UPI NewsTrack Business

U.S. markets edge up Wednesday

NEW YORK, Nov. 11 (UPI) -- U.S. markets climbed Wednesday with gains in home construction, coal, gambling stock and iron and steel.

Markets closed modestly higher Tuesday for a fifth straight day of gains. Many banks were closed Wednesday for Veterans Day, but stock markets were open.

In late morning trading, the Down Jones industrial average added 29.32 points, 0.29 percent, to 10,276.24 The Standard & Poor's 500 rose 3.69 points, 0.34percent, to 1,096.70. The Nasdaq composite index climbed 0.53 percent, 11.46 points, to 2,162.54.

The benchmark 10-year U.S. Treasury rose 2/32 to yield 3.478 percent.

The euro rose to $1.5026 from Tuesday's $1.4979. Against the yen, the dollar fell to 89.84 yen from Tuesday's 89.85 yen.

In Japan, the Nikkei 225 index rose 0.01 percent, 0.95, to 9,871.68.

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Prof: Seven types of recession employees

KINGSTON, Ontario, Nov. 11 (UPI) -- Canadian researchers at Queen's School of Business say managers should be aware of the seven categories employees fall under during a recession.

Douglas Reid, associate professor of Global Business at the school, said in a release from Kingston, Ontario, managers should be aware of the "attendant challenges" of each behavior type.

He said the first type is the "terminated" -- those who have been laid off but still affect former coworkers. Second was the "fearful," who expect to be cut next, but "cling tenaciously to whatever certainty their existing situation affords."

The third group was described the "indifferent," who believe only others will be affected by the recession.

The "delighted" are enthusiastic performers who revel in taking personal advantage of the recession's effect of lower prices based on clearance sales. Next came the "apocalyptic," who the school said believe the recession is a necessary "reset" for the failures in capitalism.

The sixth group were described as "longers," who hope for a good severance package and feel optimistic about finding a new job quickly.

The final and ideal group was the "engaged," the release said. Those workers were described as the core of a company's renewal efforts who "understand the consequences of the recession and what needs to be done to help the business recover."

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Yuan currency trade accepted in Indonesia

JAKARTA, Nov. 11 (UPI) -- Indonesia Wednesday became the sixth ASEAN nation where China will use its yuan currency to settle trade payments, it was announced.

The service was launched by the Hong Kong Shanghai Banking Corp. in Jakarta Wednesday. ASEAN stands for the Association of Southeast Asian Nations.

Other ASEAN countries using the yuan (Renminbi) trade settlement service are Malaysia, Thailand, Singapore, Vietnam and Brunei Darussalam, China's official Xinhua news agency reported.

The service is part of China's cautious effort to create a bigger global role for the yuan as the weakened U.S. dollar continues to be questioned as a world reserve currency. China holds the world's largest foreign exchange reserves of more than $2.1 trillion and is also the largest holder of U.S. debt.

"The Chinese government's policy to allow Renminbi as trade payment currency would improve the trade between the two countries," Vincent Sugianto, HSBC's head of trade, said.

Sugianto said the trade settlement service can only be conducted with Chinese firms authorized to make transactions with their counterparts in ASEAN countries. He said direct transaction using the Chinese currency with Chinese firms would reduce transaction costs and avert currency exchange risks.

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China October trade surplus jumps

BEIJING, Nov. 11 (UPI) -- China's October trade surplus soared to $24 billion from September's $13 billion, pointing to its sharp economic recovery, the government said Wednesday.

The customs department said October exports totaled $110.8 billion, down 13.8 percent from the same month of last year, while imports fell 6.4 percent to $86.8 billion in the same month, the state-run Xinhua news agency reported.

For the first 10 months of this year, China's trade surplus totaled nearly $160 billion.

The European Union remained China's largest trading partner with bilateral trade totaling $292.42 billion. The United States was second with bilateral trade at $239.36 billion.

The release of the latest figures comes days ahead of the scheduled China visit of U.S. President Barack Obama.

China's economy is forecast to grow more than 8 percent this year. Additionally, with its trade surplus continuing to rise sharply, the country can expect outside pressure to grow to let its yuan appreciate against major world currencies.