China

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Bank of America Doubles Stake in Chinese Bank

Shells out $7B while slashing jobs, taking bailout funds

(Newser) - Bank of America will inject $7 billion into China Construction Bank Corp, Bloomberg reports, nearly doubling its stake in the bank even as it slashes jobs and accepts government bailout money. CCB is down 45% over the past six months, and BoA CEO Ken Lewis is getting a 32% premium...

2,000 Chinese Rioters Mob Gov't Building in Quake Dispute

Violence erupts over unresponsive officials

(Newser) - An angry mob of some 2,000 people stormed Communist Party headquarters in a city in China's Gansu province last night to protest a decision to move the town's quake-damaged administrative center. The protest turned violent when officials refused to listen to complaints that families would have to move to...

16 Missing in Deadly China Subway Collapse

Five bodies pulled from construction cave-in

(Newser) - Rescuers continue today to search for 16 workers missing at the site of a collapsed subway tunnel in eastern China, reports the Xinhua news agency. At least five people were killed when the construction site caved in Saturday on a Hangzhou roadway, swallowing a bus and 11 other vehicles. "...

Tibet Strategy 'Failed': Lama
Tibet Strategy 'Failed': Lama
Nov 15, 2008 3:03 PM CST

Tibet Strategy 'Failed': Lama

Leader to meet 600 exiles on Monday; he may relinquish power or take harder stance

(Newser) - Nearly five decades since the Dalai Lama fled Tibet, he and his followers are growing restless. Last month, the Lama announced that the “middle way” strategy he pursued for 30 years—an attempt to negotiate autonomy for Tibet rather than pure independence—had failed. “As far as I’...

Global Economic Crisis Threatens US Security

(Newser) - The global economic crisis is raising the threat to national security, the Washington Post reports. Experts and intelligence officials worry that mounting inflation and unemployment in Third World countries could spark radical movements and destabilize friendly governments. What’s more, strained budgets in the West mean less money to spend...

Big Pharma Seeks Big Profits in Developing Nations

Drug Makers See Future in New Markets

(Newser) - The pharmaceutical industry is turning away from the US shores that helped fill its pockets and toward the developing world, the Economist reports. Massive growth has made markets like India and China too attractive to ignore, despite lower income levels and weaker patent laws. And many companies fear Barack Obama's...

Cop-Killer in China Inspires Strong Public Support

Many applaud man for taking on abusive arm of state; he confessed, will be executed

(Newser) - Public sentiment in China seems to be coming down squarely on the side of a man convicted of entering a Shanghai police station and stabbing six officers to death, the Washington Post reports. Yang Jia, who confessed to the murders, had twice claimed to be the victim of police brutality;...

US Blocks Chinese Milk Products

FDA demands independent tests before products can enter

(Newser) - All Chinese products containing milk will be blocked at the US border until tests prove they're free of a widely used toxic contaminant, Bloomberg reports. The FDA is demanding independent testing to prove such products are not tainted with melamine like those which sickened 50,000 children in China. The...

China to Declare 'Internet Addicts' Sick

Fervent web surfers face electro-shock treatments

(Newser) - China is about to become the first nation in the world to officially declare "internet addiction" a clinical disorder, reports the Guardian. Citizens hooked on the web may face treatment that includes military-style discipline, hypnosis, electro-shock therapy and drugs, reports the Guardian. The totalitarian Chinese authorities have repeatedly attempted...

Gray Smog Conceals a Greening China
 Gray Smog Conceals 
 a Greening China 
analysis
Nov 11, 2008 4:26 PM CST

Gray Smog Conceals a Greening China

Green innovator gets unfair rap as environmental offender

(Newser) - The world's attitude toward China's environmentalism is "hypocritical and decidedly unfair," writes Fred Pearce in Yale Environment 360—this coming from someone who has "literally held my nose at the foul air." Yes, China's "development zeal" has it doing "the bad things that most...

Chinese Stimulus Rally Fizzles
 Chinese Stimulus Rally Fizzles 
MARKETS
Nov 10, 2008 3:26 PM CST

Chinese Stimulus Rally Fizzles

Earnings reports quash session's early gains

(Newser) - An early rally in reaction to the Chinese government’s fiscal stimulus package couldn’t hold up and the markets ended today's session with losses. Poor quarterly earnings reports soured investor confidence, the Wall Street Journal reports. The Dow fell 73.27 to close at 8,871. The Nasdaq lost...

Short-Term Solutions to Crisis Won't Cut It: Sachs

Economist argues for systemic adjustment

(Newser) - The financial crisis can't be averted, and the Obama administration would be wise to accept that and concentrate on "a steady policy that will steer us through an unavoidable short-run recession to arrive at a much healthier economy within three to five years," writes Jeffrey Sachs for the...

Chinese Stimulus Lifts Dow
 Chinese Stimulus Lifts Dow 
MARKET Open
Nov 10, 2008 8:49 AM CST

Chinese Stimulus Lifts Dow

Index surges 150+ at open, following Asian lead

(Newser) - Stocks jumped out of the gate today, thanks to a $586 billion stimulus package from Beijing. The Dow was up nearly 200 just after opening, the Wall Street Journal reports, and the S&P and Nasdaq climbed 1.8% and 1.2%, respectively. The moves followed rallies overseas, including a...

World Stocks Jump on China Spending Spree

Asia, Europe advance after Beijing announces $6B stimulus package

(Newser) - China's announcement yesterday that it would spend nearly $600 billion to stimulate its economy gave a much-needed jolt to worldwide markets today. The Nikkei in Tokyo and Hang Seng in Tokyo both gained around 6%, while European exchanges also opened higher. China's spending spree also pushed up the price of...

China Unveils Massive $586B Stimulus Bill

Beijing focuses on boosting infrastructure, social welfare

(Newser) - China announced a $586 billion stimulus package today in its biggest move to stop the global financial crisis from hitting the world's fourth-largest economy. A statement on the government's website said China's Cabinet had approved a plan to invest the money in infrastructure and social welfare by the end of...

Crew Still 'Jailed' Year After SF Bay Spill

Chinese witnesses fight to return to families

(Newser) - Six crew members from the ship crash that caused San Francisco Bay’s largest oil spill in 20 years remain detained a year later, unable to return to families in China. Though they live rent-free in San Francisco, get $1,200 monthly plus their salaries, and are free to roam,...

Historic Talks Bring China, Taiwan Closer Than Ever

First high-level talks since 1949 yield trade agreements amid opposition protests

(Newser) - The first high-level talks between China and Taiwan in 60 years have set aside politics in favor of building trade ties, Reuters reports. Negotiations in Taipei sidestepped the sovereignty question and yielded 13 agreements to triple the number of cross-strait flights, allow direct cargo shipments, improve food safety, and normalize...

US Appeals Ruling to Free Chinese From Gitmo

US appeal of ruling strands 17, held since 2001 without charge

(Newser) - 17 Chinese prisoners held at Guantanamo Bay will stay there indefinitely pending an appeal of a judge’s decision that they be released, the Guardian reports. “They were on freedom's doorstep," their frustrated lawyer said. “The plane was at Gitmo.” Refugee and religious organizations in the...

China Offers to Restart Talks With Dalai Lama

Tibetan leader should 'treasure this opportunity': Beijing

(Newser) - China has offered a fresh round of negotiations with the Dalai Lama on Tibet’s political status, the BBC reports. The religious leader should “treasure this opportunity,” according to an announcement in Chinese state media, which added that Beijing was willing to overlook the violent Tibetan protests that...

Asia, Europe Want Financial Reform Now

Beijing steps up as leaders craft plans to manage economies

(Newser) - Asian and European world leaders joined forces today to call for stricter regulation of world financial markets and a shakeup of the monetary system, the Washington Post reports. The declarations marked the close of a 2-day summit in Beijing attended by more than 40 heads of state. Bailouts in the...

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