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Archive for April 24th, 2008

China shares jump nearly 10 percent

posted by admin in cnn, news

SHANGHAI, China (AP) — Chinese shares soared early Thursday after the government cut a tax on stock transactions in a move widely seen as a signal of support for the markets.

The benchmark Shanghai Composite Index surged as much as 9.6 percent to 3,593.2 in morning trade as investors resumed buying after weeks of holding back in hopes of market boosting news. It later dropped back to 3515.6, up 7.2 percent.

The jump came after the government announced late Wednesday that it was cutting a stamp tax on share transactions to 0.1 percent from 0.3 percent, reversing a move it made May 30 — when it was seeking to cool surging stock prices.

The measure, which took effect Thursday, was approved by the State Council, Finance Ministry and State Administration of Taxation, the official Xinhua News Agency reported.

The Shanghai market has been hit hard recently, dropping to levels last seen in March 2007.

In recent weeks, expectations have been mounting on the government to take decisive steps to prop up the domestic markets, Jing Ulrich, chairwoman of China equities for JPMorgan Chase Co.

The lowering of stamp duty … is among the most aggressive steps the government could have taken to improve sentiment, Ulrich wrote in a research note.

Alarmed by an 11 percent slide in the Shanghai index last week, late Sunday night the China Securities Regulatory Commission also announced new restrictions on sales of large blocks of shares newly freed from lockup periods.

That move, showcased in front-page headlines of state-run newspapers, was explicitly aimed at reassuring investors fretting over some $430 billion in previously nontraded shares due to enter the market this year. But it seemed to do little to spur buying.

For the first time in more than a year, the Shanghai benchmark dropped below 3,000 briefly during trading Tuesday before rebounding later in the day. Rumors that another market boost was in the works helped push the index up 4.2 percent on Wednesday.

The stamp tax reduction seems to have done the trick, for now.

The Shanghai index was helped Thursday by a 7.1 percent advance in PetroChina’s stock, to 17.70 yuan. Its shares account for about one-fifth of the benchmark’s total value.

At least 200 companies’ shares had hit the 10 percent daily upside limit by late morning, according to figures compiled by market monitor Wind Consulting Co.
found here.

Australian torch relay ends with minor skirmishes

posted by admin in cnn, news

CANBERRA, Australia (CNN) — Australian freestyle swimmer and five-time Olympic gold medalist Ian Thorpe ended the Australian leg of the torch relay Thursday, touching the flame to light a cauldron after a run that was only marginally plagued by anti-China protests.

At least five people were arrested during the torch relay that ended up more orderly than those in other countries but still heavy with people demonstrating both for and against China, which will host the 2008 Olympics in Beijing in August.

Police said the five were arrested for interfering with the event under special powers enacted in the wake of massive protests against Chinese policy toward Tibet.

The first scuffle took place at Reconciliation Place, where the relay began shortly before 9 a.m. local time (7 p.m. ET). The incident took place shortly before the relay was to begin, prefaced by a ceremony of cleansing and dancing conducted by Aboriginal Australians.

In all, 80 runners carried the torch through Canberra. Watch as the torch made its way through Canberra amid security

All along the route, and in a large crowd at the cauldron lighting, red Chinese national flags vastly outnumbered Australian flags or banners from any other nation along the route.

Many in attendance appeared to be Chinese students studying abroad in Australia.

International demonstrators had vowed to show up 500-strong for the torch relay to protest China’s policy toward Tibet, which has long petitioned for more democratic rights and freedoms, and China’s human rights record.

Australian police countered armed with special powers — enacted for the relay — to stop and search them.

Police reported some minor skirmishes between supporters of China and pro-Tibet demonstrators near where the run began, but no arrests were made. About 30 minutes into the run, a man ran into the street directly in front of the torchbearer but was immediately pushed away by security and apprehended by police

Shortly before the flame arrived in Canberra, police arrested a man and a woman who were trying to unfurl a banner on Sydney’s Harbour Bridge.

The relay route, already truncated from 20 km (12 miles) to 16 km (10 miles), will thread past the Parliament House and within yards of the Chinese Embassy.

Police put up meter-high fences along the route to keep the 80 torch runners safe from protesters. About 350 police officers have been preparing for weeks, armed with special powers to stop and search people for prohibited items, from guns to eggs. Watch preparations for the relay in Canberra

We’re quite optimistic, having talked to all the parties involved, that it’s going to be peaceful, said a spokesman for the Australian Federal Police. But we’re obviously prepared in the event that it gets out of hand.

Police described most of the day’s skirmishes as minor, saying security and law enforcement officers were able to break up disturbances before they became violent.

Australian Prime Minister Kevin Rudd had requested that the number of Chinese flame attendants be limited during the run. The attendants, whose job is to ensure that the torch is not improperly extinguished, were accused of being too aggressive during protest-marred stops in other countries.

Only two of the attendants were visible as the run began.

Paul Bourke of the Australian Tibet Council said he expected about 500 supporters to descend on Canberra on Thursday to protest peacefully. Thousands of Chinese students were also expected at the relay.

Early Wednesday morning, members of the Tibet Council used lasers to spell out statements on the pylon wall of the Sydney Harbour Bridge.

The statements — Don’t torch Tibet and China, Talk to the Dalai Lama — were beamed on to the bridge wall about 1 a.m. after the floodlights had been turned off, Bourke said. They protested a plan to carry the torch through Tibet and China’s refusal to negotiate with the Tibetan spiritual leader.

We believe it would be unnecessarily provocative to run the torch relay through the Tibetan areas, Bourke said.

He added that the International Olympic Committee, in awarding the Olympic Games to China, said it would be a force for good in the country. But it hasn’t happened, Bourke said. Watch a timeline of the Olympics and politics

There’s still four months left for China to honor its commitment to rest of the world, and it can do so by negotiating with the Dalai Lama to work toward a lasting solution to the Tibet issue, he said.

Several hours later, a man and a woman were arrested as they tried to unfurl a banner on the Harbour Bridge. Walsh, the police spokeswoman, would not confirm local reports that the pair was trying to unveil a Tibetan flag.

Police cited the two protesters for violating a law that requires a permit for any displays from the bridge.

Three men and a woman were also arrested for hanging a banner from a street sign at King’s Cross, Walsh said.

Security concerns prompted Pakistani officials to close the relay to the public and hold it at a stadium in front of invited guests. India truncated the route and kept protesters at bay by lining the route with thousands of police officers and paramilitary troopers. Follow a map of the international torch relay

But stops in some countries, such as Argentina, Tanzania and Oman, have been trouble-free.

The flame arrived in Australia from a relatively incident-free jaunt through Jakarta, Indonesia.

On Tuesday, torchbearers circled a track around Jakarta’s main sports stadium in front of invited guests and journalists in a relay that was shortened to just over 4 miles (7 km). Watch the torch being lit in Jakarta

Indonesian police arrested six pro-Tibet protesters and took down anti-Chinese banners and signs outside the sports complex, according to a protest organizer. Police said they were charged with not having a permit to stage a protest.
found here.

Australian torch relay ends with minor skirmishes

posted by admin in cnn, news

CANBERRA, Australia (CNN) — Australian freestyle swimmer and five-time Olympic gold medalist Ian Thorpe ended the Australian leg of the torch relay Thursday, touching the flame to light a cauldron after a run that was only marginally plagued by anti-China protests.

At least five people were arrested during the torch relay that ended up more orderly than those in other countries but still heavy with people demonstrating both for and against China, which will host the 2008 Olympics in Beijing in August.

Police said the five were arrested for interfering with the event under special powers enacted in the wake of massive protests against Chinese policy toward Tibet.

The first scuffle took place at Reconciliation Place, where the relay began shortly before 9 a.m. local time (7 p.m. ET). The incident took place shortly before the relay was to begin, prefaced by a ceremony of cleansing and dancing conducted by Aboriginal Australians.

In all, 80 runners carried the torch through Canberra. Watch as the torch made its way through Canberra amid security

All along the route, and in a large crowd at the cauldron lighting, red Chinese national flags vastly outnumbered Australian flags or banners from any other nation along the route.

Many in attendance appeared to be Chinese students studying abroad in Australia.

International demonstrators had vowed to show up 500-strong for the torch relay to protest China’s policy toward Tibet, which has long petitioned for more democratic rights and freedoms, and China’s human rights record.

Australian police countered armed with special powers — enacted for the relay — to stop and search them.

Police reported some minor skirmishes between supporters of China and pro-Tibet demonstrators near where the run began, but no arrests were made. About 30 minutes into the run, a man ran into the street directly in front of the torchbearer but was immediately pushed away by security and apprehended by police

Shortly before the flame arrived in Canberra, police arrested a man and a woman who were trying to unfurl a banner on Sydney’s Harbour Bridge.

The relay route, already truncated from 20 km (12 miles) to 16 km (10 miles), will thread past the Parliament House and within yards of the Chinese Embassy.

Police put up meter-high fences along the route to keep the 80 torch runners safe from protesters. About 350 police officers have been preparing for weeks, armed with special powers to stop and search people for prohibited items, from guns to eggs. Watch preparations for the relay in Canberra

We’re quite optimistic, having talked to all the parties involved, that it’s going to be peaceful, said a spokesman for the Australian Federal Police. But we’re obviously prepared in the event that it gets out of hand.

Police described most of the day’s skirmishes as minor, saying security and law enforcement officers were able to break up disturbances before they became violent.

Australian Prime Minister Kevin Rudd had requested that the number of Chinese flame attendants be limited during the run. The attendants, whose job is to ensure that the torch is not improperly extinguished, were accused of being too aggressive during protest-marred stops in other countries.

Only two of the attendants were visible as the run began.

Paul Bourke of the Australian Tibet Council said he expected about 500 supporters to descend on Canberra on Thursday to protest peacefully. Thousands of Chinese students were also expected at the relay.

Early Wednesday morning, members of the Tibet Council used lasers to spell out statements on the pylon wall of the Sydney Harbour Bridge.

The statements — Don’t torch Tibet and China, Talk to the Dalai Lama — were beamed on to the bridge wall about 1 a.m. after the floodlights had been turned off, Bourke said. They protested a plan to carry the torch through Tibet and China’s refusal to negotiate with the Tibetan spiritual leader.

We believe it would be unnecessarily provocative to run the torch relay through the Tibetan areas, Bourke said.

He added that the International Olympic Committee, in awarding the Olympic Games to China, said it would be a force for good in the country. But it hasn’t happened, Bourke said. Watch a timeline of the Olympics and politics

There’s still four months left for China to honor its commitment to rest of the world, and it can do so by negotiating with the Dalai Lama to work toward a lasting solution to the Tibet issue, he said.

Several hours later, a man and a woman were arrested as they tried to unfurl a banner on the Harbour Bridge. Walsh, the police spokeswoman, would not confirm local reports that the pair was trying to unveil a Tibetan flag.

Police cited the two protesters for violating a law that requires a permit for any displays from the bridge.

Three men and a woman were also arrested for hanging a banner from a street sign at King’s Cross, Walsh said.

Security concerns prompted Pakistani officials to close the relay to the public and hold it at a stadium in front of invited guests. India truncated the route and kept protesters at bay by lining the route with thousands of police officers and paramilitary troopers. Follow a map of the international torch relay

But stops in some countries, such as Argentina, Tanzania and Oman, have been trouble-free.

The flame arrived in Australia from a relatively incident-free jaunt through Jakarta, Indonesia.

On Tuesday, torchbearers circled a track around Jakarta’s main sports stadium in front of invited guests and journalists in a relay that was shortened to just over 4 miles (7 km). Watch the torch being lit in Jakarta

Indonesian police arrested six pro-Tibet protesters and took down anti-Chinese banners and signs outside the sports complex, according to a protest organizer. Police said they were charged with not having a permit to stage a protest.
found here.

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