Texas remains top exporting U.S. state in 2009

HOUSTON, Feb. 11 (Xinhua) -- Texas remained the top exporting state in the United States for the eighth consecutive year in 2009, Governor Rick Perry said on Thursday.

Texas' exports totaled more than 163 billion U.S. dollars for 2009, with the top export recipients being Mexico, Canada, China, Netherlands and South Korea, whose manufactured goods exported to those countries respectively reached 56 billion, 13.7 billion, 8.9 billion, 6 billion and 5.3 billion dollars, according to a news release from the governor's office.

Cheap lace front wigs The state's exporting industries in 2009 were computers and electronics, chemicals, machinery, petroleum and coal, and transportation equipment.

"Texas leads the nation Clip in human hair extensions in so many positive categories, from Fortune 500 companies to job creation," Perry told audiences at the North Houston Economic Outlook Annual Symposium.

Perry credited the state's economic environment, including its low taxes, a favorable regulatory climate and a skilled and educated workforce, for holding that distinction.

"Our principled leadership has created an environment that allows us to compete for jobs, investment and business, and defend the economic climate that has made Texas the top exporting state in the nation for the eighth straight year," Perry said.

"We owe it to our citizens to continue our economic success by adhering to our proven fiscal disciplines."

Texas' economy continues to receive national attention. Earlier survey showed San Antonio and six other metropolitan areas in Texas are expected to be among the first to emerge from the current economic recession across the country.

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One reason behind the success is that the state has created more private sector jobs than any other states in the nation over the last 10 years, and has the lowest unemployment rate among the 10 largest states, according to the Texas Workforce Commission, the state agency overseeing and providing workforce development services to employers and job seekers of Texas.

Recently, Texas was ranked as the 2009 Best Business Climate by Business Facilities magazine.

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Thai senate foreign affairs committee visit ASEAN secretariat

JAKARTA, Feb. 6 (Xinhua) -- A delegation from the Committee on Foreign Affairs of the Senate of Thailand Saturday visited the ASEAN Secretariat in Jakarta and paid a courtesy call on the Secretary- General of ASEAN Dr. Surin Pitsuwan, a statement released by the ASEAN Secretariat said.

During the ensuing discussion with the Secretary-General and members of his staff, the 20-member delegation, led by the Chair of the Committee, Mrs Pikulkeaw Krairiksh focused on regional cooperation in a wide variety of issues ranging from economic integration, fisheries, education and ASEAN community-building.

In the wake of much interest in the ASEAN-China Free Trade Agreement, Dr Surin highlighted the importance of economic integration.

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"No one country in the region can isolate itself from the world, " he said, adding that there was a need to explain the merits of FTAs that ASEAN has entered into with the wider regional public.

With China's real GDP growth creeping back up to double digit levels after the global financial crisis and the fact that its Clip on hair extensions large and expanding middle-class offers a very strong potential market, the supply line to China is crucial for ASEAN, stressed Dr Surin.

The Senate delegation also urged ASEAN to explore ASEAN cooperation in the fisheries sector as it was an important revenue generator for several countries in the region.

Briefing the delegation on the current regional framework on fisheries cooperation, Ambassador Manasvi highlighted the work of the ASEAN Fisheries Consultative Forum.

Cooperation is expected to be enhanced as the region was keen on the revival of the ASEAN Fisheries Federation which is an ASEAN- accredited civil society organization, he said.

The region was also looking at establishing the ASEAN Maritime Forum which is envisaged to address comprehensively maritime issues.

The topic of education was also raised with both sides agreeing on the importance of promoting ASEAN cooperation in education.

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The Secretary-General also called for support from the Thai Senate for ASEAN community-building efforts.

The delegation was also accompanied by the Permanent Representative of Thailand to ASEAN, Ambassador Manasvi Srisodapol.

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Thallion Pharmaceuticals Inc. ("Thallion") (TSX: TLN) and LFB Biotechnologies ("LFB") today announced the signing of a definitive development and commercialization agreement for Shigamabs庐, Thallion's product candidate for the treatment of Shiga toxin-producing E. coli, or STEC, infections. Thallion has granted LFB, an affiliate of the Laboratoire francais du Fractionnement et des Biotechnologies of Les Ulis, France, an exclusive license for the commercial rights to Shigamabs庐 in Europe, South America and other territories of strategic interest to LFB, including Russia, Turkey, China, South Korea and Northern African countries. Thallion retains commercial rights for the rest of world, including North America. The agreement follows the binding Letter of Intent signed in December 2009 between the Full lace wigs two parties.

"This transaction transforms our company into a focused Shigamabs庐 play with a strong and stable balance sheet and a quality partner with extensive experience in both the development of monoclonal antibodies and the commercialization of hospital-based products that treat rare diseases," said Dr. Allan Mandelzys, Chief Executive Officer of Thallion. "The collaborative nature of this agreement establishes joint committees comprising members from both organizations that will oversee the development and commercialization of Shigamabs庐. Together, we plan to put Shigamabs庐 back in the clinic and initiate a Phase II study in South America during the second half of this year."

"LFB shares Thallion's vision of developing new treatments for under-served markets," stated Christian Bechon, LFB's Chairman & CEO. "Shigamabs庐 is particularly well suited to broadening LFB's portfolio of monoclonal antibodies and, as an Orphan Drug, perfectly fits with our commitment in rare and severe diseases. We look forward to moving Shigamabs庐 into the Phase II clinical trial."

Pursuant to the agreement, Thallion is eligible to receive payments of up to 95 million euros (approximately C$150 million) from LFB, which includes an up-front licensing fee of 1.5 million euros (approximately C$2.3 million), funding for substantially all future clinical development costs, as well as milestone payments associated with the Clip in human hair extensions development, approval and commercial sales of Shigamabs庐. In addition, Thallion is eligible to receive tiered, double digit royalties based on product sales in all the LFB territories. Thallion will retain primary responsibility for the conduct of the clinical program, whereas LFB will be responsible for the exclusive global manufacturing and supply of Shigamabs庐 for both clinical study and commercial sales.

Thallion and LFB anticipate promptly submitting an amended protocol to selected South American regulatory agencies, based on a clinical protocol that had been approved previously by both the Argentinean and Chilean authorities. The companies intend to immediately initiate activities preparing for the launch of a Phase II study in South America in the second half of 2010, coinciding with the start of the high incidence season for STEC infection in the Southern hemisphere.

Notice of Conference Call

Thallion will hold a conference call this morning, Tuesday, February 16, 2010, at 11:00 a.m. (ET) hosted by Dr. Allan Mandelzys, Chief Executive Officer, Mr. Lloyd Segal, Chairman of the Board of Directors and Mr. Michael Singer, Chief Financial Officer, to discuss the Shigamabs庐 agreement. To access the conference call by telephone, dial 1-888-231-8191 or 1-647-427-7450. A live audio webcast of the call will be available at . The webcast
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Six teams of the world's best sailors, racing radical 40-foot catamarans will take to the waters of Muscat for the finale of the Clip on hair extensions, Extreme Sailing Series Asia. This event has seen six of the world's best teams battle it out on Extreme 40 sailing boats on racecourses in Hong Kong and Singapore and now they arrive in Muscat for the final that takes place starting from the 1st of February. Global brands such as Red Bull and BT back these racing teams, and China has also entered a team for the first time. The Series will end on a high with the Extreme Beach Party, a two day grand finale for the public over the Omani weekend, February 4th and 5th.

The Extreme 40s are 'speed machines' that race close to shore on tight courses, unlike most sailing events and in this final event they will be competing in short, exciting, 15-minute races starting each day at The Wave, Muscat.Going into the final and deciding round, Oman Sail's Masirah has a 5-point lead giving this GCC team chance to win the coveted trophy.

His Excellency Eng. Sultan Hamdoon Al Harthi, Head of Muscat Municipality said "The Extreme Sailing Series Asia is the first of a number of high profile sporting events that will be taking place in Oman this year and we are looking forward to watching some of the world's best sailors compete right on our shoreline. Oman has a rich maritime heritage and this event is a perfect tool to help showcase the potential of the Sultanate as a key sailing location internationally."

The Asian circuit follows hot on the heels of the award-winning Extreme Sailing Series Europe that, in just three years, has become a top five fixture in the international sailing calendar. The Extreme 40s race within metres of the shoreline in iconic locations such as Paris, Venice, Amsterdam and the home of yacht racing, Cowes on the Isle of Wight, UK, ensuring spectators have the best seat in the house to watch the action. The high-tech Extreme 40s are raced by top international sailors and the fleet which will race in Muscat includes three double Olympic gold medallists, 29 World Championship titles, 9 round the world navigations, 23 Olympic games attended and 10 America's Cup sailors. Two of the participating teams are from the Sultanate of Oman. Oman Sail Masirah, the winners of the 2009 Extreme Sailing Series Europe and current leaders of the Asian circuit, and The Wave, Muscat.

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OC Events, organisers of the Series, has brought the circuit to the Middle East and Asia for the first time to demonstrate the potential of a full-scale series in 2010/2011. Mark Turner, CEO of OC Group, explained, "Developing a series here in the Middle East is the next step in the evolution of this ground-breaking circuit. Never before has there been top-level racing, right in the heart of cities, within metres of the shore, designed to entertain the public, media and VIP's not just other sailors. It's unique for the cities and it is unique for our sport.

"The region is ideal for top level sailing events and we are bringing the circuit here to
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After visiting Hong Kong and Singapore the Extreme Sailing Series Asia comes now to the Middle East and the prestigious new marina development at The Wave, Muscat. The first three d
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Western societies are primarily run by lawyers. The Chinese are run by engineers. Imagine the difference in outlook that creates? JOHN McCRONE hunts for clues on the shape of the world's next superpower on a trip to Taiwan.

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What does China want? If the 19th century was dominated by the British and the 20th by the Americans, the 21st is set to be the Chinese century.

It is going to be hard to argue with 1.3 billion people once they overtake the United States in economic power (around 2027 on latest estimates). So now might be a good time to be considering what China might want, what the new world order will actually look like.

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At the moment, I seem to be in the right place to ask this question, standing watching the guard- changing ceremony inside the towering Chiang Kai-shek memorial in Taiwan with James Chen, a jovial young political scientist from Tamkang University.

New Zealand, despite thinking it is part of Asia now, is a long way from the action, whereas Taiwan is right next door - and literally fixed in the crosshairs of the great rising dragon.

Mao Zedong's communists chased Chiang Kai-shek's ruling Nationalists off the mainland in 1949, forcing several million of China's old elite to set up a home from home on the subtropical island of Formosa.

In one of those curious twists of international politics, each country still claims legal ownership of the other. Only the threat of nuclear retaliation by the United States kept China from seizing Taiwan in the past. And as I have been hearing all week during an international press trip organised by a worried Taiwanese Government, there are still some 1300 missiles pointed at them across the 180km Taiwan strait.

So if anyone is watching China's emergence as the new world power, it is here. And more than this, Taiwan could be closer to China's past, and hence also its future.

This is what Chen is telling me. Ironically, he says, Mao Zedong's Red Guard swept away most of China's history and scholarship, and so today's Chinese Government officials may not even yet have a clear sense of what they will want because they are first having to rediscover their very Chinese-ness.

Chen says perhaps Taiwan represents China's future - an Asian democracy that seems a model fusion of Eastern and Western values?

Well, he admits with a great laugh, Clip on hair extensions, Taiwan has just locked up its last president, Chen Shui-bian, on corruption charges. Something about US$100 million (NZ$143m) diverted to a Swiss bank account. His wife may land up in jail, too.

Not a good look, but proof at least that justice and democracy does operate in Taiwan: "I think even other Asian countries were surprised that this action could be taken."

So what does Chen think China will want from the world? It is the question that I have been asking many during this trip, even Taiwan's Minister of Foreign Affairs, Timothy Yang. Yet getting answers has proved frustrating. Partly this has been my own fault, says Chen. As a blunt- speaking Westerner, I am simply being too direct. Pushing back his horn-rimmed glasses, Chen says the Chinese way of expression is famously roundabout. It is all about preserving face, appearing to reach decisions by consensus, doing things in ways that do not disturb the established social hierarchy. Westerners will have to listen closel
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ACCORDING to MOHAMED ARIFF the yuan will appreciate only if the dollar does and countries like Thailand and Malaysia should consider pegging their currencies to China's yuan if they are not to be disadvantaged by China's exchange rate policy.

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There is no need to belabour the point that flexible prices play a key role in correcting imbalances, be they between supply and demand for products, or between saving and investment or, for that matter, global imbalances of international capital or trade flows.

This is simply the magic of the price mechanism in text books.

In the real world, however, prices are not that flexible. For a variety of reasons, not least among them policy preferences to keep prices at certain levels, targeted at given policy objectives. It is not uncommon to see deliberately under-priced or over-priced products, thanks to subsidies or protectionist measures.

Likewise, interest rates are usually manipulated by monetary authorities with the intention of influencing not only savings and investment, but also output, employment and inflation.

Similarly, exchange rates are often controlled by central banks, with flexibilities ranging from free floats to fixed rates.

All this affects the much-needed rebalancing of the global economy. There is near-consensus that the current global economic illness is primarily due to deep-seated global imbalances between production and consumption, savings and investment, and imports and exports of goods and services.

Such imbalances will have to be reduced, if not eliminated. Policy actions that fail to address these critical issues are tantamount to treating the symptoms, such as output loss and unemployment, but not the disease.

Rebalancing warrants both expenditure and price adjustments. Exchange-rate adjustments are among the latter. It is disappointing that the crisis that hit the global economy in mid-2008, with its epicentre in the United States, has led to few self-corrections in the balance-of-payments (BOP) current account.

The US current account deficit has shrunk only marginally from six per cent of gross domestic product (GDP), while East Asian economies continue to register persistent BOP surpluses despite falling exports, and accumulate foreign exchange reserves.

For automatic adjustment mechanisms to work effectively, the crisis may have to last longer, in which case there Clip in human hair extensions will be considerable pain. Nor is there any suggestion that imbalances should be eliminated completely. All that one might reasonably wish to see would be the BOP current account deficit reduced to sustainable levels, which has not happened.

The US current account deficit still exceeds five per cent of GDP, way above the sustainable level estimated at three per cent of GDP.

What is standing in the way has been the absence of realistic exchange rates in the foreign exchange market in recent times. The exchange rates of some major currencies vis-a-vis the dollar have been either rigid or moving in the wrong direction. A weaker greenback would help the faltering US economy by stimulating US output for both exports and domestic consumption, but the US dollar has not depreciated sufficiently to reflect the fundamentals.

The dollar is overvalued, arguably by 15-20 per cent. The problem is that the dollar cannot
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WASHINGTON - China disclosed the other day that its foreign exchange reserves had increased to about $2.4 trillion in 2009, a gain of $453 billion for the year.

These stupendous figures - and the likelihood that the country's reserves will rise by a comparable amount this year - have become a financial, economic and geopolitical reality of surpassing significance.

The significance is not, as many imagine, that China might suddenly "dump" the dollar and dethrone it as the world's major international currency, undermining American economic power and prestige.

Two-thirds or more of China's reserves are estimated to be held in dollars. As an economic strategy, dumping the dollar would boomerang.

It would amount to a declaration of economic war in which everyone - Chinese, Americans and many others - would lose.

Consider what would happen, hypothetically. China would first sell securities in which its dollars are invested. That would include an estimated $800 billion in U.S. Treasury bonds and securities, plus billions of American stocks and corporate bonds.

After unloading the securities and collecting dollars, it would Human hair wigs sell the dollars on foreign exchange markets for other currencies: the euro, the yen and who knows what else.

The massive disgorging of dollars could trigger another global economic collapse. As China's selling became known, other foreign and American investors might jump onto the bandwagon, abandoning dollar securities and shifting currencies.

If panic ensued, markets would fall sharply. Banks and investors would see their capital and wealth erode.

The resumption of the global recession, even depression, would shrink foreign markets for China's exports (in 2009, its exports fell 16 percent). To protect jobs, other countries might impose quotas or tariffs on Chinese imports.

Why would China do this to itself? The answer: It wouldn't.

Look elsewhere for the significance of the huge foreign exchange reserves. For starters, they confirm China's mercantilist trade policies.

A country that practices mercantilism strives to increase exports at the expense of its trading partners.

China has done this by keeping its currency, the renminbi (RMB), at an artificially low rate that gives its exports a competitive advantage on world markets.

Huge trade surpluses have resulted, although last year's surplus declined as a result of the global slump.

It's often said that the United States "borrows" from China, because the Chinese hold so many Treasury bonds.

This inaccurately describes reality.

When China receives dollars, it could use those dollars to buy imports. Or it could limit the dollar inflow by allowing the RMB to appreciate, making its exports more expensive and its imports cheaper.

In 2005, China began a modest appreciation of the RMB against the dollar; in mid-2008, it stopped.

Since then, the RMB has depreciated against many currencies, reports economist Nicholas Lardy of the Peterson Institute. In 2010, Lardy expects the trade surplus to grow.

So China accumulates dollars, which must be invested. The large surpluses cause China to "lend" to us and other countries, regardless of whether we want the "loans."<
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