CHINA

Chinese economists said the U.S. credit rating downgrade by Standard & Poor's poses great risk to financial markets and expect it to prompt China, the world's biggest holder of U.S. Treasuries, to accelerate the diversification of its holdings.

Chinese authorities evacuated more than 200,000 residents from eastern Zhejiang province and cancelled more than 200 flights, as the region braced itself for a typhoon that could be the worst in the area in years.

China bluntly criticised the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.

China holds a large amount of U.S. debt. Xinhua, the official press agency of China, issued a commentary on Aug. 6 titled After historic downgrade, U.S. must address its chronic debt problems. The commentary stated that the days when debt-ridden Uncle Sam could leisurely squander unlimited overseas borrowing seemed to be numbered because S&P slashed the country's AAA rating for the first time.

Thirteen items belonging to the late kung fu legend Bruce Lee, including a hand-written letter and a fur-lined coat, are set to go under the hammer in Hong Kong at the weekend.

The United States lost its top-tier AAA credit rating from Standard & Poor's, drawing a blast of criticism on Saturday from its biggest creditor China and deepening investors' alarm over the euro zone's debt crisis.

In the event Monday witnesses a massive sell-off of Treasuries, bond yields would surge.

?We have total confidence in the solidity of the American economy,? Baroin told French radio.

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The biggest threat to China's grip on its ethnically divided far western frontier comes from homegrown anger exploding in violence, not from Pakistan-based terrorists officials have blamed for the latest bloodshed.

The crumbling of mega-merger talks between Japanese industrial behemoths Hitachi (6501.T) and Mitsubishi Heavy Industries (7011.T) threatens a rare opportunity for Japan to improve its global competitiveness by consolidating century-old companies.

China roundly condemned the United States for its "debt addiction" and "short sighted" political wrangling and said the world needed a new stable global reserve currency.

China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.

China's commentary which came after credit rating agency Standard & Poor downgraded U.S credit rating from a top-notch AAA to AA+, harshly criticized U.S for its "debt-addiction" and short-sightedness of politicians.

The U.S. lost its AAA credit rating from Standard and Poor's for the first time in history, dealing a symbolic blow to the world's economic superpower. The impact of this downgrade is a matter of speculation.

China, the largest creditor of the world's sole superpower, hit out at the United States for its "debt addiction" and "short sighted" political wrangling in response to Standard & Poor's historic decision to downgrade the U.S. credit rating from AAA.

At a time when multiple fake Apple stores have been uncovered in China, Apple turned its attention on retail stores in the Chinatown section of Queens, New York, that sell cases and other accessories for Apple products like the iPhone, iPod and iPad, with a trademark lawsuit.

A South Korean SBS TV documentary team accuses Chinese pharmaceutical companies of selling dead baby pills as stamina boosters. The team reveals that the truth behind the dead baby pill is horrific and disturbing.