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Apparently, China is Trying to Buy Facebook

July 5, 2011 1 comment

penn-olson

Maybe it’s decided that Facebook is the lesser of two evils when it comes to Western social networks. Maybe it’s just Beijing buying itself a birthday present. Whatever the reason, it appears that China — or more specifically, one of China’s sovereign wealth funds — is trying to buy a significant stake in Facebook.

A Business Insider report cites “a source at a fund that buys stock from former Facebook employees” who was approached directly about helping to put together a stake big enough “to matter” and “a second source tells us there is a rumor going around the social network that Citibank is at this very moment trying to acquire as much as $1.2 billion worth of Facebook stock on behalf of two sovereign wealth funds – China’s and another from the Middle East.”

$1.2 billion isn’t going to be nearly enough of a stake to matter at a company whose value is pegged around $100 billion, but the news has caused some concern, given that Read more…

Categories: China, Facebook Tags: , , , , ,

US to upgrade F-16s, KMT lawmaker says

July 4, 2011 1 comment

taipeitimes

The US is expected to announce soon that it will help Taiwan upgrade its current F-16 aircraft rather than sell it more advanced aircraft, a senior legislator said yesterday.

The move to upgrade the F-16A/B combat aircraft rather than sell Taiwan the more advanced F-16C/Ds it wants will generate less pressure from Beijing, which strongly opposes any arms sales to Taiwan, analysts say.

“This will be a compromise deal,” said Chinese Nationalist Party (KMT) Legislator Lin Yu-fang (林郁方), who chairs the legislature’s Foreign and National Defense Committee.

Taiwan has repeatedly pressed the US to sell it F-16C/Ds, as China embarks on a rapid drive to build up its offensive military capability.

However, it is feared that such a sale would “anger” Beijing, which reacted furiously in January last year when US President Barack Obama announced a US$6.4 billion arms package for Taiwan.

That package included Patriot missiles, Black Hawk helicopters and equipment for Read more…

Categories: China, Taiwan, United States Tags: , , , , , ,

UN Criticizes China’s Failure to Arrest Sudan’s Bashir

July 1, 2011 Comments off

voanews

Chinese President Hu Jintao, right, shakes hands with Sudan's President Omar al-Bashir during the signing ceremony at the Great Hall of the People in Beijing, June 29, 2011.

Photo: AP
Chinese President Hu Jintao, right, shakes hands with Sudan’s President Omar al-Bashir during the signing ceremony at the Great Hall of the People in Beijing, June 29, 2011.

The United Nations has criticized China for failing to arrest Sudanese President Omar al-Bashir during his visit to Beijing this week.

U.N. High Commissioner for Human Rights Navi Pillay said Thursday she is “disappointed” China welcomed Bashir, who is wanted by the International Criminal Court.

The ICC has charged Bashir with war crimes, crimes against humanity and genocide in Sudan’s Darfur region.

Pillay said Thursday that even though China is not an ICC member, Beijing still Read more…

Categories: China, Sudan, United Nations Tags: , , , , , ,

China’s army develops ‘online war game’

June 29, 2011 Comments off

afp

BEIJING — After setting up its own cyber-warfare team, China’s military has now developed its first online war game aimed at improving combat skills and battle awareness, state press said Wednesday.

“Glorious Mission” is a first-person shooter game that sends players on solo or team missions armed with high-tech weapons, the China Daily reported.

Weapons used in the game are part of the actual arsenal of China’s People’s Liberation Army, it added.

The final version of the game, which took nearly three years to develop and test, was launched on June 20.

“I think it is possible the game will be made open online for Chinese military fans to download and play,” an unnamed PLA press officer was quoted as saying.

China has the world’s biggest online population at more than 477 million users, according to official data.

The launch of the game comes after the military announced earlier this year that it had set up an elite Internet security task force to fend off cyber attacks.

Despite numerous allegations from around the world pointing at China as a source of cyber attacks, the state press, citing military officials, denied that the elite task force was set up as a “hacker army”.

Categories: China, internet, military Tags: , , , , ,

China eyes Canada oil, US’s energy nest egg

June 28, 2011 1 comment

thestar

CALGARY, Alberta: In the northern reaches of Alberta lies a vast reserve of oil that the U.S. views as a pillar of its future energy needs.

China, with a growing appetite for oil that may one day surpass that of the U.S., is ready to spend the dollars for a big piece of it.

The oil sands of this Canadian province are so big that they will be able to serve both of the world’s largest economies as production expands in the coming years. But that will mean building at least two pipelines, one south to the Texas Gulf Coast and another west toward the Pacific, and that in turn means fresh environmental battles on top of those already raging over the costly and energy-intensive method of extracting oil from sand.

Most believe that both will eventually be built. But if the U.S. doesn’t approve its pipeline promptly, Canada might increasingly look to China, thinking America doesn’t want a big share in what environmentalists call “dirty oil,” because they say it increases greenhouse gas emissions.

Alberta has the world’s third largest oil reserves, more than 170 billion barrels. Daily production of 1.5 million barrels from the oil sands is expected to nearly triple to 3.7 million in 2025. Overall, Alberta has more oil than Read more…

Categories: Canada, China, Oil Tags: , , , , , , , , , , ,

China’s Growing Military Muscle: A Looming Threat?

June 24, 2011 1 comment

npr

Stonecutters Island army base in Hong Kong opens to the public once a year as a goodwill gesture. Displays include kung fu demonstrations and shows of knife-fighting skills.

This month, NPR is examining the many ways China is expanding its reach in the world — through investments, infrastructure, military power and more.

At the Stonecutters Island army base in Hong Kong, camouflage-clad Chinese soldiers lunge forward with fierce yells, making stabbing motions with their daggers. There’s a communal shout of admiration from the crowd watching the display on the army’s home territory, which is opened up once a year to the public as a goodwill gesture.

Evolving Military Technology

China is pouring money into its military forces — retrofitting ships, building stealth airplanes and developing advanced weapons technology. Below Read more…

Categories: China, military Tags: , , , , , , , , , , ,

Russia, China Will Trade In Rubles,Yuan

June 24, 2011 Comments off

rian

Russian Central Bank

Russian Central Bank

Russia and China will switch to trade in rubles and yuan to boost bilateral trade and economic cooperation, following an agreement signed between the central banks of both countries, Russian Central Bank Deputy Chairman Viktor Melnikov said on Thursday.

“This agreement allows for settlements through Russian and Chinese banks not only in the freely convertible currencies but also in the yuan and the ruble,” Melnikov said.

Russia and China have also agreed to boost bilateral trade from $60 billiion in 2010 to $100 billion by 2015 and to $200 billion by 2020, Melnikov said.

People’s Bank of China Deputy Chairman Ma Delun said the agreement would give the two nations the opportunity to increase the value of deals in their national currencies and “help bring them closer to international reserve currencies.”

The deal will also help Russia and China reduce foreign exchange risks and currency conversion costs, Ma and Melnikov said

Categories: China, Russia Tags: , , , ,

N. Korea imports Chinese riot gear

June 22, 2011 Comments off

upi

PYONGYANG, North Korea, June 22 (UPI) — North Korea has imported large quantities of Chinese riot gear, apparently to put down uprisings similar to those in Arab nations, the Chosun Ilbo reported.

Separately, a South Korean ruling party lawmaker, quoting the country’s spy chief, said Wednesday various policy blunders have hurt North Korean leader Kim Jong Il’s leadership and affected the prospects of his heir apparent son, Kim Jong Un, Yonhap News Agency reported.

Citing a source it did not identify, the Chosun Ilbo said the North’s riot gear imports included tear gas, shields and helmets from China. The Communist country also is trying to get bulletproof vests and barricade materials.

“The regime seems to be very afraid of popular riots after the botched currency reform and the Read more…

Categories: China, North Korea Tags: , , , ,

Monster Chinese Telescope the Next ET Hunter?

June 22, 2011 Comments off

discovery

Fast-china-radio-telescope

In radio astronomy, the bigger the telescope, the better. And in 2016, the Chinese are expected to blow the international radio telescope competition out of the water with the Five-hundred-meter Aperture Spherical radio Telescope (FAST).

Construction has begun in the Guizhou Province in southern China where the world’s largest single dish radio telescope will take up residency in a natural depression in the landscape, not dissimilar to the world-famous Arecibo radio telescope in Puerto Rico. However, FAST will be bigger, faster and Read more…

Categories: China, Technology Tags: , , , , , , ,

China’s inflation to accelerate as food costs rise

June 22, 2011 Comments off

smh

China’s top economic planning agency said inflation will accelerate this month, bolstering analysts’ forecasts for the rate to reach 6 percent, the highest level since July 2008.

“The overall level of prices remains high and inflation will remain elevated for some months although the overall situation is controllable,” the National Development and Reform Commission said on its website today.

China has raised interest rates four times since September, limited bank lending and boosted food supplies as rising prices threaten to fuel social unrest. The Shanghai Composite Index has fallen more than 13 per cent from this year’s April high on concern that tightening measures will drag down growth.

“Inflation is going to be stubbornly high in 2011 and it’s largely a food story,” said Tim Condon, head of Asia research at ING Groep NV in Singapore. Authorities may be reluctant to keep Read more…

Categories: China, Food, Food Crisis Tags: , , ,