10th anniversary of the bombing of the Chinese Embassy in Belgrade
On the night of May 7, 1999, local time for Belgrade, (the early morning of May 8 in Beijing), the North Atlantic Treaty Organization (NATO), headed by the US, brazenly used missiles to attack China's embassy in Belgrade, leading to the death of three Chinese reporters and severe damage of embassy houses. This was a barbaric scene in human history.
Ten years later, US media has selectively forgotten this event, and re-examinations by US authorities are rare. "Mistaken Bombing" is the final explanation and attitude of the US.
A member of the US president China-focused advisory group said that China has already risen 10 years after the event, and the relations between China and the US have been stable and developed a good momentum. The "Mistaken Bombing" has become a blip in history. Experts on China's military issues believe however, that over the past 10 years, it is just because China has made such tremendous and sincere efforts that the cooperation between China and the US has expanded rather than stagnated. Taking into account that this event is a page already turned in history, the alertness and latent hostility that the US holds towards China seems not to have vanished. The best example to prove this issue is with the results from the monitoring of US troop ships in Chinese seas over the past two months.
Before and after May 7 every year, wreaths and garlands that were laid by the entire staff of the Chinese Embassy in Serbia, local Chinese organizations, Siberian non-governmental organizations and individuals can be seen in front of the Chinese embassy that was bombed. On noon of May 7 2009, people set up a monument in front of the bombed embassy. Wei Jinghua, the Chinese ambassador to the Republic of Serbia and Dragan Ailas, Mayor of Belgrade, unveiled and laid flowers by the monument. It is engraved with words in both Chinese and Serbian: "Hereby, thanks for the support and friendship that the People's Republic of China has given to the People of the Republic of Serbia during one of their toughest moments. This monument is established to mourn after the victims". A local municipal official who attended this activity said that the international community manipulated by the US did not make the appropriate response nor conduct in-depth investigations to the embassy bombing.
Global Times reporters learned that as early as February this year, supporters of China in Serbia including the rector of the University of Belgrade, the president of the Serbia-China Friendship Association and the dean of the Confucius Institute had jointly wrote a letter to the city government of Belgrade. They proposed to put up memorial tablets for three martyrs鈥擲hao Yunhuan, Xu Xinghu and Zhu Ying. At 12 pm sharp on March 24, the entire nation of Serbia sounded the alarm to mourn for the victims of the NATO bombing 10 years ago. It also reminded people that Serbia will not forget this part of history.
NATO issued a statement after its barbarous bombing of the Chinese Embassy, stating that it feels regret for any injuries caused to the Chinese Embassy and China's diplomats. The US and NATO apologized by saying that intelligence officials used out-of-date maps although the Chinese Embassy's building stands out in Belgrade. This bombing might further complicate the West's efforts to ensure a resolution through diplomatic means of disputes over Kosovo, and cause tension in China-US relations. The New York Times reported on May 9, 1999 that, "People in Belgrade said that it was difficult to confuse the Chinese Embassy with the intended target. The Chinese Embassy is a marble structure with blue mirrored glass and flies the Chinese flag, while [the intended target] is housed in a white office building" and has a longer history.
The US also meditated on its own errors after the bombing of the Chinese Embassy. Cohen, the then Defense Secretary, announced that existing maps of American defense works, as well as intelligence records, would be upgraded so as to accurately reflect the precise coordinates of foreign embassies and other locations of interest. The Boston Globe reported on April 12, 2000, that the Central Intelligence Agency (CIA) punished seven employees responsible for the bombing of the Chinese embassy in Belgrade. The Washington Post reported on April 11 the same year that the CIA had made investigations and imposed related punishment's in connection with the previous year's bombing of the Chinese embassy. White House officials had consistently insisted that the bombing was an accident which had resulted from a series of errors incurred as a result of the use of outdated maps. They had planned to bomb a Federal Republic of Yugoslavia weapons procurement department, but the bombs actually hit the Chinese Embassy several hundred yards away. After the South China Sea incident in March this year in which Chinese and US vessels engaged in a confrontation, a report by the Los Angeles Times mentioned the embassy bombing and related killing of three Chinese reporters when listing the military and diplomatic frictions between China and the US by quoting Reuters news. The report stated that US President Clinton and other US officials had expressed apologies for this tragic mistake and an angry China had delayed the talks for its accession into the WTO by three months.
The NATO allies stood in line with the US on the embassy bombing event. An executive of Thales Group, a major French defensive product manufacturer, once told reporters that there would not be any country in the world that would have done such things to China intentionally, and even the US had to think out what consequences it might face if it resorted to forces against a country with a whole series of nuclear arms and veto power in the UN Security Council.
Kenneth Lieberthal, former China advisor to the Obama campaign, said that many historical events were often mentioned at recent seminars organized by Washington think tanks, including the twentieth anniversary of the establishment of diplomatic ties between China and the US, the tenth anniversary of the bombing of the Chinese Embassy in the Federal Republic of Yugoslavia and others. For instance, the tenth anniversary of the Chinese Embassy bombing was mentioned in a seminar made to Chinese youth held by the US Brookings Institution at the end of April. He thinks that the views on the "mistaken bombing" have already taken root in the US, the persons responsible for the "mistaken bombing" have already passed away, and the embassy bombing has been gradually forgotten in the US. Ten years later, China has risen up, China-US bilateral ties have stabilized, the general situation is changing for the better, and the "mistaken bombing" has already become a moment in history.
China's military expert Dai Xu said the US would certainly not say it bombed the embassy "on purpose," but everyone in the US and China understands what happened. 10 years after this historic event, the "embassy bombing" page has been turned over, but the US clearly needs to address the nature of the problem. It is still engaged in provoking China's sovereignty, as shown by the recent activities of the US surveillance ship in the South China Sea and Yellow Sea. It could be said that the US has a causal association with the embassy bombing and plane collision incidents years ago, which demonstrates the country's precautionary mentality and potential hostility. Dai said such mentality and hostility will not disappear with the turning of this page. The US and China have engaged in extensive cooperation over the past decade, which is based on the great sincerity China has shown. The development of relations relies heavily on both sides making an effort. The US should learn from its lessons and refrain from provoking other nations' sovereignty.
Dai's analyses can be supported by some of the US' public opinions. The Jamestown Foundation of the US issued an article on April 30, saying that, "The recriminations that flared between the People's Republic of China (PRC) and the United States over the latest Sino-American maritime confrontation makes evident how little progress has been made in Sino-US defense dialogue during the past two decades." It passed the buck to China, saying "The Chinese have readily suspended various military visits, exchanges, and other defense contacts after the 1999 Belgrade Embassy bombing, the EP-3 collision, and in retaliation for the announcement of major US arms sales to Taiwan." It also said, "While the US officials involved seek substantive dialogues and briefings, their Chinese counterparts pursue more the symbolism of high-level interactions." The National Interest online of the US advocates China's military threats in an article on May 1, saying "Past incidents, such as the bombing of the Chinese Embassy in Belgrade and the 2001 spy-plane episode, will inevitably occur."
During interviews, some Chinese experts believe that objectively, the bombing of the Chinese embassy offered China an opportunity to reflect and transform. On the one hand, the general public has realized that economic construction is the basis on which the enhancement of the overall national strength rests. On the other hand, a strong belief has formed among the general public that only strong military power and an advanced national defense system can fundamentally protect and safeguard the results of economic construction.
Ten years later, US media has selectively forgotten this event, and re-examinations by US authorities are rare. "Mistaken Bombing" is the final explanation and attitude of the US.
A member of the US president China-focused advisory group said that China has already risen 10 years after the event, and the relations between China and the US have been stable and developed a good momentum. The "Mistaken Bombing" has become a blip in history. Experts on China's military issues believe however, that over the past 10 years, it is just because China has made such tremendous and sincere efforts that the cooperation between China and the US has expanded rather than stagnated. Taking into account that this event is a page already turned in history, the alertness and latent hostility that the US holds towards China seems not to have vanished. The best example to prove this issue is with the results from the monitoring of US troop ships in Chinese seas over the past two months.
Before and after May 7 every year, wreaths and garlands that were laid by the entire staff of the Chinese Embassy in Serbia, local Chinese organizations, Siberian non-governmental organizations and individuals can be seen in front of the Chinese embassy that was bombed. On noon of May 7 2009, people set up a monument in front of the bombed embassy. Wei Jinghua, the Chinese ambassador to the Republic of Serbia and Dragan Ailas, Mayor of Belgrade, unveiled and laid flowers by the monument. It is engraved with words in both Chinese and Serbian: "Hereby, thanks for the support and friendship that the People's Republic of China has given to the People of the Republic of Serbia during one of their toughest moments. This monument is established to mourn after the victims". A local municipal official who attended this activity said that the international community manipulated by the US did not make the appropriate response nor conduct in-depth investigations to the embassy bombing.
Global Times reporters learned that as early as February this year, supporters of China in Serbia including the rector of the University of Belgrade, the president of the Serbia-China Friendship Association and the dean of the Confucius Institute had jointly wrote a letter to the city government of Belgrade. They proposed to put up memorial tablets for three martyrs鈥擲hao Yunhuan, Xu Xinghu and Zhu Ying. At 12 pm sharp on March 24, the entire nation of Serbia sounded the alarm to mourn for the victims of the NATO bombing 10 years ago. It also reminded people that Serbia will not forget this part of history.
NATO issued a statement after its barbarous bombing of the Chinese Embassy, stating that it feels regret for any injuries caused to the Chinese Embassy and China's diplomats. The US and NATO apologized by saying that intelligence officials used out-of-date maps although the Chinese Embassy's building stands out in Belgrade. This bombing might further complicate the West's efforts to ensure a resolution through diplomatic means of disputes over Kosovo, and cause tension in China-US relations. The New York Times reported on May 9, 1999 that, "People in Belgrade said that it was difficult to confuse the Chinese Embassy with the intended target. The Chinese Embassy is a marble structure with blue mirrored glass and flies the Chinese flag, while [the intended target] is housed in a white office building" and has a longer history.
The US also meditated on its own errors after the bombing of the Chinese Embassy. Cohen, the then Defense Secretary, announced that existing maps of American defense works, as well as intelligence records, would be upgraded so as to accurately reflect the precise coordinates of foreign embassies and other locations of interest. The Boston Globe reported on April 12, 2000, that the Central Intelligence Agency (CIA) punished seven employees responsible for the bombing of the Chinese embassy in Belgrade. The Washington Post reported on April 11 the same year that the CIA had made investigations and imposed related punishment's in connection with the previous year's bombing of the Chinese embassy. White House officials had consistently insisted that the bombing was an accident which had resulted from a series of errors incurred as a result of the use of outdated maps. They had planned to bomb a Federal Republic of Yugoslavia weapons procurement department, but the bombs actually hit the Chinese Embassy several hundred yards away. After the South China Sea incident in March this year in which Chinese and US vessels engaged in a confrontation, a report by the Los Angeles Times mentioned the embassy bombing and related killing of three Chinese reporters when listing the military and diplomatic frictions between China and the US by quoting Reuters news. The report stated that US President Clinton and other US officials had expressed apologies for this tragic mistake and an angry China had delayed the talks for its accession into the WTO by three months.
The NATO allies stood in line with the US on the embassy bombing event. An executive of Thales Group, a major French defensive product manufacturer, once told reporters that there would not be any country in the world that would have done such things to China intentionally, and even the US had to think out what consequences it might face if it resorted to forces against a country with a whole series of nuclear arms and veto power in the UN Security Council.
Kenneth Lieberthal, former China advisor to the Obama campaign, said that many historical events were often mentioned at recent seminars organized by Washington think tanks, including the twentieth anniversary of the establishment of diplomatic ties between China and the US, the tenth anniversary of the bombing of the Chinese Embassy in the Federal Republic of Yugoslavia and others. For instance, the tenth anniversary of the Chinese Embassy bombing was mentioned in a seminar made to Chinese youth held by the US Brookings Institution at the end of April. He thinks that the views on the "mistaken bombing" have already taken root in the US, the persons responsible for the "mistaken bombing" have already passed away, and the embassy bombing has been gradually forgotten in the US. Ten years later, China has risen up, China-US bilateral ties have stabilized, the general situation is changing for the better, and the "mistaken bombing" has already become a moment in history.
China's military expert Dai Xu said the US would certainly not say it bombed the embassy "on purpose," but everyone in the US and China understands what happened. 10 years after this historic event, the "embassy bombing" page has been turned over, but the US clearly needs to address the nature of the problem. It is still engaged in provoking China's sovereignty, as shown by the recent activities of the US surveillance ship in the South China Sea and Yellow Sea. It could be said that the US has a causal association with the embassy bombing and plane collision incidents years ago, which demonstrates the country's precautionary mentality and potential hostility. Dai said such mentality and hostility will not disappear with the turning of this page. The US and China have engaged in extensive cooperation over the past decade, which is based on the great sincerity China has shown. The development of relations relies heavily on both sides making an effort. The US should learn from its lessons and refrain from provoking other nations' sovereignty.
Dai's analyses can be supported by some of the US' public opinions. The Jamestown Foundation of the US issued an article on April 30, saying that, "The recriminations that flared between the People's Republic of China (PRC) and the United States over the latest Sino-American maritime confrontation makes evident how little progress has been made in Sino-US defense dialogue during the past two decades." It passed the buck to China, saying "The Chinese have readily suspended various military visits, exchanges, and other defense contacts after the 1999 Belgrade Embassy bombing, the EP-3 collision, and in retaliation for the announcement of major US arms sales to Taiwan." It also said, "While the US officials involved seek substantive dialogues and briefings, their Chinese counterparts pursue more the symbolism of high-level interactions." The National Interest online of the US advocates China's military threats in an article on May 1, saying "Past incidents, such as the bombing of the Chinese Embassy in Belgrade and the 2001 spy-plane episode, will inevitably occur."
During interviews, some Chinese experts believe that objectively, the bombing of the Chinese embassy offered China an opportunity to reflect and transform. On the one hand, the general public has realized that economic construction is the basis on which the enhancement of the overall national strength rests. On the other hand, a strong belief has formed among the general public that only strong military power and an advanced national defense system can fundamentally protect and safeguard the results of economic construction.
Shares vault to new high, led by commodities
The mainland stocks rose to the highest in a year, led by commodity producers, after the China News Agency said Asia's biggest iron-ore deposit was discovered in a northeastern province and raw-material prices gained.
The Shanghai Composite Index rose 29.6, or 1 percent, to 2922.3 at the close, the highest since June 18, 2008. The gauge has surged 60 percent this year. The rally has left the index trading at 29 times earnings, the most expensive since March 2008.
The CSI 300 Index added 1.2 percent to 3120.73 yesterday.
Investors opened accounts to trade equities at the fastest pace in two months last week, according to the China Securities Depository and Clearing Corp.
Baoshan Iron & Steel Co, China's biggest steelmaker, climbed 3 percent to 7.2 yuan. Angang Steel, the No 2, rose 7.4 percent to 14.18 yuan. Maanshan Iron & Steel Co, the fourth largest, added 2.3 percent to 4.95 yuan.
The iron ore deposit was discovered near Benxi city in Liaoning province with reserves of more than 3 billion metric tons, the China News Agency reported.
"The mine will help steelmakers reduce costs because they wouldn't need to import so many raw materials," said Zhang Ling, a fund manager at ICBC Credit Suisse Asset Management Co.
Jiangxi Copper Co, the nation's biggest producer of the metal, jumped by the daily 10 percent limit to 32.4 yuan. Tongling Nonferrous Metals Group Co, China's second-biggest copper producer, added 8 percent to 19.97 yuan. Yunnan Copper Industry Co, the No 3, gained 6.9 percent to 21.64 yuan.
Copper gained for a second day in Asia, after the metal's drop to the lowest in more than three weeks and the dollar's decline sparked buying interest.
HSI higher
Hong Kong stocks gained after power output rose on the mainland, stoking recovery expectations, and Sino Land Co won rights for a project in the city's Wan Chai area.
The Hang Seng Index added 353.78, or 2 percent, to 17892.15 at the close. Thirteen stocks rose for each that fell on the gauge, which is headed for a second weekly decline after rising the previous four. The Hang Seng China Enterprises Index climbed 2.4 percent to 10530.35.
The benchmark Hang Seng Index has soared 58 percent from a more than four-month low reached on March 9 on speculation government stimulus efforts worldwide will revive the global economy. Shares on the gauge are valued at 16.1 times estimated earnings, up from 10.8 times at the beginning of 2009.
The Shanghai Composite Index rose 29.6, or 1 percent, to 2922.3 at the close, the highest since June 18, 2008. The gauge has surged 60 percent this year. The rally has left the index trading at 29 times earnings, the most expensive since March 2008.
The CSI 300 Index added 1.2 percent to 3120.73 yesterday.
Investors opened accounts to trade equities at the fastest pace in two months last week, according to the China Securities Depository and Clearing Corp.
Baoshan Iron & Steel Co, China's biggest steelmaker, climbed 3 percent to 7.2 yuan. Angang Steel, the No 2, rose 7.4 percent to 14.18 yuan. Maanshan Iron & Steel Co, the fourth largest, added 2.3 percent to 4.95 yuan.
The iron ore deposit was discovered near Benxi city in Liaoning province with reserves of more than 3 billion metric tons, the China News Agency reported.
"The mine will help steelmakers reduce costs because they wouldn't need to import so many raw materials," said Zhang Ling, a fund manager at ICBC Credit Suisse Asset Management Co.
Jiangxi Copper Co, the nation's biggest producer of the metal, jumped by the daily 10 percent limit to 32.4 yuan. Tongling Nonferrous Metals Group Co, China's second-biggest copper producer, added 8 percent to 19.97 yuan. Yunnan Copper Industry Co, the No 3, gained 6.9 percent to 21.64 yuan.
Copper gained for a second day in Asia, after the metal's drop to the lowest in more than three weeks and the dollar's decline sparked buying interest.
HSI higher
Hong Kong stocks gained after power output rose on the mainland, stoking recovery expectations, and Sino Land Co won rights for a project in the city's Wan Chai area.
The Hang Seng Index added 353.78, or 2 percent, to 17892.15 at the close. Thirteen stocks rose for each that fell on the gauge, which is headed for a second weekly decline after rising the previous four. The Hang Seng China Enterprises Index climbed 2.4 percent to 10530.35.
The benchmark Hang Seng Index has soared 58 percent from a more than four-month low reached on March 9 on speculation government stimulus efforts worldwide will revive the global economy. Shares on the gauge are valued at 16.1 times estimated earnings, up from 10.8 times at the beginning of 2009.
Drug stocks on roller-coaster ride
SHANGHAI: Punting drug companies' stocks, though in vogue these days in the backdrop of the H1N1 flu pandemic, is definitely not for the faint hearted.
A case in point - the roller-coaster ride of the share price of Shenzhen Neptunus Bioengineering Co in the past few weeks.
The vaccine maker's shares traded on the Shenzhen bourse tumbled 12 percent for three consecutive trading days and, for unexplained reasons, bounced back nearly 4 percent yesterday to 9.05 yuan apiece.
If that was not thrilling enough, picture this: Before the three-day freefall, the company's shares had been surging at just under the daily cap of 10 percent for three consecutive trading sessions.
Before the latest fluctuations, the stock price of the Shenzhen-based drug producer, which manufactures about 400 different types of medicines mainly from herbal extracts, more than doubled within two months.
"The pharmaceutical sector, particularly herbal drugmakers, has seen big trades since the end of April," said Wang Bin, analyst, Industrial Securities. "The buying spree in Shenzhen Neptunus is not an exception, especially after the company's high-profile claim that is developing a H1N1 flu vaccine," Wang said.
The company announced on June 9 that it would set up a joint venture with British drug manufacturer GlaxoSmithKline to produce seasonal flu vaccines initially for the mainland, Hong Kong, and Macao.
In another announcement posted last week, the drug firm said it was also among the 11 companies approved by the Chinese State Food and Drug Administration to manufacture vaccines for the Influenza A virus.
The drugmaker's shares have soared 38.4 percent in four straight days on the back of these good news and the World Health Organization's declaration that the H1N1 flu had developed into a global pandemic.
The company's share turnover on June 15, for instance, reached 684.5 million yuan, up 52 percent from the previous day.
"The rush of capital into the company probably will end for a while after huge gains made earlier; its stocks are obviously over-valued," said Ge Zheng, a pharmaceutical analyst with GF Securities, adding that the company's price/earning (P/E) ratio was 400, compared with the market average of 26.7.
According to Ge, the average P/E ratio of the drug sector has exceeded 50, up from 45 at the end of April.
The increasingly irrational market sentiment about drug companies' shares was clearly reflected in the huge selling pressure on Shenzhen Neptunus at the beginning of this week. Figures from data provider Topview showed net sales of 37 million yuan of Shenzhen Neptunus' shares while per unit price dropped nearly 5 percent on Monday.
"Like the buying rush, the selling spree in the drug firm is also within our expectation due to the absence of fundamental support," Wang said.
The company posted 24 million yuan in net profit for 2008, down 28.26 percent from a year earlier. The drugmaker, with 2.8 billion yuan in total assets, also had 2 billion yuan in debt as of the end of last year.
The company issued a clarification last week that its influenza vaccine still needed to go through a long process of clinical trials before it could be put on the market. For that reason, any sale of the new drug will not impact its 2009 performance.
"As such, it's unlikely Shenzhen Neptunus will get returns from the vaccine this year," Ge said, adding that the rumored release of a supplementary document by the end of June to support the government's healthcare reform measures may give a fillip to the sector.
In addition, according to a research by consulting firm Frost & Sullivan on the Chinese vaccine market, the compounded annual growth rate of the sector is expected to be around 14 to 15 percent in the next seven years.
A case in point - the roller-coaster ride of the share price of Shenzhen Neptunus Bioengineering Co in the past few weeks.
The vaccine maker's shares traded on the Shenzhen bourse tumbled 12 percent for three consecutive trading days and, for unexplained reasons, bounced back nearly 4 percent yesterday to 9.05 yuan apiece.
If that was not thrilling enough, picture this: Before the three-day freefall, the company's shares had been surging at just under the daily cap of 10 percent for three consecutive trading sessions.
Before the latest fluctuations, the stock price of the Shenzhen-based drug producer, which manufactures about 400 different types of medicines mainly from herbal extracts, more than doubled within two months.
"The pharmaceutical sector, particularly herbal drugmakers, has seen big trades since the end of April," said Wang Bin, analyst, Industrial Securities. "The buying spree in Shenzhen Neptunus is not an exception, especially after the company's high-profile claim that is developing a H1N1 flu vaccine," Wang said.
The company announced on June 9 that it would set up a joint venture with British drug manufacturer GlaxoSmithKline to produce seasonal flu vaccines initially for the mainland, Hong Kong, and Macao.
In another announcement posted last week, the drug firm said it was also among the 11 companies approved by the Chinese State Food and Drug Administration to manufacture vaccines for the Influenza A virus.
The drugmaker's shares have soared 38.4 percent in four straight days on the back of these good news and the World Health Organization's declaration that the H1N1 flu had developed into a global pandemic.
The company's share turnover on June 15, for instance, reached 684.5 million yuan, up 52 percent from the previous day.
"The rush of capital into the company probably will end for a while after huge gains made earlier; its stocks are obviously over-valued," said Ge Zheng, a pharmaceutical analyst with GF Securities, adding that the company's price/earning (P/E) ratio was 400, compared with the market average of 26.7.
According to Ge, the average P/E ratio of the drug sector has exceeded 50, up from 45 at the end of April.
The increasingly irrational market sentiment about drug companies' shares was clearly reflected in the huge selling pressure on Shenzhen Neptunus at the beginning of this week. Figures from data provider Topview showed net sales of 37 million yuan of Shenzhen Neptunus' shares while per unit price dropped nearly 5 percent on Monday.
"Like the buying rush, the selling spree in the drug firm is also within our expectation due to the absence of fundamental support," Wang said.
The company posted 24 million yuan in net profit for 2008, down 28.26 percent from a year earlier. The drugmaker, with 2.8 billion yuan in total assets, also had 2 billion yuan in debt as of the end of last year.
The company issued a clarification last week that its influenza vaccine still needed to go through a long process of clinical trials before it could be put on the market. For that reason, any sale of the new drug will not impact its 2009 performance.
"As such, it's unlikely Shenzhen Neptunus will get returns from the vaccine this year," Ge said, adding that the rumored release of a supplementary document by the end of June to support the government's healthcare reform measures may give a fillip to the sector.
In addition, according to a research by consulting firm Frost & Sullivan on the Chinese vaccine market, the compounded annual growth rate of the sector is expected to be around 14 to 15 percent in the next seven years.
Yao Ming out indefinitely
Yao Ming's broken foot is not healed and the Houston Rockets say the All-Star center is out indefinitely.
Yao suffered a hairline fracture in his left foot in the Rockets' second-round playoff loss to the Lakers on May 8. The team initially said Yao would miss eight to 12 weeks, but team doctor Tom Clanton examined Yao's foot in Houston on Wednesday and said the injury has not responded to the treatment program.
A bone scan conducted Wednesday night revealed the fracture had not healed. The team now says no timeline is set for Yao's return to basketball activities, though Clanton said Yao is experiencing no pain in his foot.
The team said the original treatment plan called for Yao to cease all physical training and to use a walking boot to immobilize the foot and promote healing.
Team spokesman Nelson Luis said late Wednesday night that Yao and the Rockets will consult with doctors before proceeding with a new course of treatment.
Earlier Wednesday, Rockets general manager Daryl Morey called Yao the "cornerstone of the team" and said he had no intention of trading him, no matter what another team might offer. The Rockets have no picks in Thursday's NBA draft and Morey said he's trying to acquire one.
Yao's contract expires after next season, with a player option for the 2010-11 season.
He was the Rockets' leading scorer and rebounder in their first nine playoff games, but injuries have now cut short each of his last four seasons.
Yao missed 21 games in 2005-06 because of an infection in his left big toe, then broke a bone in his left foot in April. He broke his right leg in the 2006-07 season and sat out 32 games, then suffered a stress fracture in his left foot in 2007-08 and missed the playoffs.
He played in 77 games last season before injuring the same troublesome foot again in Game 3 against the Lakers. Two days later, Yao was surprisingly upbeat and seemed confident this injury was not serious.
"I think I've been in harder situations before, much harder than this one," he said. "I believe that I can get through this one, too."
Yao returned to China after the playoffs and has spent time participating in charity events. His offseason was also scheduled to include a basketball camp in Beijing from July 30-Aug. 2.
Yao suffered a hairline fracture in his left foot in the Rockets' second-round playoff loss to the Lakers on May 8. The team initially said Yao would miss eight to 12 weeks, but team doctor Tom Clanton examined Yao's foot in Houston on Wednesday and said the injury has not responded to the treatment program.
A bone scan conducted Wednesday night revealed the fracture had not healed. The team now says no timeline is set for Yao's return to basketball activities, though Clanton said Yao is experiencing no pain in his foot.
The team said the original treatment plan called for Yao to cease all physical training and to use a walking boot to immobilize the foot and promote healing.
Team spokesman Nelson Luis said late Wednesday night that Yao and the Rockets will consult with doctors before proceeding with a new course of treatment.
Earlier Wednesday, Rockets general manager Daryl Morey called Yao the "cornerstone of the team" and said he had no intention of trading him, no matter what another team might offer. The Rockets have no picks in Thursday's NBA draft and Morey said he's trying to acquire one.
Yao's contract expires after next season, with a player option for the 2010-11 season.
He was the Rockets' leading scorer and rebounder in their first nine playoff games, but injuries have now cut short each of his last four seasons.
Yao missed 21 games in 2005-06 because of an infection in his left big toe, then broke a bone in his left foot in April. He broke his right leg in the 2006-07 season and sat out 32 games, then suffered a stress fracture in his left foot in 2007-08 and missed the playoffs.
He played in 77 games last season before injuring the same troublesome foot again in Game 3 against the Lakers. Two days later, Yao was surprisingly upbeat and seemed confident this injury was not serious.
"I think I've been in harder situations before, much harder than this one," he said. "I believe that I can get through this one, too."
Yao returned to China after the playoffs and has spent time participating in charity events. His offseason was also scheduled to include a basketball camp in Beijing from July 30-Aug. 2.
Federer concerned over match-fixing
The only way to ensure tennis never becomes a victim of match-fixing is to hand out lengthy bans to anyone caught up in it, Roger Federer said on Wednesday.
British media reported that tennis authorities were investigating suspicious betting patterns in Juergen Melzer's first-round victory over Wayne Odesnik at Wimbledon on Tuesday after some bookmakers suspended their markets.
"It has no place in tennis those kind of things," world No 2 Federer told reporters after his second-round win over Spaniard Guillermo Garcia-Lopez on Wednesday.
"But it's hard to control. I'm sure the (tennis governing bodies) ATP and the ITF, we're trying our best to catch those guys if there are any out there.
"I think we should have massive bans on those who get caught so they get really scared of doing it," he added.
The Tennis Integrity Unit, set up by the sport's governing bodies to investigate allegations of match-fixing, was alerted by several betting operators who had noted suspicious activity around Tuesday's match.
Media reports said one high street betting firm withdrew its odds after thousands of pounds in cash were staked at several London shops on a straight sets win for Melzer.
The Austrian won 6-1 6-4 6-2. Both Melzer and American Odesnik deny any wrongdoing.
Online betting exchange Betfair reported that odds on a three-set victory for the 26th seeded-Melzer had tumbled from their pre-match level of evens to 1-5.
According to media reports, all but 1,000 pounds ($1,657) of the 255,000 staked on Betfair's correct-score market came down on a Melzer win in straight sets.
"Those (incidents of match-fixing) are things definitely we're trying to fight," said Federer.
"We have a good set up, so we can't avoid that there are some funny results sometimes here and there.
"That doesn't mean it's really happening. I never knew it existed until a few years ago when all of a sudden I heard about it. So I've been shocked to hear it.
"We always hope that the players also want the best for the sport. That's what it comes down to," added the Swiss.
Corruption in tennis came under the spotlight in 2007 when a match in Poland between Nikolay Davydenko and Martin Vasallo Arguello was reported for irregular betting patterns. Both players were cleared of any wrongdoing.
Since then a number of players have been fined and banned for betting on matches they were not involved in dating back several years but no one has been found guilty of match-fixing in tennis.
Source: China Daily
British media reported that tennis authorities were investigating suspicious betting patterns in Juergen Melzer's first-round victory over Wayne Odesnik at Wimbledon on Tuesday after some bookmakers suspended their markets.
"It has no place in tennis those kind of things," world No 2 Federer told reporters after his second-round win over Spaniard Guillermo Garcia-Lopez on Wednesday.
"But it's hard to control. I'm sure the (tennis governing bodies) ATP and the ITF, we're trying our best to catch those guys if there are any out there.
"I think we should have massive bans on those who get caught so they get really scared of doing it," he added.
The Tennis Integrity Unit, set up by the sport's governing bodies to investigate allegations of match-fixing, was alerted by several betting operators who had noted suspicious activity around Tuesday's match.
Media reports said one high street betting firm withdrew its odds after thousands of pounds in cash were staked at several London shops on a straight sets win for Melzer.
The Austrian won 6-1 6-4 6-2. Both Melzer and American Odesnik deny any wrongdoing.
Online betting exchange Betfair reported that odds on a three-set victory for the 26th seeded-Melzer had tumbled from their pre-match level of evens to 1-5.
According to media reports, all but 1,000 pounds ($1,657) of the 255,000 staked on Betfair's correct-score market came down on a Melzer win in straight sets.
"Those (incidents of match-fixing) are things definitely we're trying to fight," said Federer.
"We have a good set up, so we can't avoid that there are some funny results sometimes here and there.
"That doesn't mean it's really happening. I never knew it existed until a few years ago when all of a sudden I heard about it. So I've been shocked to hear it.
"We always hope that the players also want the best for the sport. That's what it comes down to," added the Swiss.
Corruption in tennis came under the spotlight in 2007 when a match in Poland between Nikolay Davydenko and Martin Vasallo Arguello was reported for irregular betting patterns. Both players were cleared of any wrongdoing.
Since then a number of players have been fined and banned for betting on matches they were not involved in dating back several years but no one has been found guilty of match-fixing in tennis.
Source: China Daily
Clippers take top pick Griffin
The success-starved Los Angeles Clippers laid the foundations for a return to the playoffs by selecting gifted power forward Blake Griffin with the number one overall choice in the NBA draft on Thursday.
Connecticut's shot-blocking center Hasheem Thabeet was taken by Memphis with the second pick, before Arizona State shooting guard James Harden was grabbed by Oklahoma City.
Sacramento took Memphis shooting guard Tyreke Evans at number four and then Minnesota selected Spanish point guard Ricky Rubio with one of its four picks in the opening round.
The Clippers have made the playoffs just once in the last 12 years and see Blake as the cornerstone of their rebuilding effort.
"When nobody expects you to do something, you have time to work and you have time to build," Griffin told reporters. "Hopefully that's what we'll do, and hopefully over the next year or two years, whatever it is, make playoff pushes and become a team that is regularly in the postseason."
At 2.08 meters, 113 kilogram, Griffin dominated the paint at both ends of the floor for the University of Oklahoma over the last two years.
A 20-year-old Oklahoma City native, Griffin averaged 22.7 points and 14.4 rebounds last season for the Sooners and was the consensus collegiate Player of the Year.
"It's definitely going to take time and it's not all about me," Griffin added. "I feel like they have a great group of players that can do it, and I'm happy to be a part of that."
Minnesota traded up with the Washington Wizards to get the fifth pick and their selection of the 18-year-old Rubio drew cheers from the crowd at Madison Square Garden's WaMu Theater.
Whether Rubio remains with the Timberwolves remains to be seen since his Spanish club, DKV Joventut, wants a 6.6 million U.S. dollars buyout to allow the teen to jump to the NBA.
Often compared to Hall of Famer Pete Maravich for his floppy hair and flashy court sense, the shooting ability of the 1.93m, 81.6 kg Rubio has been a nagging question mark.
Rubio was on the Spanish team that won the silver medal at the Beijing Olympics, losing to the NBA-stocked United States 118-107 in the championship game.
Twenty-one-year-old forward Omri Casspi was taken by Sacramento with the 23rd pick, becoming the first Israeli ever drafted in the first round.
Source: Shanghai Daily/Agencies
Connecticut's shot-blocking center Hasheem Thabeet was taken by Memphis with the second pick, before Arizona State shooting guard James Harden was grabbed by Oklahoma City.
Sacramento took Memphis shooting guard Tyreke Evans at number four and then Minnesota selected Spanish point guard Ricky Rubio with one of its four picks in the opening round.
The Clippers have made the playoffs just once in the last 12 years and see Blake as the cornerstone of their rebuilding effort.
"When nobody expects you to do something, you have time to work and you have time to build," Griffin told reporters. "Hopefully that's what we'll do, and hopefully over the next year or two years, whatever it is, make playoff pushes and become a team that is regularly in the postseason."
At 2.08 meters, 113 kilogram, Griffin dominated the paint at both ends of the floor for the University of Oklahoma over the last two years.
A 20-year-old Oklahoma City native, Griffin averaged 22.7 points and 14.4 rebounds last season for the Sooners and was the consensus collegiate Player of the Year.
"It's definitely going to take time and it's not all about me," Griffin added. "I feel like they have a great group of players that can do it, and I'm happy to be a part of that."
Minnesota traded up with the Washington Wizards to get the fifth pick and their selection of the 18-year-old Rubio drew cheers from the crowd at Madison Square Garden's WaMu Theater.
Whether Rubio remains with the Timberwolves remains to be seen since his Spanish club, DKV Joventut, wants a 6.6 million U.S. dollars buyout to allow the teen to jump to the NBA.
Often compared to Hall of Famer Pete Maravich for his floppy hair and flashy court sense, the shooting ability of the 1.93m, 81.6 kg Rubio has been a nagging question mark.
Rubio was on the Spanish team that won the silver medal at the Beijing Olympics, losing to the NBA-stocked United States 118-107 in the championship game.
Twenty-one-year-old forward Omri Casspi was taken by Sacramento with the 23rd pick, becoming the first Israeli ever drafted in the first round.
Source: Shanghai Daily/Agencies
Young women drug addicts on rise in Beijing
More young women were found in taking new types of drugs in Beijing as narcotics became increasingly popular in mass binges and were considered effective to help lose weight.
More than half of 310 new drug takers seized by Beijing police last month were women, mostly under the age of 30, Yi Yang, deputy director of the anti-drug department of Beijing municipal public security bureau, was quoted by Friday's China Daily as saying.
Women accounted for 21.7 percent of 14,000 drug users caught by police in the Chinese capital last year.
More women drug users were found as new types of drugs such as methamphetamine and ketamine, which were often used as a stimulant for mood and energy, became increasingly popular in parties and gatherings, Li said.
Such parties were often attended by an equal number of men and women, or couples, while men drug addicts alone may just stay at home and use traditional drugs such as heroin.
New drugs such as "ice" enhance sexual ability, and were often found in group sex parties, in which the same number of men and women participate, which partially explained the increase in women drug users, according to Professor Xia Guomei from the Shanghai Academy of Social Sciences.
A number of women drug addicts, especially those in the entertainment industry, were taking drugs for the purpose of losing weight, she was quoted as saying.
Local police said most of the new drugs seized in Beijing were made domestically and transported from the southwestern region of the country.
Source: Xinhua
More than half of 310 new drug takers seized by Beijing police last month were women, mostly under the age of 30, Yi Yang, deputy director of the anti-drug department of Beijing municipal public security bureau, was quoted by Friday's China Daily as saying.
Women accounted for 21.7 percent of 14,000 drug users caught by police in the Chinese capital last year.
More women drug users were found as new types of drugs such as methamphetamine and ketamine, which were often used as a stimulant for mood and energy, became increasingly popular in parties and gatherings, Li said.
Such parties were often attended by an equal number of men and women, or couples, while men drug addicts alone may just stay at home and use traditional drugs such as heroin.
New drugs such as "ice" enhance sexual ability, and were often found in group sex parties, in which the same number of men and women participate, which partially explained the increase in women drug users, according to Professor Xia Guomei from the Shanghai Academy of Social Sciences.
A number of women drug addicts, especially those in the entertainment industry, were taking drugs for the purpose of losing weight, she was quoted as saying.
Local police said most of the new drugs seized in Beijing were made domestically and transported from the southwestern region of the country.
Source: Xinhua
Mexican president calls for strengthened fight against drug trafficking
Mexican President Felipe Calderon on Friday urged all social sectors to strengthen the fight against drug trafficking, saying "we all must be united."
In a speech marking the International Day against the Improper Use and Illegal Trafficking of Drugs, Calderon said his government has made great efforts in combating drug trafficking.
Mexico is at a historical crossroad of letting drug trafficking go unchecked or "continuing that fight to rescue our society," he said.
The president called on all parents in the country to educate "our children and young people" about the dangers and prevent them from using and consuming drugs.
"Improper and excessive use of drugs ... leads to a dramatic and tragic death" even for people "who have everything," Calderon said.
"Fame and money at the end are not able to surpass the death, which is hidden behind addictions (to drugs)," he added.
Source: Xinhua
In a speech marking the International Day against the Improper Use and Illegal Trafficking of Drugs, Calderon said his government has made great efforts in combating drug trafficking.
Mexico is at a historical crossroad of letting drug trafficking go unchecked or "continuing that fight to rescue our society," he said.
The president called on all parents in the country to educate "our children and young people" about the dangers and prevent them from using and consuming drugs.
"Improper and excessive use of drugs ... leads to a dramatic and tragic death" even for people "who have everything," Calderon said.
"Fame and money at the end are not able to surpass the death, which is hidden behind addictions (to drugs)," he added.
Source: Xinhua
Jacksons sudden death jolts U.S. political community
The U.S. politicians paid their tribute to Michael Jackson on Friday following the sudden death of the pop king.
White House spokesman Robert Gibbs told reporters that President Barack Obama considered the pop star "a spectacular performer and music icon."
I think everybody remembers hearing his songs, watching the moon walk on television ..." said Gibbs.
However, the president also said that aspects of Jackson's life were "sad and tragic," and he would like to send his condolences to Jackson's family and fans.
The 50-year-old singer was pronounced dead on Thursday afternoon at the Medical Center of the University of California in Los Angeles (UCLA), after he was in a full cardiac arrest.
U.S. lawmakers also took a brief break on Friday to pay tribute to Jackson, praising the deceased "King of Pop" as a singing and dancing inspiration.
"We rise to pay tribute to a star that went high into the sky," said Democratic Representative Diane Watson of California.
"A young man has left Earth, but now resides in the stars. And this was a talented, multitalented person who entertained the world with his dynamic portrayals, his songs that he had written, his style of dancing," she said.
On behalf of Congress, Watson sent "our condolences, our heartfelt sorrow to his family, his friends, and to his millions of fans throughout the world."
Democratic Representative Barbara Lee, the chairwoman of the Congressional Black Caucus, said in a statement that Jackson "was an icon who inspired generations around the world through song and dance."
"His contributions to American music are innumerable and the genius of his talent will endure for years to come. Our thoughts and prayers are with Michael's family as we mourn and remember this incredible human being who touched the lives of millions," she said.
White House spokesman Robert Gibbs told reporters that President Barack Obama considered the pop star "a spectacular performer and music icon."
I think everybody remembers hearing his songs, watching the moon walk on television ..." said Gibbs.
However, the president also said that aspects of Jackson's life were "sad and tragic," and he would like to send his condolences to Jackson's family and fans.
The 50-year-old singer was pronounced dead on Thursday afternoon at the Medical Center of the University of California in Los Angeles (UCLA), after he was in a full cardiac arrest.
U.S. lawmakers also took a brief break on Friday to pay tribute to Jackson, praising the deceased "King of Pop" as a singing and dancing inspiration.
"We rise to pay tribute to a star that went high into the sky," said Democratic Representative Diane Watson of California.
"A young man has left Earth, but now resides in the stars. And this was a talented, multitalented person who entertained the world with his dynamic portrayals, his songs that he had written, his style of dancing," she said.
On behalf of Congress, Watson sent "our condolences, our heartfelt sorrow to his family, his friends, and to his millions of fans throughout the world."
Democratic Representative Barbara Lee, the chairwoman of the Congressional Black Caucus, said in a statement that Jackson "was an icon who inspired generations around the world through song and dance."
"His contributions to American music are innumerable and the genius of his talent will endure for years to come. Our thoughts and prayers are with Michael's family as we mourn and remember this incredible human being who touched the lives of millions," she said.
Magnitude 4.9 earthquake hits central Chile
An earthquake with magnitude of 4.9 degrees on the Richter scale shook the central Chile Friday, without reports of casualty and damage.
The earthquake occurred at 9:06 a.m. local time (1306 GMT), its epicenter was located 29 km west to Illape, in Coquimbo region, according to the Seismological Service from the University of Chile.
According to the National office of Emergencies (Onemi), the earthquake has a maximum intensity of III grade in Mercalli scale in the cities of Illapel, Canela, Salamanca, Punitaqui, Los Villos and La Ligua.
The Onemi did not report casualties and material damages in the earthquake.
Source: Xinhua
The earthquake occurred at 9:06 a.m. local time (1306 GMT), its epicenter was located 29 km west to Illape, in Coquimbo region, according to the Seismological Service from the University of Chile.
According to the National office of Emergencies (Onemi), the earthquake has a maximum intensity of III grade in Mercalli scale in the cities of Illapel, Canela, Salamanca, Punitaqui, Los Villos and La Ligua.
The Onemi did not report casualties and material damages in the earthquake.
Source: Xinhua
U.S. House narrowly passes climate bill
The U.S. House of Representatives on Friday narrowly passed a bill aimed at capping and reducing U.S. greenhouse gas emissions and lowering the country's dependence on foreign oil.
The bill, named the American Clean Energy and Security Act, was passed by a vote of 219-212 after hours of bitter debate. It calls for a 17-percent reduction in emissions of heat-trapping gases from the 2005 levels by 2020 and an 83-percent reduction by 2050.
It establishes a cap-and-trade program to control climate-altering emissions, dictates an increase in the use of renewable energy sources, and sets new efficiency standards for buildings, lighting and industrial facilities.
Democrats hailed the legislation as historic, while Republicans said it would damage the economy without solving the nation's energy woes.
It is "the most important energy and environmental legislation in the history of our country," said Representative Edward Markey of Massachusetts. "It sets a new course for our country, one that steers us away from foreign oil and towards a path of clean American energy."
However, House Republican leader John Boehner called the measure "the biggest job-killing bill that has ever been on the floor of the House of Representatives."
U.S. President Barack Obama praised the House of Representatives for passing the legislation, saying "it's a bold and necessary step that holds the promise of creating new industries and millions of new jobs, decreasing our dangerous dependence on foreign oil."
"Now it's up to the Senate to take the next step," he added.
The U.S. Senate is expected to try to write its own version of a climate change bill, but prospects for this year were uncertain.
The bill, named the American Clean Energy and Security Act, was passed by a vote of 219-212 after hours of bitter debate. It calls for a 17-percent reduction in emissions of heat-trapping gases from the 2005 levels by 2020 and an 83-percent reduction by 2050.
It establishes a cap-and-trade program to control climate-altering emissions, dictates an increase in the use of renewable energy sources, and sets new efficiency standards for buildings, lighting and industrial facilities.
Democrats hailed the legislation as historic, while Republicans said it would damage the economy without solving the nation's energy woes.
It is "the most important energy and environmental legislation in the history of our country," said Representative Edward Markey of Massachusetts. "It sets a new course for our country, one that steers us away from foreign oil and towards a path of clean American energy."
However, House Republican leader John Boehner called the measure "the biggest job-killing bill that has ever been on the floor of the House of Representatives."
U.S. President Barack Obama praised the House of Representatives for passing the legislation, saying "it's a bold and necessary step that holds the promise of creating new industries and millions of new jobs, decreasing our dangerous dependence on foreign oil."
"Now it's up to the Senate to take the next step," he added.
The U.S. Senate is expected to try to write its own version of a climate change bill, but prospects for this year were uncertain.
Brazil ends search for passenger bodies, wreckage of flight AF 447
After 26 days of operations in the Atlantic Ocean, the Brazilian army announced on Friday that they have ended their search for passenger bodies and wreckage of flight AF 447.
At a press conference held in Recife, northeastern Brazil, Lieutenant-Colonel Henry Munhoz, spokesperson of the Brazilian army, said that no more bodies had been found for nine days and there is no possibility of finding more survivors of the accident.
In total, the Brazilian army found bodies of 51 passengers, of whom 14 have been identified.
Besides, according to Munhoz, more than 600 wrecks -- from structural components of the aircraft to baggages -- were collected during the searches.
An Air France Airbus A330 plane plunged into the Atlantic some 1,200 km off the Brazilian coastline on a flight from Rio de Janeiro to Paris on June 1. All 228 people of 32 nationalities on board died.
Source: Xinhua
At a press conference held in Recife, northeastern Brazil, Lieutenant-Colonel Henry Munhoz, spokesperson of the Brazilian army, said that no more bodies had been found for nine days and there is no possibility of finding more survivors of the accident.
In total, the Brazilian army found bodies of 51 passengers, of whom 14 have been identified.
Besides, according to Munhoz, more than 600 wrecks -- from structural components of the aircraft to baggages -- were collected during the searches.
An Air France Airbus A330 plane plunged into the Atlantic some 1,200 km off the Brazilian coastline on a flight from Rio de Janeiro to Paris on June 1. All 228 people of 32 nationalities on board died.
Source: Xinhua
Obama hopes U.S. plays greater leadership in climate change issue
U.S. President Barack Obama said Friday that he would like to see the United States play a greater leadership in climate change issue.
At a White House news conference after meeting with German Chancellor Angela Merkel, Obama said some European nations have moved faster than the United States to combat global warming.
"Europe, in many ways over the last several years, has moved more rapidly than the United States on addressing this issue," Obama said.
Obama said the United States had to work with industrialized countries like Germany and with the world's emerging economies, to get an international framework in place to deal with global warming.
"If we can get the framework in place, I'm confident the United States can be an important partner in this process," he said.
Obama said he was hopeful the House would pass a climate bill later Friday, adding that the bill "indicates enormous progress from where we have been."
The over 930-page bill, named the American Clean Energy and Security Act, calls for a 17 percent reduction in emissions of heat-trapping gases from the 2005 levels by 2020 and an 83 percent reduction by 2050.
It establishes a cap-and-trade program to control climate-altering emissions, dictates an increase in the use of renewable energy sources, and sets new efficiency standards for buildings, lighting and industrial facilities.
Merkel said developed countries like the United States have an obligation to show leadership on climate change. Merkel said she was gratified by Obama's total commitment to the climate change issue and to making the Copenhagen conference a success.
Source: Xinhua
At a White House news conference after meeting with German Chancellor Angela Merkel, Obama said some European nations have moved faster than the United States to combat global warming.
"Europe, in many ways over the last several years, has moved more rapidly than the United States on addressing this issue," Obama said.
Obama said the United States had to work with industrialized countries like Germany and with the world's emerging economies, to get an international framework in place to deal with global warming.
"If we can get the framework in place, I'm confident the United States can be an important partner in this process," he said.
Obama said he was hopeful the House would pass a climate bill later Friday, adding that the bill "indicates enormous progress from where we have been."
The over 930-page bill, named the American Clean Energy and Security Act, calls for a 17 percent reduction in emissions of heat-trapping gases from the 2005 levels by 2020 and an 83 percent reduction by 2050.
It establishes a cap-and-trade program to control climate-altering emissions, dictates an increase in the use of renewable energy sources, and sets new efficiency standards for buildings, lighting and industrial facilities.
Merkel said developed countries like the United States have an obligation to show leadership on climate change. Merkel said she was gratified by Obama's total commitment to the climate change issue and to making the Copenhagen conference a success.
Source: Xinhua
Security firms warn of Michael Jackson spam messages
Computer security firms are warning users to be vigilant about spam messages capitalizing the sudden death of U.S. pop star Michael Jackson.
The 50-year-old "King of Pop" was pronounced dead on Thursday afternoon at the Medical Center of the University of California in Los Angeles, after he was in a full cardiac arrest.
Security firm Sophos on Friday reported that about eight hours after Jackson's death, its experts witnessed the first wave of spam messages taking advantage of the breaking news in the subject line and body of the email.
In these messages, the spammers claimed that they have vital information about the death of Michael Jackson to share and asked for a reply.
Experts said the spammers can easily harvest recipients' contact information via a free live email address if users reply to the spam message.
"The untimely death of the King of Pop, Michael Jackson, has sent shockwaves through the entire world -- but unfortunately, this type of huge news story is also the perfect vehicle for spammers to snare vulnerable computer users," Graham Cluley, a senior technology consultant at Sophos, said in a statement.
"These spammers are relying on curious users to reply to their bogus claims, but if you receive one of these messages you just need to delete it," he added.
In addition, security experts at Sophos discovered that cyber criminals were taking advantage of the passing of U.S. actress Farrah Fawcett, a 1970s TV icon who also died on Thursday, to spread fake anti-virus software.
Bad news offers opportunity to spread malicious software, noted Guilherme Venere, an expert at security firm McAfee.
"Every time a disaster happens or news about some celebrity reaches the media, malware writers try to take advantage of it. The most common attack vector is email," he wrote in a posting on the company's blog.
Venere said users should be wary of spam emails offering links to "news" or "pictures" of deceased celebrities, which most of the time will lead to websites touting pharmacy products and even result in the installment of malware on the computers.
Source: Xinhua
The 50-year-old "King of Pop" was pronounced dead on Thursday afternoon at the Medical Center of the University of California in Los Angeles, after he was in a full cardiac arrest.
Security firm Sophos on Friday reported that about eight hours after Jackson's death, its experts witnessed the first wave of spam messages taking advantage of the breaking news in the subject line and body of the email.
In these messages, the spammers claimed that they have vital information about the death of Michael Jackson to share and asked for a reply.
Experts said the spammers can easily harvest recipients' contact information via a free live email address if users reply to the spam message.
"The untimely death of the King of Pop, Michael Jackson, has sent shockwaves through the entire world -- but unfortunately, this type of huge news story is also the perfect vehicle for spammers to snare vulnerable computer users," Graham Cluley, a senior technology consultant at Sophos, said in a statement.
"These spammers are relying on curious users to reply to their bogus claims, but if you receive one of these messages you just need to delete it," he added.
In addition, security experts at Sophos discovered that cyber criminals were taking advantage of the passing of U.S. actress Farrah Fawcett, a 1970s TV icon who also died on Thursday, to spread fake anti-virus software.
Bad news offers opportunity to spread malicious software, noted Guilherme Venere, an expert at security firm McAfee.
"Every time a disaster happens or news about some celebrity reaches the media, malware writers try to take advantage of it. The most common attack vector is email," he wrote in a posting on the company's blog.
Venere said users should be wary of spam emails offering links to "news" or "pictures" of deceased celebrities, which most of the time will lead to websites touting pharmacy products and even result in the installment of malware on the computers.
Source: Xinhua
Shares vault to new high, led by commodities
The mainland stocks rose to the highest in a year, led by commodity producers, after the China News Agency said Asia's biggest iron-ore deposit was discovered in a northeastern province and raw-material prices gained.
The Shanghai Composite Index rose 29.6, or 1 percent, to 2922.3 at the close, the highest since June 18, 2008. The gauge has surged 60 percent this year. The rally has left the index trading at 29 times earnings, the most expensive since March 2008.
The CSI 300 Index added 1.2 percent to 3120.73 yesterday.
Investors opened accounts to trade equities at the fastest pace in two months last week, according to the China Securities Depository and Clearing Corp.
Baoshan Iron & Steel Co, China's biggest steelmaker, climbed 3 percent to 7.2 yuan. Angang Steel, the No 2, rose 7.4 percent to 14.18 yuan. Maanshan Iron & Steel Co, the fourth largest, added 2.3 percent to 4.95 yuan.
The iron ore deposit was discovered near Benxi city in Liaoning province with reserves of more than 3 billion metric tons, the China News Agency reported.
"The mine will help steelmakers reduce costs because they wouldn't need to import so many raw materials," said Zhang Ling, a fund manager at ICBC Credit Suisse Asset Management Co.
Jiangxi Copper Co, the nation's biggest producer of the metal, jumped by the daily 10 percent limit to 32.4 yuan. Tongling Nonferrous Metals Group Co, China's second-biggest copper producer, added 8 percent to 19.97 yuan. Yunnan Copper Industry Co, the No 3, gained 6.9 percent to 21.64 yuan.
Copper gained for a second day in Asia, after the metal's drop to the lowest in more than three weeks and the dollar's decline sparked buying interest.
HSI higher
Hong Kong stocks gained after power output rose on the mainland, stoking recovery expectations, and Sino Land Co won rights for a project in the city's Wan Chai area.
The Hang Seng Index added 353.78, or 2 percent, to 17892.15 at the close. Thirteen stocks rose for each that fell on the gauge, which is headed for a second weekly decline after rising the previous four. The Hang Seng China Enterprises Index climbed 2.4 percent to 10530.35.
The benchmark Hang Seng Index has soared 58 percent from a more than four-month low reached on March 9 on speculation government stimulus efforts worldwide will revive the global economy. Shares on the gauge are valued at 16.1 times estimated earnings, up from 10.8 times at the beginning of 2009.
Source:China Daily/Agencies
The Shanghai Composite Index rose 29.6, or 1 percent, to 2922.3 at the close, the highest since June 18, 2008. The gauge has surged 60 percent this year. The rally has left the index trading at 29 times earnings, the most expensive since March 2008.
The CSI 300 Index added 1.2 percent to 3120.73 yesterday.
Investors opened accounts to trade equities at the fastest pace in two months last week, according to the China Securities Depository and Clearing Corp.
Baoshan Iron & Steel Co, China's biggest steelmaker, climbed 3 percent to 7.2 yuan. Angang Steel, the No 2, rose 7.4 percent to 14.18 yuan. Maanshan Iron & Steel Co, the fourth largest, added 2.3 percent to 4.95 yuan.
The iron ore deposit was discovered near Benxi city in Liaoning province with reserves of more than 3 billion metric tons, the China News Agency reported.
"The mine will help steelmakers reduce costs because they wouldn't need to import so many raw materials," said Zhang Ling, a fund manager at ICBC Credit Suisse Asset Management Co.
Jiangxi Copper Co, the nation's biggest producer of the metal, jumped by the daily 10 percent limit to 32.4 yuan. Tongling Nonferrous Metals Group Co, China's second-biggest copper producer, added 8 percent to 19.97 yuan. Yunnan Copper Industry Co, the No 3, gained 6.9 percent to 21.64 yuan.
Copper gained for a second day in Asia, after the metal's drop to the lowest in more than three weeks and the dollar's decline sparked buying interest.
HSI higher
Hong Kong stocks gained after power output rose on the mainland, stoking recovery expectations, and Sino Land Co won rights for a project in the city's Wan Chai area.
The Hang Seng Index added 353.78, or 2 percent, to 17892.15 at the close. Thirteen stocks rose for each that fell on the gauge, which is headed for a second weekly decline after rising the previous four. The Hang Seng China Enterprises Index climbed 2.4 percent to 10530.35.
The benchmark Hang Seng Index has soared 58 percent from a more than four-month low reached on March 9 on speculation government stimulus efforts worldwide will revive the global economy. Shares on the gauge are valued at 16.1 times estimated earnings, up from 10.8 times at the beginning of 2009.
Source:China Daily/Agencies
Drug stocks on roller-coaster ride
SHANGHAI: Punting drug companies' stocks, though in vogue these days in the backdrop of the H1N1 flu pandemic, is definitely not for the faint hearted.
A case in point - the roller-coaster ride of the share price of Shenzhen Neptunus Bioengineering Co in the past few weeks.
The vaccine maker's shares traded on the Shenzhen bourse tumbled 12 percent for three consecutive trading days and, for unexplained reasons, bounced back nearly 4 percent yesterday to 9.05 yuan apiece.
If that was not thrilling enough, picture this: Before the three-day freefall, the company's shares had been surging at just under the daily cap of 10 percent for three consecutive trading sessions.
Before the latest fluctuations, the stock price of the Shenzhen-based drug producer, which manufactures about 400 different types of medicines mainly from herbal extracts, more than doubled within two months.
"The pharmaceutical sector, particularly herbal drugmakers, has seen big trades since the end of April," said Wang Bin, analyst, Industrial Securities. "The buying spree in Shenzhen Neptunus is not an exception, especially after the company's high-profile claim that is developing a H1N1 flu vaccine," Wang said.
The company announced on June 9 that it would set up a joint venture with British drug manufacturer GlaxoSmithKline to produce seasonal flu vaccines initially for the mainland, Hong Kong, and Macao.
In another announcement posted last week, the drug firm said it was also among the 11 companies approved by the Chinese State Food and Drug Administration to manufacture vaccines for the Influenza A virus.
The drugmaker's shares have soared 38.4 percent in four straight days on the back of these good news and the World Health Organization's declaration that the H1N1 flu had developed into a global pandemic.
The company's share turnover on June 15, for instance, reached 684.5 million yuan, up 52 percent from the previous day.
"The rush of capital into the company probably will end for a while after huge gains made earlier; its stocks are obviously over-valued," said Ge Zheng, a pharmaceutical analyst with GF Securities, adding that the company's price/earning (P/E) ratio was 400, compared with the market average of 26.7.
According to Ge, the average P/E ratio of the drug sector has exceeded 50, up from 45 at the end of April.
The increasingly irrational market sentiment about drug companies' shares was clearly reflected in the huge selling pressure on Shenzhen Neptunus at the beginning of this week. Figures from data provider Topview showed net sales of 37 million yuan of Shenzhen Neptunus' shares while per unit price dropped nearly 5 percent on Monday.
"Like the buying rush, the selling spree in the drug firm is also within our expectation due to the absence of fundamental support," Wang said.
The company posted 24 million yuan in net profit for 2008, down 28.26 percent from a year earlier. The drugmaker, with 2.8 billion yuan in total assets, also had 2 billion yuan in debt as of the end of last year.
The company issued a clarification last week that its influenza vaccine still needed to go through a long process of clinical trials before it could be put on the market. For that reason, any sale of the new drug will not impact its 2009 performance.
"As such, it's unlikely Shenzhen Neptunus will get returns from the vaccine this year," Ge said, adding that the rumored release of a supplementary document by the end of June to support the government's healthcare reform measures may give a fillip to the sector.
In addition, according to a research by consulting firm Frost & Sullivan on the Chinese vaccine market, the compounded annual growth rate of the sector is expected to be around 14 to 15 percent in the next seven years.
Source:China Daily
A case in point - the roller-coaster ride of the share price of Shenzhen Neptunus Bioengineering Co in the past few weeks.
The vaccine maker's shares traded on the Shenzhen bourse tumbled 12 percent for three consecutive trading days and, for unexplained reasons, bounced back nearly 4 percent yesterday to 9.05 yuan apiece.
If that was not thrilling enough, picture this: Before the three-day freefall, the company's shares had been surging at just under the daily cap of 10 percent for three consecutive trading sessions.
Before the latest fluctuations, the stock price of the Shenzhen-based drug producer, which manufactures about 400 different types of medicines mainly from herbal extracts, more than doubled within two months.
"The pharmaceutical sector, particularly herbal drugmakers, has seen big trades since the end of April," said Wang Bin, analyst, Industrial Securities. "The buying spree in Shenzhen Neptunus is not an exception, especially after the company's high-profile claim that is developing a H1N1 flu vaccine," Wang said.
The company announced on June 9 that it would set up a joint venture with British drug manufacturer GlaxoSmithKline to produce seasonal flu vaccines initially for the mainland, Hong Kong, and Macao.
In another announcement posted last week, the drug firm said it was also among the 11 companies approved by the Chinese State Food and Drug Administration to manufacture vaccines for the Influenza A virus.
The drugmaker's shares have soared 38.4 percent in four straight days on the back of these good news and the World Health Organization's declaration that the H1N1 flu had developed into a global pandemic.
The company's share turnover on June 15, for instance, reached 684.5 million yuan, up 52 percent from the previous day.
"The rush of capital into the company probably will end for a while after huge gains made earlier; its stocks are obviously over-valued," said Ge Zheng, a pharmaceutical analyst with GF Securities, adding that the company's price/earning (P/E) ratio was 400, compared with the market average of 26.7.
According to Ge, the average P/E ratio of the drug sector has exceeded 50, up from 45 at the end of April.
The increasingly irrational market sentiment about drug companies' shares was clearly reflected in the huge selling pressure on Shenzhen Neptunus at the beginning of this week. Figures from data provider Topview showed net sales of 37 million yuan of Shenzhen Neptunus' shares while per unit price dropped nearly 5 percent on Monday.
"Like the buying rush, the selling spree in the drug firm is also within our expectation due to the absence of fundamental support," Wang said.
The company posted 24 million yuan in net profit for 2008, down 28.26 percent from a year earlier. The drugmaker, with 2.8 billion yuan in total assets, also had 2 billion yuan in debt as of the end of last year.
The company issued a clarification last week that its influenza vaccine still needed to go through a long process of clinical trials before it could be put on the market. For that reason, any sale of the new drug will not impact its 2009 performance.
"As such, it's unlikely Shenzhen Neptunus will get returns from the vaccine this year," Ge said, adding that the rumored release of a supplementary document by the end of June to support the government's healthcare reform measures may give a fillip to the sector.
In addition, according to a research by consulting firm Frost & Sullivan on the Chinese vaccine market, the compounded annual growth rate of the sector is expected to be around 14 to 15 percent in the next seven years.
Source:China Daily
Municipal bond issue
Three local governments in China sold a combined 12.2 billion yuan worth of three-year municipal bonds at 1.75 percent on June 22, the Ministry of Finance said.
The Guangdong government sold municipal bonds worth 8.5 billion yuan, Xiamen 800 million yuan, and Hainan 2.9 billion yuan, the ministry said in a statement.
The municipal bonds, sold by the ministry on behalf of the local governments, will start trading on domestic stock exchanges and the interbank market from June 29.
The Guangdong government sold municipal bonds worth 8.5 billion yuan, Xiamen 800 million yuan, and Hainan 2.9 billion yuan, the ministry said in a statement.
The municipal bonds, sold by the ministry on behalf of the local governments, will start trading on domestic stock exchanges and the interbank market from June 29.
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