Interest rates slashed, but stocks lose again
Chinese shares continued to plunge today (October 9), falling for the 4th consecutive day, in spite of China's central bank's efforts to boost the domestic economy. The market opened high this morning due to the announcement of cuts in both interest rates and in the reserve-requirement ratio but later slid downward. The benchmark Shanghai Composite Index dropped slightly by 0.84%, while the Shenzhen Component Index fell by 2.4%.
KPMG Become Guangzhou Asian Games financial service provider
Today (October 9),KPMG, an international firm providing audit, tax, and advisory services, officially became the exclusive financial service provider for 2010 Guangzhou Asian Games. Guangzhou Asian Games organizers have been advocating organizing the games in a thrift manner.
(photo from dayoo.com)
China sets limits on melamine levels in milk products
Authorities have set standards for melamine levels in milk and associated food products to allay fears following the contaminated milk powder scandal. According to a joint statement issued by five government agencies including the Ministry of Health, the limits have been set at 1 mg per kg for infant formula, and 2.5 mg per kg for other dairy products including liquid milk.
Electric Bicycles banned in Foshan Foshan government has decided to ban electric bicycles and other similar vehicles in some downtown areas starting from the 1st of December. Since last February, the number of electric bicycles in the city has increased dramatically from 40,000 to 100,000, and are blamed to cause frequent traffic accidents.
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