Indonesian squad was optimistic about the possibility of making towards the volleyball final against favorite China at the Asian Beach Games , the Jakarta Post quoted a player as saying on Saturday.
"We all know how strong the Chinese squad is. One of its players was China's No. 1 player in 2003," said Koko Prasetyo Darkuncoro, a player of Indonesian squad, on Friday.
His team also expects tough challenges from Thailand, Kazakhstan and Iran, driving Indonesia harder to compete.
Indonesian felt beneficial to have practiced at the venue for one month.
"We had the chance to learn the nature of the venue over other teams," Koko said.
Source: Xinhua
Sunday, October 19, 2008
Hamilton on pole at Chinese F1 Grand Prix
McLaren Formula One driver Lewis Hamilton of Britain competes during the qualifying session for Sunday's Chinese F1 Grand Prix at the Shanghai Circuit Oct. 18, 2008. Hamilton took the first with 1 minute 36.303 seconds.
McLaren Mercedes driver Lewis Hamilton took pole position for the Chinese Grand Prix on Saturday ahead of Ferrari rivals Kimi Raikkonen and Felipe Massa.
Britain's Hamilton, who can become Formula One's youngest champion this weekend, put in a flying last lap in final qualifying to head the grid in a time of one minute 36.303 seconds.
The 23-year-old McLaren Mercedes star delivered the fastest time in the dying seconds of a close-fought qualifying session to pip Ferrari's outgoing champion Kimi Raikkonen and title rival Felipe Massa.
It was Hamilton's seventh pole this season and the 13th of his career as he targets the drivers' championship, which he allowed to slip through his fingers despite an even more commanding lead at this stage of the season last year.
With just the Chinese and Brazilian legs to go, Hamilton needs only six points here to wrap up the trophy provided Robert Kubica, the only other title contender, does not win.
Hamilton's McLaren teammate Heikki Kovalaien was only fifth ahead of Australian Mark Webber in a Red Bull. Webber has to drop 10 places because of an engine change on his car in the morning.
Source: Xinhua
McLaren Mercedes driver Lewis Hamilton took pole position for the Chinese Grand Prix on Saturday ahead of Ferrari rivals Kimi Raikkonen and Felipe Massa.
Britain's Hamilton, who can become Formula One's youngest champion this weekend, put in a flying last lap in final qualifying to head the grid in a time of one minute 36.303 seconds.
The 23-year-old McLaren Mercedes star delivered the fastest time in the dying seconds of a close-fought qualifying session to pip Ferrari's outgoing champion Kimi Raikkonen and title rival Felipe Massa.
It was Hamilton's seventh pole this season and the 13th of his career as he targets the drivers' championship, which he allowed to slip through his fingers despite an even more commanding lead at this stage of the season last year.
With just the Chinese and Brazilian legs to go, Hamilton needs only six points here to wrap up the trophy provided Robert Kubica, the only other title contender, does not win.
Hamilton's McLaren teammate Heikki Kovalaien was only fifth ahead of Australian Mark Webber in a Red Bull. Webber has to drop 10 places because of an engine change on his car in the morning.
Source: Xinhua
Herbal injection recall list expanded
The Chinese producer of the deadly "ciwujia" herbal injection decided on Friday to recall all its injection products, expanding its previous recall list, the national drug safety watchdog said Saturday.
The Ministry of Health and the State Food and Drug Administration said in a statement issued on Saturday the Wandashan Pharmaceutical Company, in the northeastern HeilongjiangProvince, initiated the move "voluntarily" according to the country's drug recall regulations.
The regulations stipulated drug manufacturers should analyze collected information. They should also make investigations and evaluations on drugs with possible hidden safety problems; decisions were required to recall products once hidden safety problems were spotted.
The SFDA also issued a notice to suspend sales and medical use nationwide of all injection products manufactured by the company on Friday.
It ordered its local branches to monitor the recall to make sure these drugs were pulled off shelves and to gather data on any adverse reactions caused by them.
Before the announcement, the administration had ordered the company to recall all its herbal injection products and report the progress on a daily basis.
Six patients in the southwestern Yunnan Province experienced adverse reactions after receiving a ciwujia injection. Their symptoms included vomiting and becoming comatose. Three patients died, according to a report released on Oct. 6. The other three remain under observation.
The medicine is extracted from ciwujia, a type of Siberian ginseng. Injections are often used to treat thrombosis caused by a weak liver and kidneys. It is also believed to be helpful in treating coronary heart disease, nervous exhaustion and menopausal problems.
Testing on ciwujia samples showed the product was tainted with bacteria, said the Ministry of Health and the SFDA earlier this week.
An investigation is underway to determine how contamination happened.
Source: Xinhua
The Ministry of Health and the State Food and Drug Administration said in a statement issued on Saturday the Wandashan Pharmaceutical Company, in the northeastern HeilongjiangProvince, initiated the move "voluntarily" according to the country's drug recall regulations.
The regulations stipulated drug manufacturers should analyze collected information. They should also make investigations and evaluations on drugs with possible hidden safety problems; decisions were required to recall products once hidden safety problems were spotted.
The SFDA also issued a notice to suspend sales and medical use nationwide of all injection products manufactured by the company on Friday.
It ordered its local branches to monitor the recall to make sure these drugs were pulled off shelves and to gather data on any adverse reactions caused by them.
Before the announcement, the administration had ordered the company to recall all its herbal injection products and report the progress on a daily basis.
Six patients in the southwestern Yunnan Province experienced adverse reactions after receiving a ciwujia injection. Their symptoms included vomiting and becoming comatose. Three patients died, according to a report released on Oct. 6. The other three remain under observation.
The medicine is extracted from ciwujia, a type of Siberian ginseng. Injections are often used to treat thrombosis caused by a weak liver and kidneys. It is also believed to be helpful in treating coronary heart disease, nervous exhaustion and menopausal problems.
Testing on ciwujia samples showed the product was tainted with bacteria, said the Ministry of Health and the SFDA earlier this week.
An investigation is underway to determine how contamination happened.
Source: Xinhua
Chinese avant-garde version of "Hamlet" to be on stage again
A popular avant-garde version of Shakespeare's classic "Hamlet" will be on stage again next week after its premiere 18 years ago.
In 1990, the play, directed by Lin Zhaohua, a leading artist of Chinese avant-garde theater, gained huge popularity and roused great controversy in China for its unique perspective and performance.
In the play, the role of Hamlet was divided among different actors, switching from time to time. So did other characters. For instance, Pu Cunxi, the hero, was Hamlet sometimes and the King Claudius for a while.
"I want to demonstrate the concept of 'everybody is Hamlet'," said the 72-year-old director during a rehearsal here Saturday, "All characters shared elements of good and evil, honesty and falsehood. I mean to blur morality difference in apparently opposed characters."
The stage design was quite contemporary. The King and Queen were seated on a barber's chair. A grave maker made a phone call to his colleagues. Ceiling fans are "swords" used by Hamlet.
Actors were not wearing costumes but their own clothes.
"I want to draw Hamlet closer to us as our brother and one of us, instead of making him an alien noble," Lin said. "For me, he is not a prince revenging for justice, nor a humanism hero, but part of us. Facing your truly ego is the most positive, bravest and heroic posture that modern people can have."
The play was not apparently different from the edition 18 years ago except for the actors, Lin said.
Hamlet is played mostly by Pu Cunxin, a renowned actor who played leading roles in several famous Chinese dramas such as "Thunderstorm," "Teahouse" and "The Three Sisters, Waiting for Godot". He was the only one left of all actors in the play's premiere.
King Claudius and Queen Gertrude are played respectively by Zhou Mingshan and Chen Jin, both veterans, while Ophelia go to Gao Yuanyuan, a young starlet who played in several films.
Lin was one of the pioneers of Experimental Theatre Movement that brought Chinese theater into its modernistic stage by introducing non-illusionistic style and techniques in the 1980s and 1990s.
The play will be staged in Beijing from Oct. 21 to 25, in Shanghai from Oct. 27 to 28 and in Shenzhen from Nov. 6 to 8.
Source: Xinhua
In 1990, the play, directed by Lin Zhaohua, a leading artist of Chinese avant-garde theater, gained huge popularity and roused great controversy in China for its unique perspective and performance.
In the play, the role of Hamlet was divided among different actors, switching from time to time. So did other characters. For instance, Pu Cunxi, the hero, was Hamlet sometimes and the King Claudius for a while.
"I want to demonstrate the concept of 'everybody is Hamlet'," said the 72-year-old director during a rehearsal here Saturday, "All characters shared elements of good and evil, honesty and falsehood. I mean to blur morality difference in apparently opposed characters."
The stage design was quite contemporary. The King and Queen were seated on a barber's chair. A grave maker made a phone call to his colleagues. Ceiling fans are "swords" used by Hamlet.
Actors were not wearing costumes but their own clothes.
"I want to draw Hamlet closer to us as our brother and one of us, instead of making him an alien noble," Lin said. "For me, he is not a prince revenging for justice, nor a humanism hero, but part of us. Facing your truly ego is the most positive, bravest and heroic posture that modern people can have."
The play was not apparently different from the edition 18 years ago except for the actors, Lin said.
Hamlet is played mostly by Pu Cunxin, a renowned actor who played leading roles in several famous Chinese dramas such as "Thunderstorm," "Teahouse" and "The Three Sisters, Waiting for Godot". He was the only one left of all actors in the play's premiere.
King Claudius and Queen Gertrude are played respectively by Zhou Mingshan and Chen Jin, both veterans, while Ophelia go to Gao Yuanyuan, a young starlet who played in several films.
Lin was one of the pioneers of Experimental Theatre Movement that brought Chinese theater into its modernistic stage by introducing non-illusionistic style and techniques in the 1980s and 1990s.
The play will be staged in Beijing from Oct. 21 to 25, in Shanghai from Oct. 27 to 28 and in Shenzhen from Nov. 6 to 8.
Source: Xinhua
No melamine found in new milk powder as China makes 7th round of tests
China's quality watchdog said on Saturday the latest tests on Chinese milk powder found no trace of melamine.
It was the seventh round of tests for the industrial chemical since the report of the tainted baby formula scandal that left at least three infants dead and sickened more than 50,000 others, according to the General Administration of Quality Supervision, Inspection and Quarantine.
The tests covered 105 batches of baby formula from 20 brands in10 provinces and 161 batches of other milk powder from 52 brands in 15 provinces, the agency said.
So far, 804 batches of baby formula from 66 brands and 1,126 batches of other milk powder from 161 brands produced after Sept. 14 have been tested and none contained melamine.
Earlier on Friday, the agency said the 12th round of tests found that Chinese liquid dairy products met the new temporary restrictions on melamine.
So far, the quality watchdog had conducted sample tests on 5,797 batches of liquid dairy products manufactured after Sept. 14from 136 brands and found all safely under the limit.
Last week, the government set temporary melamine content limits in dairy products of a maximum of 1 mg per kg of infant formula and a maximum 2.5 mg per kg for liquid milk, milk powder and food products that contained at least 15 percent milk.
Melamine, often used in the manufacturing of plastics, was added to sub-standard or diluted milk to make the protein levels appear higher.
Source: Xinhua
It was the seventh round of tests for the industrial chemical since the report of the tainted baby formula scandal that left at least three infants dead and sickened more than 50,000 others, according to the General Administration of Quality Supervision, Inspection and Quarantine.
The tests covered 105 batches of baby formula from 20 brands in10 provinces and 161 batches of other milk powder from 52 brands in 15 provinces, the agency said.
So far, 804 batches of baby formula from 66 brands and 1,126 batches of other milk powder from 161 brands produced after Sept. 14 have been tested and none contained melamine.
Earlier on Friday, the agency said the 12th round of tests found that Chinese liquid dairy products met the new temporary restrictions on melamine.
So far, the quality watchdog had conducted sample tests on 5,797 batches of liquid dairy products manufactured after Sept. 14from 136 brands and found all safely under the limit.
Last week, the government set temporary melamine content limits in dairy products of a maximum of 1 mg per kg of infant formula and a maximum 2.5 mg per kg for liquid milk, milk powder and food products that contained at least 15 percent milk.
Melamine, often used in the manufacturing of plastics, was added to sub-standard or diluted milk to make the protein levels appear higher.
Source: Xinhua
Two more samples fail melamine tests in Hong Kong
The Center for Food Safety of Hong Kong released the latest batch of results of melamine tests on Saturday, with two samples found unsatisfactory.
Results available on Saturday showed that of the 66 samples tested, 64 were satisfactory. These included milk and milk beverages, cream, instant drink mixes, biscuits and cakes.
Munchy's Mini Crackers with Peanut Butter and Munchy's Mini Crackers with Cheese Cream failed the test.
The level of melamine detected in the sample of Munchy's Mini Crackers with Peanut Butter was 5.4ppm, while the level in the sample of Munchy's Mini Crackers with Cheese Cream was 3.8ppm.
"Based on the levels detected, people are advised to stop consuming the products concerned," a CFS spokesman said.
Under the Hong Kong's Harmful Substances in Food Regulation 2008, the legal limit for melamine in the concerned products is 2.5ppm.
"We have informed the food trade of the test results and asked them to stop selling the products with unsatisfactory results. We have also sent warning letters to the retailer and the importer concerned. The CFS will take out prosecution if there is sufficient evidence," said the spokesman.
"We will continue to collect samples of dairy products and products with dairy ingredients for testing,"
"Test results for some biscuits, cakes, puddings, pudding powder, milk and instant drink mixes will be available on Monday." he added.
Source: Xinhua
Results available on Saturday showed that of the 66 samples tested, 64 were satisfactory. These included milk and milk beverages, cream, instant drink mixes, biscuits and cakes.
Munchy's Mini Crackers with Peanut Butter and Munchy's Mini Crackers with Cheese Cream failed the test.
The level of melamine detected in the sample of Munchy's Mini Crackers with Peanut Butter was 5.4ppm, while the level in the sample of Munchy's Mini Crackers with Cheese Cream was 3.8ppm.
"Based on the levels detected, people are advised to stop consuming the products concerned," a CFS spokesman said.
Under the Hong Kong's Harmful Substances in Food Regulation 2008, the legal limit for melamine in the concerned products is 2.5ppm.
"We have informed the food trade of the test results and asked them to stop selling the products with unsatisfactory results. We have also sent warning letters to the retailer and the importer concerned. The CFS will take out prosecution if there is sufficient evidence," said the spokesman.
"We will continue to collect samples of dairy products and products with dairy ingredients for testing,"
"Test results for some biscuits, cakes, puddings, pudding powder, milk and instant drink mixes will be available on Monday." he added.
Source: Xinhua
First Asian Beach Games opening ceremony held in Bali
The first Asian Beach Games opening ceremony was held on October 18 in Bali Island of Indonesia, which attracts almost 3000 athletes from 45 countries and regions in Asia.
Thousands of dancers performed traditional program, which featured local arts and cultures at the opening ceremony held at the Garuda Wisnu Kencana Cultural Park in Bali Island.
Jacques Rogge, the president of the International Olympic Committee, Indonesia president Susilo Bambang Yudhoyono and athletes from 45 countries and regions present the opening ceremony.
The multi-event will be another history for Indonesia in organizing an event under the sanctions of Olympic Council of Asia after the fourth Asian Games in Jakarta, 1962.
Asian Beach Games in Bali is Asia's first multiple sports event situated on beaches. A total of 17 sports and two demonstration sports will be held in the games, which will last nine days at four world renowned beaches, namely Kuta Beach, Nusa Dua, Sanur Beach and Serangan Island.
The biennial Asian Beach Games, together with the Asian Games, the Asian Winter Games and the Asian Indoor Games, organized by the Olympic Council of Asia, are four major sporting events in Asia.
The third Asian Beach Games will be hosted in Haiyang, east China's Shandong province in 2012, after the second in Oman in 2010.
Source: Xinhua
Thousands of dancers performed traditional program, which featured local arts and cultures at the opening ceremony held at the Garuda Wisnu Kencana Cultural Park in Bali Island.
Jacques Rogge, the president of the International Olympic Committee, Indonesia president Susilo Bambang Yudhoyono and athletes from 45 countries and regions present the opening ceremony.
The multi-event will be another history for Indonesia in organizing an event under the sanctions of Olympic Council of Asia after the fourth Asian Games in Jakarta, 1962.
Asian Beach Games in Bali is Asia's first multiple sports event situated on beaches. A total of 17 sports and two demonstration sports will be held in the games, which will last nine days at four world renowned beaches, namely Kuta Beach, Nusa Dua, Sanur Beach and Serangan Island.
The biennial Asian Beach Games, together with the Asian Games, the Asian Winter Games and the Asian Indoor Games, organized by the Olympic Council of Asia, are four major sporting events in Asia.
The third Asian Beach Games will be hosted in Haiyang, east China's Shandong province in 2012, after the second in Oman in 2010.
Source: Xinhua
Lakers defeat FC Barcelona in exhibition game
The Los Angeles Lakers defeated Spain's Regal FC Barcelona 108-104 Saturday as part of a two-day exhibition tournament.
Lakers' Kobe Bryant scored 28 points in Staple Center in downtown Los Angeles, while Andrew Bynum and Pau Gasol added 13 points each.
Regal FC Barcelona cut the Lakers' lead to 101-97 with 46.1 seconds left by scoring 10 points in a row, but were unable to come closer
The Lakers outscored Regal FC Barcelona 21-1 over an eight- minute span in the first and second quarters to build up a 40-19 lead 7:56 into the halftime.
Regal FC Barcelona responded with a 23-3 run to record 43-42 with 1:47 left in the first half. The Lakers scored the next eight points and led 53-44 at halftime.
Regal FC Barcelona was included in the four-team tournament, officially known as "The Shootout", after the Golden State Warriors dropped out to play in the NBA China Games at the request of the league, according to Jeanie Buss, the Lakers' executive vice president of business operations.
With the other NBA teams already having set their exhibition schedules, the Lakers had to look for an international opponent, Buss said.
The victory was the Lakers' fourth in four games against international teams. The Lakers defeated Israel's Maccabi Tel Aviv129-106 on Oct. 16, 1990 at the Forum in Inglewood, and won the 1991 McDonald's Championship in Paris, defeating France's CSP Limoges 132-101 in a semifinal, and Spain's Joventut Badalone 116-114 in the final.
NBA teams boast a 65-9 record against international teams.
The tournament will conclude on Sunday, with the Lakers meeting the Toronto Raptors for the championship and Regal FC Barcelona playing the Los Angeles Clippers in the third-place matchup.
Toronto defeated the Clippers, 93-89, in the opening game on Saturday's doubleheader.
Source: Xinhua
Lakers' Kobe Bryant scored 28 points in Staple Center in downtown Los Angeles, while Andrew Bynum and Pau Gasol added 13 points each.
Regal FC Barcelona cut the Lakers' lead to 101-97 with 46.1 seconds left by scoring 10 points in a row, but were unable to come closer
The Lakers outscored Regal FC Barcelona 21-1 over an eight- minute span in the first and second quarters to build up a 40-19 lead 7:56 into the halftime.
Regal FC Barcelona responded with a 23-3 run to record 43-42 with 1:47 left in the first half. The Lakers scored the next eight points and led 53-44 at halftime.
Regal FC Barcelona was included in the four-team tournament, officially known as "The Shootout", after the Golden State Warriors dropped out to play in the NBA China Games at the request of the league, according to Jeanie Buss, the Lakers' executive vice president of business operations.
With the other NBA teams already having set their exhibition schedules, the Lakers had to look for an international opponent, Buss said.
The victory was the Lakers' fourth in four games against international teams. The Lakers defeated Israel's Maccabi Tel Aviv129-106 on Oct. 16, 1990 at the Forum in Inglewood, and won the 1991 McDonald's Championship in Paris, defeating France's CSP Limoges 132-101 in a semifinal, and Spain's Joventut Badalone 116-114 in the final.
NBA teams boast a 65-9 record against international teams.
The tournament will conclude on Sunday, with the Lakers meeting the Toronto Raptors for the championship and Regal FC Barcelona playing the Los Angeles Clippers in the third-place matchup.
Toronto defeated the Clippers, 93-89, in the opening game on Saturday's doubleheader.
Source: Xinhua
California voters to decide fate of ambitious bullet train project on election day
When voters in California cast their ballots in the presidential election on Nov. 4, they will also decide the fate of a controversial project that supporters say could reshape the transportation landscape in the car-crazy state.
Proposition 1A on the ballot will ask for voters' approval of an early 10-billion-dollar down payment toward a proposed high-speed rail system across the state.
Supporters boast that the bullet train project, which could cost a total of 45 billion dollars upon completion, would be the most ambitious public-works effort in the United States since the completion of the transcontinental railroad in 1869.
With high gas prices, congested highways and crowded airports becoming common things, it seems that the time has come to put the bullet train project on the agenda.
However, opponents warn that the project would cost much more than originally planned and could become a fiscal black hole, and it is not an appropriate time for the project as California is facing a perpetual budget deficit and the country is undergoing a financial meltdown.
A poll conducted earlier this year found 56 percent of Californian voters support financing the bullet train project this year, but that was before Wall Street panic hit the Main Street.
It is still unclear whether voters would approve the ballot measure, which would raise construction money for the project by authorizing the state government to sell 9.95 billion dollars of bonds.
California's dream of a bullet train first began in the late 1970s when then-governor Jerry Brown proposed a high-speed railroad between Los Angeles and San Diego, but the plan was shelved due to objections from coastal residents.
Meanwhile, the high-speed rail system has been a different story in other parts of the world. Germany, Spain, Italy and France all have high-speed trains. In Asia, Japan's Shinkansen bullet train started rolling in 1964 and China introduced high-speed train services on major lines of its sprawling railway system last year.
In California, a state commission was set up in 1994 to study the idea of building a high-speed railroad between San Francisco and Los Angeles. Two years later the California High-Speed Rail Authority was established.
The authority has so far spent 60 million dollars planning the project, which researchers said would slash greenhouse-gas emissions in the car-dependent state, significantly reduce traveling times, and more importantly, create hundreds of thousands of new jobs.
"The California High-Speed Rail Authority has worked diligently to present the voters with the best, most responsible improvements to the state's antiquated transportation systems," said Quentine Kopp, chairman of the authority.
Kopp said building a high-speed train network in California would cost two to three times less than expanding highways and airports to accommodate increasing transportation needs in the state in the coming decades.
Source: Xinhua
Proposition 1A on the ballot will ask for voters' approval of an early 10-billion-dollar down payment toward a proposed high-speed rail system across the state.
Supporters boast that the bullet train project, which could cost a total of 45 billion dollars upon completion, would be the most ambitious public-works effort in the United States since the completion of the transcontinental railroad in 1869.
With high gas prices, congested highways and crowded airports becoming common things, it seems that the time has come to put the bullet train project on the agenda.
However, opponents warn that the project would cost much more than originally planned and could become a fiscal black hole, and it is not an appropriate time for the project as California is facing a perpetual budget deficit and the country is undergoing a financial meltdown.
A poll conducted earlier this year found 56 percent of Californian voters support financing the bullet train project this year, but that was before Wall Street panic hit the Main Street.
It is still unclear whether voters would approve the ballot measure, which would raise construction money for the project by authorizing the state government to sell 9.95 billion dollars of bonds.
California's dream of a bullet train first began in the late 1970s when then-governor Jerry Brown proposed a high-speed railroad between Los Angeles and San Diego, but the plan was shelved due to objections from coastal residents.
Meanwhile, the high-speed rail system has been a different story in other parts of the world. Germany, Spain, Italy and France all have high-speed trains. In Asia, Japan's Shinkansen bullet train started rolling in 1964 and China introduced high-speed train services on major lines of its sprawling railway system last year.
In California, a state commission was set up in 1994 to study the idea of building a high-speed railroad between San Francisco and Los Angeles. Two years later the California High-Speed Rail Authority was established.
The authority has so far spent 60 million dollars planning the project, which researchers said would slash greenhouse-gas emissions in the car-dependent state, significantly reduce traveling times, and more importantly, create hundreds of thousands of new jobs.
"The California High-Speed Rail Authority has worked diligently to present the voters with the best, most responsible improvements to the state's antiquated transportation systems," said Quentine Kopp, chairman of the authority.
Kopp said building a high-speed train network in California would cost two to three times less than expanding highways and airports to accommodate increasing transportation needs in the state in the coming decades.
Source: Xinhua
Ban Ki-moon offers to host financial crisis talks at UN
United Nations Secretary General Ban Ki-moon on Saturday supported French President Nicolas Sarkozy's call for global financial crisis talks and offered to host them at the UN headquarters in New York.
Ban met with Sarkozy on the sidelines of the 12th Francophone summit, after the French leader urged for an expanded meeting of the G8 leaders to seek an overhaul of the global financial system.
"I wish to confirm my strong support for your initiative, as EU president, to hold a expanded, emergency G-8 summit to address this urgent problem, and also to include the participation of the secretary-general of the United nations, as well as the heads of the world bank and the international monetary fund," Ban told Sarkozy in a letter.
"We both agree that there is no time to lose, and therefore I fully subscribe to your idea of convening such a forum in early December at the latest," he said.
Ban believed that "holding the summit at the United Nations, the symbol of multilateralism, will lend universal legitimacy to this endeavor and demonstrate a collective will to face this serious global challenge."
He cautioned that "the negative impact of the financial crisis on the world economies not undermine the major UN efforts to achieve the millennium development goals, fight against the effects of climate change and address the food crisis."
Sarkozy's proposal for the crisis talks has won the support of Canadian Prime Minister Stephen Harper, who reaffirmed his determination to restore confidence and normal functioning in the Canadian financial system.
Sarkozy holds that emerging countries like China and India and Arab countries should be included at the talks.
Source: Xinhua
Ban met with Sarkozy on the sidelines of the 12th Francophone summit, after the French leader urged for an expanded meeting of the G8 leaders to seek an overhaul of the global financial system.
"I wish to confirm my strong support for your initiative, as EU president, to hold a expanded, emergency G-8 summit to address this urgent problem, and also to include the participation of the secretary-general of the United nations, as well as the heads of the world bank and the international monetary fund," Ban told Sarkozy in a letter.
"We both agree that there is no time to lose, and therefore I fully subscribe to your idea of convening such a forum in early December at the latest," he said.
Ban believed that "holding the summit at the United Nations, the symbol of multilateralism, will lend universal legitimacy to this endeavor and demonstrate a collective will to face this serious global challenge."
He cautioned that "the negative impact of the financial crisis on the world economies not undermine the major UN efforts to achieve the millennium development goals, fight against the effects of climate change and address the food crisis."
Sarkozy's proposal for the crisis talks has won the support of Canadian Prime Minister Stephen Harper, who reaffirmed his determination to restore confidence and normal functioning in the Canadian financial system.
Sarkozy holds that emerging countries like China and India and Arab countries should be included at the talks.
Source: Xinhua
Pakistan to set up committee to facilitate trade ties with China
President Asif Ali Zardari has ordered the setting up of an inter-ministerial committee to review and report progress on economic and trade ties with China, state media reported on Saturday.
The committee headed by Zardari will meet monthly to assess the progress made to materialize the agreements inked during his visit to China, the official Associated Press of Pakistan said.
Zardari paid a four-day state visit to China from Oct. 14 to 17,during which the two countries signed 12 deals ranging from trade and minerals to agriculture and satellites.
"The president pointed that the deep diplomatic ties between Pakistan and China were not commensurate with their trade and economic relations and needs to be updated," the APP added.
Source: Xinhua
The committee headed by Zardari will meet monthly to assess the progress made to materialize the agreements inked during his visit to China, the official Associated Press of Pakistan said.
Zardari paid a four-day state visit to China from Oct. 14 to 17,during which the two countries signed 12 deals ranging from trade and minerals to agriculture and satellites.
"The president pointed that the deep diplomatic ties between Pakistan and China were not commensurate with their trade and economic relations and needs to be updated," the APP added.
Source: Xinhua
S Korean gov't pledges $100 bln guarantees for banks
The South Korean government on Sunday officially announced that it will provide 100 billion-U.S. dollar state guarantees on foreign debts to be raised by local banks.
"As other major economies start providing guarantees to inter-bank loans, the South Korean government will take similar measures to avoid placing domestic banks at a relative disadvantage in terms of overseas funding and to allay fears in the financial markets," said a statement jointly issued by chiefs of the Finance Ministry, the Bank of Korea and the Financial Services Commission.
"The government will pursue market stabilization policies in a preemptive, decisive and sufficient manner to minimize the total cost of implementing the proposed measures," the statement said.
The decision was regarded as an efforts to ease the dollar shortage in the local financial sector and to revive market confidence.
According to the statement, 30 billion U.S. dollars will be provided "as soon as possible" to local banks and exporters by using the country's foreign reserve holdings. The government announced earlier that it will provide 15 billion U.S. dollars to its financial system.
The state guarantees will be applied immediately from Monday for three years on foreign debts to be raised until June 30, 2009,the government said.
Until it obtains parliamentary approval, the guarantees will be provided by the state-run Korea Development Bank and the Export-Import Bank of Korea, it added.
In a related move, the government said that it will offer tax incentives for long-term holdings of funds, a move that it expects will help strengthen stability of the stock markets, which are undergoing a roller-coaster session, sparking fears over capital outflow, South Korea's Yonhap News Agency reported.
The South Korean government also stressed that it will seek closer cooperation with other countries to cope with the financial turmoil.
"The government will not only promote multinational collaboration among group of 20 industrialized countries, but also reinforce the regional ties centered on South Korea, China and Japan," the statement said.
Source: Xinhua
"As other major economies start providing guarantees to inter-bank loans, the South Korean government will take similar measures to avoid placing domestic banks at a relative disadvantage in terms of overseas funding and to allay fears in the financial markets," said a statement jointly issued by chiefs of the Finance Ministry, the Bank of Korea and the Financial Services Commission.
"The government will pursue market stabilization policies in a preemptive, decisive and sufficient manner to minimize the total cost of implementing the proposed measures," the statement said.
The decision was regarded as an efforts to ease the dollar shortage in the local financial sector and to revive market confidence.
According to the statement, 30 billion U.S. dollars will be provided "as soon as possible" to local banks and exporters by using the country's foreign reserve holdings. The government announced earlier that it will provide 15 billion U.S. dollars to its financial system.
The state guarantees will be applied immediately from Monday for three years on foreign debts to be raised until June 30, 2009,the government said.
Until it obtains parliamentary approval, the guarantees will be provided by the state-run Korea Development Bank and the Export-Import Bank of Korea, it added.
In a related move, the government said that it will offer tax incentives for long-term holdings of funds, a move that it expects will help strengthen stability of the stock markets, which are undergoing a roller-coaster session, sparking fears over capital outflow, South Korea's Yonhap News Agency reported.
The South Korean government also stressed that it will seek closer cooperation with other countries to cope with the financial turmoil.
"The government will not only promote multinational collaboration among group of 20 industrialized countries, but also reinforce the regional ties centered on South Korea, China and Japan," the statement said.
Source: Xinhua
GMS countries to develop regional tourism
Tourism working group of the Greater Mekong Subregion -Economic Cooperation has worked outa latest plan for development of tourism as part of its economic cooperation in the subregion, the official newspaper New Light of Myanmar reported Sunday.
The 22nd GMS Tourism Working Group Meeting, hosted by Myanmar and held recently in Nay Pyi Taw, designated the year 2009-2010 asGMS tourism year with a GMS tourism coordination office being set up to run the tourism year activities.
Progress on the implementation of other plans of the six GMS countries was also touched upon at the meeting, attended by representatives of China, Cambodia, Laos, Myanmar, Thailand and Vietnam sharing the Mekong river, the report said.
Myanmar, a member of the six-country GMS, has worked for closereconomic ties together with other members of the grouping by taking part in the implementation of the GMS program.
With regard to tourism sector, Myanmar is cooperating with the GMS members in 21 tourism projects to develop the sector in the subregion. The 21 projects, which are among the 29 outlined at a tourism investment summit of the GMS held in Lao ancient city of Luang Phrabang in March 2006, covers development of tourism infrastructure, human resources development, private tourism service development and market research.
Meanwhile, as part of its bid to boost arrivals of world tourists and those from the third countries visiting the two border areas of Myanmar and Laos, Myanmar had the Wan Pon port checkpoint in Tachilek upgraded in January 2007 along with the BanMuang Mom checkpoint from the Lao side to meet international standard.
The 4,500-km Mekong river originates from China's Qinghai Province and runs through Myanmar, Laos, Thailand, Cambodia and Vietnam down to South China Sea near Ho Chi Minh city.
According to official statistics, tourist arrivals in Myanmar in the fiscal year 2007-08 which ended in March, totalled 288,776 with 51,872 more registered in the first quarter of 2008-09.
Source: Xinhua
The 22nd GMS Tourism Working Group Meeting, hosted by Myanmar and held recently in Nay Pyi Taw, designated the year 2009-2010 asGMS tourism year with a GMS tourism coordination office being set up to run the tourism year activities.
Progress on the implementation of other plans of the six GMS countries was also touched upon at the meeting, attended by representatives of China, Cambodia, Laos, Myanmar, Thailand and Vietnam sharing the Mekong river, the report said.
Myanmar, a member of the six-country GMS, has worked for closereconomic ties together with other members of the grouping by taking part in the implementation of the GMS program.
With regard to tourism sector, Myanmar is cooperating with the GMS members in 21 tourism projects to develop the sector in the subregion. The 21 projects, which are among the 29 outlined at a tourism investment summit of the GMS held in Lao ancient city of Luang Phrabang in March 2006, covers development of tourism infrastructure, human resources development, private tourism service development and market research.
Meanwhile, as part of its bid to boost arrivals of world tourists and those from the third countries visiting the two border areas of Myanmar and Laos, Myanmar had the Wan Pon port checkpoint in Tachilek upgraded in January 2007 along with the BanMuang Mom checkpoint from the Lao side to meet international standard.
The 4,500-km Mekong river originates from China's Qinghai Province and runs through Myanmar, Laos, Thailand, Cambodia and Vietnam down to South China Sea near Ho Chi Minh city.
According to official statistics, tourist arrivals in Myanmar in the fiscal year 2007-08 which ended in March, totalled 288,776 with 51,872 more registered in the first quarter of 2008-09.
Source: Xinhua
Report: China sees 84% VC collection decline in Q3
A new industry report shows venture capital fund collection in China fell 83.7 percent in the third quarter year-on-year, against the backdrop of the global financial turmoil and slower world economic growth.
In total, 20 new venture capital funds with a combined 492 million U.S. dollars were set up from July to September, Zero2IPO Group, a service provider in the domestic VC and private equity industry, said over the weekend.
The report revealed 16 new VC funds were established by domestic financial institutions which garnered a collective 391 million U.S. dollars, accounting for 79.3 percent of the total capital pool raised.
The Beijing-based research company attributed the strong growth momentum to support and encouragement from local governments.
In total, 109 domestic companies received VC fund investment in the third quarter, while 99 firms revealed their combined investment injection stood at 788 million U.S. dollars.
Investment in the information technology sector slowed, with its weighting in the total investment volume decreasing from 45.9 percent in the second quarter to 31 percent in the third quarter.
Traditional industries saw 30 investment cases with a total of 208 million U.S. dollars, and service industries seeing 16 investment events and a combined 149 million U.S. dollars.
Source: Xinhua
In total, 20 new venture capital funds with a combined 492 million U.S. dollars were set up from July to September, Zero2IPO Group, a service provider in the domestic VC and private equity industry, said over the weekend.
The report revealed 16 new VC funds were established by domestic financial institutions which garnered a collective 391 million U.S. dollars, accounting for 79.3 percent of the total capital pool raised.
The Beijing-based research company attributed the strong growth momentum to support and encouragement from local governments.
In total, 109 domestic companies received VC fund investment in the third quarter, while 99 firms revealed their combined investment injection stood at 788 million U.S. dollars.
Investment in the information technology sector slowed, with its weighting in the total investment volume decreasing from 45.9 percent in the second quarter to 31 percent in the third quarter.
Traditional industries saw 30 investment cases with a total of 208 million U.S. dollars, and service industries seeing 16 investment events and a combined 149 million U.S. dollars.
Source: Xinhua
China's largest open-pit coal mine ready for production
China's largest open-pit coal mine in Haerwusu in northern Inner Mongolia Autonomous Region is set to start production, Shenhua Zhungeer Energy Co., Ltd. told Xinhua on Sunday.
Its estimated coal output was forecast at 7 million tonnes in the fourth quarter this year, but the company didn't specify the exact date when the mine would be put into production.
With a designed annual capacity of 20 million tonnes of crude coal, it is scheduled to run 79 years.
The total investment of the project topped 7 billion yuan , the company said.
Its coal reserves total about 1.73 billion tonnes. It is rich in low-sulfur steam coal.
The project will step up construction of the large national energy base in the western part of Inner Mongolia Autonomous Region and help ease the pressure on the country's energy sector.
Beijing-based Shenhua Group is China's leading coal producer.
Source: Xinhua
Its estimated coal output was forecast at 7 million tonnes in the fourth quarter this year, but the company didn't specify the exact date when the mine would be put into production.
With a designed annual capacity of 20 million tonnes of crude coal, it is scheduled to run 79 years.
The total investment of the project topped 7 billion yuan , the company said.
Its coal reserves total about 1.73 billion tonnes. It is rich in low-sulfur steam coal.
The project will step up construction of the large national energy base in the western part of Inner Mongolia Autonomous Region and help ease the pressure on the country's energy sector.
Beijing-based Shenhua Group is China's leading coal producer.
Source: Xinhua
More job losses in S China amid global financial crisis
Another 1,500 workers in south China have fallen victim to the current global financial crisis as they will have to find new jobs when their factory closes next week.
Hong Kong-listed BEP International Holdings Limited announced it would shut its factory in Shenzhen, Guangdong Province, on Monday after its exports had dropped drastically this year registering huge deficits, a company spokesman told Xinhua on Saturday.
The company was currently paying arrears to its 1,500 workers. Some had found employment with other factories in the southern Hong Kong border city.
BEP, founded in 1986, is an export-oriented company. Most of its annual output of 5 million units of home appliances was sold to Europe, North America, Asia and the Middle East, Australia and New Zealand.
It set up the 22,000-square-meter Shenzhen factory in 1992.
Earlier this week, 7,000 workers were sacked in Dongguan, also in Guangdong, after the Hong Kong-listed Smart Union Group Limited closed two factories.
Smart Union Group is one of the world's biggest toy makers. Most of its products are sold in the United States.
Source: Xinhua
Hong Kong-listed BEP International Holdings Limited announced it would shut its factory in Shenzhen, Guangdong Province, on Monday after its exports had dropped drastically this year registering huge deficits, a company spokesman told Xinhua on Saturday.
The company was currently paying arrears to its 1,500 workers. Some had found employment with other factories in the southern Hong Kong border city.
BEP, founded in 1986, is an export-oriented company. Most of its annual output of 5 million units of home appliances was sold to Europe, North America, Asia and the Middle East, Australia and New Zealand.
It set up the 22,000-square-meter Shenzhen factory in 1992.
Earlier this week, 7,000 workers were sacked in Dongguan, also in Guangdong, after the Hong Kong-listed Smart Union Group Limited closed two factories.
Smart Union Group is one of the world's biggest toy makers. Most of its products are sold in the United States.
Source: Xinhua
Month-on-month decline in China's steel exports not as bad as expected
China saw a month-on-month drop in rolled steel exports in September, albeit the foreign sales of such products were higher than the year-earlier level.
Last month China exported 6.67 million tonnes of rolled steel, a growth of 2.23 million tonnes over the same month of last year, sources with the General Administration of Customs said Saturday.
But the exports were 1.01 million tonnes less than the August amount. The decrease was not so big as observers expected upon global economic slowdown.
This indicated that China-made rolled steel was still competitive in price on international markets. It was possible that the decline in orders from Europe had been offset with those from emerging markets, said Zhang Ping, a steel industry analyst with the United Metals Web.
According to customs data, China exported 48.5 million tonnes of rolled steel in the first nine months of this year, down 2.1 percent from the same period of last year. But the export value went up 46.5 percent to 49.8 billion U.S. dollars.
In a related development, China imported 1.27 million tonnes of rolled steel in September, down 4.54 percent from August or 11.1 percent from the same month of last year.
Rolled steel imports were 12.32 million tonnes in the January-September period, down five percent from a year earlier.
Source: Xinhua
Last month China exported 6.67 million tonnes of rolled steel, a growth of 2.23 million tonnes over the same month of last year, sources with the General Administration of Customs said Saturday.
But the exports were 1.01 million tonnes less than the August amount. The decrease was not so big as observers expected upon global economic slowdown.
This indicated that China-made rolled steel was still competitive in price on international markets. It was possible that the decline in orders from Europe had been offset with those from emerging markets, said Zhang Ping, a steel industry analyst with the United Metals Web.
According to customs data, China exported 48.5 million tonnes of rolled steel in the first nine months of this year, down 2.1 percent from the same period of last year. But the export value went up 46.5 percent to 49.8 billion U.S. dollars.
In a related development, China imported 1.27 million tonnes of rolled steel in September, down 4.54 percent from August or 11.1 percent from the same month of last year.
Rolled steel imports were 12.32 million tonnes in the January-September period, down five percent from a year earlier.
Source: Xinhua
China sees more than 50% decline in coal exports in September
China's coal exports have kept declining since the beginning of the second half of this year, partly as a result of limits in export quotas.
According to latest customs data, China sold abroad 2.08 million tonnes of coal in September, down 53.6 percent from the 4.48 million tonnes in the same month of last year.
After the coal exports hit 6.99 million tonnes in June, the highest within the year, the foreign sales began to fall in July and continued the downward trend in August and September.
Industry observers said the foreign sales were limited by absence of second-batch quota.
In the first half of this year, China set the first-batch quota at 31.8 million tonnes, or 60 percent of its total coal exports for whole of last year. But it declined to release the quota for the second half year as an effort to ensure domestic supplies.
Huang Teng, a coal trade analyst, said on Saturday that the new export quota would likely be issued within this month, so that exporters would be able to fulfill their contracts with importers from Japan and the Republic of Korea.
In the first three quarters, the coal exports stood at 35.72 million tonnes, down 6.1 percent from a year earlier, according to the General Administration of Customs. But the export value increased by 65.1 percent to 3.78 billion U.S. dollars.
Source: Xinhua
According to latest customs data, China sold abroad 2.08 million tonnes of coal in September, down 53.6 percent from the 4.48 million tonnes in the same month of last year.
After the coal exports hit 6.99 million tonnes in June, the highest within the year, the foreign sales began to fall in July and continued the downward trend in August and September.
Industry observers said the foreign sales were limited by absence of second-batch quota.
In the first half of this year, China set the first-batch quota at 31.8 million tonnes, or 60 percent of its total coal exports for whole of last year. But it declined to release the quota for the second half year as an effort to ensure domestic supplies.
Huang Teng, a coal trade analyst, said on Saturday that the new export quota would likely be issued within this month, so that exporters would be able to fulfill their contracts with importers from Japan and the Republic of Korea.
In the first three quarters, the coal exports stood at 35.72 million tonnes, down 6.1 percent from a year earlier, according to the General Administration of Customs. But the export value increased by 65.1 percent to 3.78 billion U.S. dollars.
Source: Xinhua
China's Sept. auto sales recover from Aug. but still not optimistic
China sold 751,500 motor vehicles nationwide in September, representing a growth of 19.48 percent from the previous month but a decline of 2.74 percent from the same month of last year, sources with China Associations of Automobile Manufacturers said Saturday.
The total sales volume included 552,800 passenger vehicles, up 22.49 percent over August but down 1.44 percent from September last year.
Auto production reached 764,700 units nationwide last month, up 24.24 percent over the previous month, but only 1.02 percent higher than the same month of last year.
The total output included 555,500 passenger vehicles, up 27.78 percent over August or 2.05 percent on September last year.
Production was 7.31 million units while sales were 7.23 million units in the first nine months of this year, up 12.35 percent and 11.94 percent, respectively, over the year-earlier level.
But the growth rates were 11.91 percentage points and 10.84 percentage points, respectively, lower than a year ago.
The growth was driven down by declines in both output and sales in July and August, the CAAM sources said.
Demand for commercial vehicles ebbed as the Chinese economy slowed down, but that for SUVs remained strong, the sources added.
Source: Xinhua
The total sales volume included 552,800 passenger vehicles, up 22.49 percent over August but down 1.44 percent from September last year.
Auto production reached 764,700 units nationwide last month, up 24.24 percent over the previous month, but only 1.02 percent higher than the same month of last year.
The total output included 555,500 passenger vehicles, up 27.78 percent over August or 2.05 percent on September last year.
Production was 7.31 million units while sales were 7.23 million units in the first nine months of this year, up 12.35 percent and 11.94 percent, respectively, over the year-earlier level.
But the growth rates were 11.91 percentage points and 10.84 percentage points, respectively, lower than a year ago.
The growth was driven down by declines in both output and sales in July and August, the CAAM sources said.
Demand for commercial vehicles ebbed as the Chinese economy slowed down, but that for SUVs remained strong, the sources added.
Source: Xinhua
Ping An Insurance predicts Q3 loss for Fortis investment
Ping An Insurance Company forecast third-quarter losses in a notice released on Saturday as it booked a huge loss with its investment in Fortis shares.
An initial calculation showed Ping An, the country's second biggest life insurer after China Life, suffered losses in the first three quarters, the notice said.
According to the insurer, the forecast losses largely resulted from its third quarter book value loss of 15.7 billion yuan for its investment in the Belgian-Dutch financial services company.
The insurer said its net profit in the January-to-September period stood at nearly 11.7 billion yuan, however, it was unable to offset the huge loss resulting from the Fortis investment.
Earlier, Ping An spokesman Sheng Ruisheng said the loss of 15.7billion yuan in book value as of Sept. 30 would be reflected in its third quarter report, and would have a significant impact on its profit for the first nine months.
He said the company had invested 23.874 billion yuan in Fortis shares since November.
Ping An also said in the notice it was unclear whether it could achieve profit for the entire year.
Source: Xinhua
An initial calculation showed Ping An, the country's second biggest life insurer after China Life, suffered losses in the first three quarters, the notice said.
According to the insurer, the forecast losses largely resulted from its third quarter book value loss of 15.7 billion yuan for its investment in the Belgian-Dutch financial services company.
The insurer said its net profit in the January-to-September period stood at nearly 11.7 billion yuan, however, it was unable to offset the huge loss resulting from the Fortis investment.
Earlier, Ping An spokesman Sheng Ruisheng said the loss of 15.7billion yuan in book value as of Sept. 30 would be reflected in its third quarter report, and would have a significant impact on its profit for the first nine months.
He said the company had invested 23.874 billion yuan in Fortis shares since November.
Ping An also said in the notice it was unclear whether it could achieve profit for the entire year.
Source: Xinhua
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