China eyes Airspace above South China Sea

China has mooted the possibility of controlling the airspace over the disputed South China Sea, as it ratchets up rhetoric in response to a US overflight of an island claimed by China earlier this month. A senior foreign ministry official spoke on Wednesday about the possibility of implementing an Air Defence Identification Zone over the sea, a move that would be widely regarded as an effort to stamp its sovereignty over a series of islands it claims. An ADIZ requires all aircraft flying thro...
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US Deploys Bombers to Australia as tensions with China grow

The United States will station B-1 strategic bombers in Australia, US Assistant Secretary of Defense David Shear told the Senate Foreign Relations Committee on Wednesday. The move comes amid increasing Chinese concern over the United States' military activities in the South China Sea. On Wednesday, China's ambassador to Washington said that the US has "no right whatsoever to intervene in the legitimate activities conducted by China in the South China Sea." "We will be placing additional ...
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The building of the BRICS bank

Last week, India named veteran banker K.V. Kamath to be the first President of the New Development Bank, popular as the BRICS bank. The focus of this bank will be to invest in infrastructure. Mr. Kamath, 67, is a veteran banker, who was credited with developing ICICI Bank into India’s second-largest lender. He headed the bank for 13 years until 2009 and is now its Non-Executive Chairman. He is also Non-Executive Chairman of India’s second-biggest software services exporter Infosys. What is BRIC...
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