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Edward Snowden is a 'traitor' and possible spy for China – Dick Cheney

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Former vice-president tells Fox he is 'suspicious because he went to China' as senior figures discuss surveillance leaks

Senior officials from the current and previous US administrations lined up on Sunday to defend the government sweep of phone and internet records and condemn the whistleblower who revealed the secret surveillance programmes.

The White House chief of staff, Denis McDonough, said President Barack Obama was of the mind that the no violations of privacy had taken place in regards to the data collections, the existence of which have been the subject of a series of Guardian reports.

Dick Cheney, vice-president under George W Bush and a key figure in the post-September 11 revamping of US national security, also defended the system. He told Fox News Sunday that it was needed to "gather intelligence on your enemies and stop the attack before it is launched". He went on to condemn the man behind the series of explosive leaks regarding. Having described Edward Snowden as a "traitor", Cheney went on to cast aspersions over the 29-year-old's decision to travel to Hong Kong, suggesting that he could be a spy for China.

"I'm suspicious because he went to China. That's not a place where you would ordinarily want to go if you are interested in freedom, liberty and so forth," Cheney said, adding: "It raises questions whether or not he had that kind of connection before he did this." Cheney suggested that Snowden could still be in possession of confidential data and that the Chinese would "probably be willing to provide immunity for him or sanctuary for him in exchange for what he presumably knows or doesn't know".

McDonough refused to speculate over Snowden's motives, but disputed claims that the former contract worker for the National Security Agency made to the Guardian concerning being able wiretap anyone, including the president.

"That's incorrect," the White House's most senior staffer told CBS's Face the Nation. He added that Obama did not believe that the surveillance system amounted to a government overreach. "We have to find the right balance of protecting our privacy – which is sacrosanct in the president's views – and protecting the country from the very real risk and threats that it faces."

McDonough's comments come a day after US intelligence chiefs wrote to Congress defending the legality and usefullness of the surveillance programmes that were first revealed by the Guardian and the Washington Post. The briefing document claimed that the monitoring of metadata had helped prevent potential terror attacks in the US and in more than 20 countries around the world. Some have complained that this claim is unproven.

Meanwhile, sceptics in Congress have complained that the surveillance programme does not come with sufficient checks to protect innocent individuals. Senator Mark Udall, a leading critic of the secret programme, said that collection of data does not have to be "all or nothing". He intends to put forward a bill that would limit the scope of what is allowed under the Patriot Act.

Udall told NBC's Meet the Press: "We owe it to the American people to have a debate in the open about the extent of this programme – you have a law that has been interpreted secretly by a secret court that then issues secret orders to generate a secret programme."

Udall added that the way the system operated at present wasn't "an American approach" to the problem of balancing privacy with threat reduction. Reported by guardian.co.uk 3 minutes ago.

FABCHEM CHINA LIMITED: FABCHEM IS ONE OF THE FIRST COMMERCIAL EXPLOSIVE MANUFACTURERS IN SHANDONG PROVINCE APPROVED TO RESUME PRODUCTION

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Miscellaneous* Asterisks denote mandatory informationName of Announcer *FABCHEM CHINA LIMITEDCompany Registration No.200413128GAnnouncement submitted on behalf ofFABCHEM CHINA LIMITEDAnnouncement i... Reported by FinanzNachrichten.de 9 hours ago.

FABCHEM CHINA LIMITED: FIRST QUARTER RESULTS * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT

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Financial Statement And Related Announcement* Asterisks denote mandatory informationName of Announcer *FABCHEM CHINA LIMITEDCompany Registration No.200413128GAnnouncement submitted on behalf ofFABC... Reported by FinanzNachrichten.de 8 hours ago.

Bolton ‘disappointed’ with China record

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Mr Bolton leaves behind a much-changed China, and a fund which to date has lost money and underperformed the market Reported by FT.com 8 hours ago.

China calls for explanations of US surveillance

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China is joining calls for Washington to provide explanations following disclosures of National Security Agency programs which collect millions of telephone records and track foreign Internet activity on U.S. networks. Reported by Miami Herald 8 hours ago.

China trounces U.S. in supercomputer race

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The supercomputing arms race is heating up again between the United States and China, as China retakes the Top spot in the 41st Top500 listing of the world's most powerful supercomputers with Tianhe-2, an updated system that was able to execute 33.86 petaflops, or 33.86 thousand trillion floating point operations per second. Reported by InfoWorld 7 hours ago.

Dick Cheney's Suggestion Snowden A Chinese Spy Is "Sheer Nonsense" Says China

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Over the weekend, Dick Cheney emerged from his lair, and staunchly defended the NSA surveillance programs that started under his tenure as Vice President, telling Chris Wallace on Fox News Sunday that the programs could have stopped 9/11 had they been in effect. More to the point, Cheney shared his view of Edward Snowden, whom he accused of being a traitor *and went so far as hinting that he could be a spy for China*. "I'm suspicious because he went to China. That's not a place where you would ordinarily want to go if you are interested in freedom, liberty and so forth," Cheney said, adding: "*It raises questions whether or not he had that kind of connection before he did this."* The last statement finally generated an official response from China whose Foreign Ministry on Monday, which had been silent for the past week over all issues surrounding the whistleblower, denying Edward Snowden was a Chinese spy and said the United States should give the world an explanation regarding its international internet surveillance programme.

From SCMP:



In its first official response to the recent exposure of the US National Security Agency’s internet surveillance programme by whistleblower Edward Snowden, Foreign Ministry spokeswoman Hua Chunying said the US should pay attention to concerns of the international community on the issue.

 

Hua, in her daily briefing in Beijing, also hit back at the allegation that Snowden could be a spy for China, calling it “sheer nonsense”.

 

Beijing has been tight lipped about the saga since Snowden revealed his identity to the media last week, only saying they have no information regarding the case.

 

But Hua said on Sunday that she is aware of media reports that saying Hong Kong citizens wanted Snowden to stay in the city, and that she is aware of the response of the Hong Kong government to the matter.

 

Half of Hong Kong people believe that cyberspying whistle-blower Edward Snowden should not be handed over if Washington makes a formal request for his return, according to an exclusive opinion poll commissioned by the Sunday Morning Post.

 

Chief Executive Leung Chun-ying said on Saturday that "when the relevant mechanism is activated", the Hong Kong government would handle Snowden's case in accordance with the city's laws. He also said the government would follow up on any incidents related to the privacy or other rights of the institutions or people in Hong Kong being violated.



Of course, with Hong Kong's ultimate decisionmaking still made in Beijing, whatever China wants vis-a-vis Snowden, China gets. And just like Syria, the fate of the 29 year-old will almost certainly become yet another diplomatic fallout issue between the US and China.

And just for the nostalgic ones, here's Dick: Reported by Zero Hedge 6 hours ago.

China Calls Spy Claims against Snowden 'Groundless'

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China on Monday dismissed as groundless claims that a former US intelligence contractor who is hiding in Hong Kong spied for Beijing, as state media said extraditing him back home would amount to a betrayal .China relayed its first concrete comment on the Edward Snowden... Reported by Newsmax 5 hours ago.

China Asks U.S. To Explain Surveillance

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BEIJING, June 17 (Reuters) - China made its first substantive comments on Monday to reports of U.S. surveillance of the Internet, demanding that Washington explain its monitoring programmes to the international community.
Several nations, including U.S. allies, have reacted angrily to revelations by an ex-CIA employee over a week ago that U.S. authorities had tapped the servers of internet companies for personal data.
"We believe the United States should pay attention to the international community's concerns and demands and give the international community the necessary explanation," Chinese Foreign Ministry spokeswoman Hua Chunying said at a daily briefing.
The Chinese government has previously not commented directly on the case, simply repeating the government's standard line that China is one of the world's biggest victims of hacking attacks.
A senior source with ties to the Communist Party leadership said Beijing was reluctant to jeopardise recently improved ties with Washington.
The explosive revelations of the U.S. National Security Agency's (NSA) spying programmes were provided by Edward Snowden, a former CIA employee and NSA contractor currently holed up in Hong Kong, a China-controlled city.
Snowden told the South China Morning Post, Hong Kong's main English language newspaper, last week that Americans had spied extensively on targets in China and Hong Kong.
He said these included the Chinese University of Hong Kong, the site of an exchange which handles nearly all the city's domestic web traffic. Other alleged targets included government officials, businesses and students.
At the briefing, Hua rejected a suggestion that Snowden was a spy for China.
"This is sheer nonsense," she said, without elaborating.
It will likely be up to the central government to decide what happens if Washington requests Snowden's extradition, as Beijing controls Hong Kong's diplomatic affairs. The U.S. Justice Department is investigating the case but Snowden has not been charged with any crime.
In a poll on the website of the Global Times, a popular tabloid published by the Communist Party's official People's Daily, 98 percent of respondents said China should refuse to send him back to the United States.
"Unlike a common criminal, Snowden did not hurt anybody. His 'crime' is that he blew the whistle on the U.S. government's violation of civil rights," the newspaper said in an editorial.
"His whistle-blowing is in the global public interest. Therefore, extraditing Snowden back to the U.S. would not only be a betrayal of Snowden's trust, but a disappointment for expectations around the world. The image of Hong Kong would be forever tarnished."
The former British colony of Hong Kong is supposed to enjoy wide-ranging autonomy and broad freedoms denied to people in mainland China, including an independent judiciary and free press.
Since its return to Chinese rule in 1997, however, the city's pro-democracy politicians and activists have complained that Beijing has been steadily eroding Hong Kong's freedoms despite constitutional safeguards granting a high degree of autonomy. (Reporting by Michael Martina; Writing by Terril Yue Jones; Editing by Ben Blanchard and Raju Gopalakrishnan) Reported by Huffington Post 5 hours ago.

Intermodal China 2013 Announced for Sept 24-25: Call for Talks Now Open

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SHANGHAI, June 17, 2013 /PRNewswire/ -- The call for Mandarin and English submissions to present talks for the Intermodal China 2013 - Shippers' Summit is now open until July 12. Organized by UBM China, Intermodal China - Shippers' Summit will be held at Sheraton Hongkou Hotel,... Reported by PR Newswire 5 hours ago.

Hairy Stockings Are a Real Product in China – Photo

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Now that summertime is here, young and presumably attractive girls in China are having real problems keeping stalkers away. Someone has created a product that solves that problem – the hairy stockings. These stockings, as the name says, recreate the look that you would get if you didn't shave for a decade. Also, you would have to be a man to achieve this look. This photo has been conveyed by China Smack, and I guess the line is marketed as a tool for weeding out... Reported by Softpedia 4 hours ago.

Stan Druckenmiller On Emerging Markets, Investing, And The China Issue People Aren't Talking About Enough

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From Goldman Sachs

Stan Druckenmiller is Chairman and Chief Executive Officer of Duquesne Family Office. He founded Duquesne Capital Management in 1981, which he ran until he closed the firm in 2010. Previously, he was a Managing Director at Soros Fund Management, where he served as Lead Portfolio Manager of the Quantum Fund and Chief Investment Officer of Soros

*Interview with Stan Druckenmiller*

*Hugo Scott-Gall: *What are the risks of investing in China that are not well understood in your view?

*Stan Druckenmiller: *The growth in credit at a time when GDP growth is slowing is a problem for China. And I think this is the 2009-11 stimulus coming back to bite. I understand that it had to be done to fund entrepreneurs and the private sector, but it’s easier said than done if you’re channelling funds through local government investment vehicles. I’m a believer in markets. A few men sitting around a table and deciding how to allocate capital goes against everything I’ve ever believed. Not only are they not great at capital allocation, such an exercise also needs to deal with a lack of property rights and corruption. *In essence, the frantic stimulus China put together at the end of 2008 sowed the seeds of slower growth in the future by crowding out more productive investments*. And now, the system’s building enough leverage and misallocation of resources to warrant risks of a financial crisis, but the timing of that is still uncertain in my mind. What we’ve seen in China since 2009 is similar to what happened in the US in 2005, in terms of credit growth outpacing economic growth.

I think ageing demographics is a bigger issue in China than people think. And the problems it creates should be become evident as early as 2016.

You also need to keep in mind that for China to grow and evolve further, it will need to compete with a more innovative Korea and now a more competitive Japan. I don’t think China can do that with where its exchange rate is today. I think productivity is a key concern too. *And I think that could be one of the reasons why the US has been so supportive of Abenomics.*

People mention lack of infrastructure as a constraint. But when I go over there, it looks like they have a lot of infrastructure. It seems ahead of the population, not behind. I see expensive apartments in empty cities that 300 mn rural Chinese are expected to migrate to.  That looks very unbalanced to me. Nobody’s ever had investment to GDP at 47%. Japan and Korea peaked at 36%-38%, so as a result I think capacity is way ahead of demand in some areas in China.

*Hugo Scott-Gall: *If China slows its fixed asset investment, will that have a knock on effect for its commodities demand and thus commodity prices?

*Stan Druckenmiller*: When I started in 1976, I was taught by my mentor that when cash flow rises equities go up. But commodities are driven by the cost of extraction 90% of the time, and over the long run, technology makes extraction cheaper, pushing the cost curve down and with it commodity prices. But that hasn’t always worked, if I’d followed that advice over the past few decades, I’d be in trouble.

About five years ago, I bought into the peak oil thesis. But then, along comes shale oil and shale technology, reminding me of what my old mentor said 35 years ago. Now I’ve come to think that the oil price is not as vulnerable to China slowing down as it is to ongoing shale supply growth. I regard the ramp up in investment by China as a 10-year aberration, making the last two years more normal and more representative than the previous decade.

I do think China is serious about rebalancing, which means infrastructure investment is going to slow. And obviously, there's been a huge ramp-up in supply around the world in response to the 2009-11 stimulus, which in my view is a massive misread by the suppliers of these commodities. So that’s not good for commodity prices. And then you have innovation. Can technology progress in iron ore and copper, the way it has with shale energy? My guess is it will.

If you look at food, there’s now technology that allows seeds to be drought-proof and disease proof. Yes, there is a demand-supply argument for food prices rising, but the impact of technology on food supply is greater than you think. On the other hand, we are using up more and more good arable land to build cities in China and there is a water problem in China too.

*Hugo Scott-Gall*: Do you think we underestimate the role of innovation in resolving these global constraints?

*Stan Druckenmiller: *Even with all the progress we have made in technology in the recent past, I think we are only scratching the surface in terms of innovation. We haven’t seen half of the practical applications of big new technologies yet. And the cost of these technologies will come down too, whether it’s robotics or driverless cars. That has to provide a productivity boost.

But there is a downside to technology-driven productivity surges too. There is improved efficiency, but at the cost of fewer jobs. I think the impact of technology on manufacturing jobs is easy to overlook because of the huge surge in services jobs. But we’re now at a point where the impact of technology is hitting the services sectors too. And not everyone understands this. I recently brought up the possibility of driverless auto technology resulting in zero jobs for truck drivers within the next 20 years and there were gasps of disbelief from the audience of investors. When I mentioned it to a high-tech company CEO from Silicon Valley a few days later, his response was exactly the opposite. The point is that the problem with a tech-driven productivity surge is that the benefits of that are going to accrue to a smaller, narrower group. Already, computer engineers have benefitted from computing and the internet a lot more than the broader population.

You could draw similar conclusions on the impact of technology and automation on investing. I believe that good investors are successful not  because of their IQ, but because they have an investing discipline. But, what is more disciplined than a machine? A well-researched machine can make many average investors redundant, leaving behind only the really good human investors with exceptional intuition and skill. And what happens when machines really take over investing? Do the markets get really efficient? Or will there be competing systems trying to outdo each other? All of this is depressing because there won’t much left to do for humans once machines start doing more and more.

If machines do everything well, including allocating capital and resources efficiently, can that be deflationary, can that eliminate poverty? I don’t know. It’s hard to be very optimistic if you look at how humans have behaved historically. All in all, I don’t think robots and greater automation can bring about a utopian world as I imagined it would as a kid 50 years ago.

*Hugo Scott-Gall: *If you combine the prospect of fewer jobs with an ageing population, it doesn’t look very good for many economies...

*Stan Druckenmiller: *Apart from India, most of the other major economies have worsening demographics to worry about. It’s a big problem for the US too, especially given that relative to many other economies, including Japan, its fiscal gap is much wider. All in all, I don’t think robots and greater automation can bring about a utopian world as I imagined it would as a kid 50 years ago.

You can look at the US debt stock in a few different ways. The official estimate of the total debt may be US$11 tn, but if you include what the Fed has bought (which you should), then the number if closer to US$16 tn. But a better measure of US debt would include some of the off balance sheet items. Laurence Kotlikoff, who is one of the top economists in his field of generational accounting, estimates the present value of US debt including what has been promised to senior citizens, adjusted for the projected tax revenues and the fiscal gap, to be about US$211 tn. That’s staggering.

The US needs to resolve its debt problem politically, otherwise it is headed towards default. I believe the estimates suggest that the US needs to raise all taxes by about 64% in order to be able to support its older population. That’s raising payroll, capital, dividends and income taxes by 64%. The other option is to cut all government spending by 40%. Neither one is a viable option and a combination is not easy either. In 20 years, those numbers will become even tougher. The US will need to raise taxes by 75% or cut spending by 46%.

There has been vigourous debate on the veracity of Rogoff and Reinhart’s research on the consequences of countries exceeding 90% debt-to-GDP. But it doesn’t take away from the fact that historically, such levels of indebtedness has resulted in extreme implications.  Countries tend to go into a full-blown monetisation or a default or inflation on average 23 years after they cross the 90% threshold according to their research. So these debt levels are less relevant for you and me today, but will be extremely crucial for our children. If we continue to borrow and spend like we do now, this can become a serious problem in 15 years.

If machines do everything well, including allocating capital and resources efficiently, can that be deflationary, can that eliminate poverty? I don’t  know.

I understood the need for QE1 because the US economy faced a potential meltdown then. But further easing brings problems of its own, that only come to light in hindsight. All that easing and prolonged negative real interest rates have gone beyond resolving the core issues the economy faced and has led to re-leveraging. I’m not worried about inflation as much as misallocation of investment.

Another consequence of today’s monetary policy is that the US government is not getting any price signals. In any other society, at some point in the next 15-20 years, the markets will give a price signal and the politicians will need to respond. But currently, there is no such impetus for politicians to act. What adds to the problem is that young Americans don't vote. Old people not only vote, but also have incredibly powerful lobbying groups behind them. Entitlements in 1960 were 28% of government outlays, today it is 67%. And the baby boomers have only now begun to retire. Another debate is that this is a huge reason to accelerate immigration, but current policy is moving in the opposite direction. But even with immigration, the US needs to fix this pay-as-you-go system or the consequences could be quite drastic.

*Hugo Scott-Gall: *Do you think investing is becoming harder now with more government intervention and regulation interfering with market price signals?

*Stan Druckenmiller: *It has become harder for me, because the importance of my skills is receding. Part of my advantage, is that *my strength is economic forecasting, but that only works in free markets, when markets are smarter than people*. That’s how I started. I watched the stock market, how equities reacted to change in levels of economic activity and I could understand how price signals worked and how to forecast them. *Today, all these price signals are compromised and I’m seriously questioning whether I have any competitive advantage left*.

Ten years ago, if the stock market had done what it has just done now, I could practically guarantee you that growth was going to accelerate. Now, it's a possibility, but I would rather say that the market is rigged and people are chasing these assets, without growth necessarily backing confidence. It's not predicting anything the way it used to and that really makes me reconsider my ability to generate superior returns. If the most important price in the most important economy in the world is being rigged, and everything else is priced off it, what am I supposed to read into other price movements?

Join the conversation about this story »

 
 
 
  Reported by Business Insider 3 hours ago.

China's Latest Move To Boost Economic Confidence

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Beijing bought shares in the Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China. Reported by IBTimes 4 hours ago.

Yes, At Some Point China Will Implode

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Yes, At Some Point China Will Implode If there has been one prediction made more than any other over the past couple of decades, it's that China's miraculous economy is headed for a fall.
 
China bears have pointed to a long list of disasters-in-the-making, from questionable economic statistics to skyrocketing real-estate prices to ghost cities to centrally planned growth to corruption to pollution to civil unrest to debt.
 
And yet, despite all of these concerns, China's economic machine has just kept chugging along.


But this time it's going to be different!, says an analyst from Fitch. This time, China really is screwed.


According to Ambrose Evans-Pritchard of the Telegraph, Fitch analyst Charlene Chu has concluded that China's growth is being fueled by a credit bubble that is unlike anything the modern world has ever seen.  This debt bubble is leading to massive overbuilding, Chu says. And when it finally bursts, as debt bubbles always do, China will be looking at a Japan-style depression and deflation.
 
Given the number of China doom prophesies that have been made over the past two decades, you can be forgiven for rolling your eyes at this one and moving on. But Chu does cite some startling statistics, including the claim that China's debt-to-GDP ratio has quietly shot up to more than 200% and that each additional yuan borrowed is producing ever less growth. If there's any hard law of finance, it's that what can't go on forever won't. And borrowing at this rate relative to economic growth can't go on forever.
 
That said, as always, the key question is "when?"
 
At some point, China's economy is almost certainly going to go through the same sort of violent setbacks that every economy goes through, including the economy with which China's is compared--the U.S. economy.
 
The growth of the U.S. economy over the past century has been nothing short of miraculous. But it has been anything but a smooth ride. Amidst its decades of expansion, the U.S. has gone through several decade-long periods of depression and stagnation, often following debt buildups just like the one China appears to be experiencing. In fact, the U.S. economy is still struggling to move past its latest debt-fueled bubble, the housing boom that turned to bust five years ago and took the country down with it.
 
If China manages to avoid this boom-bust pattern forever, the country's resurgence really will be miraculous. And what is likely to send the Chinese economy into its own depression is exactly the sort of debt buildup that Chu describes.
 
But booms often last much longer than most analysts think they can. And unless or until we know exactly when China's boom will end--which, if history is a guide, we won't know until after the fact--it's hard to make decisions based on this forecast.
 
Yes, at some point, China's economy will crack. Alas, no one knows when.
 
Aaron Task and I discussed this on Yahoo's Daily Ticker this morning >

Join the conversation about this story »

 
 
 
  Reported by Business Insider 3 hours ago.

FIDELITY CHINA SPECIAL SITUATIONS PLC - Total Voting Rights

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Fidelity China Special Situations PLC Voting Rights and Capital as at 17 June 2013. This announcement is made in accordance with DTR5.6.1. As at 17 June 2013 Fidelity China Special Situations PLC'... Reported by FinanzNachrichten.de 3 hours ago.

China, North Korea To Hold Talks This Week

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BEIJING -- China's Foreign Ministry will hold a strategic dialogue with North Korea this week following Pyongyang's surprise offer of new talks with the U.S., a ministry spokeswoman said Monday.

Vice Foreign Minister Zhang Yesui will meet North Korean First Vice Foreign Minister Kim Kye Gwan on Wednesday in Beijing, ministry spokeswoman Hua Chunying told reporters at a regularly scheduled briefing. Hua said the two will discuss bilateral relations and the situation on the Korean Peninsula.

"China has been paying close attention to developments on the peninsula, and has been actively working toward the early resumption of dialogue and negotiation by all sides," Hua said, referring to long-stalled six-nation nuclear disarmament talks hosted by China that include South Korea, Japan, Russia, the U.S. and North Korea.

North Korea surprised many on Sunday by proposing "senior-level" talks with the U.S. to ease tensions and negotiate a formal peace treaty ending the Korean War, which concluded only with an armistice.

The Obama administration said Sunday it is open to dialogue, but wants "credible negotiations" that involve North Korean compliance with U.N. resolutions and would lead to a nuclear-free North.

The proposal is expected to be discussed in meetings this week in Washington involving U.S., Japanese and South Korean officials.

Tensions spiked this year over a long-range rocket launch and nuclear test by North Korea which angered China, the North's most important ally and its biggest source of trade and aid.

Beijing's pique apparently prompted a visit last month to Beijing by a top North Korean envoy who stated that Pyongyang is willing to take steps to return to talks.

The envoy, Vice Marshal Choe Ryong Hae, was quoted as saying Pyongyang is "willing to take active measures in this regard," although it wasn't clear whether it had committed to any timeframe.

China has backed United Nations sanctions against the North, but would be unwilling to come down more harshly on its ally, Zhang Yunling, director of international studies at the Chinese Academy of Social Sciences, told a forum in Beijing on Monday.

However, Pyongyang's continuing refusal to rejoin denuclearization talks and spurning of China's calls for it to undertake economic reforms would "definitely affect our bilateral relations," Zhang said.

___

Associated Press writer Louise Watt contributed to this report. Reported by Huffington Post 3 hours ago.

Snowden Not Our Spy, China Says

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China's foreign ministry said Edward Snowden hasn't cooperated with China and is not a Chinese spy. Reported by Wall Street Journal 2 hours ago.

Spying! China Condemns US: That’s Rich!

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Spying! China Condemns US: That’s Rich! China! Honestly, it comes to something when China jumps on the accusatory band-wagon asking the US administration to provide some comments about its monitoring programs and answer up to the international community. So, I guess China is now the defender of the faith! That’s rich! Well, it takes all sorts to make a world. They can’t be asking us to take them seriously, though, can they? Yes, they can!

China made its first comments today about the US surveillance-on-internet scandal. China’s Foreign Office spokeswoman, Hua Chunying made the following comment at the daily press-briefing: "We believe the United States should pay attention to the international community's concerns and demands and give the international community the necessary explanation”. It was rejected as being ‘nonsense’ when journalists questioned whether or not Edward Snowden might in actual fact be a Chinese spy. Snowden, a former CIA employee is now in hiding in Hong Kong and the question of extradition may be raised, putting the dampers on US-Chinese relations. Although Hong Kong has relative autonomy, it is China that decides on its foreign affairs and its international-relation status.

Spying: Snowden in HK

The US-Prism program, giving the US National Security Agency free viewing ofGoogle, Facebook and Apple, amongst many others, tapped into user-information around the world and has been in operation since as early as 2007.

Spying: Facebook...

The mere fact that it was even suggested that Snowden might be a spy means that the whistleblower’s tactic was to destroy the credibility of the USA in favor of China’s (at least in the minds of some people who are currently making that suggestion). But, that sounds like a big joke! Aristotle once stated that jokes existed so that we could increase the status of the one telling the joke and decrease the status of the person that was the butt of the joke. The USA looks like it has ended up being the butt in this one.

It might be comical that China is actually mounting the relatively high horse in comparison with its low standards of protecting private lives and information-policy access, but to suggest that Snowden might actually be a Chinese spy is teetering on the ridiculous. But, it does show that the people asking that question during the Chinese Foreign Office press-briefing might somehow be attempting to deflect the problem. What becomes the most important element in the unraveling of events is that it’s the fact that Snowden might be a Chinese spy and that’s why he blew the whistle on the US. The fact that the US used monitoring of information and spied on citizens hacking into their Google searches or reading their private mails becomes purely meaningless, secondary and unimportant.

The next installment in the farce will be the reply to that request made by the Chinese Foreign Office. Watch this space. But, honestly it’s pretty rich coming from the country that has been caught red-handed many-a-time in history with stealing, snooping and spying or eavesdropping on the rest of the world:

· Cyber-attacks from China on the US Department of Defense grew by 20% between 2007 and 2008, for example (reaching over 54 thousand cases).
· The US Congress stated in a report that such attacks were aiding China to gain leap-frogging jumps in economic and technological developments.
· In 1996 Dongfan Shung was convicted of spying and passing on design secrets to China (Delta IV rocket, amongst other things), under the Economic Espionage Act (1996).
· In January 2013, the New York Times stated that it had fallen prey to hacking from China when it published articles on Prime Minister Wen Jiabao.


Spying: New Departmental Cooperation US-China

These are only a few of the cases, but, it seems surprising that China has taken the line of whiter-than-white in the latest scandal related to cyber super-surveillance. Just three days ago the Chinese Foreign Office set up a special department aimed at dealing with cyber-security issues, stating that it would cooperate fully with the USA.

Cooperate? In what way?

*Originally Posted: Spying! China Condemns US: That's Rich!*

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*Technical Analysis*

*High and Tight Flag Pattern |*

*Data Sheets *

*S&P 500 | Nasdaq 100 | Dow Jones | Russell | Gold | Crude Oil | Eurostoxx 50 | Dax |EURUSD | GBPUSD | USDJPY | EURJPY | USDCAD | AUDUSD  * Reported by Zero Hedge 1 hour ago.

China Yuchai to Pay Special Dividend

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China Yuchai to Pay Special Dividend Filed under: Investing

Chinese industrial engine maker *China Yuchai* announced today its annual dividend for fiscal year 2012 of $0.40 per share, down 20% from the $0.50 per share annual dividend it paid in fiscal 2011.

Additionally, as the engine maker has done for the last two fiscal years, the board of directors also announced the payment of a special dividend of $0.40 per share, the same rate it paid for 2011. The board said both dividends are payable on July 10 to the holders of record at the close of business on June 28.

The regular dividend payment of $0.40 yields 2.2% based on the closing price of China Yuchai's stock on June 14.




CYD Dividend data by YCharts. Chart does not reflect the new dividend payout announcement.

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The article China Yuchai to Pay Special Dividend Reported by DailyFinance 1 hour ago.

China supercomputer clocks in as world's most powerful

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China supercomputer: China's Tianhe-2 has bested its American counterpart in a semi-annual ranking of the world's most powerful supercomputers. Reported by Christian Science Monitor 10 minutes ago.
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