Word: downturned
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...Paris. And for China, Russia provides a safer, more direct source for gas and oil than either the Persian Gulf or the Horn of Africa. Energy-rich Russia has suffered from tanking oil and natural gas prices, while China has managed thus far to weather the global economic downturn thanks to $586 billion in government stimulus spending. China has taken advantage of more than $2 trillion in foreign-exchange reserves to shop for energy and mineral reserves abroad. (See pictures of Chinese investment in Africa...
...China is considering all options as it scours the globe for gas and oil deals. Having watched commodity prices rise wildly before last year's downturn, Beijing is scurrying to lock in supplies now, while prices are stable. That search has a significant effect on how China interacts with the world. "Energy is a big issue for Chinese diplomacy," says Han Hua, an associate professor at Peking University's School of International Studies. "We have to diversify and get energy not just from the Middle East but from Russia. After decades of discussion, this agreement is really important for China...
...majority leader is also protecting his constituents. Dozens of governors have warned Congress about the bill's plans to expand Medicaid's rolls by millions of uninsured; most states have been strapped for cash in the economic downturn, many of them severely. But Nevada need not worry: thanks to Reid, the federal government is picking up its tab for the next four years. Such benefits for his home state have not gone unnoticed, or uncriticized. "I saw in a morning newspaper that Nevada was somehow miraculously taken care of in the provisions for Medicaid expenses," Tennessee Republican Lamar Alexander remarked...
...Memphis, Tenn., the diocese appealed to local donors and philanthropists to the tune of tens of millions of dollars over the past decade, which allowed for the reopening of eight schools that had been shuttered. Yet such appeals to the wealthy have been blunted by the economic downturn, which has pointed up the problem with depending on the kindness of others. "What's keeping a lot of schools in the inner city going is philanthropy from other people," says Karen Ristau, president of the National Catholic Education Association. "But it's difficult, because if you have to continuously raise millions...
...players take on greater risk to their professional integrity. Murdoch himself has been accused of dropping BBC News from Star TV satellite packages and axing a critical book by Chris Patten, the last British governor of Hong Kong. At a time when media are still reeling from the economic downturn and the Internet-led destruction of traditional advertising and subscription models, China has money to spend and offers new markets for foreign media. The risks are high. Not only could Western media players miss out on a big deal in China, they could sell their soul...