Word: shanghaied
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...grows up to be a rich, successful businessman. The Chinese dream isn't so different, except in the case of basketball star Yao Ming, it goes something like this: a poor kid is pushed into a sport he has little interest in, he brings a lackluster team in Shanghai to victory in the national championships, and he gets drafted by the Houston Rockets, where his offensive prowess earns him seven NBA All-Star awards. Fast-forward to the present and the 7-ft. 6-in. center faces bench time because of a foot injury that some speculate could...
...have stunted the game. It doesn't help, either, that China's best players, like Yao and the New Jersey Nets' Yi Jianlian, have fled the CBA for the klieg lights of the North American league. All in all, the CBA lost nearly $17 million last season, and the Shanghai club is among one of the most financially troubled teams in the league. (See pictures of street basketball in China...
...result is a program that acts as a kind of matchmaking service between members and banks. The service began last year in Zhejiang, a coastal, trade-focused province south of Shanghai, where 600 businesses used Alibaba to acquire loans worth more than $146 million through China Construction Bank and the Industrial and Commercial Bank of China. This year the program has expanded to Guangdong, Shandong and Jiangsu provinces and several coastal cities including Shanghai and Shenzhen. Seven other banks, including Bank of China, China Merchants Bank and Shanghai-Pudong Development Bank, have signed on. Alibaba expects to facilitate more than...
...Wasserstrom is a professor of history at U.C. Irvine and the author of Global Shanghai, 1850-2010: A History in Fragments...
Russia, to be sure, is not entirely dependent on a U.S. endorsement to feel important. In mid-June, it hosted two summits in the Ural city of Yekaterinburg: one with members of the Shanghai Cooperation Organization (which includes China and four Central Asian republics, as well as observer states India, Iran, Mongolia and Pakistan) and the other with leaders of the so-called BRIC nations - Brazil, Russia, India and China. Medvedev was the first foreign leader to receive Iran's President, Mahmoud Ahmadinejad, after his controversial re-election. (See pictures of the aftermath of Iran's election...