CHINA

A deal to raise the federal debt ceiling and avoid the first ever U.S. default is "very close," but House Democratic Leader Nancy Pelosi said Sunday there is a chance they may not pass it.

High inflation and soaring real estate prices have thrown thousands of residents into dire straits.

The Senate failed to advance Harry Reid's debt-ceiling plan, but leaders from both sides remained optimistic Sunday a deal can be reached before the Aug. 2 deadline to raise the U.S. debt ceiling.

Senate Majority Leader Harry Reid, D-Nev., is pushing ahead with a Senate vote on his debt plan, but the GOP votes are not there. Still, Republican Majority Leader Mitch McConnell said Sunday negotiators were "very, very close" to a deal.

Congress is "very, very close" to a debt ceiling deal, according to Senator Mitch McConnell. Negotiators are discussing final details, and the deal is not done yet, but they say its close.

China's Sun Yang could provide the perfect finale for the host country when he swims in the final of the men's 1500 metres freestyle on Sunday, the last individual men's event of the world swimming championships.

Ryan Lochte stormed into the final of the men's 400 metres individual medley as top qualifier at the world swimming championships on the last day of competition on Sunday.

Apple Inc.'s next generation iPhone, dubbed iPhone 5, is facing too much of a competition from Android. It is being speculated that iPhone 5 is scheduled to launch in early September.

Dell Inc. is expected to start selling a 10-inch Android Honeycomb tablet especially for the Chinese market soon. However, it has to deal with Samsung's ultra-thin tablet the Galaxy Tab 10.1 which is expected to be launched in China next month.

After two weeks of acrimony, Democrats and Republicans, perhaps after having stared into the abyss, returned to the bargaining table Saturday. Still, no one will believe the issue has been resolved until President Barack Obama signs a bill that raises the debt ceiling and cuts the budget deficit.

Finally, after weeks of incessant, heated rhetoric and counter-productive posturing, there's been a positive development in the debt talks. The White House and both Republican and Democratic leaders Saturday confirmed that they are now in serious talks to raise the debt ceiling and avoid a looming U.S. Government default.

If you thought U.S. Apple fans are impatient, check out the latest news coming from China. According to M.I.C Gadget, manufacturers of iPhone 5 silicone cases are now sweeping across the country in preparation of Apple's latest smartphone release.

Apple's iPhone 4 is over one year old, which is ancient in the technology world. Still, even with this 'old' product, Apple is dominating the smartphone industry.

Michael Phelps, already the most successful Olympian of all time, picked up his third successive world 100 meters butterfly title on Saturday.

Apple out sold and out profited smartphone rivals in the second quarter this year using phones it introduced at least a year ago, but its upcoming iPhone 5 may push the company out of reach.

Think a U.S. Government default on its debt won't affect you immediately? Think again: a default would likely weaken the dollar substantially, pushing up oil prices almost immediately, and that would send already-high U.S. gas prices to the stratosphere.

?This agreement on fuel standards represents the single most important step we?ve ever taken as a nation to reduce our dependence on foreign oil,? Obama said.

Rumors about Apple's next generation iPhone, dubbed iPhone 5, is buzzing louder and if they are to be believed, the new smartphone from the technology giant is not only going to be released in September but also it's going to look radically different from iPhone 4, with no home button.

The mouthpiece of the Chinese Communist Party has castigated the United States' handling of its debt crisis as "irresponsible" and "immoral," saying in a Saturday editorial that the U.S. democratic system was to blame for the "farce."

Computer maker Dell Inc. entered the 10.1-inch tablet race by releasing its Android Honeycomb tablet, Dell Streak 10 Pro, especially for the Chinese market. However, the tablet has to deal with the iconic Apple iPad 2, as the benchmark for design and performance has been set by the Cupertino giant.

Some beautiful images from the ground of 14th FINA World Championships in Shanghai being held since July 16, 2011.