China Completes lighthouses construction in disputed South China Sea
China has completed the construction of two lighthouses in the disputed South China Sea, the official Xinhua news agency reported, as tensions in the region mount over Beijing's maritime ambitions. A completion ceremony was held for the lighthouses on Huayang Reef and Chigua Reef in the Spratly islands, Xinhua said late on Friday. The United States and the Philippines have opposed the construction. China claims most of the energy-rich South China Sea, through which $5 trillion in ship-borne trade passes every year, and the Philippines, Vietnam, Malaysia, Taiwan and Brunei have overlapping claims. China said on Friday it would not stand for violations of its territorial waters in the name of freedom of navigation…
At Least 50 Dead in Chinese Port Blast, 700 Injured
Two huge explosions tore through an industrial area where toxic chemicals and gas were stored in the northeast Chinese port city of Tianjin, killing at least 50 people, including at least a dozen fire fighters, officials and state media said on Thursday. At least 700 people were injured, more than 71 seriously, the Tianjin government said on its Weibo microblog, and the official Xinhua news agency said two fires were still burning. Wednesday night's blasts, so large that they were seen by satellites in space, sent shockwaves through apartment blocks kilometres away in the port city of 15 million people. Internet videos showed fireballs shooting into the sky and the U.S. Geological Survey registered the blasts as seismic events.
No Signs of Life as China Starts Righting Capsized Ship
Chinese authorities began late on Thursday to right a cruise ship that capsized on the Yangtze River, after divers sent to search for survivors found no signs of life inside. With only 14 survivors found, including the captain and chief engineer, since the ship carrying 456 people overturned during a freak tornado on Monday night, the rescue mission has now become an operation to recover hundreds of bodies. "In a situation in which the overall judgment is that there is no chance of people being alive, we could start the work of righting the boat," transport ministry spokesman Xu Chengguang told a news conference. State television confirmed that the righting operation had begun.
16 Die in Coal Mine Accident in China
Sixteen workers were killed after a coal mine collapsed in China's far western region of Xinjiang, the official Xinhua news agency reported on Saturday, highlighting the poor safety standards in the world's biggest coal producing country. The accident occurred in the regional capital of Urumqi on Friday night when 33 workers were underground, the report said citing local officials. Eleven workers were injured and six escaped, it added. The report did not identify the name of the coal mine and said the cause of the accident is being investigated. China's mines are the deadliest in the world because of lax enforcement of safety standards and a rush to feed demand from a robust economy. Twenty two workers were killed in a coal mine accident in southwestern China in June.
China Condemns Vietnam Over Violent Riots
China 's Foreign minister condemned Vietnam in an Urgent Phone Call with the Southeast Asian Country's Deputy Prime minister over Anti-Chinese protests that have killed up to 21 people, the Official Xinhua News Agency reported on Friday. Foreign Minister Wang Yi told Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh in the Call on Thursday night that " Vietnam bears unshirkable Responsibility for the violent attacks against Chinese companies and nationals ", Said the report. China Also sent a working group, led by Assistant Foreign Minister Liu Jianchao , toVietnam on Thursday to Deal with the Aftermath of the Riots, Xinhua Said.
China Nuclear Power Plans $2.6 Bln Share Sale In Industry's First IPO
China National Nuclear Power Co Ltd said it plans to sell shares publicly in Shanghai aiming to raise 16.3 billion yuan ($2.60 billion), the first initial public offering from the industry as China resumes expansion on its nuclear power capacity. The listing, if approved by the securities regulator, could also the biggest mainland listing since Agricultural Bank of China Ltd debuted in July 2010, and comes after China restarted its IPO market this year. Guotai Junan Securities Co Ltd has also applied for an IPO in Shanghai that could raise nearly 22 billion yuan, according to Reuters calculations. The state-owned China National Nuclear plans to sell 3.651 billion shares…
Nanjing Tanker To Be Delisted, First By Central Gov't Backed Firm
Loss-making shipping company Nanjing Tanker Corp will be delisted from the Shanghai Stock Exchange after a five-day grace period, marking the first time for a company backed by the central government to be dropped from a domestic exchange. The delisting comes after the government allowed China's first-ever public bond default in March and underscores the difficulties facing domestic companies saddled with record debt in a slowing economy. The delisting had been widely anticipated after the company said in January it was poised to post its fourth straight year of loss, breaching exchange rules. A statement carried on the Shanghai exchange's official microblog on Friday said Nanjing Tanker will be delisted after booking losses from 2010 to 2013.
