US and China must focus on striking a deal for the sake of both economies

Worsening financial data on both sides of the Pacific should bring both sides together on trade In 2010 almost one in five Chinese people lived in poverty. By 2017 that figure had fallen to a little under one in 30, according to the World Bank. Its an astonishing decline in poverty achieved with a mix of authoritarianism, competitive markets and a huge increase in corporate and state borrowing. Trump has accused Beijing of subsidising its exports and artificially depressing its currency to aid that effort. In addition, the US wants Chinese companies to be banned from demanding technology transfers as the price of entering Chinese markets. It is difficult to make a case for currency depreciation when the Peoples Bank …

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How Robert Kraft became a billionaire

New York (CNN Business)Robert Kraft bought the New England Patriots in 1994 from an owner who wanted to move the team to St. Louis and call them the Stallions. And the Patriots today are worth $3.7 billion, the sixth most valuable pro franchise in the world, and Kraft is worth $6.6 billion, according to Forbes. He is the 79th wealthiest person in America. On Friday, Kraft, 77, was making headlines for other reasons. He was facing charges of soliciting prostitution, stemming from a raid on a day spa in Florida. A spokesperson for Kraft denied that he had committed a crime. Lee Igel, an associate professor at NYU’s Tisch Institute for Global Sport, said Kraft transformed the Patriots into a …

Ford redesigns ‘world’s most popular SUV’

(CNN)Ford has unveiled a completely new version of the Explorer SUV, a model that helped fuel the SUV craze when it was first introduced in the 1990s. It’s still one of the company’s most popular products and will be even more important to Ford now that the automaker has announced it is dropping nearly all car models from its North American lineup in favor of SUVs, crossovers and trucks. “The Explorer has been really successful for us and so we didn’t want to change the experience dramatically, but we did want to update it, we wanted to modernize it, we wanted to change the presence,” said Cristina Aquino, Ford’s large utility marketing manager. The Explorer you can buy today is …