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Chinese space plans cause military jitters
China has announced plans to put its own space station in orbit by 2020. The 60-tonne construction will be one-seventh the weight of the ISS and will focus on scientific experiments. However, military involvement with the project is causing concern.
Beijing’s Space City research center is opening its doors to the media, as China has announced its intention to build a rival to the International Space Station.
While some see Chinese advances in space travel as a potential threat, the country’s officials are keen to stress the spirit of co-operation, which they say is behind China’s space program.
“We are looking forward to co-operating with other countries in the field of space exploration,” said Yang Liwei, Vice Director of Manned Space Engineering Bureau. “We are also looking forward to having more countries join this club, so we can promote the common goals of mankind.”
For the moment though, the Chinese space program is doing very well on its own.
Since becoming only the third country in the world to send a person in to space, in 2003, the Chinese also carried out a space walk in 2008 and the Read more…
Gold demand strong; predicted prices around $2000
Gold temporarily succeeded to recover some of the losses from the sizeable sell-off in early May, but fell back late Friday to end the week unchanged.
Bearish sentiment constrained gold to a weekly low of around $1479 on Thursday. However, the metal found good support at its 15-week uptrend line and rebounded, temporarily at least, back above $1500.
Physical demand for gold has raised in the Far East and Asia. Despite the 5% correction seen at the start of the month analysts continue to predict prices around the $2000 level at least by next year.
“Since the start of May, physical gold demand has been strong,” said Walter de Wet, an analyst at Standard Bank Plc in London.“While consistent physical buying interest has come from India specifically, we are witnessing a broader interest from Asia in general.”
Central banks are worth another mention as more of them look to purchase gold, with the surplus earning countries leading the way. Figures issued by the World Gold Council (WGC) show there were no transactions of gold bullion by central banks in February and March. The WGC‘s data confirm gold bullion purchases by Mexico, Thailand and Russia.
Russian resources fuel China’s economic growth
China has increased high tech exports to Russia 300% in the past five years, while its imports from Russia are dominated by commodities, the Economic Development Ministry said.
China accounted for the bulk of Russia’s bilateral trade, which reached $60 billion in 2010. Russia has increased equipment exports by only 30% since 2005, according to a ministry report on economic relations with China.
No government documents pertaining to Russia’s relations with economic partners are ever published. There is a confidential part to Russia’s foreign economic strategy through 2020, which gives a detailed description of goals and risks related to contacts with each of Russia’s economic partners. Based on this strategy, two years ago the Economic Development Ministry worked out very specific country plans through 2012.
The 2010 report on the China plan progress is addressed to Deputy Prime Minister Alexander Zhukov, who chairs the Russian-Chinese Commission.
In 2009 Zhukov said shortly before Prime Minister Vladimir Putin’s visit to China: “Unfortunately, the share of machinery and equipment in our exports to China is sparse. Our plan is to increase exports of products with a high level of processing.”
However, the ministry report indicates that the progress has been unimpressive so far. Russia’s imports from China are $19bn Read more…
Texas Wildfires Threaten Wheat Crop, Drive Food Prices Higher
As firefighters from around the country and the National Guard continue to battle the many blazes scattered across the state, with no immediate end to the crisis in sight, the future looks bleak for Texas farmers. Many farmers’ fields were already damaged by drought, and now some crops have been further harmed by smoke or entirely destroyed by flame.
Some agricultural experts are now predicting that Texas will lose two thirds of this year’s wheat crop to drought and Read more…
Putin Delivers Big, Mocking Speech Of US Debt, Trade Balance, And Out Of Control Fed
Russian Prime minister Vladimir Putin has called U.S. monetary policy “hooliganism” in a speech before his country’s parliament.
Putin also criticized the U.S. debt situation, and said Russia could not conduct its policy similarly.
“We see that everything is not so good for our friends in the States,” Putin told lawmakers in the lower house of parliament. “Look at their trade balance, their debt, and budget. They turn on the printing press and flood the world with dollars,” he said.
The speech seems pretty typical Putin, applauding himself for recent Russian successes, but it’s made in the context of the 2012 Russian presidential election, in which Putin is expected to run against current president Dmitry Medvedev.
He’s continued to emphasize the fact that Russia Read more…
Is this how Eve spoke? Every human language evolved from ‘single prehistoric African mother tongue’
Every language in the world – from English to Mandarin – evolved from a prehistoric ‘mother tongue’ first spoken in Africa tens of thousands of years ago, a new study reveals.
After analysing more than 500 languages, Dr Quentin Atkinson found compelling evidence that they can be traced back to a long-forgotten dialect spoken by our Stone Age ancestors.
The findings don’t just pinpoint the origin of language to Africa – they also show that speech evolved at least 100,000 years ago, far earlier than previously thought.
Scientists have found that every language can be traced back to a Read more…World Bank: Food prices have entered the ‘danger zone’
Robert Zoellick, World Bank president, said food prices are at “a tipping point”, having risen 36pc in the last year to levels close to their 2008 peak. The rising cost of food has been much more dramatic in low-income countries, pushing 44m people into poverty since June last year.
Another 10pc rise in food prices would push 10m into extreme poverty, defined as an effective income of less than $1.25 a day. Already, the world’s poor number 1.2bn.
Mr Zoellick said he saw no short term reversal in the damaging effect of food inflation, which is felt much more in the developing world as packaging and distribution accounts for a far larger proportion of the cost in the advanced economies.
Asked if he thought prices would remain high for a year, Mr Zoellick said: “The general trend lines are ones where we are in a danger zone… because prices have already gone up and stocks are relatively low.”
Rising prices have been driven by the changing diet of the ballooning middle classes in the emerging markets. “There is a demand change going on, with the higher incomes in developing countries. People will eat more meat products, for example, that will use more grain.
“I am not suggesting that the improved diets in the developing world are the source of the problem but it means it takes longer to Read more…
BRICS demand global monetary shake-up, greater influence
(L-R) India's Prime Minister Manmohan Singh, Russia's President Dmitry Medvedev, China's President Hu Jintao, Brazil's President Dilma Rousseff and South African President Jacob Zuma attend a joint news conference at the BRICS Leaders Meeting in Sanya, Hainan province April 14, 2011. The development banks of the five BRICS nations agreed in principle on Thursday to establish mutual credit lines denominated in their local currencies, not in dollars. REUTERS/How Hwee Young/Pool
SANYA, China (Reuters) – The BRICS group of emerging-market powers kept up the pressure on Thursday for a revamped global monetary system that relies less on the dollar and for a louder voice in international financial institutions.
The leaders of Brazil, Russia, India, China and South Africa also called for stronger regulation of commodity derivatives to dampen excessive volatility in food and energy prices, which they said posed new risks for the recovery of the world economy.
Meeting on the southern Chinese island of Hainan, they said the recent financial crisis had exposed the inadequacies of the current monetary order, which has the dollar as its linchpin.
What was needed, they said in a statement, was “a broad-based international reserve currency system providing stability and certainty” — thinly veiled criticism of what the BRICS see as Washington’s neglect of its global monetary responsibilities.
The BRICS are worried that America’s large trade and budget deficits will eventually debase the dollar. They also begrudge the financial and political privileges that come with being the leading reserve currency.
“The world economy is undergoing profound and complex changes,” Chinese President Hu Jintao said. “The era demands that the BRICS countries strengthen dialogue and cooperation.”
In another dig at the dollar, the development banks of the five BRICS nations agreed to establish mutual credit lines denominated in their local currencies, not the U.S. currency.
The head of China Development Bank (CDB), Chen Yuan, said he was prepared to lend up to 10 billion yuan to fellow BRICS, and his Russian counterpart said he was looking to borrow the yuan equivalent of at least $500 million via CDB.
“We think this will undoubtedly broaden the opportunities for Russian companies to diversify their loans,” Vladimir Dmitriev, the chairman of VEB, Read more…
China-Russia relations and the United States: At a turning point?
By Dr. Richard WeitzSince the end of the Cold War, the improved political and economic relationship between Beijing and Moscow has affected a range of international security issues. China and Russia have expanded their bilateral economic and security cooperation. In addition, they have pursued distinct, yet parallel, policies regarding many global and regional issues.
Yet, Chinese and Russian approaches to a range of significant subjects are still largely uncoordinated and at times in conflict. Economic exchanges between China and Russia remain minimal compared to those found between most friendly countries, let alone allies.
Although stronger Chinese-Russian ties could present greater challenges to other countries (e.g., the establishment of a Moscow-Beijing condominium over Central Asia), several factors make it unlikely that the two countries will form such a bloc.
The relationship between the Chinese and Russian governments is perhaps the best it has ever been. The leaders of both countries engage in numerous high-level exchanges, make many mutually supportive statements, and manifest other displays of Russian-Chinese cooperation in what both governments refer to as their developing strategic partnership.
The current benign situation is due less to common values and shared interests than to the fact that Chinese and Russian security concerns are Read more…
Fires and Drought Trouble Texas and Other US Plains States
Photo: Alberto Tomas Halpern
A volunteer firefighter fights a fire which began outside Marfa, Texas, and was carried by winds to nearby Fort Davis, April 9, 2011
Drought conditions and high winds have fueled destructive wildfires in northern Mexico and the southern U.S. plains states, especially Texas, where dozens of homes have burned in recent days. The dry weather is also having an impact on agriculture that is likely to cause some food prices to rise.
Fast-moving wildfires scorched around 32,000 hectares of land in the west Texas ranch country around Fort Davis on Saturday and Sunday, killing cattle and horses, and leaving pastures charred and smoky. The fires reached populated areas near Fort Read more…
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