HONG KONG — Soaring world rice prices are finally showing real signs of abating, easing worst-case fears that inflation-fueled food shortages could lead to widespread starvation and social unrest. A bumper crop in Pakistan, an improved harvest in Thailand and a boost in exports from Japan resulted in a 14 percent drop in the price of rice over the last five trading days, its biggest fall since July 2004. According to the U.N. Food and Agriculture Organization (FAO), rice prices skyrocketed by 76 percent between December 2007 and April. However, traders said a decision by Islamabad to export 1 million [...]
The latest figures released by the Stockholm International Peace Research Institute show a precipitous decline in the volume of Russian weapons sales to the Chinese military. Although Beijing remains the single largest recipient of Russian arms, the figures show a 63 percent decrease in the value of major Russian weapons deliveries to China, which is the lowest level in a decade. The decrease contributed to a 29 percent reduction in Russia’s overall export of major conventional weapons systems between 2006 and 2007. In addition, China and Russia have not signed any major new arms contracts in recent years and are [...]
In a recent announcement that went virtually unnoticed in the Western media, an official of Saudi Aramco — Saudi Arabia’s national oil company — stated that Saudi Arabia aims to double its oil exports to China from last year’s levels, reaching 1 million barrels per day by 2010. Should this goal be realized, China will soon rival the United States and Japan as one of the top destinations for Saudi petroleum. In addition, the China National Petrochemical Corporation (Sinopec) already has an agreement with Iran to buy 250 million tons of liquid natural gas from the country over 30 years, [...]
