Following the first collapses among its lenders last year, the US subprime mortgage market began a sharper collapse in recent weeks, sustaining losses that an investment offshoot of Banque Agricole estimated in mid-August to be US$150 billion.
Eva Cheng
In a move reminiscent to the 1947-89 Cold War, on June 15 Washington imposed a series of restrictions on the export to China of high-tech goods, including aircraft engines, high-performance computers and other technologies that might have military applications.
The enormity of China’s environmental nightmare is well-known. However, its root causes — especially the part played by First World capital — is less widely understood. One example is the massive dumping in China of First World “e-waste” — electronic and electrical waste.
On June 3, an elderly flower seller in the municipality of Chongqing was critically injured when council rangers violently cleared the area of street hawkers. In response, a thousand-strong riot erupted. Three days later, a similar incident occurred in the Henan provincial capital of Zhengzhou, when a riot of thousands of people forced a backdown from the authorities.
Some 55,000 people demonstrated in Hong Kong on June 4 the 18th anniversary of the Chinese armys bloody 1989 crackdown on pro-democracy student protesters at Beijings Tiananmen Square.
Concerned about the health effects of a chemical plant proposed to be built in the coastal city of Xiamen by a Taiwanese capitalist, up to 2000 protesters took to the citys streets on June 1 and 2 seeking to have the project scrapped.
On June 4, Chinas National Development and Reform Commission issued a 62-page climate change action plan that seeks to reduce the countrys carbon dioxide emissions. The plan seeks to realise by 2010 three goals under the UN climate change convention to reduce the countrys energy consumption per unit of GDP by 20%, to increase its renewable energys share in the countrys primary energy mix to 10% (up from its existing share of 7%, and to increase forest coverage to 20% (up from its existing 18%).
The Communist Party of India (Marxist-Leninist) Liberations eight-year effort to seek justice for one of its party activists who was kidnapped in 1999 in the north-east Bihar state concluded on May 8 when the alleged culprit MP Mohammad Shahabuddin was sentenced to life imprisonment. Chhote Lal Gupta, the victim, is officially presumed dead.
As of 2004, foreign capital controlled 76.6% of Chinese industry, a study produced by academics from Beijings Communication University has found. The findings of the report, which was released in March, are consistent with a November 2006 report by the Development Research Centre of the State Council, Chinas cabinet.
On April 29, eight solidarity groups from across Europe adopted a Public Appeal of International Lawyers issued in December that calls on the US government to honour its responsibility towards the Vietnamese victims of Agent Orange. Used during the Vietnam War, this dioxin-rich defoliant is still seriously contaminating pockets of Vietnams environment and food chain, with devastating human consequences.
Greedy property developers and corrupt government officials have forcibly driven tens of thousands of people across China from their homes. Most of these homeowners werent in a position to resist the developers strong-arm tactics.
With 80 million inhabitants, West Bengal is the fourth most populous state in India. It has been ruled by the Communist Party of India (Marxist)-led Left Front (LF) coalition for three decades. This government, however, has regularly used police repression against workers and peasants to defend big-business interests.
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