News Oct 9

News Bulletin

China's central bank cuts reserve requirement ratio, interest rate to stimulate economy

In an effort to boost the domestic economy amid worries over the global financial crisis, China's central bank has announced cuts in both the interest rate and the reserve requirement ratio. According to the People's Bank of China, the deposit and lending rates are lowered by 0.27 percentage points starting Thursday, and the reserve requirement ratio will be down by 0.5 percentage points starting Oct. 15. To boost domestic demand, the State Council says it scraps the five percent individual income tax on savings interest earnings starting Thursday.

China urges coordinated global efforts against transnational crimes

China is calling for more cooperation in the international community to strengthen and make concerted efforts to fight transnational organized crime. Ambassador Tang Guoqiang, China's Permanent Representative to the United Nations Office in Vienna, said transnational organized crime is spreading around the world at an alarming rate and poses a grave threat to the international community. Tang says to effectively combat transnational crime, emphasis should be placed on meeting the needs of the developing countries and assisting them with capacity-building with no strings attached.

M5.4 aftershock jolts county near Lhasa

China`s Damxung County in southwest China's Tibet Autonomous Region has been rocked by its third earthquake this week. The China Earthquake Administration said a 5.4 aftershock jolted Damxung County Wednesday evening just after 10pm. No causalities have been reported and only one house collapsed. Damxung, 82 km from Tibet's capital Lhasa, was hit by a 6.6-magnitude earthquake and a 5.2-magnitude aftershock on Monday. At least 10 people were killed.

Financial crisis takes increasingly heavy toll on economic activity

The International Monetary Fund says intensifying financial strains are taking an increasingly heavy toll on economic activity. In its latest World Economic Outlook report the IMF says the financial crisis is increasingly affecting emerging markets as well. The report says the U.S. economy seems particularly vulnerable because household balance sheets are stretched and the housing sector is undergoing a major correction.

U.S. economy still most competitive despite financial crisis

According to a report released by the World Economic Forum, the United States remains the most competitive economy in the world despite its ongoing financial crisis. The annual Global Competitiveness Report says the U.S. economy is endowed with many structural features that make its economy extremely productive and place it on a strong footing to ride out business cycle shifts and economic shocks. According to the report, European economies continue to prevail in the top 10 and include Japan and Canada.

2nd Ld-Writethru: Ukrainian president dissolves parliament

Ukrainian President Viktor Yushchenko dissolved parliament on Wednesday and called an early election in a political crisis following his party's withdrawal from the ruling coalition early September. Yushchenko defended his move as the only way to defend the country's democracy and national interests. He also vowed to hold "a democratic and lawful" vote.

Bush signs U.S.-India nuclear legislation

U.S. President George W. Bush signed into law on Wednesday a bill approved by Congress allowing civilian U.S. nuclear trade with India. Last week, U.S. Congress gave final approval to the legislation authorizing civilian nuclear trade with India. The United States imposed a ban on civilian nuclear trade with India after the latter's first nuclear test in 1974.

Kenya calls for tougher action against Somali pirates

The Kenyan government is calling for tougher action against Somali pirates who have hijacked dozens of foreign vessels along the coast of the lawless Horn of the Africa. Kenyan Foreign Minister Moses Wetang'ula calls on ship owners to stop paying ransoms that have totaled 30 to 50 million U.S. dollars over the past two years. A day after the United Nations Security Council adopted a resolution that directs naval vessels and military aircraft to use "all necessary means" to stamp out piracy, Wetang'ula said the Kenyan government will now start patrols on Somalia's territorial waters to secure the Indian Ocean Coast of the criminals.

UN assembly approves Serbia request for world court ruling on Kosovo

The UN General Assembly has adopted a resolution approving Serbia's request for the International Court of Justice to rule on whether Kosovo 's unilateral declaration of independence was legal. Kosovo, which is dominated by ethnic Albanians, unilaterally declared independence from Serbia on Feb. 17. It has since won recognition from more than 40 countries, including the United States and most EU countries.

Iraq ready to take over security control in Baghdad

A top Iraqi Interior Ministry spokesman says if foreign troops withdraw, Iraqi security forces are capable of taking over security responsibility in Baghdad. Major General Abdul Kareem Khalaf's remarks came a day after Iraqi Foreign Minister Hoshiyar Zebari said that Iraq and the United States are close to reaching a draft deal on the status of U.S. troops in Iraq beyond 2008.

Sports News

China Falls in Recent FIFA World Soccer Rankings

China has dropped by two places in the recent FIFA world soccer rankings released on Wednesday. China ranks 96th in the world, with 374 points. In Asia, Iran also dropped two places to 48th with 619 points, trailing Japan and Australia who are placed 32nd and 34th with 747 and 737 points respectively. Spain stays in first place with 1643 points, followed by Italy and Euro 2008 finalists Germany in an unchanged top three.

Colombia Bids to Host Speed Skating World Cup

Colombian Federation of Skating made official the petition to host the Speed Skating World Cup of 2009. FCP press director Jose Angel Rincon told Xinhua that Bogota candidateship was presented by the president of FCP Alberto Herrera Ayala in Japan. Colombia hopes to host the World Cup not only because of its activity on that sport, but because FCP has the support of Bogota's mayor Samuel Moreno, Rincon said. Besides the support of Moreno, Colombia also has experience after having hosted two World Cups in 2000 and 2007.

Soderling Wins Opener, Two-Time Champ Johansson Falls in Stockholm

Top Swede Robin Soderling advanced to the second round at the Stockholm Open with a 7-5, 6-3 victory over German Benjamin Becker on Wednesday.  

The No. 4 seed broke his opponent once in each set to notch his 10th match win in Stockholm. Soderling, currently No. 35 in the ATP Rankings, will look to reach his seventh quarterfinal of the season when he faces Argentine lucky loser Juan Monaco, who defeated Jonas Bjorkman in the Swedish veteran's last singles match on Tuesday.

S.Korean Swimmer Park Aims To Sweep Golds at National Competition

South Korea's Olympic swimming gold medalist Park Tae-hwan aims to sweep gold medals in freestyle titles at an upcoming national competition.  Park's coach Roh Min-sang says Park, 19, who won South Korea's first-ever swimming gold medal at the 400m men's freestyle in the Beijing Olympics with a time of 3 minutes and 41.86 seconds, is "in good form". Park holds South Korean records for five out of the six freestyle events that will be featured at the national sports event.

Entertainment News

Anson Hu Shines at 2008 Asia Song Festival

Pop singer Anson Hu, the only Chinese mainland singer at the 2008 Asia Song Festival in Seoul, South Korea, has been named "Best Asian Artist". Hu wowed an over 50,000 audience present at the event on the night of October 4th by singing "KTV Karaoke Men" and "18 Taboos". Hu said he felt honored to be invited to the festival and on behalf of all mainland artists he will do his best to introduce Chinese music to fans from other Asian countries. Other Chinese stars featured at the event were Karen Mok from Hong Kong and music group Fahrenheit from Taiwan.

Li Kuchan's Works on Exhibition

To mark the 110th anniversary of Chinese painter Li Kuchan's birthday, an exhibition of his work is being held at the Lu Xun Academy of Fine Arts in Shenyang, North-eastern China on Oct 8. Li Kuchan was a master painter, calligrapher and educator of art. He studied with Xu Beihong and Qi Baishi, who considered Li his best student. Li specialized in bird-and-flower painting in the free and spontaneous xieyi style. The exhibition will last for one week.

Huang Xiaoming Calls on Panda Protection