Hong Kong, get ready -- the U.S. Navy is in town

The USS Essex, an amphibious assault ship, is docked in Victoria Harbour this week for a 'liberty stop' â '- a break for the 2,200 sailors and marines who will spend their days shopping and their nights in Hong Kong's restaurants and bars.

The ship's arrival comes on the heels of a trade initiativeannounced Monday to boost commerce between the U.S. and Hong Kong. The visit also suggests a thawing of relations between Beijing and Washington since January, when China froze military relations to protest the U.S. decision to sell up to $6.4 billion in arms to Taiwan. Several high-level Chinese military officials attended a reception on the USS Essex this Wednesday.

For the troops, Hong Kong is mainly the welcome vacation spot it has long been after months at sea or on 'work stops.' But there are still some patriotic duties to fulfill. U.S. Consul General to Hong Kong Stephen Young gave one order to the troops on board the Essex: 'We hope that you will shop for your country.' Unfortunately for Mr. Young, few of them appeared to be rushing out to buy American goods.

We spoke to five U.S. servicemen and women about their plans in Hong Kong.

Lars Ehrlander, 34, Navy lieutenant commander

'We are here to have a good time,' he said. 'We try to promote better understanding and experience other cultures.' Mr. Ehrlander said Hong Kong is one of his favorite places to visit. 'The food's the most fun for me. There's so much variety here.' So far, he has visited Stanley Market to find a gift for his wife.

Lucy Mason, 24, Navy ensign

'I don't get to wear civilian clothes often, but when I do, I like nice things,' she said. Ms. Mason visited Hong Kong once when she was 14, but is relying on her more experienced peers for 'good insider information.' She is looking forward to shopping at the Night Market, running in the parks and afternoon tea at the Peninsula hotel.

Marcus Williams, 41, Navy aircraft handler

'I didn't know Hong Kong was this big,' Mr. Williams said. 'I want to meet people and see the scenery.' On his list is spending time at Lan Kwai Fong ('I hear LKF is a nice time') and the Peak.

Kelvin Sanchez, 36, Navy aircraft handler

Mr. Sanchez, who has been to Hong Kong twice before, is looking forward to rest. 'The last two times, I got plenty of souvenirs,' he said. 'This time, I'm just relaxing.'

Todd Simmons, 39, Marine lieutenant colonel

Hong Kong is an opportunity for Mr. Simmons â '- who was last in Hong Kong in 1996 â '- to shop for his wife. So far he has checked out Stanley Market.

Earlier this year, Japanese consumers camped outside stores to buy the latest in high technology

Apple Inc.'s iPad and new iPhone 4. Now they are rushing to buy something a little more traditional: television sets.

In fact, in the TV departments of the country's major electronics stores, every day is almost as busy as the iPhone launch day, if recent store visits in the capital are anything to go by. Â Last week â ' Nov. 8 -14 -- domestic flat-panel TV sales soared sixfold from the same period last year, according to market research firm GfK. In that week alone, stores sold more TVs than they did in all of November last year.

So why are the Japanese buying TVs like they've never seen TVs before? A new tech feature? A new society trend of some kind?

The reason is something a lot more traditional: bargain-hunting. TVs are selling like hot cakes now because the government is soon to scale back a subsidy program that offers incentive points for buying energy-efficient TVs, refrigerators and air conditioners. Under this program, consumers are basically getting an equivalent of a substantial discount on their purchases, because they can trade the so-called 'eco-points' for other goods and services.

The eco-point program is meant as a temporary measure. It started in May 2009 as part of Japan's stimulus package to rev up an economy struggling to recover from the financial crisis. The original plan was to end it in March this year, but the government has extended it through March next year.

But the government said last month that the eco-points consumers receive upon their purchases will sharply decrease from Dec. 1. Until the end of this month, you get 36,000 points â '- worth up to 36,000 yen ($432) of goods or services â '- when you buy a 46-inch or larger TV that meets the program's energy efficiency criteria. But come December, you will only get 17,000 points on the same purchase.

'TV sales have exploded since the (government) announcement last month,' says a spokesman for major electronics retailer Bic Camera Inc. Stores usually see TV sales rise before events like the Olympic Games or soccer's World Cup, but this kind of extremely concentrated demand during a short period of time is unprecedented, he says.

President Barack Obama on Wednesday said he would award the Presidential Medal of Freedom to billionaire investor Warren Buffett

The full list of 15 honorees includes artists, civil rights leaders and an optometrist who was killed by the Taliban in August in Afghanistan.

'These outstanding honorees come from a broad range of backgrounds and they've excelled in a broad range of fields, but all of them have lived extraordinary lives that have inspired us, enriched our culture, and made our country and our world a better place,' Obama said in a statement.

In a press release, a description of Bush, father of former President George W. Bush, notes his many hats in the federal government and his work with former President Bill Clinton 'to encourage aid for victims of Hurricane Katrina in 2005 and the Indian Ocean tsunami in 2004.'

Obama has had good relations with Merkel, though Germany was recently among a group of countries that slammed U.S. economic policies while the president was in Asia for the Group of 20 summit.

Buffett has been a supporter of Obama's since he was a presidential candidate. Buffett is one of the world's richest people and runs the large investment firm Berkshire Hathaway Inc.

Prince William to Marry After Proposing With Diana's Ring

A spokesman for Prince Charles said Prince William has given Ms. Middleton the engagement ring─an oval sapphire surrounded by diamonds─that belonged to his late mother, Diana, Princess of Wales, the Associated Press reported.

The engagement was announced in a brief statement released by Clarence House, the official residence of Prince Charles. 'The Prince of Wales is delighted to announce the engagement of Prince William to Miss Catherine Middleton.

'The wedding will take place in the spring or summer of 2011, in London. Further details about the wedding day will be announced in due course.

'Prince William has informed the Queen and other close members of his family. Prince William has also sought the permission of Miss Middleton's father.'

The couple, who are both aged 28, were engaged in October during a private holiday in Kenya. Prince William, who is second in line to the throne after his father Prince Charles, will marry Ms. Middleton in London next spring or summer. Afterwards the couple will live in north Wales where he will continue to serve with the Royal Air Force as a search and rescue helicopter pilot.

The wedding promises to be a extravaganza for Britain, recalling the 1981 wedding of Prince Charles and Diana that drew massive television audiences around the globe.

The couple have been together for eight years. They first met as undergraduates while studying at St. Andrews University in Fife, Scotland. They both graduated in the same ceremony in 2005, the same year their relationship was exposed when they were photographed together on the Swiss ski slopes of Klosters.

Clarence House also said that the prince had followed traditional protocol and asked Ms. Middleton's parents for their daughter's hand in marriage.

Prime Minister David Cameron said he was 'delighted to hear this wonderful news.' In a statement he said: 'I am sure the whole country will join Samantha [Cameron] and me in wishing them great joy in their life together.'

Ms. Middleton, who isn't a member of a royal family, is the eldest child of businessman Michael Middleton and former flight attendant Carol Middleton. She grew up in the Berkshire village of Bucklebury where her family runs a mail-order toy and party-goods company.

Zoe Saldana, Lea Michele make People best-dressed list

"Avatar" star Zoe Saldana, who played a sexy blue alien in the 3D extravaganza, made People magazine's annual best-dressed list on Wednesday, alongside "Glee" actress Lea Michele and Prince William's girlfriend.
Singers Gwen Stefani and Rihanna also appear in the top 10, which does not rank its entrants in order. Actresses Jennifer Aniston, Jessica Alba and Diane Kruger made the cut as well.
Saldana, 32, seen in "Avatar" wearing little but blue and an elegant tail, was dubbed the "Red Carpet Queen" by People for her grace, taste and sense of fun.
Michele, 24, who plays geeky Rachel Berry in the TV musical "Glee", is "The Newbie" in the 2010 list, praised for wearing bold shades like scarlet and emerald on the red carpet.
And Kate Middleton, 28, the long-time girlfriend of the second-in-line to the British throne was dubbed the "Princess in Waiting" and won plaudits for always looking "chic and refined."
Kruger, 34, who played a German double agent in last year's "Inglourious Basterds," was called the "Runway Renegade," admired for doing her own make-up and putting style before comfort at celebrity events.
People also picked out some fashion moments that were just inglorious, including unfortunate red carpet appearances by Rita Wilson, the actress wife of Tom Hanks, and former screen siren Sharon Stone.
The magazine deemed the suicide of British fashion designer Alexander McQueen, Chelsea Clinton's multimillion-dollar wedding and Canadian teen idol Justin Bieber's floppy, eye-brow grazing hair as the most memorable style moments of the year.
People's Best & Worst Dressed 2010 issue hits newsstands on Friday. The 10 best-dressed women of the year are:
Zoe Saldana - The Red Carpet Queen
Gwen Stefani - The Hip Mom
Rihanna - The Daring Diva
Diane Kruger - The Runway Renegade
Lea Michele - The Newbie
Olivia Palermo - The Uptown Girl
Jessica Alba - The Mix Master
Jennifer Aniston - The American Classic
Rachel Bilson - The Denim Darling
Kate Middleton - The Princess in Waiting

Chinese men looking West

The materialism of Chinese women is putting off some Chinese men and driving them into the arms of Western women."Chinese man fancies Western woman" was the title of the personal ad Li Lei posted online, in which he asked if any Western "ladies (in Beijing) are open to a long-term and serious relationship with a Chinese guy". And by "long-term and serious", Li meant marriage.
Marriages between Chinese men and Western women in China are noticeably fewer than so why is Li taking the road less traveled?
After studying for a combined five years in the Netherlands and United Kingdom, the 30-year-old Beijinger discovered he preferred the personality of Western European women. He considers them more independent than their Chinese counterparts, less girlish and more straightforward.
Li puts extra emphasis on the last attribute. "That`s something I really love. If they want something, they just tell you," he says in British-accented English, his boyish face lighting up. "Although it is the nature of a woman to want somebody to figure them out, the key factor is the degree."
Besides writing personals, the trading company project manager also participates in speed-dating parties with foreigners and frequents international networking events.
Tony, a 28-year-old native of Hunan is also keen on Western women.
After two serious relationships with Chinese women, in which he got exasperated trying to figure out the reason why his girlfriends got upset, he decided two years ago that a North American or European woman would suit him better.
"Let`s adjust the preferences," he remembers thinking at that point. Tony has worked as a data analyst at a multinational company for five years and has regular interactions with female foreign co-workers.
Tony and Li`s preference for Western women, the men say, is also due to the growing materialism of Chinese women and the pressure to provide a new apartment for one`s bride-to-be."In this situation, a foreign girl will say, `OK, we can marry first before we have a house. We can work together to buy a house. There`s not so much pressure on you. Both of us can bear this,`" Tony says, citing conversations with female foreign acquaintances.
Li says the on newlyweds` possessions is something that "distorts love in China".
Li and Tony`s taste in women may put them in the minority, but their numbers are growing as more foreign women come to China and more Chinese men learn foreign languages and experience life overseas.
"Every relationship is about curiosity and communication and openness to learn and a willingness to accept," says Dr Alfred Chambers, a relationship-counseling specialist at Beijing United Family Hospital and Clinics.
"But when there`s different cultures, there`s just more things to learn and so we need more curiosity and acceptance and patience," he says, stressing it is a life-long process.

World leaders gathered for the Group of 20 summit neared an agreement that appears to paper over many of the differences

The agreement will likely reaffirm earlier language hashed out by finance ministers on letting markets determine foreign-exchange rates, without yielding specific new commitments from China to let its currency rise. It will pledge efforts to close the gap between countries with big trade surpluses and those with big deficits, but will likely stop short of numeric targets pushed by the U.S.

President Barack Obama urged the G-20 nations to stand firm against protectionism and called for a joint commitment to growth, part of an effort by U.S. officials to soften discord as the G-20 prepared for its meeting here beginning Thursday.

Even as the leaders meet, some emerging nations are erecting protective berms around their economies, as a torrent of capital pours in and threatens to derail their growth by sending their currencies soaring and hobbling their exporters. The Federal Reserve's recent plan to stimulate the U.S. economy by buying bonds has further frayed nerves, by threatening to undercut the dollar.

This week, Taiwan imposed limits on bond holdings by foreigners. In October, Brazil and Thailand raised taxes on foreign investment in local bonds. In June, South Korea restricted derivatives trading, while Indonesia limited investors from selling some short-term bonds.

Central banks from Israel to South Africa are buying dollars to keep their currencies from rising. China raised reserve requirements at banks this week, a move to slow foreign investment.

Mr. Obama's letter to other leaders came amid finger-pointing that threatened to overwhelm the summit. He reached Seoul Wednesday night for critical meetings Thursday, including with German Chancellor Angela Merkel, whose government has led criticism of U.S. dollar policy, and Chinese Premier Hu Jintao, who has resisted the president's push on China's currency.

U.S. officials say the depth of the discord has been overstated in the pressure-filled days before the summit. They hope emotions will ease if leaders endorse what their ministers previously agreed to.

'We think everyone is going to have an interest in lowering the temperature and defusing some of the tension by agreeing on a multilateral process for helping to resolve these pressures' on the global financial system, said Treasury Secretary Timothy Geithner.

A draft communique prepared Wednesday illustrated the G20 divisions. It said the nations would increasingly let markets determine currency rates, but officials remained undecided about how to discuss currency interventions. The draft said nations would 'refrain from competitive devaluation,' but in brackets was the alternative wording 'competitive undervaluation,' an apparent reference to China.

Officials indicated G-20 leaders would fudge the key issue of how to reduce global trade imbalances. Mr. Geithner said over the weekend that the summit likely wouldn't agree on targets for how large trade surpluses and trade deficits should be, a suggestion he had made earlier that drew opposition from Germany and others.

Instead, the G-20 may leave it to the International Monetary Fund to sort out, said Canadian Finance Minister Jim Flaherty. The IMF would report to G-20 finance ministers at their next meeting in February.

As originally conceived, at least by the U.S., this G-20 gathering was a chance to push China to allow its currency to rise more quickly. U.S. officials want countries with large surpluses, such as China, to consume more domestically and export less, which would help America save more domestically and export more.