China Goes on a Smart Shopping Spree

The world might be sinking into its worst recession in generations, but China is on a wild shopping spree. Sitting some $2 trillion of cash reserves, Beijing is taking advantage of the woes of others to cement its grip on new sources of commodities ranging from olive oil to crude oil —often at fire-sale prices. China’s growth rate may be slowing in concert with the world economy, but even at that slower rate, its economy continues to expand, requiring a steady increase in supplies of oil, copper, aluminum and other minerals.

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Raul Castro reorganizes Cuban Cabinet

President Raul Castro on Monday reorganized his Cabinet, replacing some long-time aides to his brother Fidel, who resigned from office a year ago citing poor health. The state-run newspaper Granma published an official notice from the State Council that said the changes were intended to form a structure that is “more compact and functional, with fewer organisms of the central administration of the state and a better distribution of the functions that they carry out.” Among the changes: Felipe Perez Roque, the 43-year-old foreign minister, was replaced by his deputy, Bruno Rodriguez Aprilla. Carlos Lage Davila, who helped guide the nation through its “special period” of dire economic times in the aftermath of the dissolution of the Soviet Union and the loss of billions in subsidies, lost his job as Cabinet secretary, but no mention was made of removing him from his other post as vice president of the Council of State

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