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Posts published in “Day: May 20, 2010

China billionnaire jailed for fraud

The founder of China’s largest home appliance chain, who was once the country’s richest man, has been jailed for 14 years for bribery, insider trading and illegal business dealings. Huang Guangyu was also fined 600 million yuan (£60.4 million) and he had another 200 million yuan (£20 million) worth of property confiscated, the official Xinhua News Agency said. There was no information about the fate of Mr Huang’s wife, Du Juan, or the former chairman…

Questionable China-Pakistan deal draws little comment from U.S.

By Glenn Kessler in Washington Post, May 20 Diplomacy sometimes consists of winks and nods, not outright trades. That might explain why the Obama administration has been quiet about a recent Chinese commercial transaction that nuclear specialists say marks a blatant disregard of international guidelines. In the midst of intense negotiations on new sanctions for Iran, which China was reluctant to embrace, Beijing confirmed that one of its state companies had signed an agreement to…