It's hard to feel upbeat about Africa. The continent seems perpetually mired in poverty. Some of its "leaders" rank among the most corrupt and brutal on earth. Infrastructure barely exists in many areas. Politically manipulated famine and genocide threaten some populaces. Disease runs rampant, and the ability to treat it remains rudimentary.

To many people, China is the Japan of the 1980s, a hurtling, unstoppable economic goliath.

Whether China will fulfill this destiny or, like Japan, will be tripped up by internal failings remains to be seen, but China will undeniably be a deal-making force for years. Two recently announced acquisitions show the shape of Chinese deal-making and how the United States may react.

Competition from the Apple iPhone has gotten most of the blame for Nokia's struggle in the past few years to maintain relevance and market share in smartphones. But the Android operating system backed by Google has emerged as a greater long term threat-and perhaps opportunity- for Nokia.

Europe has become a fertile breeding ground for young and innovative technology companies. Boosted by a proliferation of incubator funds, the continent's technology sector is vying to take on California's Silicon Valley at its own game.