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SHENYANG -- The Liaoning Provincial Higher People's Court on Monday made a final judgement to uphold the death penalty for a principal in a bogus ant-breeding project that raised 3 billion yuan (7 million) from investors.Last February, Wang Zhendong, board chairman of Yingkou Donghua Trading (Group) Co., Ltd. in northeastern Liaoning Province, was sentenced to death while 15 company managers were given jail sentences of between five and 10 years by the Yingkou Intermediate People's Court.However, Wang and the managers appealed to the provincial high court after the first instance.Wang promised returns of 35 to 60 percent for the fictitious project under the name of Donghua Zoology Culturing Co., Ltd and Donghua Spirit Co., Ltd. between 2002 and 2005.The ants were to be used for making liquor, herbal remedies and as aphrodisiacs.More than 10,000 investors signed contracts with the company before the case was investigated in June 2005.Wang, however, continued to swindle investors who visited the company and told them the business was doing very well. He misused 798 million yuan raised from investors, buying himself luxury goods and lending money to others.One investor committed suicide after realizing he had been duped, the Yingkou court heard. Wang's actions also caused huge economic losses for investors and many subsequently suffered depression, the court said.All of Wang's property was confiscated, while the managers received fines ranging from 100,000 yuan to 500,000 yuan.Also in Liaoning, police in December arrested the chairman of a company that went bust trying to make an aphrodisiac tonic from ants after thousands of angry ant farmers demanded payment.Wang Fengyou, chairman of the Liaoning Yilishen Tianxi Group, was in criminal custody on allegation of instigating social unrest.The company had organized thousands of ant farmers to supply it with insects on condition that they paid a contractual bond. However, it stopped paying its suppliers in November and the angry ant farmers feared they would lose their bonds and payments due.Thousands of ant farmers had gathered at the company offices to demand their money, but Wang allegedly paid company executives and employees to organize protests outside government buildings instead.

The Board of Airport Authority Hong Kong awarded a franchise to building a new cargo terminal at Hong Kong International Airport (HKIA) to a subsidiary of Cathay Pacific Airways Limited here Tuesday.     According to the contract, Cathay Pacific Services Limited, a subsidiary of the parent airways, will design, construct and operate the 10-hectare new cargo terminal during the non-exclusive,20-year franchise.     The new terminal and recently completed enhancements to the cargo apron, taxiways and aircraft stands will equip HKIA to meet future demand for cargo services and to maintain its position as the region's premier air cargo hub.     "The new cargo terminal will reinforce the competitiveness of HKIA as a regional and international air cargo hub." Airport Authority Chief Executive Officer Stanley Hui said, adding "it will provide additional choices for airlines, shippers and freight forwarders.     "I believe it will bring substantial economic benefits, in the form of new jobs and business opportunities, to Hong Kong," he said.     Scheduled to open in the second half of 2011, the new terminal will have an annual capacity of about 2.6 million tons and increase the airport's total general and express cargo handling capacity to 7.4 million tons per annum.     According to Cathay Pacific Services, construction of the new terminal will create over 400 jobs. When it starts operation, the facility will employ more than 1,700 people.     The decision to build a new cargo terminal was made after the Airport Authority held extensive consultations with Hong Kong's air cargo and logistics industry.     In December 2006, the Airport Authority called for pre- qualification proposals, which was followed by invitation for submission of business plans. The Airport Authority assessed the business plans and decided to award the franchise to Cathay Pacific Services as a result of an open and competitive tender process.     The Airport Authority also invited the Independent Commission Against Corruption as an independent advisor to oversee the process.     Driven by the rapid expansion of the Chinese mainland's economy and robust global trade, cargo throughput at HKIA rose 4.5 percent in 2007, to 3.74 million tons. The air cargo industry handled over1.9 trillion HK dollars (243.6 billion US dollars) worth of goods in 2007, accounting 35 percent of Hong Kong's total external trade.     HKIA has remained the world's busiest international cargo airport for the 11th consecutive year.

BEIJING - Chinese Defense Minister Cao Gangchuan will pay official good-will visits to Japan and the Philippines from August 29 to September 6, according to the Chinese Defense Ministry.He will visit the two countries at the invitations of Japanese Defense Minister Koike Yuriko and Philippine Secretary of Defence Gilbert Teodoro.Cao's upcoming visits aim to fulfill the consensus reached between leaders of China and the two countries and strengthen exchanges and trust in defense and security areas, the Defense Ministry said in a statement on Thursday.

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WUHAN -- The rainstorm and floods have killed 68 people and 25 others were missing in central China's Hubei Province since the flood season began in June, according to local government. Another 402,200 people have been evacuated from affected areas, said Liu Hui, deputy head of the disaster relief office under the provincial civil affairs department at a press conference on Sunday afternoon. Hubei, which is also called "the province of thousands of lakes", has experienced six major rainstorms since June, which have triggered floods in more than 2,000 rivers, mountain torrents and landslides, causing an economic loss of more than 3,800 million yuan, said Liu. The central and local governments had allocated more than 90.5 million yuan of relief fund to the affected areas and all the evacuated people have been well accommodated, said Liu. "The evacuated residents have been arranged to live in tents, government buildings, schools or at their relatives and local governments have sent medical teams to treat the injured," said Liu. The official with the provincial flood control office warned local government of preparing for new floods as heavy rainstorms were said to hit Hubei from Tuesday to Friday. "Although the large rivers, like the Yangtze and the Hanjiang Rivers, remain calm so far, the water level of 2,000 rivers of smaller size have risen dramatically, posing a serious threat to the flood control in the counties where the dams are poorly maintained," said Guo Zhigao, deputy director of the provincial flood control office. In addition, most of the reservoirs in Hubei have used out its capacity and some were even reported with leakage and overflow, according to Guo. More than 90,000 people have been patrolling on the dams and around the reservoir and residents nearby have been asked to evacuated to safe places. (One U.S. dollar equals 7.6 yuan)

Huang Ju, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and Vice-Premier of the State Council, died of illness at 02:03 a.m. June 2 in Beijing at the age of 69. An obituary issued by the central authorities called Huang "an excellent member of the CPC, a long-tested and faithful Communist fighter and an outstanding leader of the Party and the state." File photo of Huang Ju. Huang Ju, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and Vice-Premier of the State Council, died of illness at 02:03 a.m. June 2 in Beijing at the age of 69.[Xinhua/File Photo]The obituary was issued by the CPC Central Committee, the Standing Committee of the National People's Congress, the State Council and the National Committee of the Chinese People's Political Consultative Conference. Huang Ju, born in September, 1938, native of Jiashan, Zhejiang Province, joined the CPC in March, 1966 and graduated from the Electrical Engineering Department of Qinghua University. From 1995 to 2002, he served as member of the CPC Central Committee's Political Bureau and secretary of the CPC Shanghai Municipal Committee. In November 2002, he was elected member of the Standing Committee of the Political Bureau of the CPC Central Committee at the first plenary session of the 16th CPC National Congress. Huang was approved as vice-premier of the State Council, at the 7th plenary meeting of the First Session of the 10th National People's Congress in March, 2003. From 1963 to 1982, Huang worked in the Shanghai Artificial-Board Machinery Factory, Shanghai Zhonghua Metallurgical Factory and Shanghai Petrochemical General Machine-Building Company. In this period, he was promoted from a technician to engineer and vice manager. He served as deputy director of the Shanghai No. 1 Bureau of Mechanical and Electrical Industry between 1982 and 1983. From 1983 to 1984, he served as member of the Standing Committee of the CPC Shanghai Municipal Committee and secretary of the Municipal Industrial Work Party Committee. From 1984 to 1985, he served as Standing Committee member of the CPC Shanghai Municipal Committee and concurrently as secretary-general of the CPC Shanghai Municipal Committee. Between 1985 and 1986 he was deputy secretary of the CPC Shanghai Municipal Committee. From 1986 to 1991, he served concurrently as vice mayor of Shanghai, and he served as mayor of Shanghai concurrently from 1991 to 1994. Between 1994 and 1995 he served as member of the Political Bureau of the CPC Central Committee, secretary of the CPC Shanghai Municipal Committee and Shanghai mayor.

WUHAN: The China Enterprise Confederation (CEC) has released its latest list of the country's top 500 companies.State-owned China Petrochemical Corporation, also called Sinopec, was the largest company by revenue, with 1.06 trillion yuan (9.5 billion) in 2006. It was the only company to top 1 trillion yuan.Foreign trade dealer Zhucheng Waimao Co Ltd ranked 500. The Shandong province-based company recorded 7.216 billion yuan.Companies in the list witnessed a 23.7 percent increase in revenue and 25.9 percent hike in profits from the previous year, largely because of continued growth from mergers and acquisitions.However, the money-earning performance of the 500 still falls far behind that of the world's top 500 as compiled by Forbes.China's top performers recorded a modest 4.72 percent on profit margin, lower than the average 7.32 percent of the world's top 500, the CEC report said.The return on equity of the top 500 was 10.1 percent, much lower than the 16.1 percent of the world's top 500."The top 500 China is still mainly ranked in size instead of performance," Li Wei, deputy director of the State-owned Assets Supervision and Administration Commission of the State Council said."That is a gap between China and developed countries."A total of 22 Chinese companies were among the world's top 500 in 2007. Sinopec, the largest company in China, ranked 17th."China's top firms have still focused their business on traditional industries, mainly manufacturing," Yang Du, professor at Renmin University of China, said.As many as 280 companies, accounting for 56 percent of the top 500 are from manufacturing industries, and less than 30 percent are from service-related industries.China's top 500 have been continually expanding, with 131 of them, merging and acquiring some 408 other businesses last year."But these merger and acquisition (M&A) activities are mainly limited within the same industries and few of the M&A deals are cross-industries," Yang said.Among the top 500, 96 are headquartered in Beijing and 40 are from East China's Jiangsu Province.

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BEIJING - China said Monday it will use global positioning satellites to ensure food safety at the Beijing Olympics as it steps up efforts to blacklist manufacturers who violate safety regulations. Wang Wei, an executive vice president of the Beijing Olympic Committee, said the high-tech system will monitor food production, processing factories and food hygiene during the games to make sure healthy food is delivered to the 10,500 athletes residing in the Olympic Village. Food products will be affixed with an "Olympic food safety logistics code" and transportation vehicles will be tracked using global positioning satellites, Wang said. He did not provide further details of either plan. "The whole process will be monitored from the start of production through transportation to the end users," Wang said. "We are very confident about ensuring food safety in Beijing." Wang said extra measures would also be taken to ensure food safety for the general public. "During the games some special monitoring mechanisms will also be applied to monitor restaurants and public food sellers to let people know how they can buy safe food," he said. In a separate announcement, Beijing-based Qianxihe Food Group, an Olympic sponsor, said it had begun selling a hormone-free line of pork for the games, a company official said. The company's pigs have been fed food without hormones and are part of the "Olympics Special Supply Pork" range, which will be consumed by athletes and can be bought in supermarkets by ordinary citizens, said the official, who would give only her surname Tong. Wang's comments came after Vice Commerce Minister Gao Hucheng announced that 429 exporters have been blacklisted and punished for producing dangerously substandard products

BEIJING, March 24 (Xinhua) -- Chinese commercial banks will be allowed to trade gold futures in the domestic market, according to a notice released on the regulator's official website here on Monday.     China gold futures trading was launched in January, but domestic banks were barred from trading by the China Banking Regulatory Commission.     According to the notice, domestic banks that meet certain requirements, such as having capital adequacy ratio of more than 8percent, can apply for a trading permit.     "That's great news for the gold futures market, which is not operating that well," said Hu Yuyue, an expert with Beijing Technology and Business University.     "Commercial banks can provide more liquidity and stability to the market, after all, they hold huge capital," said Hu.     "Gold futures trading can also help domestic banks to improve competitiveness against overseas banks as financial derivatives are supposed to be the largest revenue sources for leading banks," he said.     Non-interest income usually accounts for at least 50 percent of bank revenues in developed countries and the proportion can reach 80 percent for some banks.     However, Chinese banks depend heavily on the margins between deposits and loans.

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The central government has ordered coal firms to stop driving up prices and said they must honor their supply contracts with power plants in an effort to head off a power shortage.At the request of the National Development and Reform Commission, the China Coal Transportation and Distribution Association has threatened to cancel the license of any company that ignores the order to stabilize prices."Coal producers must strictly implement their contract prices for 2008 and must not take advantage of the current tight supply to raise prices as they like," the association said in a circular issued yesterday.Prices should be held at around the same level as at the end of last year, the circular said.The government is also banning all coal shipments other than those to power plants.The crackdown comes as the country faces a severe power shortage. Several power plants are struggling to secure the coal they need, while others are reducing their output rather than lose money as coal prices soar.Brownouts have already hit at least 13 provinces, and at its peak last week, nationwide demand outstripped supply by nearly 70 gigawatts, the People's Daily newspaper reported yesterday.About 80 percent of China's electricity is generated by burning coal.The crackdown on unsafe mines, high global demand, which pushed up prices and the cold snap that has closed roads and downed cables have added to the problem, an official from the State regulator said.

The straight definitely became the minority at a cheesy bar, dimly lit in pink, in downtown Beijing Friday night, where the shooting of the Heart of Crystal, China's first ever grassroots gay film was heralded to the mostly gay 100-odd audience.The alternative tearjerker tells of the bittersweet romance between a pair of gay men, inspired by the 42-year-old Beijing-based gay illustrator Mao Zhiyong, also the director.Due out for online screening by the end of the year, the small budget movie, based on Mao's personal experience, aims to show the true-life picture of China's millions of gay men and strive for more social tolerance for the community.Like crystal, love between gay men is usually fragile, while more importantly, transparent and pure, Mao said."So we named it that way."The film tells the story of Jia Ning, a gay men in his 30s and with special blessing on art, fell at the first sight for Xiao Dong, an art student at college. The two break up over misunderstandings.As Jia Ning woke up to the truth that Xiao Dong pursues love rather than money together with him, he moved to Beijing to find Xiao Dong to resume the relationship.Without seeing the one he loved, Jia Ning is caught in chaos because one night stands and a decadent lifestyle in the local gay community.Determined to move away from that lifestyle, he tries to break into the fashion industry and finally succeeds, with fame, wealth, and confidence. And finally he meets Xiao Dong, who will go abroad with his new boyfriend shortly."It's not like the conventional gay story with heroes usually socially and economically marginalized." Mao said. "I want to infuse hope into gay life with my story that there is true love, even if not bearing fruit finally, and that through hard work, lit by ambition, life can be as wonderful as that of the straight."Hong Yiping, straight and 26, said he felt comfortable to play Jia Ning despite a short period of struggle before deciding."I have to play against Collin, a real gay, and in some explicit scenarios in the movie, at first frightened me." Hong, a second line entertainer, told China Daily.Collin, a muscular gay, who plays Xiao Dong, said he first took the role just for fun as he only worked half a day as a coach in a Beijing fitness club, but later found the role to be significant work supported by many people."A self-made and true-to-love man, Jia Ning moves me a lot, so I decided to join and do my share, as a straight, to help them with more support through their voice heard from the movie."Edward Russell, a US journalist said: "It's a huge progress and the Chinese society is more open".