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Chinese official who hoarded cash convicted of corruption

A former senior Chinese energy official found to have more than 200 million yuan ($29.99 million) in cash at his home has been given a suspended death penalty after being found guilty of corruption, state news agency Xinhua said on Monday. Wei Pengyuan had been deputy director of the coal department at the National Energy Administration until he was put …

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GEOFFREY MCDONALD – The UN’s Happiness Propaganda

How are you today? This stupid question, no matter how well meaning it may be, always presumes that you should be happy. Even when it comes from someone who has to ask it a hundred times a day, people appreciate the concern and answer it, as if they have a personal relation with the cashier. The expectation is that somehow …

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GLAXOSMITHKLINE Fined $488.8 Million Dollars For ‘Massive Bribery Network’ With Doctors

Think that the medical doctors don’t get kickbacks for prescribing certain medications? Think again! China has fined the British pharmaceuticals giant GlaxoSmithKline (GSK) $488.8 million (3 billion Yuan) for a “massive bribery network” to get doctors and hospitals to use its products. Five former employees were sentenced to two to four years in jail, but ordered deported instead of imprisoned, according to …

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Summarizing The “Black Monday” Carnage So Far

It’s officially Black Monday, if only in China for now. We warned on Friday, after last week’s China rout, that the market is getting ahead of itself with its expectation of a RRR-cut by China as large as 100 bps. “The risk is that there isn’t one.” We were spot on, because not only was there no RRR cut, but …

“If You Are Not Building a Nation, Then What the Fuck Are You Doing?” by Yves Smith

Yves here. Earlier this week, we features a post from TomDispatch, The Geopolitics of American Global Decline: Washington Versus China in the Twenty-First Century, which elicited a lot of thoughtful reader comments. I’m hoisting a particularly insightful, broad ranging response from Tony Wikrent, who has sometimes posted on Corrente. Wikrent took aim at the post’s reliance on the geographical theory of …

China Establishes World’s Largest Physical Gold Fund – Tyler Durden

While many eagerly await the day when China will finally reveal its latest official gold holdings, a number which when made public will be orders of magnitude higher than its last 2009 disclosure of just over 1,000 tons, or less even than Russia, China continues to plough ahead with agreements and arrangements to obtain even more gold in the coming years. Exhibit A: …

Threat of ‘Inevitable’ War Looms Between US and China Over Pacific Island Row – Lauren McCauley

Tensions between China and United States continue to rise over the South China Sea as a Chinese government newspaper warns that war may be ‘inevitable’ if the U.S. and its allies do not back off from the heavily disputed territory. Last week, the Chinese government condemned the actions of the U.S. military after the P8-A Poseidon, the US’ most advanced …