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COPYRIGHT 2004 FDCH e-media
Original Source: CNN MONEY MORNING
KATHLEEN HAYS, CNNfn ANCHOR, CNN MONEY MORNING: Federal courthouse in Downtown Manhattan. The scene of many a Wall Street trials. Just wanted to give you a little extra view of New York City today. It`s a lovely, lovely morning as everyone`s going to work.
It`s Friday, April 30th. I`m Kathleen Hays. You`re watching CNN MONEY MORNING.
We have breaking news on the economy. These are the numbers for March personal income and personal spending. We have personal income up 0.4 percent. A little bit less than February. Spending up 0.4 percent. Exactly equal to the previous month. And actually that spending number is a little bit weaker than people had expected.
But we really had the big news on the economy yesterday with the first quarter GDP, which really kind of includes this spending number, and we saw that the GDP grew 4.2 percent. So there`s already a sense the consumer is still on track.
Let`s look at today`s top business headlines.
Wall Street gets ready to Google. Yesterday Google unveiled its plan to go public. The world`s number one Internet search engine plans to raise as much as $2.7 billion in the IPO. This would put it among the 15 biggest U.S. initial public offerings ever. Google plans to sell shares through an unusual online auction to make sure that shares are more widely available to its investors and customers.
Gateway [Company: Gateway Inc.; Ticker: GTW; URL: http://www.gateway.com/] says it`s cutting 1,500 jobs by the end of the year. That`s about 40 percent of its work force. The computer maker closed all its 188 stores this month. Gateway also reported a narrower operating loss for the first quarter late yesterday.
And a reminder, enrollment for the new medicare approved drug discount card begins Monday. Recent polls show that most seniors know very little about the program. The government`s working to change that through a huge ad campaign.
Outgoing San Francisco Federal Reserve President Robert Perry reportedly says that the slow-down in the Chinese economy that Beijing is trying to bring about would, he thinks, have little effect on rest of the world. But let`s take a deeper look at the business of China, the global economy and its relationship to the United States.
We`re joined now by Myron Brilliant, vice president for Asia affairs at the U.S. Chamber of Commerce.
Good morning. Great to have you on the program.
MYRON BRILLIANT, VP FOR ASIAN AFFAIRS, U.S. CHAMBER OF COMMERCE: Thank you.
HAYS: Well, it is an election year and a piece that you wrote recently about how John Kerry is approaching the issue of jobs going to china, our trade relationship with China, I think came down pretty hard on Kerry as you think misguided. So why don`t you start by laying out that view because that really seems to be the message you want to deliver.
BRILLIANT: Well, really, our position is that we need to engage China. We need to prod China to meet its WTO commitments, to make sure its market is rules-based. Our attack is not on Kerry, our attack is really on China to try to encourage China to meet its obligations, to open up its markets, to allow American companies to prosper in that market, which will create jobs here in the United States. And that`s been our line.
HAYS: OK. In terms then of what you think U.S. policy should be, I mean so far the Bush administration, for example, has defended free trade, has gone so far as to say that...
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