News & Reports 2010-07-17

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In This Edition

China and Germany ink ten cooperation agreements in Beijing, ranging from green energy, culture to the establishment of joint 1 ventures on truck and lorry production.

An Iranian official now says that the death toll 2 from the twin bombings outside a mosque 3 in the south-east of the country has risen to 27 with some 160 others injured.

The U.S. Congress approves the broadest overhaul 4 of the country's financial rules since the Great Depression.

And Typhoon Conson lands at South China’s Yalong Bay of Sanya City, uprooting 5 trees and cutting power supply.

Hot Issue Reports

China and Germany Ink Co-operation Agreement

China and Germany have inked ten cooperation agreements in Beijing, ranging from green energy, culture to the establishment of joint ventures on truck and lorrie production.

The agreements include a financial cooperation deal which involves 124 million euros of green funding to encourage emission 6 reduction and energy saving by businesses.

The two sides have also signed a joint declaration on the establishment of an environmental partnership 7 covering a number of different areas.

Chinese Premier 8 Wen Jiabao and visiting German Chancellor 9 Angela Merkel were on hand for the signing of the agreements.

"We hope that Germany increase its investment to China in the fields of high-technology and high-end manufacturing industries and participate in China's western development. The Chinese government is committed to create a more open and prioritized investment environment."



For her part, Merkel has tipped her hat to China for its handling of the global economic downturn.

"China's response to the global economic crisis has proved effective and is creating opportunities for other economies, including Germany's. Both Germany and China are export-driven economies, and both nations hope for a strong economy."

No Substantial Results from First High Level Talks Between Indian and Pakistan Since 2008

India's visiting External Affairs Minister S.M. Krishna says he is hopeful Pakistan will pursue new leads in the deadly Mumbai attacks in 2008.

However, the comments come even as it is clear following the high-level talks that the two countries are nowhere near resolving key issues.

Krishna has become the most senior official to visit Pakistan since the November 2008 attacks.

Some of the more tense moments during a news conference between Krisha and Pakistani Foreign Minister Shah Mahmood Qureshi came when the two ministers were asked about the alleged 10 Indian backing of ethnic 11 Baluch nationalist insurgents 12 in Pakistan's Baluchistan province.

Krishna insists that Pakistan has never provided a shred 13 of evidence to back the claim, while at the same time Qureshi adamantly 14 reiterated 15 Pakistan's stance on the issue.

"The Pakistan position is very clear. Infiltration 16 is not a policy of the government of Pakistan or any intelligence of Pakistan. Period. Having said that, if there are individuals who have crossed over, deal with them firmly and Pakistan will cooperate."

The result of meetings between the two basically came down to one thing: an agreement to talk again in the future.

40 Killed in Iraqi Hotel Fire Including Foreigners

A fire at a hotel in the northern Iraqi city of Sulaimaniya has reportedly killed 43 people, including a number of tourists, and has injured at least 23 others.

The hospital source has updated the figures that were earlier released by Police Colonel and Commander of　Civil Defence Aras Baker 17.

"Yesterday at 10:40 p.m, it was reported that there is a fire in Salem street in Soma hotel. We rushed into the scene immediately."

Firefighters could be seen working throughout the night to put out the fire in, what was once, a gleaming, modern building with mirrored-glass windows.

Authorities say the blaze was sparked by an electrical short.

Police officials say that at least one person from China is among the dead.

Victims also include tourists from Bangladesh, Ethiopia, Canada, Ecuador and Venezuela, with some said to be working for foreign oil companies.

The general director of the AsiaCell mobile phone company adds that four of its engineers from the Philippines, Iraq, Sri Lanka and Cambodia were among the dead.

US Senate Passes Financial Reform Bill

The U.S. Congress has approved the broadest overhaul of the country's financial rules since the Great Depression.

By a vote of 60 to 39, the Senate has given final approval to a sweeping 18 measure that tightens 19 regulations across the financial industry.

The legislation establishes new consumer protections, gives regulators greater power to dismantle 20 troubled firms, and limits a range of risky 21 trading activities by banks.

Senator Jeanne Shaheen says the bill has broad support.

"I'm glad that we've been able to work in this bi-partisan manner to craft a strong bill the reigns 22 in the reckless Wall Street conduct that brought us to the edge of financial disaster."

Rodgin Cohen, senior chairman at New York-based law firm Sullivan & Cromwell, says the bill will have a positive long term impact on the US economy.

"Over the short term, it is less clear, maybe some constraints 23 on the capacity of banks that lends and the last thing the economy needs is a reduction of lending capacity, but assuming the bill is implemented 24 in a measured way by the regulatory bodies, I think that the risk can be eliminated. And the safety system will have an overall positive long term effect."

President Barack Obama will likely sign the bill into law next week.

Gulf 25 of Mexico Oil Spill Capped, BP Urges Patience

BP now says it has finally stopped the flow of oil into the Gulf of Mexico, 85 days and up to 697 million liters after the crisis first began.

But the oil giant has stopped far short of declaring victory over the biggest offshore 26 oil spill in US history and one of the nation's worst environmental disasters.

Doug Suttles, BP's Chief Operating Officer, is urging patience as engineers wait to see if the cap can hold the oil without blowing a new leak in the well.

"We'll do lots of analysis to make sure that it looks like everything is at it should be. So, I think it's going to be several more days; we need to be cautious right now, it's a great sight but it's far from the finish line."

The news has elicited 27 a mix of joy and skepticism among Americans, following months of false starts, setbacks and failed attempts.

"It is about damn time. I'm glad it stopped. We live in Texas and, I mean, we don't live on the coast but we live sort of to the coast and we are glad. It affects our whole economy and our ecology."

"I don't understand why it took 87 days. That is what I don't understand."

BP is also drilling two relief wells so it can pump mud and cement into the leaking well in hopes of plugging the leaking well permanently 28 by mid-August.

After that, the Gulf Coast faces a monumental cleanup and restoration that could take years.

UN Says Much More Needs to be Done in Haiti 6 Months After Earthquake

The United Nations now says that half a year after the devastating 29 earthquake ravaged 30 Haiti, much still needed to be done in order to rebuild the impoverished 31 country.

The UN's Undersecretary-General for Humanitarian 32 Affairs John Holmes contends that a surprising amount has been accomplished 33 since the quake, but admits there is a lot more to be accomplished.

"Large parts of Port au Prince, Leogane and Jacmel are in ruins. Rubble 34 and rubbish lie piled in the streets. Hundreds of thousands of people are living under tents and tarpaulins 35 huddled 36 together on the street corners, vacant lots, parks or anywhere that offers space for families to shelter."

Since the January earthquake, which killed close to 300-thousand people and left more than 1.5 million homeless, there has been little progress on clearing rubble so people can return to their neighborhoods or build sturdier shelters.

Just over 5,600 transitional shelters have been built of a promised 125-thousand.

The 125-thousand will still not be enough for everyone displaced because of the quake.

Southern China Braces 37 for Typhoon Conson Landfall, Including Drought Reservoirs

Typhoon Conson landed at Yalong Bay of Sanya City, in south China's island province of Hainan, Friday night, causing casualties.

It brought heavy rains and strong winds to Sanya, uprooting trees, pulling down billboards 38 and light poles and partly cutting power supply.

The typhoon, the first to hit China this year, has triggered high waves and cut some village roads.

The authorities began halting shipping 39 services and flights in Hainan Thursday.

Xu Guoming is the disaster prevention coordinator 40.

"We will specifically focus on reservoirs, especially those dangerous ones. Also we will take care of people who live in city shanty 41 towns and the elderly."

Conson also brought downpours and gales 42 to the coastal 43 province of Guangdong in southern China. Rainstorms are expected to pelt 44 part of Guangdong in two days.

Xu does point out that the torrential rains will actually ease the mild drought Hainan is facing this year.

In addition to the island, parts of Guangdong and neighboring Guangxi Zhuang are also expected to see torrential rains because of Conson.

Many parts of China have been pounded by storms this summer, though the areas expected to be hit by Conson have not been seriously affected 45 so far.

Flooding and subsequent landslides 46 in communities along the Yangtze River and other scattered 47 parts of China have killed 135 people so far this month.

Meanwhile in Japan, landslides caused by heavy rains have left 5 people dead and 8 others listed as missing.

Experts: Chinese Cities Should Strengthen Flood Management

Chinese experts are now calling on municipal governments across the country to adopt flood management plans to reduce the threats caused by heavy rains, which have been innondating many parts of southern and eastern China this year.

Good Summer Crops Harvest Helps Steady China's Food Supplies in Continuing Heavy Rains

China's agricultural watchdog says despite the recent heavy rains pounding the Yangtze River region, summer crop output this year has still reached over 120 billion kilograms, the third highest summer output in history.

Chen Mengshan, spokesperson for the Ministry 48 of Agriculture, says they're now confident that China will reach its goal this year of producing 500 billion kilograms.

"From the whole year point of view, grain production will still keep steady. The good performance of summer grain crops makes us easier to keep sufficient supplies. Regarding to autumn crops, by far it is for sure that early rice cultivation 49 has been expanding, which lays a solid foundation for good production."

Chen Mengshan also says the output of winter wheat has reached over 100 billion kilograms, 10 billion more than last year.

China has three main harvest seasons: summer, early-rice and autumn. The recent extreme weather is expected to affect the second and third seasons.

Official numbers show that over 6 million hectares of farmland have been affected by flooding, pushing up food prices by 5.7 percent in June.

China's Agricultural Bank Rises in HK Debut 50 after Tepid 51 Shanghai Response

China's Agricultural Bank has gained 2.2 percent on its first day of trading in Hong Kong.

It comes a day after a tepid reception in Shanghai, after the rural lender rolled out a massive initial public offering worth up to 22.1 billion US dollars.

The last of China's "big four" state-owned lenders to list started trading at 3-Hong Kong dollars-25. This is 1.6 percent above its offer price of 3-Hong Kong dollars-20.

Xiang Junbo, the Chair of the Agricultural Bank of China, attended the listing ceremony.

"I am very happy with stock price today. It's quite good, it was 3.3 Hong Kong dollars just now."

Chinese investors 52 were lukewarm toward Agricultural Bank on its Shanghai debut yesterday. The stock closed only one percent above its IPO price at 2-yuan-71.

Many view Agricultural Bank as weaker and less profitable than its peers, given that it operates a costly 53 network of far-flung rural branches and its non-performing loan ratio is higher than other major banks, at about 3 percent.

Bamboo, a Sustainable Material for Buildings

With cities around the world looking for new and innovative 54 ways to be more environmentally friendly, a number of pavillions at the Shanghai Expo have taken the opportunity to showcase the use of bamboo as a way of getting more green.

From the Shanghai Daily: City planners in Shanghai now say they plan to further develop the Bund area into a stretch combining a financial hub, cultural business, renovated 55 historical buildings as well as residential 56 communities by 2020.

According to the blueprint 57, construction at the south end of the Bund, mainly in downtown Huangpu District, will be the next focus in the following five years after the north end, in Hongkou District, has been built into a hub for shipping business.

The key Bund financial area, stretches about 4.8 kilometers from Suzhou Creek 58 to the Expo site in Puxi and is an area of some 2.6 square kilometers. It used to house the city branches of many international banks and trading companies in the early 20th century.

Officials plan to add 2.3 square kilometers of new commercial complexes to double the size of the area.

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From the Associated Press: It seems that not even presidents are spared cell phone text scams.

Philippine President Benigno Aquino III has recently been complaining to reporters about the time he spent dealing 59 with text messages from a person abroad claiming to be his sibling-and asking for money. Aquino says he responded that he has no relatives abroad, but the texter was persistent 60 and sent three follow-up messages.

Aquino says he has also received unsolicited offers for car and house loans.

The newly elected president was quoted by newspapers as saying that he even considered changing his number, but decided 61 against that because a lot of officials and friends are already using it.