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The Canadian dollar is ending this week’s session as the worst in more than two months as stocks and commodities, extremely influential to determine the rates and sentiment for the loonie dropped, setting the North American currency losing streak further down.
In a strong risk averse session where safe refuge currencies like the U.S. dollar and the Japanese yen were the best performers, the Canadian dollar weakened not only against those, but versus a number of other main traded currencies, due to its highly commodities and equities-linked profile, that was impacted today as the crude oil fell further following stocks around the world, that specially in Asia, did not manage to pare yesterday’s losses. The Canadian dollar has been moving away from parity versus its U.S. counterpart after the national central bank stressed that a strong currency could be an obstacle for the economic recovery, and now, stocks and commodities are also providing support for the greenback to advance versus the loonie.
Analysts relate directly this week’s stocks performance to the loonie’s decline, indicating that also the oil’s back down after touching $80 a barrel earlier this week was another negative factor that pushed the Canadian currency to its sharpest losing streak in months, which may continue as long as stocks remain bearish.
USD/CAD traded at 1.0719 as of 19:37 GMT from a previous rate of 1.0633 yesterday.
If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.
The South African rand had the first week of decline this month as speculations suggested that the currency’s rally could be a problem for the country’s economic future.
After gaining more than 25 percent this year versus the U.S. dollar and ranking among the top emergent market currencies in foreign-exchange markets, discussions among politicians and the central bank regarding the rand’s level started to emerged, forcing a decline for the South African currency this week versus most of the 16 main traded currencies.
USD/ZAR closed the week at 7.5825 from an opening rate of 7.5650 today.
If you want to comment on the South African rand’s recent action or have any questions regarding this currency, please, feel free to reply below.
President Obama's four-day visit to China was aimed at building deeper ties -- and also spending time, albeit briefly, on family relationships.
In between his arrival in Beijing, China, on Monday and his informal dinner with Chinese President Hu Jintao a few hours later, President Obama met with his half-brother Mark Obama Ndesandjo.
"We just had a big hug. ... It was very, very powerful and very, very intense, because he's my big brother," Mark Obama said.
Mark Obama, who has spent the past seven years living in southern China, recently wrote a semi-autobiographical book titled "Nairobi To Shenzhen."
In it, he claims that he was often physically abused by his father, Barack Obama What I wanted to do is write about my father," he said. "My father beat me. He beat my mother."
Mark Obama went on to say that oftentimes, he heard thuds coming from the living room and would "hear my mother's screams and my father shouting."
"I wanted to protect her ... but I couldn't do anything."
When asked whether the president shared experiences with their father, Mark Obama -- a pianist in China -- simply said that "we talked about family."
In an interview with CNN, President Obama said that although he has not read his half-brother's book, "it's no secret that my father was a troubled person."
Just like the president, Mark Obama was the child of a mixed marriage. Although he never knew his half-brother while gAaArowing up, the two have met from time to time as adults.
"There is always that personal connection. I honestly don't see him as the president of the United States when I am next to him," Mark Obama said.
As to how the two stay in touch, Mark Obama said that "I would rather not go into that for various reasons, but we know how
We have breaking news from Capitol Hill. Senate Democrats have revealed their health care bill. Plus, Sarah Palin speaking out about the Ft. Hood massacre. And, we have part two of our special report "Killings at the Canal: The Army Tapes."
Want to know what else we're covering? Read EVENING BUZZScroll down to join the live chat during the program. It's your chance to share your thoughts on tonight's headlines. Keep in mind, you have a better chance of having your comment get past our moderators if you follow our rules.
Here are some of them:
1) Keep it short (we don't have time to read a "book")2) Don't write in ALL CAPS (there's no need to yell)3) Use your real name (first name only is fine)4) No links5) Watch your language (keep it G-rated; PG at worst - and that includes $#&*)
Barack Obama was in Beijing as part of a three-day visit to China this week. No doubt he saw many examples of the prosperity of the country: the avant-garde Rem Koolhaas architectural marvels and even the new sterile malls popping up around every corner. What he probably didn't see it what's left behind, the last vestiges of traditional Beijing that barely exist in the city's vast networks of winding alleys know as hutongs.
Hutongs were originally formed when rows of traditional courtyard houses were connected to each other by small alleys in a spider web-like grid. For centuries several families would live in one residence that surrounded its own courtyard. Typically, there would be a single bathroom for each neighborhood and sometimes only one faucet as well.Even today you might see a line of people around the corner waiting to use the communal toilet in the morning.
This disappearing China is an inconvenience. Its buildings are bulldozed and its people sometimes displaced. A few months ago, while making a documentary about the country's new generation of entrepreneurs, I saw this disappearing world firsthand.
In my neighborhood of Sanlitun, known as the bar district of Beijing, I frequently noticed a knife sharpener riding his bicycle down the street with a grindstone on the back. He rode around the city so people could bring their dulled blades to him. As recently as 10 years ago, the streets of Beijing were teeming with such bicycle merchants and tradesmen, but today he is among a dying breed. I decided to ask if I could tag along with him for the day.
We never exchanged names – I don't speak Chinese - and while much of the growing middle class in the major cities is now learning English, I have yet to meet a tradesmen or laborer who is able to. We communicated by hand gestures alone. In order to set up our excursion, I simply walked up to him and handed him my cell phone with a Chinese speaker on the other end who explained my proposition.
The knife sharpener wore dirty blue slacks, rolled up to his calves to reveal bright green socks, a soiled polo work shirt, an oil-stained baseball cap and faux fur earmuffs to keep out the cold. He greeted me with a lopsided, gap-toothed smile and gestured that we should get on our bikes and get started with our day.
My shiny Schwinn mountain bike contrasted with his unwieldy steel model, one he has owned for 40 years. We rode past street-side tailors and barbers cutting hair in clumps onto the curb. The lack of running water meant the occasional smell of human waste. There were few customers on that street.
Michael Zhao is a fellow at the Center on US-China Relations at the Asia Society in New York. He tracks the effects of modernization in China.
"When I was a child each family only had one or two rusty old knives and one pair of scissors. We would all use knife sharpeners who would call out for business as they rode through the alleys on an old bike or flatbed tricycle," Zhao said.
"With the opening of Wal-Marts, Ikeas and other western stores, people are now choosing to buy new knives instead of sharpening old ones and this way of life is quickly becoming a thing of the past," he added.
On that windy Beijing morning, the sharpener motioned for me to follow him down a tiny alley with water running down the center of it. It was only a few blocks from several shiny malls selling the latest western goods but was surrounded by plywood and tin shacks and small, hastily plastered courtyard houses. We turned a corner on to a wider, busier Hutong where a man brushed his teeth out of a cup, spitting onto the ground, and the bells of black bicycles chimed. The rush towards economic modernization did not appear to have trickled down to this strata of the Beijing population. Every so often we would see migrant workers from the countryside piling jackhammers into the ground through clouds of brown dust for less than $3 a day.
The Chinese character 'Chai' (demolish) was painted in red on old structures as their glass replacements rose nearby.
"Every couple of months we see another neighborhood being torn down," Zhao said. "Some of the people are given buyouts and relocated to the outskirts of the city. Sometimes it is enough to get an equivalent place to live but not always. Beijing is a city that is constantly updating its skyline. If you are away for a few months you might not recognize it when you get back," he added.
We stopped at a corner where he set up a grindstone and a bucket of water and pulled out a noisemaker that looked like a heavy wind chime which he began to clank. He then called out what I assumed was "Sharpen your scissors, sharpen your knives. Sharpen your scissors, sharpen your knives," as he raised a knife and then a pair of scissors smiling so I might understand.
A group of older people came out of their apartments with their rusted and blunt implements – knives, scissors, meat cleavers. Through conversation the sharpener took the first knife, braced it against the back of the bike and shaved it clean with a two handed metal sharpener called a Tsiang that scrapes the blade. He then pressed the knife on a rough grindstone to file it, then painted water on a smooth stone with a brush to give the blades a final polish.
It was time to go again. We rode through a half-dirt street and, without any transition, into a sharp-edged new mall with its glass Apple Store, illuminated Nike and Adidas logos, pictures of spandex-clad American Apparel teens and a Coldstone Creamery. David Beckham, two stories high, was kicking a branded soccer ball on an LED screen.
The CCTV building in Beijing.
As abruptly, he was gone and we were back in a world where no one knew or cared about David Beckham's latest hairstyle. We stopped, and the sharpening began all over again. Grind, file, clean.
Kemin Zhang is a former successful television commercial director in Beijing who became disillusioned with the industry and quit to teach children music in hopes of instilling and holding on to a sense of culture among Chinese youth.
"China today has a big disparity between rich and poor and the people that work the hardest seem to be to be compensated the least. I think this is common for countries as they go through their own industrial revolutions," Zhang said. "China today is all about money and I think we are going through many of the same steps that western countries already have. Many people are taken advantage of or forgotten."
The knife sharpener and I rode in silence through a gate and into an orchard I had never seen before. It seemed enormous – we rode for miles through what looked like endless rows of apple trees. It seemed unfeasible that such a place existed in the middle of a large city. We made our way along a gray dirt road under a freeway overpass and came to a stop among several chickens and a donkey, outside the sharpener's courtyard house.
There was no electricity or running water and piles of old clothes, garbage spilling out of bags, paper, scrap metal and paint cans were scattered on the ground. Inside one of the rooms was a kerosene lamp and four beds with rice-mats on top of wood planks. Next to the bed was nothing but a poster of President Hu Jintao.
As the sun dropped through the polluted sky, it was time to go home. We shook hands and I watched him heave - creaking his bike to motion in the shadow cast by the tall CCTV building.
President Obama most likely saw the modern edifices, but I imagine he didn't see the man who rides his bike around them. Like the rest of the world, he has no need for a knife sharpener.
Editor's Note: Ole Schell directs films in New York City. In addition to “Win In China" he just finished the film 'Picture Me' about the world of high fashion modeling. While living in Beijng he produced a short of series on Chinese youth culture for Current TV and reported on the American election and politics for Channel 4 in Britain and MySpace Politics. He is the recipient of the “Leonardo’s Horse Award” for best picture at the 2009 Milan International Film festival for 'Picture Me.'Win in China will be screened at the Sidwell Friends School in Washington DC on December 2nd at 7 p.m.
Barack Obama was in Beijing as part of a three-day visit to China this week. No doubt he saw many examples of the prosperity of the country: the avant-garde Rem Koolhaas architectural marvels and even the new sterile malls popping up around every corner. What he probably didn't see it what's left behind, the last vestiges of traditional Beijing that barely exist in the city's vast networks of winding alleys know as hutongs.
Hutongs were originally formed when rows of traditional courtyard houses were connected to each other by small alleys in a spider web-like grid. For centuries several families would live in one residence that surrounded its own courtyard. Typically, there would be a single bathroom for each neighborhood and sometimes only one faucet as well.Even today you might see a line of people around the corner waiting to use the communal toilet in the morning.
This disappearing China is an inconvenience. Its buildings are bulldozed and its people sometimes displaced. A few months ago, while making a documentary about the country's new generation of entrepreneurs, I saw this disappearing world firsthand.
In my neighborhood of Sanlitun, known as the bar district of Beijing, I frequently noticed a knife sharpener riding his bicycle down the street with a grindstone on the back. He rode around the city so people could bring their dulled blades to him. As recently as 10 years ago, the streets of Beijing were teeming with such bicycle merchants and tradesmen, but today he is among a dying breed. I decided to ask if I could tag along with him for the day.
We never exchanged names – I don't speak Chinese - and while much of the growing middle class in the major cities is now learning English, I have yet to meet a tradesmen or laborer who is able to. We communicated by hand gestures alone. In order to set up our excursion, I simply walked up to him and handed him my cell phone with a Chinese speaker on the other end who explained my proposition.
The knife sharpener wore dirty blue slacks, rolled up to his calves to reveal bright green socks, a soiled polo work shirt, an oil-stained baseball cap and faux fur earmuffs to keep out the cold. He greeted me with a lopsided, gap-toothed smile and gestured that we should get on our bikes and get started with our day.
My shiny Schwinn mountain bike contrasted with his unwieldy steel model, one he has owned for 40 years. We rode past street-side tailors and barbers cutting hair in clumps onto the curb. The lack of running water meant the occasional smell of human waste. There were few customers on that street.
Michael Zhao is a fellow at the Center on US-China Relations at the Asia Society in New York. He tracks the effects of modernization in China.
"When I was a child each family only had one or two rusty old knives and one pair of scissors. We would all use knife sharpeners who would call out for business as they rode through the alleys on an old bike or flatbed tricycle," Zhao said.
"With the opening of Wal-Marts, Ikeas and other western stores, people are now choosing to buy new knives instead of sharpening old ones and this way of life is quickly becoming a thing of the past," he added.
On that windy Beijing morning, the sharpener motioned for me to follow him down a tiny alley with water running down the center of it. It was only a few blocks from several shiny malls selling the latest western goods but was surrounded by plywood and tin shacks and small, hastily plastered courtyard houses. We turned a corner on to a wider, busier Hutong where a man brushed his teeth out of a cup, spitting onto the ground, and the bells of black bicycles chimed. The rush towards economic modernization did not appear to have trickled down to this strata of the Beijing population. Every so often we would see migrant workers from the countryside piling jackhammers into the ground through clouds of brown dust for less than $3 a day.
The Chinese character 'Chai' (demolish) was painted in red on old structures as their glass replacements rose nearby.
"Every couple of months we see another neighborhood being torn down," Zhao said. "Some of the people are given buyouts and relocated to the outskirts of the city. Sometimes it is enough to get an equivalent place to live but not always. Beijing is a city that is constantly updating its skyline. If you are away for a few months you might not recognize it when you get back," he added.
We stopped at a corner where he set up a grindstone and a bucket of water and pulled out a noisemaker that looked like a heavy wind chime which he began to clank. He then called out what I assumed was "Sharpen your scissors, sharpen your knives. Sharpen your scissors, sharpen your knives," as he raised a knife and then a pair of scissors smiling so I might understand.
A group of older people came out of their apartments with their rusted and blunt implements – knives, scissors, meat cleavers. Through conversation the sharpener took the first knife, braced it against the back of the bike and shaved it clean with a two handed metal sharpener called a Tsiang that scrapes the blade. He then pressed the knife on a rough grindstone to file it, then painted water on a smooth stone with a brush to give the blades a final polish.
It was time to go again. We rode through a half-dirt street and, without any transition, into a sharp-edged new mall with its glass Apple Store, illuminated Nike and Adidas logos, pictures of spandex-clad American Apparel teens and a Coldstone Creamery. David Beckham, two stories high, was kicking a branded soccer ball on an LED screen.
The CCTV building in Beijing.
As abruptly, he was gone and we were back in a world where no one knew or cared about David Beckham's latest hairstyle. We stopped, and the sharpening began all over again. Grind, file, clean.
Kemin Zhang is a former successful television commercial director in Beijing who became disillusioned with the industry and quit to teach children music in hopes of instilling and holding on to a sense of culture among Chinese youth.
"China today has a big disparity between rich and poor and the people that work the hardest seem to be to be compensated the least. I think this is common for countries as they go through their own industrial revolutions," Zhang said. "China today is all about money and I think we are going through many of the same steps that western countries already have. Many people are taken advantage of or forgotten."
The knife sharpener and I rode in silence through a gate and into an orchard I had never seen before. It seemed enormous – we rode for miles through what looked like endless rows of apple trees. It seemed unfeasible that such a place existed in the middle of a large city. We made our way along a gray dirt road under a freeway overpass and came to a stop among several chickens and a donkey, outside the sharpener's courtyard house.
There was no electricity or running water and piles of old clothes, garbage spilling out of bags, paper, scrap metal and paint cans were scattered on the ground. Inside one of the rooms was a kerosene lamp and four beds with rice-mats on top of wood planks. Next to the bed was nothing but a poster of President Hu Jintao.
As the sun dropped through the polluted sky, it was time to go home. We shook hands and I watched him heave - creaking his bike to motion in the shadow cast by the tall CCTV building.
President Obama most likely saw the modern edifices, but I imagine he didn't see the man who rides his bike around them. Like the rest of the world, he has no need for a knife sharpener.
Editor's Note: Ole Schell directs films in New York City. In addition to “Win In China" he just finished the film 'Picture Me' about the world of high fashion modeling. While living in Beijng he produced a short of series on Chinese youth culture for Current TV and reported on the American election and politics for Channel 4 in Britain and MySpace Politics. He is the recipient of the “Leonardo’s Horse Award” for best picture at the 2009 Milan International Film festival for 'Picture Me.'Win in China will be screened at the Sidwell Friends School in Washington DC on December 2nd at 7 p.m.
Obama was in Beijing as part of a three-day visit to China this week. No doubt he saw many examples of the prosperity of the country: the avant-garde Rem Koolhaas architectural marvels and even the new sterile malls popping up around every corner. What he probably didn't see it what's left behind, the last vestiges of traditional Beijing that barely exist in the city's vast networks of winding alleys know as hutongs.
Hutongs were originally formed when rows of traditional courtyard houses were connected to each other by small alleys in a spider web-like grid. For centuries several families would live in one residence that surrounded its own courtyard. Typically, there would be a single bathroom for each neighborhood and sometimes only one faucet as well.Even today you might see a line of people around the corner waiting to use the communal toilet in the morning.
This disappearing China is an inconvenience. Its buildings are bulldozed and its people sometimes displaced. A few months ago, while making a documentary about the country's new generation of entrepreneurs, I saw this disappearing world firsthand.
In my neighborhood of Sanlitun, known as the bar district of Beijing, I frequently noticed a knife sharpener riding his bicycle down the street with a grindstone on the back. He rode around the city so people could bring their dulled blades to him. As recently as 10 years ago, the streets of Beijing were teeming with such bicycle merchants and tradesmen, but today he is among a dying breed. I decided to ask if I could tag along with him for the day.
We never exchanged names – I don't speak Chinese - and while much of the growing middle class in the major cities is now learning English, I have yet to meet a tradesmen or laborer who is able to. We communicated by hand gestures alone. In order to set up our excursion, I simply walked up to him and handed him my cell phone with a Chinese speaker on the other end who explained my proposition.
The knife sharpener wore dirty blue slacks, rolled up to his calves to reveal bright green socks, a soiled polo work shirt, an oil-stained baseball cap and faux fur earmuffs to keep out the cold. He greeted me with a lopsided, gap-toothed smile and gestured that we should get on our bikes and get started with our day.
My shiny Schwinn mountain bike contrasted with his unwieldy steel model, one he has owned for 40 years. We rode past street-side tailors and barbers cutting hair in clumps onto the curb. The lack of running water meant the occasional smell of human waste. There were few customers on that street.
Michael Zhao is a fellow at the Center on US-China Relations at the Asia Society in New York. He tracks the effects of modernization in China.
"When I was a child each family only had one or two rusty old knives and one pair of scissors. We would all use knife sharpeners who would call out for business as they rode through the alleys on an old bike or flatbed tricycle," Zhao said.
"With the opening of Wal-Marts, Ikeas and other western stores, people are now choosing to buy new knives instead of sharpening old ones and this way of life is quickly becoming a thing of the past," he added.
On that windy Beijing morning, the sharpener motioned for me to follow him down a tiny alley with water running down the center of it. It was only a few blocks from several shiny malls selling the latest western goods but was surrounded by plywood and tin shacks and small, hastily plastered courtyard houses. We turned a corner on to a wider, busier Hutong where a man brushed his teeth out of a cup, spitting onto the ground, and the bells of black bicycles chimed. The rush towards economic modernization did not appear to have trickled down to this strata of the Beijing population. Every so often we would see migrant workers from the countryside piling jackhammers into the ground through clouds of brown dust for less than $3 a day.
The Chinese character 'Chai' (demolish) was painted in red on old structures as their glass replacements rose nearby.
"Every couple of months we see another neighborhood being torn down," Zhao said. "Some of the people are given buyouts and relocated to the outskirts of the city. Sometimes it is enough to get an equivalent place to live but not always. Beijing is a city that is constantly updating its skyline. If you are away for a few months you might not recognize it when you get back," he added.
We stopped at a corner where he set up a grindstone and a bucket of water and pulled out a noisemaker that looked like a heavy wind chime which he began to clank. He then called out what I assumed was "Sharpen your scissors, sharpen your knives. Sharpen your scissors, sharpen your knives," as he raised a knife and then a pair of scissors smiling so I might understand.
A group of older people came out of their apartments with their rusted and blunt implements – knives, scissors, meat cleavers. Through conversation the sharpener took the first knife, braced it against the back of the bike and shaved it clean with a two handed metal sharpener called a Tsiang that scrapes the blade. He then pressed the knife on a rough grindstone to file it, then painted water on a smooth stone with a brush to give the blades a final polish.
It was time to go again. We rode through a half-dirt street and, without any transition, into a sharp-edged new mall with its glass Apple Store, illuminated Nike and Adidas logos, pictures of spandex-clad American Apparel teens and a Coldstone Creamery. David Beckham, two stories high, was kicking a branded soccer ball on an LED screen.
The CCTV building in Beijing.
As abruptly, he was gone and we were back in a world where no one knew or cared about David Beckham's latest hairstyle. We stopped, and the sharpening began all over again. Grind, file, clean.
Kemin Zhang is a former successful television commercial director in Beijing who became disillusioned with the industry and quit to teach children music in hopes of instilling and holding on to a sense of culture among Chinese youth.
"China today has a big disparity between rich and poor and the people that work the hardest seem to be to be compensated the least. I think this is common for countries as they go through their own industrial revolutions," Zhang said. "China today is all about money and I think we are going through many of the same steps that western countries already have. Many people are taken advantage of or forgotten."
The knife sharpener and I rode in silence through a gate and into an orchard I had never seen before. It seemed enormous – we rode for miles through what looked like endless rows of apple trees. It seemed unfeasible that such a place existed in the middle of a large city. We made our way along a gray dirt road under a freeway overpass and came to a stop among several chickens and a donkey, outside the sharpener's courtyard house.
There was no electricity or running water and piles of old clothes, garbage spilling out of bags, paper, scrap metal and paint cans were scattered on the ground. Inside one of the rooms was a kerosene lamp and four beds with rice-mats on top of wood planks. Next to the bed was nothing but a poster of President Hu Jintao.
As the sun dropped through the polluted sky, it was time to go home. We shook hands and I watched him heave - creaking his bike to motion in the shadow cast by the tall CCTV building.
President Obama most likely saw the modern edifices, but I imagine he didn't see the man who rides his bike around them. Like the rest of the world, he has no need for a knife sharpener.
Editor's Note: Ole Schell directs films in New York City. In addition to “Win In China" he just finished the film 'Picture Me' about the world of high fashion modeling. While living in Beijng he produced a short of series on Chinese youth culture for Current TV and reported on the American election and politics for Channel 4 in Britain and MySpace Politics. He is the recipient of the “Leonardo’s Horse Award” for best picture at the 2009 Milan International Film festival for 'Picture Me.'Win in China will be screened at the Sidwell Friends School in Washington DC on December 2nd at 7 p.m.
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The Canadian dollar is ending this week’s session as the worst in more than two months as stocks and commodities, extremely influential to determine the rates and sentiment for the loonie dropped, setting the North American currency losing streak further down.
