I love the change of seasons and my favorite autumn sight in Beijing is the transformation of the Ginkgo biloba (yin xing) trees as they prepare for a chilly winter.
In the next few weeks a golden ochre color will work its way from the outer edge of the tree's fan-shaped leaves toward the stem. The tree will stay a glowing mass of gold for a few days and then dramatically and simultaneously, the leaves will fall.
This picturesque scene is often accompanied by a far less romantic odor as the ripened berries from the female trees also fall to the ground. They emit an indescribably putrid smell due to a particular acid in their fleshy outer layer that is also found in rancid butter, vomit and body odor. That would explain it.
Amazingly this smell does not deter many Chinese people who journey to ginkgo-lined avenues at this time of year to collect these prized fruits. Once the soft, stinky flesh is removed, a hard brown shell is revealed which houses the edible white ginkgo nut (bai guo).
If handling the fresh fruit yourself, ensure you wear gloves to remove the flesh as it may cause contact dermatitis.
At the moment, ginkgo nuts can be bought fresh from some food markets in Beijing but they are more commonly available either dried or canned in Chinese supermarkets.
If buying them fresh, ensure they are roasted or cooked before being eaten because they may be toxic uncooked.
In Chinese cuisine they may be roasted and served as snacks or added to a variety of soups, stews and congees.
Buddha's Delight (luohan zhai) is a sumptuous vegetarian dish which includes ginkgo nuts among various ingredients, such as bamboo shoots, wood ear fungus, lily buds, starch noodles, tofu, water chestnuts, carrots, cabbages and black mushrooms.
In Japan, ginkgo nuts are embedded in a dish called "chawanmushi", a steamed savory egg custard that may also include prawns, chicken and vegetables.
Ginkgo nuts have a high starch content and are low in fat, with a 30 g portion providing around 30 kcal. They have a mealy, bean-like texture and a bland, slightly sweet flavor.
They are thought to boost blood supply around the body and reduce the blood's stickiness. They may also counteract the effect of harmful free radicals when they enter the body and may affect chemicals that alter nerve control.
Moreover, the extract from ginkgo leaves has in recent years become an increasingly popular alternative medicine supplement across the world.
Typically it is used to protect against or treat dementia and Alzheimer's disease but it may also be prescribed for depression, anxiety, concentration problems, tinnitus and headaches.
Anecdotal and historical accounts of the efficacy of ginkgo, especially in relation to dementia and Alzheimer's, abound but scientific evidence is far less conclusive. The Cochrane Database, a collaboration which carries out large systematic reviews of research trials, concluded in 2006 that ginkgo was safe to use for dementia and cognitive decline compared to a placebo, but that evidence that is has "predictable or clinically significant benefits is inconsistent and unconvincing".
In light of a dearth of well- designed studies, the National Center for Complementary and Alternative Medicine (US) is currently carrying out a large scale 8-year study involving 3,000 subjects due for completion in July 2009.
Meanwhile, there is one other thing to bear in mind. According to traditional Chinese medicine, ginkgo is considered an aphrodisiac and so it may be a useful addition to your store cupboard!
Friday, October 24, 2008
FIFA set to reveal World Cup bidding process - Sports News
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BASEL, Switzerland - The bidding procedure for the next two available World Cups is expected to be announced on Friday, following two days of discussions by world soccer's governing body FIFA.
FIFA's executive committee is due to announce a deadline by which bids have to be entered as well as deciding if bidding should take place simultaneously for the 2018 and 2022 events.
Friday's timetable announcement is expected to prompt a flood of offers to host an event that is generally regarded as the second biggest sporting occasion after the Summer Olympics.
FIFA spokesperson Nicolas Maingot said on Thursday that Belgium and Netherlands' plan to stage the 2018 World Cup was the only bid to have been formally declared to the sport's governing body.
Several other countries, including the United States, Mexico, England, Spain, China and Australia, have however expressed interest either on an informal basis to FIFA officials or through national media statements.
FIFA president Sepp Blatter has said he is in favour of a joint bidding process for the 2018 and 2022 tournaments, even though such a move would be complicated by his organisation's altered policy on the World Cup's global rotation.
FIFA threw out its concept of strict continental rotation last October, but still insists that a World Cup cannot be held on a continent that has hosted one of the two preceding World Cups.
For 2018 the situation should be simple with Africa and South America unable to bid for the event due to South Africa's hosting of the 2010 World Cup and Brazil's staging of the 2014 version.
Countries hoping to bid for the 2022 event would however face the risk of being automatically ruled out in the event that FIFA awards the 2018 tournament to a country on the same continent.
FIFA have not yet made clear if countries will be able to mount bids for both 2018 and 2022.
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Katie Holmes reveals her unsightly snaggletooth grin - Entertainment News
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Katie's uneven teeth were in stark contrast to how she looked in July when filming her role for show Eli Stone
Katie's uneven teeth were in stark contrast to how she looked in July when filming her role for show Eli Stone
Katie Holmes appears to have lost her Hollywood smile.
The actress was seen leaving her New York apartment for the theatre, when she unwittingly revealed her chipped tooth.
Clearly the wife of Tom Cruise has missed a couple of dental appointments of late as she was seen looking less than polished as she headed to work yesterday.
But instead of her usual blinding white smile, in its place was a rather ropey looking snaggled toothed grin.
Compared to a picture of the actress taken in July, something appears to have gone horribly wrong with Katie's teeth.
It could be a case of missing veneers, or a loose crown or two, but clearly Katie is in need of an emergency trip to the dentist.
The 29-year-old mother of Suri, three, is currently surging ahead with her career.
She has been well-received in play All My Sons, which has become the highest-grossing play on Broadway in its first full week of previews, raking in $684,002 so far.
And in a return to television, she plays a high-kicking lawyer in show Eli Stone.
Dressed in a black unitard, Katie displays her impressive singing and dancing skills while performing Duke Ellington's Hit Me With a Hot Note.
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Brad Pitt "can't sing," not to star "Fight Club" - Entertainment News
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BEIJING, Oct. 24 -- Edward Norton says Brad Pitt can't sing, so won't be starring in a musical version of Fight Club.
Edward has heard rumours a musical version of the hit 1999 film could be on the cards, but says neither he nor Brad - who played the two lead characters in the movie - will be participating.
More photos of Brad Pitt >>>
The 39-year-old actor said,This has been floating around for a while. I've seen different notions of it. I doubt it'll be me and Brad. I know Brad can't sing. Although he has ruled out starring in the musical, Edward is intrigued by reports Nine Inch Nails star Trent Reznor will be penning the music for it.
He said,Reznor would be about the right vibe for it, I guess.
Edward also refused to confirm rumours he will be appearing in 'The Avengers' or a sequel of 'The Incredible Hulk', insisting movie fans will probably find out if he has landed the parts before he does.
He told MTV,I really couldn't say whether I will be reprising the Hulk. The minds of Marvel are sometimes opaque. I won't say obtuse, but opaque. I don't have any idea what they want to do. This notion of connecting the Marvel characters - who knows where they'll go.
I really actually have no information about 'The Avengers'. I don't know what the agenda is in the moment, but I'm sure you'll find out more than me.
(Source: China Daily/Agencies)
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Beckham to play away from Victoria - Entertainment News
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BEIJING, Oct. 24 -- Victoria Beckham will stay in Los Angeles when her husband moves to Italy.
The former Spice Girl will reportedly not be joining soccer star David Beckham when he joins AC Milan on loan from his current U.S. team Los Angeles Galaxy.
David - who has three children with Victoria; Brooklyn, nine, Romeo, six, and Cruz, three - is set to sign a short-term contract because the US Major Soccer League season is nearly over and he is desperate to remain fit to play in England's World Cup qualifying matches.
A source told Britain's Daily Mirror newspaper, David loves spending time in America with Victoria and his kids but he knows how vital it is to play top-flight football in order to maintain his England place.
He will try to get back to Los Angeles as much as possible but it's not an easy commute.
It's going to be difficult for his family. But his kids are in school there and Victoria is settled working in fashion, so it makes sense for them to stay there.
Earlier this week, it was reported David and Victoria's marriage was under increasing pressure because their busy careers are forcing the couple to spend large amounts of time apart.
It is thought David's new deal could be the straw which break's the camel's back.
A source said, Victoria still believes they can make it big in America, but she fears a move back to Europe could kill off their Hollywood future forever.
(Source: China Daily/Agencies)
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Rain unleashes Hukou Waterfall - China News
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A visitor takes a photo of the Hukou Waterfall of the Yellow River in Northwest China's Shaanxi Province on October 20, 2008. The waterfalls, located in the Shaan-Jin Grand Canyon, have resumed after consecutive rainfall around the upriver regions. [CFP]
Water roars down the Hukou Waterfall of the Yellow River in Northwest China's Shaanxi Province on October 20, 2008. The waterfalls, located in the Shaan-Jin Grand Canyon, have resumed after consecutive rainfall around the upriver regions. [CFP]
Water roars down the Hukou Waterfall of the Yellow River in Northwest China's Shaanxi Province on October 20, 2008. The waterfalls, located in the Shaan-Jin Grand Canyon, have resumed after consecutive rainfall around the upriver regions. [CFP]
Tourists watch the water rushing from the Hukou Waterfall of the Yellow River in Northwest China's Shaanxi Province on October 20, 2008. The waterfalls, located in the Shaan-Jin Grand Canyon, have resumed after consecutive rainfall around the upriver regions.[CFP]
Visitors watch the Hukou Waterfall of the Yellow River in Northwest China's Shaanxi Province on October 20, 2008.
The waterfalls, located in the Shaan-Jin Grand Canyon, have resumed after consecutive rainfall around the upriver regions.
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Asian, Euro leaders start summit in Beijing with financial crisis topping agenda - China News
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BEIJING, Oct. 24 (China News) -- Leaders from 45 Asian and European nations and organizations would shortly begin their summit in Beijing on Friday afternoon, with agenda to be dominated by tackling the global financial crisis.
Chinese Premier Wen Jiabao was giving a red-carpet welcome to the leaders in the Great Hall of the People before President Hu Jintao delivers a key-note speech at the opening ceremony.
This is the largest gathering of leaders under the Asia-Europe Meeting since its inception in 1996.
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Tourism to ride out turmoil - Business News
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Tourists wait to check in at Beijing Capital International Airport. [China Daily]
Just two weeks after the National Day holiday, travel lover Liu Junlong's thoughts are already turning to where he will go during the next Spring Festival.
Asked whether the global financial crisis would impact on his travel plans, Liu, who works for a multinational company in Beijing, said his income has not been influenced by it, so that there was no reason for him to be worried.
I think that the credit crunch will have a very negative impact on the US economy, and make it relatively cheaper to travel in that country, so I'm planning to travel to America, he added.
Industry insiders said although the crisis will have some effect on tourism in China, it will not be very serious.
According to recent statistics from the National Tourism Administration, Chinese outbound visitors reached 34.4 million in the first nine months of this year, up 14.8 percent year-on-year. In September, about 3.7 million Chinese people traveled overseas, an increase of 9.04 percent year-on-year.
In addition, domestic tourism is flourishing, with more than 178 million Chinese traveling within the country during the National Day holiday week, up 22.1 percent from the same period last year.
Despite the financial crisis and worries about a global recession, many Chinese travel companies remain confident about their business prospects, saying that due to huge domestic demand and tremendous market potential, China's tourism sector will be able to weather the storm.
Zhu Dan, a senior staff member at a State-owned tour company, said domestic tourism, which will probably not be influenced very much by the financial crisis, accounts for of China's tourism industry.
As for outbound travel, a small part of the industry, it may be a bit depressed by the shrinking domestic stock market, Zhu said.
Industry analysts said they expected a surge in outbound tourism, owing to the appreciation of the renminbi and possible falls in hotel and flight prices due to the financial crisis.
Hu Miao, an official in charge of travel to Hong Kong and Macao with China International Travel Service, said the firm wasn't aware of the financial crisis having any impact on its business so far.
After the May 12 earthquake and Olympic Games, our business is rebounding very fast, she said. We're not concerned about the financial crisis as we believe our business depends mostly on China's booming economy.
The major impact of the credit crunch should be on inbound tourism, she said. But regarding some relatively low-cost tourism products designed for the general public, such as trips to Hong Kong and Macao, they are still very popular.
Francesco Frangialli, secretary-general of the UN World Tourism Organization, said on Monday he was confident the tourism sector was not overly vulnerable to the global credit crunch.
Tourist arrivals around the world are expected to slow this year due to high fuel prices, but experience teaches us that tourism is resilient. The need to go on trips, to take holidays, is too strong in our post-industrial societies, he said.
He said the crisis is likely to have less of an effect than the spread of SARS in 2003, when travel fell off sharply, especially in Asia.
Figures released by the National Tourism Administration indicate that with a total of 97.3 million inbound visitors, China earned roughly $30 billion in tourism revenue from January to September this year, a fall of 3.26 percent year-on-year. In September, inbound visitors totaled 10.6 million, a fall of 5.9 percent.
Alex Kyriakidis, global managing partner of tourism, hospitality and leisure at Deloitte, said: The Asia-Pacific is by no means decoupled from the uncertain and volatile economic environment in the US and Europe, and although the backlash for the Asia region has been delayed, it was inevitable.
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Five reasons why I love the New Hilton Wangfujing
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Five reasons why I love the New Hilton Wangfujing
Things are bustling in Wangfujing with the recent opening of the Legendale Hotel and now the arrival of latest belle of the ball: the Hilton Beijing Wangfujing Hotel. I was fortunate to have a guided tour of the space led by Rhoda Adams, Director of Marketing and Communications. Here are five reasons why I love the new Hilton:
Intimate
The hotel only has something like 255 rooms, making it almost boutique. The standard rooms are the biggest in town: 55 sq. meters. Intro price is RMB1,200 (tax not included). A very competitive rate in Wangfujing.
Wine
It boasts Beijing鈥檚 largest wine cellar with something like 10,000 bottles. It was assembled by Dr. Ron Georgiou, one of the worlds 262 certified Wine Masters.
Water
Vino not enough for you? They also have Beijing鈥檚 only water sommelier. Forest Zhao selects the finest waters from around the world to pair with your palate.
Lobby Lounge
I鈥檓 totally into this space. It鈥檚 like a comfortably appointed drawing room in a French chateau. There鈥檚 a working fireplace and leather furniture. It鈥檚 the perfect fortress against the cold.
Rococo
According to Rhoda, the hotel interiors combine elements of French rococo architecture and the Forbidden City. To see how this can possibly carried off without a complete head-on crash is by itself worth the trip.
The Hilton Wangfujing is now open for guests. They also feature top notch Macanese cuisine at Vascos and fab contemporary Chinese cuisine at Chynna . Or tuck into one of their rare vintages at Flames.
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S Korean stabbing, arson suspect attends on-site inspection - World News
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Suspect Chung (C) attends an on-site inspection of the scene where he set fire and stabbed the innocents in Seoul, capital of South Korea, Oct. 23, 2008. A total of six women, including three Chinese and three South Koreans, were killed while seven others, including three Chinese and four South Koreans, were injured by Chung as he stabbed them at a small inn in southern part of Seoul after set fire to the building on Oct. 20.(China News Photo)
Suspect Chung (L) attends an on-site inspection of the scene where he set fire and stabbed the innocents in Seoul, capital of South Korea, Oct. 23, 2008. (China News Photo)
A relative (R) of the victim cries while suspect Chung (not in the picture) attends an on-site inspection of the scene where he set fire and stabbed the innocents in Seoul, capital of South Korea, Oct. 23, 2008. (China News Photo)
Suspect Chung (L) attends an on-site inspection of the scene where he set fire and stabbed the innocents in Seoul, capital of South Korea, Oct. 23, 2008. (China News Photo)
A relative (R) of the victim cries while suspect Chung (not in the picture) attends an on-site inspection of the scene where he set fire and stabbed the innocents in Seoul, capital of South Korea, Oct. 23, 2008. (China News Photo)
Suspect Chung (C) attends an on-site inspection of the scene where he set fire and stabbed the innocents in Seoul, capital of South Korea, Oct. 23, 2008. A total of six women, including three Chinese and three South Koreans, were killed while seven others, including three Chinese and four South Koreans, were injured by Chung as he stabbed them at a small inn in southern part of Seoul after set fire to the building on Oct. 20.
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FBI: U.S. letters containing white powder issue threat - World News
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WASHINGTON, Oct. 23 (China News) -- Letters containing suspicious white powder that were delivered to more than 50 bank branches and a prominent newspaper headquarters in the United States carried a message it's payback time, the Federal Bureau of Investigation said on Thursday.
Steal tens of thousands of people's money and not expect repercussions. It's payback time. What you just breathed in will kill you within 10 days, said a letter released by the FBI.
However, the letters, all from Amarillo, Texas, did not contain the same wording, the bureau added.
Since Monday, branches of Chase Bank, the Federal Deposit Insurance Corp. and the U.S. Office of Thrift Supervision at 11 states and the District of Columbia as well as the New York Times headquarters have received such letters with white powders which were, however, confirmed as harmless calcium after preliminary tests.
Despite a hoax, the FBI said that sending threat letters is still considered a serious crime and the U.S. Postal Inspection Service has offered a reward of 100,000 dollars for information leading to the arrest and conviction of people responsible.
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Cambodian, Thai border committees ink agreement to ease border tension - World News
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SIEM REAP, Cambodia, Oct. 24 (China News) -- Regional border committees of Cambodia and Thailand here on Friday signed an agreement to ease their months-long tension along the border near the 900-year-old Preah Vihear Temple.
The agreement was reached during the 11th annual meeting of the regional border committees (RBC) attended by officers from the fourth military region of Cambodia and the second army area of Thailand.
According to the deal, Thailand and Cambodia will cooperate to realize peace at the border area and restore the region to its prior situation, General Chea Man, chairman of Cambodian RBC and commander of the fourth military region of Cambodia, told reporters at a press conference.
At the area near the Preah Vihear Temple, both sides are determined to keep the utmost restraint in order to avoid confrontation or armed clash as previously occurred, he said.
The Thai side also made the same promise in its press release issued to reporters here on Friday upon the conclusion of the two-day meeting.
On Oct. 15, a gunfire exchange between both troops near the temple killed two Cambodian soldiers and one Thai trooper.
Both sides agreed to cooperate with equality and we respect the sovereignty and border of each other, said Chea Man.
We will continue the talks to solve the issue with peaceful deals. We have to exchange information, protect the environment along the border, take action against crimes, make sure of economic development along the border, and guarantee easiness for the people to have a proper living standard, he said.
Meanwhile, Lt. General Wiboonsak Neeparn, chairman of the Thai RBC and commanding general of the second army area of Thailand, told reporters that the Thai side has affirmed its readiness to coordinate with the Cambodian side to ensure peace, security and tranquility along the Thai-Cambodia border.
In a statement issued here on Friday after that meeting ended, the Thai military said it has achieved its objectives, namely to develop a good understanding and relationship between the armed forces with a view to easing tension in the border areas.
It said the meeting has discussed how to deal with the narcotics trade, among other things.
Under the Thai constitution, any agreement reached by the government with another state needs parliamentary approval. The army statement said Oct. 28 has been earmarked for parliament to debate border matters, a date mentioned by Thai Foreign Minister Sompong Amornviwat in Beijing.
On Friday in Beijing, Cambodian Prime Minister Hun Sen and his Thai counterpart Somchai Wongsawat reached consensus on the sidelines of the ASEM Summit to avoid future clashes.
The two sides have to advise our troops not to have confrontations any longer, Sompong told reporters.
Cambodian Minister of Foreign Affairs and International Cooperation Hor Namhong, standing alongside Sompong, echoed his counterpart, describing the premiers' talks as very good, very friendly.
In July, tensions ran high after the ancient Preah Vihear Temple was awarded world heritage status by UNESCO, angering nationalists in Thailand who still claim ownership of the site.
The tension later turned into a military stalemate, in which upto 1,000 Cambodian and Thai troops faced off for several weeks.
In early October, at least one Cambodian soldier and two Thai troops were wounded during sporadic exchange of gunfire and two other Thai soldiers were seriously injured after stepping on a landmine at the border area, the report said.
In 1962, the International Court of Justice decided that the Preah Vihear Temple and its surrounding area belong to Cambodia.
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Greenspan denies blame for crisis, admits 'flaw' - Business News
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Former Federal Reserve Chairman Alan Greenspan, left, and Securities and Exchange Commission (SEC) Chairman Christopher Cox arrive on Capitol Hill in Washington, Thursday,Oct. 23, 2008, prior to the start of a House Oversight and Government Reform Committee hearing. [Agencies]
Former U.S. Federal Reserve Chairman Alan Greenspan is sworn in to testify before the House Oversight and Government Reform Committee on Capitol Hill in Washington October 23, 2008. (China News/Reuters Photo)
WASHINGTON 鈥?Badgered by lawmakers, former Federal Reserve Chairman Alan Greenspan denied the nation's economic crisis was his fault on Thursday but conceded the meltdown had revealed a flaw in a lifetime of economic thinking and left him in a state of shocked disbelief.
Greenspan, who stepped down in 2006, called the banking and housing chaos a once-in-a-century credit tsunami that led to a breakdown in how the free market system functions. And he warned that things would get worse before they get better, with rising unemployment and no stabilization in housing prices for many months.
Gloomy economic reports backed him up. New jobless claims soared to just under 500,000 for last week, and Goldman Sachs, Chrysler and Xerox all said they were cutting thousands more workers. On Wall Street, the Dow Jones industrials bounced erratically all day before finishing up 172 points -- after a two-day drop of nearly 750.
The financial crisis even prompted the Republican Greenspan, a staunch believer in free markets, to propose that government consider tougher regulations, including requiring financial firms that package mortgages into securities to keep a portion as a check on quality.
He said other regulatory changes should be considered, too, in such areas as fraud.
Also looking for solutions, another banking regulator told Congress the government was working on a loan-guarantee plan that could help many homeowners escape foreclosure as part of the $700 billion bailout legislation. That plan is being discussed by the Treasury Department and the Federal Deposit Insurance Corp., said FDIC Chairman Sheila Bair, who is pushing the idea.
Greenspan's interrogation by the House Oversight Committee was a far cry from his 18 1/2 years as Fed chairman, when he presided over the longest economic boom in the country's history. He was viewed as a free-market icon on Wall Street and held in respect bordering on awe by most members of Congress.
Not now. At an often contentious four-hour hearing, Greenspan, former Treasury Secretary John Snow and Securities and Exchange Commission Chairman Christopher Cox were repeatedly accused by Democrats on the committee of pursuing an anti-regulation agenda that set the stage for the biggest financial crisis in 70 years.
The list of regulatory mistakes and misjudgments is long, panel chairman Henry Waxman declared.
Greenspan, 82, acknowledged under questioning that he had made a mistake in believing that banks, operating in their own self-interest, would do what was necessary to protect their shareholders and institutions. Greenspan called that a flaw in the model ... that defines how the world works.
He acknowledged that he had also been wrong in rejecting fears that the five-year housing boom was turning into an unsustainable speculative bubble that could harm the economy when it burst. Greenspan maintained during that period that home prices were unlikely to post a significant decline nationally because housing was a local market.
He said Thursday that he held to that belief because until the current housing slump there had never been such a significant decline in prices nationwide. He said the current financial crisis had turned out to be much broader than anything that I could have imagined.
Greenspan's much-anticipated appearance before the House panel came as the Senate Banking Committee held its own hearing on what the government is doing now to get out of the mess.
Assistant Treasury Secretary Neel Kashkari, who is overseeing the $700 billion financial rescue effort that passed Congress on Oct. 3, said the administration was not only working to get federal purchases of bank stock started quickly but also the program to mop up troubled mortgage-related assets. He also said the government was working to make sure that directives in the legislation to help struggling homeowners avoid foreclosure were being addressed.
Kashkari said the plan could include setting standards that banks should follow for reworking mortgages to make them more affordable. He said the administration was considering a recommendation to provide government loan guarantees to cover the reworked mortgages to make the program more attractive to banks.
We are passionate about doing everything we can to avoid preventable foreclosures, Kashkari told the committee.
The FDIC's Bair told the same Senate panel that the government needs to do more to help tens of thousands of people avoid foreclosure.
She said the FDIC was working closely and creatively with the Treasury Department to come up with a plan.
Greenspan was asked to defend a variety of actions he took as Federal Reserve chairman -- resisting recommendations to use the Fed's powers to crack down on subprime mortgages, for one. And opposing efforts to impose regulations on derivatives, the complex financial instruments that include credit default swaps, which have also figured prominently in the current crisis.
He said that outside of credit default swaps, the bulk of financial derivatives had not caused major problems. He said the boom in subprime lending occurred because of the huge demand for investment opportunities in a global economy, and he blamed the crash on a failure by investors to properly assess the risks from such mortgages, which went to borrowers with weak credit.
As for firms that package mortgages into securities, he said, As much as I would prefer it otherwise, in this financial environment I see no choice but to require that all securitizers retain a meaningful part of the securities they issue.
On the billions of dollars of losses suffered by financial institutions because of their investments in subprime mortgages, Greenspan said he had been shocked by the failure of banking officials to protect their shareholders from their bad loan decisions.
A critical pillar to market competition and free markets did break down, Greenspan said. I still do not fully understand why it happened.
SEC Chairman Cox told the House panel that somewhere in this terrible mess, laws were broken. And Snow said that lawmakers should have responded more quickly to his pleas for stronger regulation for mortgage giants Fannie Mae and Freddie Mac, which were taken over by the government last month.
In the meantime, Kashkari, the Treasury official overseeing the bailout program, said there has been much progress, resulting in numerous signs of improvement in our markets and in the confidence in our financial institutions. Still, he cautioned, the markets remain fragile.
(Agencies)
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Anne Hathway's ex gets 4 years in jail - Entertainment News
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Raffaello Follieri (right), a dashing Italian conman who went out with Hollywood actress Anne Hathaway (both pictured in February), was sentenced by a court in New York on Thursday to four and a half years in prison for fraud.(AFP Photo)
A dashing Italian conman who went out with Hollywood actress Anne Hathaway was sentenced by a court in New York on Thursday to four and a half years in prison for fraud.
Raffaello Follieri, who dated the star of The Devil Wears Prada before his arrest in June, was sentenced by Manhattan Federal Court. The 30-year-old will be deported to Italy after serving the term.
A substantial sentence is warranted because the defendant engaged in a substantial fraud involving a significant amount of money over a significant amount of time, Judge John Koeltl said.
The dark-haired Follieri bilked more than two million dollars from investors who believed he could buy Roman Catholic Church real estate at a discount because of what he claimed were special Vatican links.
He even claimed to have met with Pope John Paul II and to be serving as chief Vatican financial officer.
He raked in more funds by filing huge phony expense reports with his victims.
Follieri pleaded guilty in September to conspiracy, wire fraud and money laundering.
According to court papers, Follieri hid his proceeds in Monaco-based shell companies.
A substantial amount of money went to finance his jet-set life, including splurges on flowers, fine dining, vacations with Hathaway, an apartment in Manhattan and yacht rentals, the court said.
The court ordered Follieri to forfeit 2.4 million dollars, 15 watches, and other precious metals and jewelry.
(Agencies)
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India launches first moon mission - Technology News
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A thick trail of smoke is seen in the sky soon after the launch of Chandrayaan-1, India's maiden lunar mission at the Satish Dhawan Space Center in Sriharikota, about 100 kilometers (63 miles) north of Chennai, India, Wednesday, Oct. 22, 2008. (AP Photo/Aijaz Rahi)
Chandrayaan-1, India's maiden lunar mission, is seen soon after the launch at the Satish Dhawan Space Center in Sriharikota, about 100 kilometers (63 miles) north of Chennai, India, Wednesday, Oct. 22, 2008. (AP Photo/Aijaz Rahi)
Indian Space Research Organization scientists viewed on a television screen are seen congratulating each other after the successful launch of Chandrayaan-1, India's maiden lunar mission, at the Satish Dhawan Space Center in Sriharikota, about 100 kilometers (63 miles) north of Chennai, India, Wednesday, Oct. 22, 2008. (AP Photo/Aijaz Rahi)
People crowd on a terrace to witness the launch of Chandrayaan-1, India's maiden lunar mission, at the Satish Dhawan Space Center in Sriharikota, about 100 kilometers (63 miles) north of Chennai, India, Wednesday, Oct. 22, 2008. (AP Photo/Aijaz Rahi)
NEW DELHI 鈥?Scientists have better maps of distant Mars than the moon where astronauts have walked. But India hopes to change that with its first lunar mission.
Chandrayaan-1 鈥?which means Moon Craft in ancient Sanskrit 鈥?launched from the Sriharikota space center in southern India early Wednesday morning in a two-year mission aimed at laying the groundwork for further Indian space expeditions.
Scientists, clapping and cheering, tracked the ascent on computer screens as they lost sight of the rocket in heavy clouds.
This is a historic moment for India, Indian Space Research Organization chairman G. Madhavan Nair said.
We have started our journey to the moon and the first leg has gone perfectly well, he said, adding that they hoped to unravel the mystery of the moon.
Chief among the mission's goals is mapping not only the surface of the moon, but what lies beneath. India joined what's shaping up as a 21st century space race with Chinese and Japanese crafts already in orbit around the moon.
The United States, which won the 1960s race to send men to the moon, won't jump in this race with its new lunar probe until next spring, but it is providing key mapping equipment for India's mission.
As India's economy has boomed in recent years, it has sought to convert its new found wealth 鈥?built on its high-tech sector 鈥?into political and military clout and stake a claim as a world leader. It is hoping that a moon mission 鈥?coming just months after it finalized a deal with the United States that recognizes India as a nuclear power 鈥?will further enhance that status.
It is a remarkable technological achievement for the country, said S. Satish, a spokesman for the Indian Space Research Organization, which plans to use the 3,080-pound lunar probe to create a high-resolution map of the lunar surface and what minerals are below. Two of the mapping instruments are a joint project with NASA.
Until now, India's space launches have been more practical, with weather warning satellites and communication systems, said former NASA associate administrator Scott Pace, director of space policy at the George Washington University.
You're seeing India lifting its sights, Pace said.
To date only the U.S., Russia, the European Space Agency, Japan and China have sent missions to the moon.
While much of the technology involved in reaching the moon has not changed since the Soviet Union and the U.S. did it more than 4 decades ago, analysts say current mapping equipment allows the exploration of new areas, including below the surface.
In the last year, Asian nations have taken the lead in exploring the moon. In October 2007, Japan sent up the Kaguya spacecraft. A month later, China's Chang'e-1 entered lunar orbit.
Those missions took high resolution pictures of the moon, but aren't as comprehensive as Chandrayaan-1 will be or NASA's upcoming half-a-billion-dollar Lunar Reconnaissance Orbiter, Pace said. The most comprehensive maps of the moon were made about 40 years ago during the Apollo era, he said.
We don't really have really good modern maps of the moon with modern instrument, Pace said. The quality of the Martian maps, I would make a general argument, is superior to what we have of the moon.
NASA has put probes on Mars' frigid polar region, but not on the rugged poles of the moon. Yet the moon's south pole is where NASA is considering setting up an eventual human-staffed lunar outpost, Pace said.
The moon's south pole is certainly more rugged than where Neil Armstrong landed. It's more interesting. It's more dangerous, Pace said. We need better maps.
And while the moon race in the 1960s was a two-country sprint between the United States and the U.S.S.R, more countries are involved this time. China, in particular, has been forging ahead in space.
Beijing sent shock waves through the region in 2003, when it became the first Asian country to put its own astronauts into space. It followed that last month with its first spacewalk.
More ominously, last year China also blasted an old satellite into oblivion with a land-based anti-satellite missile, the first such test ever conducted by any nation, including the United States and Russia.
Each nation is doing its own thing to drive its research technology for the well-being of that nation, said Charles Vick, a space analyst for the Washington think tank GlobalSecurity.org.
Traditionally, for every dollar put into space research, we get that much more back, he said.
India is also collaborating closely with other countries on the mission.
Of the 11 instruments carried by the satellite, five are Indian, three are from the European Space Agency, two from the U.S. _including radar that can search for ice under lunar poles 鈥?and one from Bulgaria.
Beyond 3-D mapping the moon and scanning for mineral deposits, the $80 million mission will test systems for a future moon landing, the Indian space agency said.
India plans to follow this mission with landing a rover on the moon in 2011 and eventually a manned space program, though this has not been authorized yet.
And the Indian space agency was already dreaming of more.
Space is the frontier for mankind in the future. If we want to go beyond the moon, we have to go there first, said Satish.
(Agencies)
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Chinese surfers see red over Microsoft black-outs - Technology News
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Microsoft has launched the Windows Genuine Advantage program, which turns the user's screen black if the installed software fails a validation test. (Reuters file)
BEIJING - Chinese Internet users have expressed fury at Microsoft's launch of an anti-piracy tool targeting Chinese computer users to ensure they buy genuine software.
The Windows Genuine Advantage program, which turns the user's screen black if the installed software fails a validation test, is Microsoft's latest weapon in its war on piracy in China, where the vast majority of 200 million computer users are believed to be using counterfeit software, unwittingly or not.
Why is Microsoft automatically connected with my computer? The computer is mine! one angry blogger wrote on popular Chinese web portal Sina.com. Microsoft has no right to control my hardware without my agreement.
Another blogger railed over the cost of authorized versions.
If the price of genuine software was lower than the fake one, who would buy the fake one? he wrote.
A visitor to a Beijing internet cafe said Microsoft was violating people's rights.
If, when I'm programing, the computer screen goes black, that will probably cause some important information to be lost, he said. Who will pay me for my loss then?
Dong Zhengwei, 35, a Beijing lawyer, described Microsoft as the biggest hacker in China with its intrusion into users' computer systems without their agreement or any judicial authority, the China Daily said.
Microsoft's measure will cause serious functional damage to users' computers and, according to China's criminal law, the company can stand accused of breaching and hacking into computer systems, he was quoted as saying.
I respect the right of Microsoft to protect its intellectual property, but it is taking on the wrong target with wrong measures. They should target producers and sellers of fake software, not users.
The software giant defended the program on its website as part of its commitment to help protect its intellectual property and to help you avoid problems before they happen.
The purpose ... is to help our customers to determine (if) genuine software is installed on their computers, Microsoft told Reuters.
(Agencies)
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At least 2 Chinese citizens killed in Seoul - China News
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Policemen are seen outside the small hotel in Seoul, South Korea, October 20, 2008. At least two Chinese citizens were killed and another three injured on Monday after a South Korean man set fire to a small inn in Seoul and stabbed guests inside. [China News]
Fire fighters extinguish fire outside the small hotel in Seoul, South Korea, October 20, 2008. At least two Chinese citizens were killed and another three injured on Monday after a South Korean man set fire to a small inn in Seoul and stabbed guests inside. [China News]
A fire engine is seen outside the small hotel in Seoul, South Korea, October 20, 2008. At least two Chinese citizens were killed and another three injured on Monday after a South Korean man set fire to a small inn in Seoul and stabbed guests inside. [China News]
Policemen keep guard outside an inn where a South Korean man set fire and stabbed guests in Seoul Oct. 20, 2008. (China News Photo)
Policemen investigate the site in an inn where a South Korean man set fire and stabbed guests in Seoul Oct. 20, 2008. (China News Photo)
SEOUL, Oct. 20 (China News) -- At least two Chinese citizens were killed and another three injured on Monday after a South Korean man set fire to a small inn in Seoul and stabbed guests there, said officials of the Chinese Embassy in Seoul.
Two Chinese female citizens were killed in the incident while another two Chinese women were seriously injured, said Song Yu-min, consul of the Chinese embassy, adding that casualties of Chinese citizens could rise as several victims' identities remained unclear.
According to Chen Junjie, press officer of the Chinese embassy, charge d'affaires ad interim in Seoul Xing Haiming is leading an emergency team to deal with the incident.
The Chinese embassy has asked the South Korean government to investigate into the incident and provide proper treatment to the wounded Chinese, Chen said.
Xing is on his way to the site of the incident and will visit the wounded Chinese, Chen told China News.
Consuls of the Chinese embassy is now contacting with South Korean authorities on the issue, Chen said.
A total of six women died in the incident while seven others were hospitalized, said Seo Young-suk, an official of Seoul's Gangnam police station, earlier in the afternoon.
The assaults took place at 8:15 a.m. local time (2315 GMT Sunday). The suspect, identified only by his last name Chung, was arrested at the scene by the police shortly after the incident, Seo said.
Society ignores me. I wanted to kill them all because I don't want to live, Chung was quoted as saying by local police when inquired for the motive behind his murder spree.
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Qingdao 2008 Autumn Car Fair - China News
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Visitors view the cars during Qingdao 2008 Autumn Car Fair in Qingdao, east China's Shandong Province, on Oct. 17, 2008. Various promotions are introduced by the car dealers to attract customers in order to get more market shares before the end of the traditional boom season of September and October. (China News Photo)
Group purchase customers negotiate with a car dealer to get more preferential during Qingdao 2008 Autumn Car Fair in Qingdao, east China's Shandong Province, on Oct. 17, 2008. (China News Photo)
Visitors view the imported motorcycles during Qingdao 2008 Autumn Car Fair in Qingdao, east China's Shandong Province, on Oct. 17, 2008.(China News Photo)
A visitor walks past a car with a model standing by during Qingdao 2008 Autumn Car Fair in Qingdao, east China's Shandong Province, on Oct. 17, 2008. (China News Photo)
Visitors view the cars during Qingdao 2008 Autumn Car Fair in Qingdao, east China's Shandong Province, on Oct. 17, 2008. Various promotions are introduced by the car dealers to attract customers in order to get more market shares before the end of the traditional boom season of September and October.
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Builders' bets cost billions - Business News
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China Railway Group Ltd and China Railway Construction Corp, two of the nation's biggest building companies, reported a combined 2.26 billion yuan of losses, joining Citic Pacific Ltd in making wrong way bets on foreign currencies.
China Railway Group, Asia's biggest construction company, booked a 1.94 billion yuan loss, and China Railway Construction incurred a 320 million yuan loss, the Beijing-based companies said in separate statements to the Hong Kong stock exchange yesterday.
Both companies slumped in Hong Kong trading, extending record declines on Wednesday, amid concern over more foreign exchange losses from cash reserves including recent share sale proceeds. Citic Pacific, a unit of China's largest State-owned investment company, is being probed by Hong Kong securities regulators after it posted HK$15.5 billion in currency losses from unauthorized trades.
These companies both listed recently, so they had a lot of cash on hand in Hong Kong, said Winson Fong, who helps oversee more than $3 billion at SG Asset Management Hong Kong Ltd.
China Railway Group's loss came from funds raised in its Hong Kong share sale in November, yesterday's statement said. China Railway Group had made $1.5 billion of structured deposits to hedge against foreign exchange risks and boost returns, and they had matured by Sept 30, the company said.
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Chinese President calls for strengthening Sino-EU relations - China News
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Chinese President Hu Jintao met on Thursday afternoon with European Commission President Jose Manuel Barroso who is in Beijing to attend the seventh Asia-Europe Meeting (ASEM) to be held on Oct. 24 to 25. (China News Photo)
BEIJING, Oct. 23 (China News) -- Strengthening relations between China and the European Union (EU) will contribute to the world peace, stability and prosperity amid complicated international situations, Chinese President Hu Jintao said here on Thursday.
The significance of Sino-EU relations has surpassed the bilateral level and is of more and more international significance, Hu said during his meeting with European Commission President Jose Manuel Durao Barroso, who is here to attend the seventh Asia-Europe Meeting (ASEM) to be held on Friday and Saturday.
Hu confirmed that China is willing to work with EU to push forward their comprehensive strategic partnership.
The president proposed to consolidate Sino-EU political base under the principle of strengthening strategic mutual trust, to promote concrete cooperation in various sectors in a reciprocal and win-win principle, and to properly tackle concerns and divergent opinions based on mutual respect and equal consultation.
Hu pledged that China is willing to reinforce communication and coordination with EU, jointly deal with the current financial crisis and maintain the stability of the global financial market.
Barroso said during the meeting that the current financial, grain and energy crises, as well as climate change, poverty and terrorist threat require worldwide actions.
He said EU appreciates China's responsible attitude in responding to the financial crisis and hopes to deepen cooperation with China. He said EU-Chinese relations are strategic, strong and mature.
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McCain almost heads wrong way off stage after final debate - World News
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U.S. Republican presidential nominee Senator John McCain (R-AZ) reacts to almost heading the wrong way off the stage after shaking hands with Democratic presidential nominee Senator Barack Obama (D-IL) at the conclusion of the final presidential debate at Hofstra University in Hempstead, New York, Oct. 15, 2008. (China News/Reuters Photo)
U.S. Republican presidential nominee Senator John McCain (R-AZ) reacts to almost heading the wrong way off the stage after shaking hands with Democratic presidential nominee Senator Barack Obama (D-IL) at the conclusion of the final presidential debate at Hofstra University in Hempstead, New York, Oct. 15, 2008. (China News/Reuters Photo)
U.S. Democratic presidential nominee Sen. Barack Obama (L) (D-IL) answers a question in his third presidential debate with Republican presidential nominee Sen. John McCain (C) (R-AZ) at Hofstra University in Hempstead, New York, October 15, 2008. (China News/AFP Photo)
U.S. Republican presidential nominee Senator John McCain (R-AZ) reacts to almost heading the wrong way off the stage after shaking hands with Democratic presidential nominee Senator Barack Obama (D-IL) at the conclusion of the final presidential debate at Hofstra University in Hempstead, New York, Oct. 15, 2008.
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Road collapses in Beijing - China News
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Workers repair West Chang'an Avenue in Beijing, capital of China, Oct. 17, 2008. Chang'an Avenue collapsed on Friday. (China News/Gong Lei)
Workers repair West Chang'an Avenue in Beijing, capital of China, Oct. 17, 2008. Chang'an Avenue collapsed on Friday. (China News/Gong Lei)
Workers repair West Chang'an Avenue in Beijing, capital of China, Oct. 17, 2008. Chang'an Avenue collapsed on Friday. (China News/Gong Lei)
Workers repair West Chang'an Avenue in Beijing, capital of China, Oct. 17, 2008. Chang'an Avenue collapsed on Friday. (China News/Gong Lei)
Workers repair West Chang'an Avenue in Beijing, capital of China, Oct. 17, 2008. Chang'an Avenue collapsed on Friday.
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World's second highest airport opens in Sichuan - China News
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Local people welcome the travelers as the first plane arrives at the newly opened Kangding Airport in Kangding, capital of Garze Tibetan Autonomous Prefecture, Southwest China's Sichuan Province, October 22, 2008. At an altitude of 4,280 meters, the newly opened Kangding airport is second only to Qamdo in Tibet Autonomous Region which sits 4,334 meters above sea level. [CFP]
Travelers get aboard a China Eastern airplane at the newly opened Kangding Airport in Kangding, capital of Garze Tibetan Autonomous Prefecture, Southwest China's Sichuan Province, October 22, 2008. At an altitude of 4,280 meters, the newly opened Kangding airport is second only to Qamdo in Tibet Autonomous Region which sits 4,334 meters above sea level. [CFP]
An airplane flies over snow mountains to Chengdu after taking off from the newly opened Kangding Airport in Kangding, capital of Garze Tibetan Autonomous Prefecture, Southwest China's Sichuan Province, October 22, 2008. At an altitude of 4,280 meters, the newly opened Kangding airport is second only to Qamdo in Tibet Autonomous Region which sits 4,334 meters above sea level. [CFP]
The terminal building of the Kangding Airport in Kangding, capital of Garze Tibetan Autonomous Prefecture, Southwest China's Sichuan Province, on its inauguration, October 22, 2008. At an altitude of 4,280 meters, the newly opened Kangding airport is second only to Qamdo in Tibet Autonomous Region which sits 4,334 meters above sea level. [CFP]
Local people welcome the travelers as the first plane arrives at the newly opened Kangding Airport in Kangding, capital of Garze Tibetan Autonomous Prefecture, Southwest China's Sichuan Province, October 22, 2008. At an altitude of 4,280 meters, the newly opened Kangding airport is second only to Qamdo in Tibet Autonomous Region which sits 4,334 meters above sea level.
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Beauty shows off vegetable-made garment - Lifestyle News
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Mongolian singer K Nominjin poses for photos in a vegetable-made garment to promote the vegetarianism for People for the Ethical Treatment of Animals (PETA) in Ulan Bator, capital of Mongolia, Oct. 23, 2008. [China News]
Mongolian singer K Nominjin poses for photos in a vegetable-made garment to promote the vegetarianism for People for the Ethical Treatment of Animals (PETA) in Ulan Bator, capital of Mongolia, Oct. 23, 2008. [China News]
Mongolian singer K Nominjin poses for photos in a vegetable-made garment to promote the vegetarianism for People for the Ethical Treatment of Animals (PETA) in Ulan Bator, capital of Mongolia, Oct. 23, 2008.
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Cheerleaders perform at NBA China games - Sports News
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A cheerleader takes part in a performance before a basketball exhibition game between NBA's Golden State Warriors and Milwaukee Bucks at Guangzhou Gymnasium in Guangzhou, southern city of China Wednesday, Oct. 15, 2008. [Osports]
Cheerleaders take part in a performance before a basketball exhibition game between NBA's Golden State Warriors and Milwaukee Bucks at Guangzhou Gymnasium in Guangzhou, southern city of China Wednesday, Oct. 15, 2008. [China News]
Cheerleaders take part in a performance before a basketball exhibition game between NBA's Golden State Warriors and Milwaukee Bucks at Guangzhou Gymnasium in Guangzhou, southern city of China Wednesday, Oct. 15, 2008. [Osports]
A cheerleader takes part in a performance before a basketball exhibition game between NBA's Golden State Warriors and Milwaukee Bucks at Guangzhou Gymnasium in Guangzhou, southern city of China Wednesday, Oct. 15, 2008. [Osports]
A cheerleader takes part in a performance before a basketball exhibition game between NBA's Golden State Warriors and Milwaukee Bucks at Guangzhou Gymnasium in Guangzhou, southern city of China Wednesday, Oct. 15, 2008.
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Aguilera mounts rocket to promote new album - Entertainment News
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The new mother looks stunning as she shows off her slim figure in a promotional shot for her greatest hits album
Christina Aguilera mounts a rocket in a sizzling shot to promote her new album
The 27-year-old snuggles up to a pink cat
The singer poses on a giant pair of lips
Astronaut Christina poses with a space-style gun
Showing off her incredible body in a velvet bra and sequined hot pants it is clear Christina Aguilera has no plans to tone down her Dirrty image.
After working hard in the gym and eating healthily to regain her figure after the birth of son Max in January the self-confessed junk food addict is showing the benefits of her hard work.
The 27-year-old, who is married to music executive Jordan Bratman, is releasing Keeps Gettin' Better - A Decade of Hits in November.
The album includes a new single as well as her hits from the past nine years.
Christina recently revealed she feels 'sexier than ever' now she is a mother and wife.
'I think it is sexier to be more knowledgeable about life, growing from your experiences, growing into a woman or person 鈥?if you do learn from your lessons, that is,' she is quoted as saying.
Christina added that, although she puts her role as a mother before anything else, she always make time to concentrate on herself.
'It is really important to me that I don''t lose myself,' she told People magazine.
'I still do things that make me feel good. I let my son experience who I am 鈥?as an artist, as a musician, things that I love and am passionate about,' she added.
Her album will include four UK Number Ones: 'Genie In A Bottle', 'Dirrty', 'Beautiful' and 'Lady Marmalade'. The two new songs set for inclusion are 'Keeps Gettin' Better' and 'Dynamite'.
There will be 10 tracks in total on the release.
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