China is Investing Billions in Renewable Energy One firm has already built China’s largest wind turbine manufacturing factory. And it’s working with the Chinese Science Academy to develop new wind, solar, and geothermal technologies… for which it will own 70% of the rights. But this company’s business reaches far beyond the Chinese border, with operations in Southeast Asia, the Middle East, Africa and Eastern Europe. It’s first quarter net income increased by 294% over a year ago. Click here for the full report.

The financial services industry in the United States and Europe is still reeling from the financial crisis, shedding tens of thousands of jobs each month – even a year after the crisis hit its apex.

However, recent evidence suggests that the financial services industry in Asia – particularly China, which was largely isolated from the toxic assets that caused the crisis – is starting to rebound.

Indeed, many …

In the currency market, the dollar abruptly reversed field and rose against the euro. Late Wednesday, the euro was trading at $1.4138 vs. $1.4323 on Tuesday.

According to Marketwatch.com, “the dollar got a boost after a Reuters report said central banks still sought the safety of dollar investments. Citing unnamed sources, the report said central banks in China, Japan, India and South Korea would likely shrug off portfolio losses stemming from any potential cut in the U.S. sovereign credit rating, opting to continue buying dollars because there are no alternatives in terms of the liquidity afforded by the currency.”

Among the day’s numbers, the most closely analyzed was the ADP’s employment index, which indicated that the private sector eliminated 520,000 net jobs in May. Although “still terrible, undoubtedly, but a bit less terrible,” as Ian Shepherdson, of High Frequency Economics wrote, it was the lowest job loss total since November.

“Despite

In the currency market, the dollar sunk against the euro. Late Wednesday, the euro was trading at $1.2651 vs. $1.2560 on Tuesday.

The dollar declined against most major currencies yesterday, losing ground as equity markets shifted to the black.

In economic news, it appears investors were encouraged by details of a government program designed to help as many as 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments, as stocks broke a five-day losing streak.

“Virtually everyone was expecting some sort of a bounce, we just didn’t know exactly when that would occur,” said Randy Frederick, director of trading and derivatives at Charles Schwab. “You can’t go down forever.”

That’s a pretty stupid way to look at things in our view. Nothing has changed in the real world and this bounce is based not on fundamentals but lunacy.

Also reported on Wednesday (and

Job losses spiked in October according to two key employment reports released yesterday (Wednesday).  The rate of unemployment has risen steadily over the past year but job losses expanded in both size and scope in October and will likely continue to accelerate well into 2009, further exacerbating an already potent economic downturn.

Private U.S. companies cut an estimated 157,000 jobs in October, the largest decline in nearly six years, ADP Employer Services said yesterday (Wednesday). Separately, outplacement firm Challenger, Gray & Christmas Inc. said job cut announcements by U.S. employers soared to 112,884 in October – a 79% increase from last year.

“We are starting to see more recession-like declines in employment,” said Sal Guatieri, a senior economist at BMO Capital Markets, told Bloomberg News. “The loss of jobs means consumers will continue to retrench in the next couple of quarters.”

The ADP