Word: production
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Fourth, the financial-product fads of recent years - collateralized debt obligations in mortgage markets and collateralized loan obligations in loan markets - which made a lot of money for financial-market participants in the upswing of the credit cycle are now proving to be opaque, hard to value accurately and potentially dangerous to both lenders and borrowers if their real worth has to be accounted for at short notice. There's a knock-on effect to disillusionment with these esoteric products: when investors must raise cash quickly, the more liquid and tradable assets tend to go first...
...brings it home, this whole concern [for product safety] and what does it mean for the China export juggernaut," says David Zweig, director of the Center on China's Transnational Relations at the Hong Kong University of Science and Technology. "We think of it on a massive, macro level. This brings home what it means when this ... happens to an individual businessman...
...early August, Mattel's Fisher-Price division and the U.S. Consumer Product Safety Commission announced a recall of 967,000 toys, featuring characters like Big Bird and Elmo from Sesame Street and Dora the Explorer, because of excessive amounts of lead paint. The toys had been manufactured this spring and summer by Lee Der in Foshan...
...Mattel said that it had worked with Lee Der for many years and that the company had a good track record on production standards. The recall was a particular blow to Mattel, which had enjoyed a reputation for closely monitoring product safety and work conditions at the foreign factories to which it outsourced production, and was seen as a model for U.S. companies who were working with manufacturers in China...
...manufacturing in Guangdong is a bellwether industry in China. It was among the first to receive outside investment when China's economy began to open up in the early 1980s and Hong Kong businessmen crossed the border in search of cheaper production facilities. Product safety standards have long been an issue, but the unprecedented level of international attention is putting pressure on manufacturers. With its export-driven economic growth on the line, the Chinese government has taken aggressive steps to safeguard the reputation of its goods. It has closed unsafe food factories, issued new regulations for product safety and shuttered...