by Daniel Costello

Speaking in the Great Hall of the People overlooking Tiananmen square, President Obama paid tribute Tuesday to China's economic successes and for what he said was its "critical" role in helping pull the world back from the brink after this year's financial meltdown. But, added Obama, "a growing economy is joined by growing responsibilities."

President Obama is pushing the Chinese to help address several of his economic headaches, including the Chinese currency, which the U.S. and other countries maintain is undervalued and a large cause of the huge trade surpluses China has with many countries.

America's leverage with China has been weakened as China has amassed nearly $800 billion in Treasury securities, making it the U.S.'s largest foreign creditor.

Michael Froman, economic adviser on the National Security Council, said "the 800 billion never came up in conversation."

 

British drug giant GlaxoSmithKline agreed Monday to a licensing deal in which it eventually could pay $500 million or more for rights to an experimental anti-smoking vaccine, NicVax, developed by a Maryland biotech firm.

NicVax is undergoing trials as a treatment for nicotine addiction, and to prevent smoking relapse. It is being developed to block nicotine from reaching receptors in the brain.

The deal involves one of several key vaccines under development, leading scientists to hail a possible second golden age of vaccines not seen since the 1940s and 50s, when scientists such as Jonas Salk discovered inoculations for polio, flu, mumps and measles.

Among other possible vaccines out in the coming years: herpes simplex, rheumatoid arthritis and a better seasonal influenza vaccine. A malaria vaccine — a development that would revolutionize public health around the globe if successful — could be on the market in the next several years. Some early clinical trials have been promising.

Overall, the number of vaccines in development has risen from 285 in 1996 to 450 today.

And Paul Allen, the billionaire investor who co-founded Microsoft Corp., announced late Monday he has been diagnosed with non-Hodgkin's lymphoma and is undergoing chemotherapy.

In an email sent Monday afternoon to employees of Vulcan Inc., Mr. Allen's Seattle-based investment firm, Vulcan CEO Jody Allen and Mr. Allen's sister said doctors say he has diffuse large B-cell lymphoma.

"Paul is feeling OK and remains upbeat. He continues to work and he has no plans to change his role at Vulcan," Ms. Allen said.