Word: oil
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...addition to the price increase, which went into effect Thursday, the government also said it will require the country's biggest refiner, state-owned China Petroleum & Chemical Corp., known as Sinopec, to increase output and imports of oil products. Sinopec said Wednesday it will run its refineries at full capacity in November, bearing "heavy losses" to guarantee market supply. It will also halt all exports of gasoline and diesel for the time being. As in the past, however, any losses will likely be covered by billions of dollars in government subsidies...
...nearly $6 million in another London sale. Riffing on Deng Xiaoping's maxim "To get rich is glorious," Yue's paintings capture China's exuberant love affair with consumerism. But even as he also satirizes his countrymen's headlong race to make money, the native of Daqing, a grim oil town in China's northeast, doesn't view his shiny new millionaire status with much irony. "What's wrong with laughing?" Yue demands with a serious face, digging into a Shanghai eatery's rendition of braised pork shoulder, a quivering delicacy synonymous with nouveau riche fulfillment. "China...
...March, a sale of modern Indian art in New York City raised a record $15 million, including just under $800,000 for Captives, a stark evocation of desiccated torsos by New Delhi-born Rameshwar Broota. Two months later, an auction in London elicited $1.42 million for a Tantric-inspired oil painting by India's Syed Haider Raza. Even in Vietnam, idyllic rural scenes coated in the country's distinctive lacquer that sold for a few hundred dollars a few years ago are now selling for 10 times that. A gouache-and-ink painting by Vietnamese post-impressionist Le Pho, whose...
...Despite the tradition-steeped training, it was impossible for many of Asia's artists to ignore the tremendous social changes taking place outside their classrooms. Indian painter Maqbool Fida Husain, for example, marries myths with modernism in his oil canvases, one of which sold for $2 million in 2005. Fame, however, hasn't insulated the now 92-year-old from controversy. Right-wing Hindu political parties were incensed when Husain painted a series depicting Indian deities in the nude. Although criminal complaints against him were dropped in 2004 by the New Delhi High Court, attacks against the painter were rekindled...
...cherry-pick the best Asian works. "Most of the Vietnamese old masters' works are in foreign countries now," says Tran Phuong Mai, who runs Mai Gallery in Hanoi, referring to artists like Bui Xuan Phai, who died in 1988 and was so destitute that he would trade his moody oil canvases for a meal or two. "By the time Vietnamese realize the value of this art, it'll all be gone abroad...