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News Wrap: Chinese Protests over Japan’s Islands Acquisition

September 17, 2012 at 12:00 AM EST
In other news Monday, Chinese protesters clashed with police and Japanese businesses and citizens, after news broke the Japanese government had purchased long-disputed islands located northeast of Taiwan. There are rumors that large oil and natural gas deposits are located in waters nearby the uninhabited islands.
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HARI SREENIVASAN: Authorities in China moved today to curb protests against Japan that turned violent over the weekend. The tensions stem from Japan’s purchase of disputed islands northeast of Taiwan.

It’s believed the sea around them may contain oil and natural gas deposits. On Saturday and again Sunday, protesters in Chinese cities attacked Japanese businesses and some Japanese citizens. They also clashed with riot police who fired tear gas to disperse the crowds. Today, police warned against large-scale demonstrations. And some Japanese companies said they will temporarily shutter plants in China.

New trade disputes are brewing between the U.S. and China. Beijing today filed a complaint with the World Trade Organization. It challenges U.S. tariffs on imported Chinese steel, tires, kitchen appliances and other goods. That came as the U.S. filed its own complaint against China’s auto industry. The dual actions are the latest in a series of escalating trade fights between the two countries.

Today marked the first anniversary of the Occupy grassroots movement against economic inequality. Organizers planned rallies and marches in more than 30 cities around the world. Several hundred activists gathered in Manhattan’s financial district, where the movement began. More than 100 people were arrested. But turnout was small compared with the thousands who took to the streets last year.

JUSTIN STONE DIAZ, Occupy Wall Street: It’s not the big flash in the pans that are going to make the changes. It’s these small little things, and that we keep on coming out and we’re not going anywhere. This is a movement. And it’s only been a year. It’s going to take many years for us to develop and figure out exactly who we are.

HARI SREENIVASAN: Last fall’s protests swelled to thousands, but a number of cities ultimately used police to break up the campsites. Other protesters drifted away with the onset of winter.

A four-day rally on Wall Street has come to an end. The Dow Jones industrial average lost 40 points today, to close at 13,553. The Nasdaq fell five points to close at 3,178.

Chicago Mayor Rahm Emanuel asked a state court today to end a weeklong teachers strike. That came as teachers returned to the picket lines. On Sunday, their union delegates balked at approving a tentative contract. They said they needed more time to review sections on teacher evaluations and other issues. The mayor’s legal filing today branded the strike illegal. The union called the lawsuit a vindictive act.

Those are some of the day’s major stories.