Investors Exhale: Chinese Power Transfer Finally Initiated (AP)
Investors in Asian markets can breathe a sigh of relief as China’s transfer of power finally began, ending months of uncertainty. Outgoing President Hu Jintao’s name was replaced by Vice President Xi Jinping’s on ballots electing Central Committee members — the crucial first step in Xi’s ascension to the presidency. As the transition progresses during the coming months, investors hope that Xi’s leadership can help re-ignite slowing growth in the world’s second-largest economy.
Obama Racing the Clock to Thwart Fiscal Cliff (YahooFinance.com)
President Obama knows he’s racing the clock as he met yesterday with business leaders and labor groups to reassure them a deal will be made to soften the blow of the fiscal cliff. Without one, uncertainty will sweep the markets — hamstringing investors and depressing economic recovery. CEOs are urging the president to extend the Bush tax cuts until such time that a long-term deal can be worked out. However, Obama has said that while he extended the cuts once, he would not do it again… Tick, tick, tick.
Scientific Breakthrough Smells Like Roses (TheDenverChannel.com)
Investors in companies such as International Flavors & Fragrances, Inc. (IFF) had better keep an eye on a small Belgium-based firm called Beneo which makes Deo Perfume-Candy. It may revolutionize the entire fragrance industry — and human hygiene while it’s at it. Beneo recently began selling a candy product in the United States via Amazon that physiologically changes the composition of body odor to produce a flowery fragrance. The company claims, “The rose-flavored sweets contain geraniol, an alcohol found in rose oil that “aromatizes” as it evaporates through the skin.”