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Yahoo co-founder Jerry Yang said on Wednesday that China is fertile ground for an online advertising exchange akin to the one the US Internet titan is buying. The comment was among insights Yang shared with more than 1,000 Chinese and US technology entrepreneurs gathered in the California city of Santa Clara to discuss opportunities and challenges presented by the meteoric growth of China's economy. US Internet giant Yahoo co-founder Jerry Yang during a presentation in a Tokyo hotel, March 2006. Yang said on Wednesday that China is fertile ground for an online advertising exchange akin to the one the US Internet titan is buying.[AFP] "I'm going to call Jack Ma up with this idea of an exchange for advertisers and ad buyers," Yang said, referring to the chairman of Chinese Internet company Alibaba.com. "The potential is huge." In August 2005, Yahoo invested one billion dollars for a 40 percent stake in Alibaba, which also agreed to run the Chinese operations of the US Internet giant. Yang said that as it neared its second anniversary, the Yahoo-Alibaba partnership has "some catching up to do" in the online search and portal business in China but that he expected a turnaround in a few years. "On the whole, we feel our move to partner with Alibaba so far looks like it's the right strategy," Yang said. "It is too early to tell whether we are successful or not." "The best strategy still seems to be Chinese and US companies sharing best practices ¡ª we all benefit." Yahoo is buying New York City-based online advertising exchange Right Media in a move to counter Google's move to acquire the DoubleClick Internet ad-targeting firm. The California online search titan, which owns 20 percent of Right Media, said it will acquire the remaining 80 percent of the company for 680 million dollars (500 million euros) in stock and cash. The ad exchange serves as a place where advertisers can easily "hook-up" with websites or online services that cater to desired customer demographics. While announcing on April 13 that it was buying New York-based DoubleClick for 3.1 billion dollars, Google revealed plans for the Internet ad tracking and targeting firm to create an open exchange similar to Right Media.

Hong Kong' benchmark Hang Seng Index plunged 5.18 percent on Monday to close at its lowest level this year, drawn by growing troubles in the global credit markets and weakness in the Chinese mainland bourses.     The Hang Seng Index fell 1,152.50 points, or 5.18 percent, to close at 21,084.61 on Monday, its lowest level in nearly seven months, amid worries on the near collapse of U.S. investment bank Bear Stearns.     Over the weekend, the subprime mortgage crisis claimed another major victim -- Wall Street's fifth largest investment bank Bear Stearns. Wall Street fell sharply on Friday on the news, followed by Asian markets.     The benchmark Hang Seng Index opened at 21,318.03 and fluctuated between 21,041.26 and 21,473.40 during the session. Turnover was at 94.37 billion HK dollars (12.16 billion U.S. dollars), up from last Friday's 88.28 billion HK dollars (11.32 billion U.S. dollars).     Three of the four major categories lost ground. The Properties lost most at 5.73 percent, followed by the Commerce and Industry at 5.58 percent and the Finance at 5.32 percent. The Utilities, the only gainer, edged up 0.21 percent.     The biggest decliners in the local benchmark index were mainly China-based companies. Index heavyweight China Mobile fell 4.6 percent to 102.50 HK dollars. Smaller rival China Unicom slid 4.6 percent to 16.32 HK dollars.     Shenhua Energy fell 8.9 percent to 32.95 HK dollars, and Ping An Insurance was down 7.6 percent at 53.20 HK dollars.     The Chinese mainland's biggest insurer, China Life Insurance, slid 7.4 percent to 25.70 HK dollars. Non-life insurer PICC P&C tumbled 11.5 percent to 6.48 HK dollars.     Air China, Chinese mainland's biggest international carrier, lost 50 cents or 8.5 percent at 5.40 dollars as oil continued its relentless climb to a fresh high of 111.80 in Asian trade Monday on a weaker dollar. The company will report its 2007 results later Monday. The mainland's biggest airline by fleet size, China Southern Airlines skidded 73 cents or 12.5 percent to 5.13 dollars.     PetroChina, Asia's biggest oil and gas company, dropped 6.6 percent to 9.42 HK dollars. Major oil firm Sinopec fell 8.1 percent to 6.14 HK dollars on investor concerns about steep losses at its refining division given the recent surge in crude prices.     Property stocks tumbled, in line with the downward trend in the overall market, and on reports of softening housing prices in the city's new territories.     Sino Land Co, which has the highest exposure to the local residential market, fell 11 percent to 15.42 HK dollars.     Asian billionaire Li Ka-shing's property flagship Cheung Kong Holdings, fell 5.7 percent to 99.05 HK dollars.     Hong Kong's biggest property developer, Sun Hung Kai Properties Ltd (SHK Properties), slumped 4.8 percent to 112.60 HK dollars.     CLP Holdings and Hong Kong Electric were the only gainers in Monday's trade as CLP Holdings up 1.1 percent to 65.30 HK dollars and Hong Kong Electric rose 3.3 percent to 50.90 HK dollars.

KUNMING - Altogether 248 students fell sick after eating a school lunch including kidney beans in Southwest China's Yunnan Province on Thursday, local authorities confirmed early on Friday.Investigators suspected the beans were undercooked.The students, from Zhuyuanzhen Township High School in Fuyuan County, complained of vomiting and nausea late Thursday afternoon and were put under medical observation at night, a spokesman with the Fuyuan County government said.By 8:00 am on Friday, about 170 students were still under observation at four local hospitals.Hospital sources said none of the cases was critical.Kidney beans contain lectin, a toxic agent that can cause diarrhea if the beans aren't heated thoroughly, according to health officials.

The Chinese government expresses strong dissatisfaction about the U.S. decision to impose penalty tariffs against the imports of Chinese coated free sheet paper, Wang Xinpei, spokesman for China's Ministry of Commerce, said early Saturday. The Department of Commerce of the United States on Friday announced its preliminary decision to apply U.S. anti-subsidy law to the imports of coated free sheet paper from China. "This action of the U.S. side goes against the consensus reached by the leaders of both countries to resolve differences through dialogue," Wang said. "China strongly requires the U.S. side to reconsider the decision and make prompt changes," the spokesman said, adding China will closely watch the development of the issue and protect its own legitimate rights. In 1984 the United States set the policy of not applying anti-subsidy law to "non-market economies". Such a practice had been taken as a judicial precedent and had not been changed, Wang said. The preliminary decision of the U.S. Commerce Department made a bad instance and it obviously does not conform with the current judicial precedent of U.S. courts and the consistent practice of the U.S. Commerce Department, the spokesman said. While regarding China as a non-market economy, the U.S. ignored the strong protests from China and decided to apply its anti-subsidy law against China. "The decision brings great harm to the interests and feelings of Chinese business people and is not acceptable," Wang said.The U.S. Department of Commerce on Friday announced its preliminary decision to apply U.S. anti-subsidy law to imports from China. The decision alters a 23-year old bipartisan policy of not applying the countervailing duty (CVD) law to China, which the U.S. government regarded as a "non-market economy", said the Department of Commerce in a statement, adding the change reflects China's economic development. "China's economy has developed to the point that we can add another trade remedy tool, such as the countervailing duty law. The China of today is not the China of years ago," said Commerce Secretary Carlos M. Gutierrez. The U.S. government also claimed that Chinese producers and exporters of coated free sheet paper received countervailable subsidies ranging from 10.90 to 20.35 percent. From 2005 to 2006, imports of coated free sheet paper products from China increased approximately by 177 percent in volume, and were valued at an estimated at 224 million dollars in 2006.