Jeremy Page and Esther Fung The slopes of Mount Rainier, an active volcano overlooking Seattle, will witness an unusual China-U.S. joint venture this week, just before President Xi Jinping begins a state visit to the U.S. in the West Coast city.
Wang Shi, one of China’s most successful property tycoons, will lead a group of Chinese chief executives on an expedition up the mountain with Jim Whittaker, who became the first American to summit Mount Everest in 1963.
The event on Monday is to mark the 25th anniversary of the 1990 Peace Climb in which Mr. Whittaker climbed Everest again with Soviet and Chinese mountaineers in a bid to promote world peace.
Participants on Monday are hoping to send a similar message of peace at a time of mounting China-U.S. tensions, and to promote awareness of climate change — one area where Beijing and Washington are trying to cooperate.
“Today the same message still bears significance,” said 64-year-old Mr. Wang, Chairman of China Vanke Co., the world’s largest residential property developer by revenue. “Getting to the summit is not the main purpose of the climb.”
The event also demonstrates the growing interest in outdoor pursuits, especially among
wealthier Chinese, who are now venturing well beyond traditional tourist destinations.
Mr. Wang is one of China’s highest profile examples.
“In the past two years I have been making trips between China and Seattle and other U.S. cities,” said Mr. Wang. “I’ve also become quite familiar with the mountaineering scene in Seattle.”
Mt. Rainier, whose summit is at 14,410 feet (4392 meters) above sea level, is an active volcano and the most glaciated peak in the contiguous U.S., according to the U.S. National Park Service.
Among the Chinese participants on Monday are members of the “Deep Dive” initiative which is run by Mr. Wang and aims to teach Chinese executives about foreign culture and business etiquette.
Mr. Whittaker said he was introduced to Mr. Wang through Washington State Governor Jay Inslee about three months ago.
Mr. Wang and the other Chinese participants were providing most of the funding of around $60,000 for the event, Mr. Whittaker said. Read the rest of this entry »
Creator of the ‘Nightmare on Elm Street’ and ‘Scream’ movies.
The 76-year-old director passed away after a lengthy battle with brain cancer, according to The Hollywood Reporter.
Craven is best known for creating the iconic character Freddy Kruger, one of the best-recognized horror villains ever, in his five Nightmare on Elm Street movies — which he said were inspired by a cemetery opposite his childhood home on Elm Street in suburban Cleveland.
While the world worries about Greece, there’s an even bigger problem closer to home: China
A stock market crash there has seen $3.2 trillion wiped from the value of Chinese shares in just three weeks, triggering an emergency response from the government and warnings of “monstrous” public disorder.
“If China does not find support today, the disorder could be monstrous.”
And the effects for Australia could be serious, affecting our key commodity exports and sparking the beginning of a period of recession-like conditions.
“State-owned newspapers have used their strongest language yet, telling people ‘not to lose their minds’ and ‘not to bury themselves in horror and anxiety’. [Our] positive measures will take time to produce results,” writes IG Markets.
“All short-selling — the practice of betting that stocks will fall — has been banned, and Chinese media has rushed to reassure citizens.”
“If China does not find support today, the disorder could be monstrous.”
In an extraordinary move, the People’s Bank of China has begun lending money to investors to buy shares in the flailing market. The Wall Street Journal reports this “liquidity assistance” will be provided to the regulator-owned China Securities Finance Corp, which will lend the money to brokerages, which will in turn lend to investors.
The dramatic intervention marks the first time funds from the central bank have been directed anywhere other than the banks, signalling serious concern from authorities about the crisis.
At the same time, Chinese authorities are putting a halt to any new stock listings. The market regulator announced on Friday it would limit initial public offerings — which disrupt the rest of the market — in an attempt to curb plunging share prices.
“The market crash there is generating headlines, but it’s not going to have the same impact as a comparable crash would in a developed market.”
While the exact amount of assistance hasn’t been revealed, the WSJ reports no upper limit has been set.
All short-selling — the practice of betting that stocks will fall — has been banned, and Chinese media has rushed to reassure citizens.
Yesterday, shares in big state companies soared in response to the but many others sank as jittery small investors tried to cut their losses, Associated Press reports. The market benchmark Shanghai Composite closed up 2.4 percent but still was down 27 percent from its June 12 peak.
Experts fear it could turn into a full-blown crash introducing even more uncertainty into global markets as Europe teeters on the edge of a potential eurozone exit by Greece, after Sunday’s controversial referendum.
For Australia, the market crash in China is likely to impact earnings on key exports iron ore and coal, further slashing government revenue, while also putting downward pressure on the Australian dollar.
Jordan Eliseo, chief economist with ABC Bullion, said it was important to remember that the amount of wealth Chinese citizens have tied up in the stock market is relatively minor compared with western investors.
Stocks only make up about 8 per cent of household wealth in China, compared with around 20 per cent in developed nations. Read the rest of this entry »
A team of researchers at the Medical Research Institute of Nevada are presenting the results of a new study at a conference later this year in Washington D.C. that reveals a link between waiting for results of a Bar Exam, and a dramatic increase in inoperable brain tumors.
“It primarily afflicts males between 49 and 58” said Dr. Walter J. McGuffin, the team’s lead researcher. “Other risk factors include smoking, and prolonged exposure to certain species of birds, and primates, such as lemurs.”
“Much remains unknown, but the more law firms are informed about the risks, the better prepared they’ll be to tell their applicants to get their affairs in order.”
Since Dr. MacGuffin‘s research grant included allowances for luxury travel packages, the staff was able to interrupt their research frequently for rest, adventure, and recreation. “As a result, unfortunately, much of the actual research was left undone by the time the Medical Review Board required us to submit our finished work.”
“…even in healthy, well-adjusted males, the tumor can develop quickly, go undetected, become malignant, and in a matter of weeks, grow to the size of a jumbo can of tuna.”
Speaking by phone from the lobby of the Fasano Hotel e Restaurante Rio, Dr. MacGuffin expressed confidence that their research would eventually lead to improved diagnostics, and eventually, save lives. He emphasized the importance of early detection.
“Much remains unknown, but the more law firms are informed about the risks, the better prepared they’ll be to tell applicants to get their affairs in order.”
Observing that “none of our current diagnostic methods have been able to detect the tumor in time to save the lives of any of the patients we studied,” Dr. MacGuffin added, “the length of time the individual applicant is required to wait for results of the exam, and the amount of stress involved, are also factors. But it appears that even in healthy, well-adjusted males, the tumor can develop quickly, go undetected, become malignant, and in a matter of weeks, grow to the size of a jumbo can of tuna.’
The study, funded by the American Association of Abnormally Tall Trial Lawyers, is the first of its kind. The results are expected to be published in the June edition of the Hong King Kong Medical Review.