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SAN FRANCISCO, June 23 (Xinhua) -- Facebook announced Thursday that Netflix CEO and Chairman Reed Hastings has joined the social network company's board of directors.Hastings, who successfully managed Netflix through an IPO in 2002, is expected to provide useful guidance for Facebook which plans to go public.As the most popular subscription-based movie and television show rental service in the United States, Netflix could also help Facebook figure out how to enter the business of music streaming and movies, which, CEO Mark Zuckerberg said at the eG8 Forum held in Paris last month, would be Facebook's next focus.The Facebook board seat could also help Netflix to catch up with the social evolution of the Internet with its 23.6 million subscribers in the U.S. and Canada."Reed is an entrepreneur and technologist who has led Netflix to transform the way people watch movies and TV," said Zuckerberg in a statement. "He has built a culture of continuous rapid innovation, something we share and work hard to build every day.""Facebook is propelling a fundamental change in how people connect with each other and share all kinds of content," said Hastings. "I'm looking forward to working with Mark and the rest of the board to help Facebook take advantage of all the opportunities ahead."

BEIJING, Aug. 24 (Xinhua) -- China will prioritize the development of six types of new materials in its new material industry over the next five years, the China Securities Journal said on Wednesday.The report cited an insider, who noted that the country's 12th Five-Year Plan (2011-2015) for the new material industry will come out in September, in which the government will launch key projects to support the development of the six materials.The six materials will be high-strength light alloy, advanced iron and steel, carbon fiber composite, new power battery material, function coated material, and rare earth function material, according to the report.The plan states each of the six sub industries will form a sizable industrial scale, with the industry's total output value to hit trillions of yuan by the end of 2015, and the self-supply rate to reach 70 percent during the period, the report said.Meanwhile, the government will also foster the development of materials in sectors such as green building material and the biomedical industry over the next five years, it added.

WASHINGTON, Aug. 16 (Xinhua) -- The White House announced Tuesday that the U.S. Departments of Agriculture, Energy and Navy will invest up to 510 million U.S. dollars in partnership with the private sector to facilitate the country's biofuel industry development."Biofuels are an important part of reducing America's dependence on foreign oil and creating jobs here at home," U.S. President Barack Obama said in a White House statement.The initiative is a response to a directive from Obama issued in March as part of the Blueprint for A Secure Energy Future, the administration's framework for reducing dependence on foreign oil."But supporting biofuels cannot be the role of government alone. That's why we're partnering with the private sector to speed development of next-generation biofuels that will help us continue to take steps towards energy independence and strengthen communities across our country," Obama added.The joint plan calls for the three departments to invest up to 510 million dollars in the next three years, which will require substantial cost share from private industry, in a bid to reduce U. S. reliance on foreign oil and create jobs at home."By building a national biofuels industry, we are creating construction jobs, refinery jobs and economic opportunity in rural communities throughout the country," said U.S. Agriculture Secretary Tom Vilsack.White House figures revealed that the world's largest economy spends more than 300 billion dollars on imported crude oil every year.With a slackening economic recovery and the government's approval rate at a record low level, the Obama administration is rolling out a string of measures in recent days to accelerate economic growth and job creation.

SAN FRANCISCO, June 22 (Xinhua) -- Apple Inc. plans to introduce a new iPhone in September featuring faster chip and more advanced camera, U.S. media reported on Wednesday.The new iPhone model, which will closely resemble iPhone 4, will include the A5 processor, a more powerful chip that Apple added to the iPad 2 tablet computer earlier this year, along with an 8-megapixel camera, up from the 5-megapixel model in the iPhone 4, Bloomberg quoted two people familiar with the product as saying.The device will run the iOS 5 operating system Apple previewed at its annual developer conference earlier this month.Aiming at attracting customers in developing countries, Apple is also working to finish a cheaper version of the iPhone which will use chips and displays of similar quality to the current iPhone 4, said the sources.Meanwhile, it was reported that Apple is also testing a new version of the iPad with a higher resolution screen, which, similar to the one currently used on iPhone 4, will be about one- third higher than iPad 2 and feature a more responsive touchscreen.According to a recent projection on smartphone market by the International Data Corp. (IDC), a small market share decline of iPhone is expected as the smartphone market matures and diversifies in 2011.The release of a new iPhone would help Apple gain more market share as smartphones powered by Google's Android system are predicted to grow to more than 40 percent of the market in the second half of this year.