CHINA

The number of Americans filing new claims for jobless benefits rose unexpectedly last week, further evidence of a weak labor market just hours before President Barack Obama unveils a plan on job creation in a major address to Congress.

Former Utah Gov. Jon Huntsman delivered a forceful performance during Wednesday's Republican presidential debate, drawing on his experience as a governor and an ambassador to China to distinguish himself from heavyweights Mitt Romney and Rick Perry.

Fitch Ratings warned on Thursday that it might downgrade China's credit rating within two years as the country's banks struggle with debt loads following a lending surge to help lift the economy during the 2008 financial crisis.

Growing numbers of China's rich want to avoid publicizing their wealth, Forbes said, reflecting fears of official scrutiny amid a vast and growing rich-poor divide after several billionaires have ended up in jail.

The Global Competitiveness Index (GCI) published by the World Economic Forum, which ranks the world's most competitive economies, has pushed the U.S. down the list to a No. 5 spot. Escalating government debts and declining faith of the public in its administration were cited as the critical factors that contributed to the plunge of the country which was No. 1 in 2008 and No. 4 last year.

Forbes' latest ranking of China's richest people pits stolid industrial muscle against high-tech, with the head of an earth-moving company pipping the co-founder of the nation's biggest Internet search engine for the top spot.

China's local currency debt rating could face a downgrade over the next 12 to 24 months if an expected deterioration in asset quality materializes, according to ratings agency Fitch.

Republican presidential candidates gather at Ronald Reagan's library in California on Wednesday for the first in a series of debates over the next six weeks that will help define the Republican race.

Fitch Ratings warned on Thursday that it might downgrade the credit rating of China within two years and there was a greater than even chance of a downgrade of Japan's credit status.

Two studies released over the last week report that up to half of Americans and 40 percent of Europeans will suffer from a mental health disorder during their lifetime.

Republican presidential candidate Mitt Romney's threat to get tough with Chinese trade practices has moved China from the background to a potentially significant issue in the 2012 presidential campaign.

On Tuesday, a Defense Department official said additional cuts to military spending would severely impact the defense industry and jeopardize the safety of the United States.

Since Bartz succeeded Jerry Yang in January 2009, the shares have essentially gone nowhere.

Chinese Premier Wen Jiabao said on Wednesday that the government would strictly control new petrochemical projects around northern China's Bohai Bay, as energy giant ConocoPhillips apologized for an oil spill there.

China repeated its opposition to U.S. arms sales to Taiwan on Wednesday, saying they put the peaceful Sino-U.S. relationship at risk, as the Obama administration's decision on a weapons deal for the self-ruled island draws near.

Yahoo shares opened up 7 percent Wednesday following the ouster of CEO Carol Bartz, perhaps on speculation the rudderless Internet search engine might be a target.

Saab had to halt production in April because its suppliers stopped making deliveries after they were not getting paid.

China now has 271 U.S.-dollar billionaires, up from 189 in 2010.

Republican residential candidate Mitt Romney unveiled an economic revitalization plan on Tuesday that relies heavily on paring back tax rates, reducing regulation and overhauling trade policy.

Carol Bartz was removed as Chief Executive Officer of Yahoo, ending her tenure short of her contract expiration in 2012.

Digital graphics chip maker NVIDIA Corp. (NASDAQ: NVDA) unexpectedly provided fiscal 2013 financial guidance, which Jefferies believes primarily to focus investors on its longer-term growth potential.