China is joining Europe in calling for tight international regulation of the global financial markets.

According to witnesses of closed-door talks at the Asia-Europe Meeting in Beijing, China agreed that stricter oversight is needed to prevent future market meltdowns.

"The crisis has fully revealed some defects in the current international financial system The international community has demanded reforms and the establishment of a fair and efficient international financial system," Premier Wen Jiabao said on Saturday.

Voice of America

China Backs Europe's Push for Oversight Wall Street Journal - 1 hour ago By IAN JOHNSON BEIJING -- After several days of talks between European and Asian leaders, China apparently has allied itself with Europe in calling for a vigorous system of international regulation. Wen calls for restructuring of global system China Daily World leaders pledge financial reform as gloom deepens AFP

Asia, Europe tackle credit meltdown in Beijing

Asian and European leaders will discuss a response to the financial crisis at the 43-nation, Asia-Europe Meeting, a summit that opens Friday in Beijing.

European Union members are calling for "unprecedented" coordination between nations to tackle the global financial meltdown.

CCTV

Europe, Asia leaders in Beijing for finance talks International Herald Tribune - 2 hours ago AP BEIJING: Leaders of Europe and Asia gathered in Beijing on Thursday ahead of a summit expected to focus on a response to the global financial meltdown. Barroso says crisis needs significant coordination guardian.co.uk Asian leaders to discuss crisis Straits Times

Russia sending naval for maneuvers with Venezuela

The Peter the Great nuclear cruiser along with three other warships from the Russian Norther Fleet base of Severomorsk are headed to the Gulf of Mexico for war games with Venezuela, Moscow announced today.

The deployment is the largest in the Americas since the Cold War.

Venezuela's leader Hugo Chavez has sealed major arms deals with Moscow, and negotiation are underway for a $6.5 billion oil refinery in the country that could help Caracas break its dependence on U.S. refineries.

In related news, China has agreed to build a refinery in China to refine oil from Venezuela, and to invest in a company that will build a refinery in the Orinoco region of Venezuela. Caracas has also signed a deal to buy 24 K-8 fighter training aircraft from Beijing.

BBC News

4 Russian Warships Sail to Venezuela
New York Times, United States - 3 hours ago
By MICHAEL SCHWIRTZ MOSCOW -- A squadron from the Russian Navy’s North Sea Fleet sail for Venezuela on Monday, a Russian Navy spokesman said, ...
Russian navy ships head to maneuvers in Venezuela The Associated Press
Russian navy sails to Venezuela BBC News
Russian warships embark for manoevres near US: officials AFP

Russia's cruiser Pyotr Veliky -- the flagship of the Nothern Fleet -- is moored at Severomorsk in 2007. A fleet of Russian warships set off from their Arctic base headed for Venezuela for exercises unprecedented since the Cold War and seen as a rebuff to the United States. Photo:Alexander Nemenov/AFP







AFP

Venezuela to buy Chinese combat planes: Chavez
AFP - 14 hours ago
Venezuela in recent years has been broadening its military ties to Moscow, and Chavez backed Russia in the recent Georgian conflict. ...
Chavez says Latin America needs Russia International Herald Tribune
Chavez begins 5-nation tour with visit to Castro The Associated Press
Fidel Castro: meeting with Chavez "great honor" Xinhua

Dalai Lama envoy worries about China dialogue

The Tibetan envoy of the Dalai Lama fears that China may only be holding its latest round of talks because of the media coverage surrounding the Beijing Olympic Games.

"There is some widespread belief that they are only meeting because of the Olympics," he said of the talks, which could burnish China's international image weeks before the Games.

Protests disrupted the Olympic torch relay, and there is some view that some countries may boycott the opening ceremonies because of the Tibet situation.

Canada.com

Dalai Lama envoy says Tibet talks tough, ill-timed Reuters India - 3 hours ago By Abhishek Madhukar DHARAMSALA, India, July 4 (Reuters) - An envoy of the Dalai Lama said on Friday the latest round of talks with China was "tough", calling the dialogue ill-timed because Beijing was preoccupied with the Olympic Games. Pressure on Sarkozy over Olympic ceremonies (News Feature) Monsters and Critics.com Dalai Lama envoy: China talks difficult The Associated Press