kong billionaire, has offered $54 million to the man who can successfully woo her. but there is already taken. she entered into a single partnership with her girlfriend of seven years in paris five months ago. the guay daughter of one of the richest men in hong kong have laughed off her father's plan. >> which is thought it was a joke or something like that. and i was not angry or anything. as time went on, soon, i realized it is really his expression of love, his expression of fatherly love. gregg's her father's marriage county has grabbed a worldwide attention, and the daughter of the hong kong billionaire said she has been bombarded with marriage proposals. is this a waste of time? >> i am really close to my dad and we talk very intimately about our lives and relationships and the future of the daily and the office. >> if this marriage offer appeals to you, it looks like you have to join the queue. bbc news. >> the puck -- the price of petrol has soared, some electric cars have become more popular. but it can seem a bit slow. a team in the u.k. wants to

. >>> pro-democracy groups have held onto their veto power in elections in hong kong. they retain more than one-third of the seats in the region's legislative council. pro-beijing candidates secured 43 of the assembly's 70 seats in the voting on sunday. pro-democracy groups won 27 seats amid strong public dissatisfaction with the plan for schools to teach patriotism. china's government attaches great importance to such education. voter turnout was 53%, up eight points from the previous election. hong kong is considering holding its first-ever direct vote for a chief executive of the territory five years from now. analysts say pro-democracy legislatures will likely be able to hinder efforts by the pro-beijing side if it tries to scree year to date an electoral system for its own benefit. >>> another sign of a slowdown in the world's second biggest economy. china's imports declined in august for the first time in seven months. chinese customs officials said on monday that imports stood at $151 billion last month, down 2.6% from a year earlier. it was the first decline si

which will be against the barbarians in hong kong and three tests against the wallabies in brisbane now but and sitting. towards a real really it's a minute to minute i want to. be the pinnacle boy created recently to be in charge of the aunts and really to know what it's the history of it the wonderings and so that we. know that history is very very sad for you seem very very special and that is all from the world of sport for now but i'll be back with plenty more in just under two hours time here on r t the world weather is next. download the official ati application to self choose your language stream quality and enjoy your favorites from alzheimer's now t.v. is not required to watch on t.v. all you need is your mobile device to watch r.t.

ten matches the first of the trophy against the baryons in hong kong and three tests against the all base and brisbane melbourne. for somewhat surreal really is and it's amazing i want to. get some of what we've been a little boy he created the city to be in charge of the lawns and really to know what it's the history that the on the rings and so that we. know that has something theories are using very very seriously. in formula one ferrari are busy gearing up for their home grand prix there are eight stages left in the season including this weekend's race in italy for henri's fernando alonso currently the man to catch with a twenty four point lead at the top of the drivers' championship the most important race of the year. and we had. a lot of support from all that before see. you story they're going to find out he has been always vertical but. i will perform on sunday. another slice of motor sport history as being made in russia the g.t. won championships holding

here in hong kong happened in one form is all i had to do. >> thank you, sir.i was in an indoor business running my own business, and just the idea to try made hong kong thrive. they have thrived. they have few natural resources. it's a rock in the middle of the ocean. they don't even have democracy. they were ruled by the british for years, and now the chinese are in charge. even the brits and chinese largely left hong kong alone, and left alone free people make themselves rich. it's an amazing story. in just 50 years they went from horrible poverty to income levels among the highest in the world. prosperity thanks to economic freedom. we should try that here. that's our show for tonight. good night. ♪ ♪ [ slap! ] [ slap! sp! slap! slap! ] ow! [ male announcer ] when your favorite foods fight you, fight back fast with tums smoothies. so fast and smooth, you'll forget you had heartburn. ♪ tum tum tum tutums [ male announcer ] tums smoothies. less expensive option than a traditional lawyer? at legalzoom you get personalized services for your family and your busi

kumquat that the team found, not in hong kong, but back in riverside.ds of different "notes" until they've created a symphony of taste. >> hagen: i mean, with a name like "hong kong kumquat," you need to really have something going on, i think. >> hassel: i'm curious to see the carrot on top of the kumquat. >> hagen: that is interesting. that is very interesting. >> hassel: you get the citrus, but yet the... the carrot poking it's head out. >> hagen: yeah, it's very complex. >> hassel: but not overpowering. >> hagen: that's really exciting. this is a home run. >> safer: there's no shortage of metaphors in the flavoring business. givaudan goes to the ends of the earth scouting for new flavors. in hong kong, givaudan convened their annual conclave of top chefs from restaurants around the world to demonstrate their latest creations. the goal-- to turn those creations into new commercial flavors. the chefs mixed, chopped, mashed, steamed, sauteÉed, and smoked for a week to create irresistible cutting edge cuisine. hong kong chef alvin leung didn't disappoin

in hong kong, to me hong kong can s.ritish rule of law. >> bill: no income redistribution going on in hong kong. that's capitalism at its highest level. you don't make it there, you are floating in the harbor. >> it's not quite as bad. >> bill: you know how ruthless that capitalism is there. your newspaper the "new york times" believes in income redistribution and believes in social justice and is right down the line with barack obama on that philosophy. but, in your book, you say that one of the reasons that america -- you believe america is a weaker nation now than it was say 20 years ago. >> i do. >> bill: one of the reasons we are weaker is because we took a wrong course after 9/11. is that correct? am i reading correctly. >> what was the wrong course. >> we thought at the end of the cold war was a great victory and bill, it was. it was a great victory over communism and totalitarian. here is the problem. we thought it was a victory that allowed us to put our feet up. that victory things that we like. unleashed 2 bil

of all of hong kong.city takes on a decidedly different feel. it's here where billy potts found his inspiration. >> is it hard to find beauty in something that is discarded and thrown away? >> no, actually. i find -- i find many of these things really beautiful. a lot of people find this kind of environment not very appealing, but i find it incredibly beautiful. >> in an alleyway of discarded taxi cab parts, the lawyer turned designer saw an opportunity. >> actually what we take is the bench seat. you see two big bench seats here. basically that provides you with, like, a back, and you have the seat, so that provides you with two really huge sort of sheets of vinyl. >> vinyl that he and his staff collect, redesign, and transform into handbags and accessories. >> how do you turn garbage like this into something beautiful that design aspect? how do you put that on top of your products and designs? >> well, it's all about story telling, really. you have to -- there's no point hiding what it is. that's the be

taking a look at overseas trading this morning, in tokyo the nikkei dropped 79 points but in hong kong the hang seng was up 78. >>> well, aggressive budget cutting from one of europe's troubled economies helped wall street snap its losing streak. spain's finance minister announced $51 billion in budget cuts yesterday hoping to convince the world it can meet its fiscal targets. that news helped gold continue its recent climb toward its biggest quarterly gain in two years. >>> earlier mixed economic data failed to impress investors. initial jobless claims hit a two-month low, but the final tally on the second quarter gdp was lower than expected. >>> after the bell, battered blackberry maker research in motion reported a smaller than expected quarterly loss. shares soared in late trade. discover also got an after-hours boost from upbeat earnings. nike, however, stumbled thanks to weak demand in china. >>> earlier apple drove techs and the nasdaq higher. >>> ge, part owner of this network, hit a four-year high after predicting a 10% rise in industrial revenue. >>> tempur-pedic shot up afte

. >>> fads in japan and hong kong are celebrating the birthday of the stubby robot cat sent from the future. thousands of fans of doraemon lined up in a museum south of tokyo. they waited to take a picture with a statue of character. in the series, doraemon is born on september 3, 2112. >> i took a day off from work, but i wish i could also be here 100 years from now. >> the mayor of kawasaki issued a special residents card bearing the name of doraemon. local fans and tourists from mainland china also celebrated the birthday in hong kong, a giant cake was made for the occasion using one of doraemon's favorite dishes, bean pan aches. this one is set with diamonds worth about $100 million. >> translator: this erent has nothing do with diplomatic tension of between japan and china. we should treat them separately. >> popular with asia and south florida. they got their first look at the tv version 30 years ago. >>> people in the korean peninsula dealt with heavy rain recently and it looks like there is more on the way. rachel frg furgason joins us with the latest in her worldwide forecas

a company run by the hong kong born [unintelligible] >> at i am very proud chinese, going back to hongong and china once a year, i do consider myself australian and chinese at the same time. >> half of all the agents in australia are under 20. they can find conflict with their first generation parents, whose heart, if not their head, remains in their homeland. it has been nearly 40 years since they abolished the pro- white policy here. and now they have talked about this as the asian century, and it is. 20% of all doctors here are indian. 30% of asian people take part in an organized sport. by nearly every measure, asians are a model of assimilation. >> this is "gmt." from "bbc world news." france has granted the injunction banning further syndication and redistribution of photographs showing the duchess of cambridge baiting topless. anti-japanese protests have continued across china, with many japanese companies temporarily shutting down operations after days of unrest. alan, just picking up that had my night gave about the japanese protests in china, and there are strong economic tie

this is pursuit of perfection. >>> it's dawn in new york, dusk in hong kong.nyway, big news for universal and em ichi. eu regulators have now cleared universal music groups $1.9 billion bid for the recorded music division of emi. but they are demanding universal sells many of emi's most treasured record labels and the accompanying global rights. they also sell their now music competition. can they keep beatles, that's what i was going to ask. they'll sell a lot of other things, but keep the beatles. that's kind of i think what we were expecting on that. now they can finally go through. brazil's finance minister has told cnbc that he's ready to take action to protect the brazilian real. more quantity difference easing could reignite global currency wars. beccy meehan caught up with him in london. >> at the moment we didn't have it yet because they don't take the measure. they only announce the measure and the fact is we have expectations to the devaluation of the dollar, but we don't have much in-flow of money, of currency in brazil yet. but we are ready to sto

hong kong's hang sang gained 0.5%. wall street stocks posted their first gain of the week.vestors were encouraged by taking tough measures to reduce its deficit, one of the worst in the eurozone. the dow closed 72 points higher thursday while the nasdaq was up 42 points. >>> american airlines says it will take its pilots union to court unless the union ends its job action. american has had a surge of canceled or late flights since the beginning of the month. the pilots union says there is no sickout or slowdown but the union is angry over the company's decision to use bankruptcy protection to impose new work and pay rules. >>> goldman sachs will pay about $12 million to settle civil charges in a so-called pay-to-play scheme. the securities and exchange commission said a goldman executive allegedly provided campaign services to a candidate running for governor of massachusetts in 2010. in return, the company wanted to win the state's lucrative bond business. goldman settled without admitting or denying those charges. >>> and facebook is thinking big by thinking small. the so

is entering the fray with plans to build a second missile system on japanese soil professor from hong kong city university joseph chang now joins us live here on the program for more on this thing it's so good to see you today as you were listening to the report and as we were discussing here all morning and all afternoon we have this territorial dispute over some small islands and then america jumping in and offering japan a new missile defense system is there any chance that these two issues are linked. in the eyes of the chinese the american society certainly has been exploited be territorial disputes between time. and eat your rating by the it relationship the fear and resentment against china under and has certainly led to close to repeat tarries between the united states and japan and a cooperation in the building of the miso defens mechanism is certainly one of goals indicators of closer security cooperation or as you say so close to security operations coming into effect in the region there the u.s. defense secretary leon panetta he is all caught up in this now he's visited japan t

hong kong's hang sang gained 0.5%. wall street stocks posted their first gain of the week.vestors were encouraged by taking tough measures to reduce the deficit. the dow closed 72 points higher thursday while the nasdaq was up 42 points. >>> american airlines says it will take its pilots union to court unless the union ends its job action. american has had a surge of canceled or late flights since the beginning of the month. the pilots union says there is no sickout or slowdown but the union is angry over the company's decision to use bankruptcy protection to impose new work and pay rules. >>> goldman sachs will pay about $12 million to settle civil charges in a so-called pay to play scheme. the securities and exchange commission said a goldman executive allegedly provided campaign services to a candidate running for governor of massachusetts in 2010. in return, the company wanted to win the state's lucrative bond business. goldman settled without admitting or denying those charges. >>> and facebook is thinking big by thinking small. the social media site started a new feat