Welcome to the Beijing Hour, coming to you live from the Chinese Capital.

Coming up on our program this morning...

Chinese Premier Li Keqiang has announced a new initiative to help increase 'industrial capasity ' in Brazil.

The Chinese government is offering up a few more details of its plans to turn the country in to a manufacturing hub over the next few years.

Iran's supreme leader has issued a new statement rejecting the idea of nuclear inspections at the country's military sites.

In Business.... the company running the Hong Kong Stock Exchange looking toward the mainland for a commodities connection.

In Sports.... Juventus takes this year's Series A title for the first time in some 2-decades.

In entertainment... Iconic US talk show host David Letterman records his final program.

Top NewsCooperation in industrial capacity would help Brazil and China achieve win-win results: Chinese PremierAnchorChinese Premier Li Keqiang has announced plans to set up new Chinese-backed infrastructure in Brazil to produce trains for the Rio de Janeiro metro.

The announcement has been made on the last day of his stay in the country.

CRI's Qi Zhi has more details.

ReporterPremier Li Keqiang has made the announcement at the opening of an exhibition dislpaying 3 Chinese-manufactured trains purchased by the city of Rio de Janeiro.

The trains are specifically designed for the city's new metro line, which is due to open ahead of next year's Olympic Games.

In delivering the pledge, Li Keqiang says China wants to do more than just export to Brazil, saying the creation of infrastructure to produce and maintain the metro carriages will help benefit Rio over the long-term.

"I took a ride on a china-made railway with Rio's Governor before I came here. I've heard that people In Rio seem to like it. I've made it clear to the Chinese companies involved in the project they have to keep up constant maintenance of the railways to maintain the comfort level. We are willing to help in this regard by building maintenance and production bases where we can train local workers. This will help drive local employment."Rio's State Transport Secretary, Carlos Osorio, says more Chinese investment in local mass-transit will be welcomed.

"Rio de Janeiro hopes for more investment and partnerships from this visit. China is a big partner of Rio de Janeiro. We want to attract Chinese investments to build the new Rio-Vitoria railway line, which they've already shown an interest to. Also to build a Chinese train factory and manufacture centre to respond to demand from across South America."At the same time, Li Keqiang notes both the Chinese and Brazilian governments have also agreed to increase cooperation in industrial capacity.

This is the term being used to describe Chinese investment in existing Brazilian industrial firms.

"China is willing to cooperate with Brazil in areas such as the manufacturing of automobiles, shipping, steel and building materials. We don't want to just export our equipment. We want to help build factories and assembly lines in Rio to increase local employment. We promise Chinese companies will also fulfill their social responsibilities. The cooperation in industrial capacity, with an eye on the environment, can only produce mutual benefits."Premier Li Keqiang arrived in Rio after signing a series of trade agreements with Brazilian President Dilma Rousseff in Brasilia worth some 27 billion U.S. dollars.

A joint fund will be set up for industrial capacity cooperation to finance bilateral projects in infrastructure construction.

Li Keqiang's Latin America tour also includes stops in Colombia, Peru and Chile.

For CRI, I'm Qi Zhi.

Chinese Ambassador: Premier Li's Visit Promotes China-Columbia Relations to a New LevelAnchorChinese Premier Li Keqiang is headed to Colombia later on this Thursday for the 2nd leg of his 4-nation tour.

CRI's Wang Ling with more on what China's Ambassador to Colombia has to say about the visit.

ReporterLi Keqiang is the first Chinese Premier to visit Columbia in nearly 30 years. Chinese ambassador to Colombia Wang Xiaoyuan says the bilateral relationship is changing.

"This year marks the 35th anniversary of the two countries setting up diplomatic relations. Premier Li's visit is a good chance to summarize the China-Columbia relationship in the past 35 years, and to lay a good foundation for the future development."Ambassador Wang says the visit is on a tight-schedule. In less than 24 hours, 12 agreements will be signed between the two governments, mainly on culture, education, trade, and infrastructure. Meanwhile, Li Keqiang, together with Columbia's President, will also present the China- Latin American Cultural and Educational Exchanges Seminar.

Looking back the past 35 years, Wang Xiaoyuan believes economic cooperation between the two countries could be stronger, so cooperation in this field is expected to be explored during this visit.

"Since the establishment of diplomatic ties between the two countries, we have more cooperation in trade, but less in economic projects. At present, only 30 Chinese enterprises have entered the Columbian market, mainly on energy and minerals. We have potential for more cooperation, such as infrastructure, industrial capacity transfer, and agricultural collaboration."On the cultural front, Ambassador Wang points out Li's visit will further deepen cooperation and exchanges.

"An agreement on a Cultural Exchange Plan between 2015 to 2018 will be signed. This agreement covers cultural exchange group visits and other art forms exchanges like painting, sculpture, films and books. What's more, there will also be a cooperation plan on protecting and restoring cultural heritage."Wang points out that with frequent exchanges between the two countries, their people can become more and more interested in each other's culture. Currently, a student exchange program has already been established between the two countries.

For CRI, this is Wang Ling.

China eyes investment funds to help "capacity exports": NDRCThe Chinese government has created a new investment arm of the China Investment Corporation.

The new subsidiary of China's sovereign wealth fund has been given a 5-billion US dollar seed.

Gu Dawei with the National Development and Reform Commission says the new division is meant to try to help Chinese companies invest overseas, with a focus on "industrial capasity.""The guideline specifies that companies can mortgage offshore assets and ask for loans inside the country. We view it as a major breakthrough. All Chinese financial institutions are also being asked to speed up their pace of globalization, setting up branches abroad, as well as providing financial services to help Chinese companies go global."The focus of the new 5-billion US dollar initiative is focused on the automotive, rail and machinery sectors.

Gu Dawei says the NDRC is encouraging Chinese companies to work together when going abroad.

"We're asking companies to adopt new business models, and band together to go overseas. We're recommending they focus on industry cluster zones and industrial parks. We're also asking that large Chinese operations with subsidiaries encourage their small-and medium-sized operations to invest overseas."The Chinese government has been pushing to have more of the country's industrial firms go international over the past year.

"Made in China 2025" analysisChina's State Council, the cabinet, has provided a few more details of its new "Made in China 2025" plan.

The broad-based goals include additional manned spaceflights, increases in high-speed rail capasity, as well as new plans for bioengineering, materials science, new and green energy, e-commerce.

Big data and mobile internet are also areas the Chinese government intends to focus on.

The overall goal is to try to redefine China's manufacturing industry to make the country one of the world leaders by the time the PRC turns 100 in 2049.

For more on the plan, CRI's Liu Kun spoke earlier with Shen Hong, Shanghai bureau chief of the Wall Street Journal.

Back anchorShen Hong, Shanghai Bureau Chief of The Wall Street Journal speaking with CRI's Liu Kun.

Biggest ever Disney store opens in ShanghaiDisney has opened its biggest ever retail store in Shanghai.

The store in the heart of Shanghai is 860-square meters in size and has an outdoor space of some 5,000 square meters.

Paul Candland, president of Disney's Asia-Division, says the new store is somewhat exclusive to the Chinese market.

"Actually, I would be happy to walk you around the store, so you see some of our new exclusive China products. But there are many products here in the store that are exclusive to China, 90 percent of the merchandise here is only available in this store".

This comes as the construction of the Shanghai Disney Park hits an important milestone.

The park's central attraction, the Storybook Castle, has seen its top installed with a golden peony this week.

This is China's national flower.

Shanghai Disney is due to open sometime next year.

Fuzhou FTZ forum held to discuss experience of FTZ developmentAnchorManagers of China's newest free-trade zones have come together in Fujian's capital, Fuzhou, to try to glean ideas from officials running the first Chinese free-trade zone in Shanghai.

CRI's Tu Yun has more.

ReporterThe free trade zones in Tianjin, Guangdong, and Fujian each began operating less than a month ago. The forum is being held to discuss development and learn from the experience of Shanghai, where the zone has been in operation since late 2013.

At the forum, Shi Liangping, director of the institute of economics at the Shanghai Academy of Social Sciences, has noted that the establishment of a negative list limiting access to the zone for certain businesses and sectors has led to lax supervision of enterprises not included on the list.

"The government should not only cut their approval procedures, but also strengthen the supervision of enterprises. Shanghai has now comes to a consensus that where the vetting process goes, the supervision should follow."The positioning and advantage of the Fuzhou free trade area in Fujian is also being discussed at the forum.

As the starting point of Maritime Silk Road, Fuzhou mainly focuses on financial cooperation with Taiwan, and maritime trade with the Association of Southeast Asian Nations(ASEAN).

Fuzhou's mayor Yang Yimin says Fuzhou has adopted financial innovation to promote trade with Taiwan.

"Specifically speaking, these innovations are cross-strait use of the RMB, internationalization of the RMB, and the issue of Taiwan bonds. Currently, the four largest banks in Taiwan have settled in Fuzhou and started operations. These banks have capital of 300 billion RMB and, if circulated, can greatly promote the development of the Fuzhou free trade zone."Yang added that Fuzhou FTA is also adapting strategic areas such as logistics, customs, and cross-border trade.

He says the next step for the Fuzhou FTZ will be to develop cross-border electronic commerce.

"Fuzhou will research policies and operations modes for cross-border electronic commerce, including tax policies. Last week, Alibaba One Touch came to Fuzhou to discuss the operation of cross-border e-commerce from the Fuzhou FTZ. The main import and export platform has already settled in the city."As the starting point of the Maritime Silk Road, Fuzhou also has close trade connections with ASEAN countries.

Zhou Jian, chairman assistant of the China ASEAN Marine Product Exchange institute, says it has been provided with a series of favorable policy.

" Customs has simplified its clearance procedures for our exchange institution. Normally, customs is the first pass and then the Nation's Quality Supervision, Inspection and Quarantine is the second pass. Now, the two passes have combined into one pass."As China seeks to draw more international commerce, more favorable policies for FTZ enterprises are expected to be mulled and adopted.

For CRI, I'm Tu Yun.

Japan to increase infrastructure investment in AsiaAnchorJapanese Prime Minister Shinzo Abe is reportedly poised to unveil a 100-billion US dollar plan to try to support infrastructure in Asia.

While many are viewing the initiative as a counter to the Chinese-backed Asian Infrastructure Investment Bank, some economic observers are lauding the new plan.

CRI's Guo Yan has more.

ReporterAccording to Jiji Press, a Japanese news agency, the investment project highlights building up high-quality infrastructure in Asia through human resource development and technological transfers.

Economic experts say the move is designed to compete, at least in party, with the China-proposed Asia Infrastructure Investment Bank.

Chen Fengying, is the Chief economist of the China institutes of Contemporary International relations.

She believes Japan's investment plan can be complementary with the AIIB.

"It is complementary with the Asia Infrastructure Investment Bank. There will be more sources of funds for Asian infrastructure construction. And another aspect is technology. Japan has advanced technology. So if Japan can provide its cutting-edge technology for Asian economic development, it'll be beneficial to the economies in the region."It's reported that Japan may be seeking financial support through Asia Development Bank to conduct its project.

Chen explains the ADB is likely to increase its investments in infrastructure to support this move.

"It's highly probable that ADB will increase the proportion of infrastructure investment. That is to say it will take a larger part of the fund it invested in Asia to invest in infrastructure investment."Experts say Japan might introduce new methods to raise funds, since the financial sources of the ADB are limited.

Chen says Japan might introduce private capital to solve its financing problems. Public Private Partnerships, also known as PPP, will help it to increase efficiency and sources of fund raising.

"This is an innovative method for fund raising which will help to expand its financing sources and the efficiency will also be increased. Because private capital chases after interests and it aims at profit maximization. It can help to improve the management of public capital through cooperation. "According to the agency, the country hopes to increase its presence in Asia by launching the project.

For CRI, I'm Guo Yan.

Chinese firms employ 80,000 in the US: reportA new report shows Chinese companies now employ more than 80-thousand people in the United States.

This is a dramatic increase from the roughly 15-thousand people employed in the US just 5-years ago.

Consultancy firm Rhodium Group, which keeps tabs on Chinese investment into the United States, also notes Chinese companies currently invested in the United States are also generating increased employment.

The southeastern US state of North Carolina is said to have some 15-thousand Americans employed by Chinese companies.

CRI's correspondent in New York, Su Yi, says the report is being viewed in the US as a sign of increased cooperation.

"The report says Chinese investments have also played a part in promoting America's sci-tech research and innovation and its international competitiveness. It shows hundreds of millions of dollars of Chinese investments has been put into research and development each year. Chinese Internet giants such as Tencent and Alibaba are providing funds for start-ups across the US. The report also believes Chinese direct investments will serve as a catalyst for US exports to China."He Weiwen with Renmin University says additional Chinese investment in the US is going to help reduce trade frictions.

"Investments into projects that fall within the categories of trade frictions will bring obvious benefits. Chinese investments will help create much needed jobs in the US and increase revenues, which will play an important role in consolidating the China-US economic and trade relations and the overall bilateral relationship."The Rhodium Group report also notes Chinese companies have invested some 5-billion US dollars each in the US states of California, Texas and North Carolina over the past 15-years.

Islamic State seizes ancient town of Palmyra in SyriaIslamic State militants have captured the ancient Syrian town of Palmyra after government defense lines there collapsed.

Palmyra is home to some of the world's most magnificent ancient ruins.

There are fears that the militants will destroy the ruins, designated by UNESCO as a World Heritage site.

It's not clear at this point how close the militants are to the ruins, which are just southwest of the town.

Earlier, Syria's Interior Minister Mohamad al-Shaar said all efforts are being made to protect the ancient town.

"We will make all possible efforts to maintain this large stock (of antiquities) and we will give this the greatest importance because, as we said, this is the inheritance for the nation and for humanity."Syria's Antiquities Minister is on-record saying hundreds of statues had been moved from the city to locations away from the fighting.

The fall of the town opens the way for the extremists to advance to key areas by the Syrian government, including Damascus and the Syrian coast to the south.

The World Heritage Site is one of the only remaining Neolithic cities which remains in-tact, as it served as a trading hub for centuries.

It was also one of the main stopping-points along the ancient Silk Road.

Khamenei rejects inspections of Iranian military sitesIran's Supreme Leader has issued a new decree, saying his country will not allow international inspection of Iran's military sites.

At the same time, Ayatollah Ali Khamenei says international inspectors will not be granted access to Iranian scientists.

In making the statement, Khamenei says the US government is pushing beyond what was agreed-to back in March.

"We have said that we will not allow any inspections of (Iranian) military centres by any foreigners to take place. They say we should let them interview our nuclear scientists. This actually means interrogation. We will not allow any insolence to be displayed towards our nuclear scientists, or scientists in any critical or important field. I will not allow this."The comments come as negotiators from Iran and the P5+1 sit down for a new set of negotiations in Vienna to try to hammer out a final deal ahead of a June 30th deadline.

Access to Iran's nuclear sites has been one of the main sticking points in the negotiations.

It's being reported the wording of the preliminary agreement inked back in March will allow inspectors to investigate -quote- "suspicious" sites.

Peace Talks on Yemen Crisis to BeginThe United Nations has announced peace talks to end the fighting in Yemen will take place at the end of this month.

However, it's unclear at this point who will represent the factions at the planned meeting on May 28th in Geneva.

Exiled Yemeni President Abd-Rabbu Mansour Hadi is demanding the Houthi rebels, who now control much of the country, withdraw from Yemen's cities and towns before the talks begin.

However, UN chief Ban Ki-moon says he wants to see talks begin "without pre-conditions."Saudi Arabia's UN ambassador, Abdallah Al-Mouallimi, says any negotiations cannot include Iran.

"The conference in Geneva is going to be a Yemeni-Yemeni conference, so those that are going to do the talking are going to be the Yemeni parties themselves.""There is no place for Iran in the consultations in Geneva. They have not been playing a constructive role and as such cannot be rewarded by having a seat at the table."Iran is said to be backing the Shiite Houthi rebels.

The Iranian government has yet to respond to the suggestion.

Houthi forces, also said to be supported by ousted former President Ali Abdullah Saleh, rolled through much of the country earlier this year, forcing sitting President Abd Rabbu Manour Hadi to flee the country.

Saudi-backed air assaults have been targeting Houthi forces since mid-March.

WeatherBeijing will be cloudy today with a high of 32 degrees Celsius.

Overnight temperatures should drop down to 14.

Shanghai will be sunny with a high of 22 and a low of 16.

In Chongqing, it will be cloudy during the daytime with a high of 31 and lows of 21.

Elsewhere in the world, staying here in Asia,Kathmandu, showers, 29.

Islamabad will be sunny with a high of 37.

Kabul will be sunny with a high of 30.

Over to North America,New York will be sunny with a high of 17 degrees.

Washington, rainy with a high of 16 degrees.

Honolulu, cloudy, 28.

Toronto will be cloudy with a high of 20 degrees.

Finally, on to South America,Buenos Aires will be sunny with a high of 28.

And Rio de Janeiro will be mostly sunny with a high of 27 degrees Celsius.

Headline newsCooperation in industrial capacity would help Brazil and China achieve win-win results: Chinese PremierVisiting Chinese Premier Li Keqiang has announced plans to set up new Chinese-backed infrastructure in Brazil to produce trains for the Rio de Janeiro metro.

He made the announcement at the opening of exhibition displaying 3 Chinese-manufactured trains purchased by the city of Rio de Janeiro.

The trains are specifically designed for the city's new metro line, which is due to open ahead of next year's Olympic Games.

Li Keqiang says China wants to do more than just export to Brazil, saying the creation of infrastructure to produce and maintain the metro carriages will help benefit Rio over the long-term.

Premier Li Keqiang arrived in Rio after signing a series of trade agreements with Brazilian President Dilma Rousseff in Brasilia worth some 27 billion U.S. dollars.

Xi, Li extend condolences to Colombia over landslideChinese President Xi Jinping and Premier Li Keqiang have sent separate messages of condolences to Colombian President Juan Manuel Santos over a landslide that has killed more than 80 people in the country.

The Chinese leaders say China stands ready to provide necessary aid.

The landslide occurred in the northeast town of La Margarita early Monday after heavy rains, killing at least 83 people.

7 Killed, 2 Rescued in North China's Loess LandslideSeven people are dead following a landslide on a loess plateau in the northern Chinese province of Shanxi.

Two others, including an 81-year-old woman, have been pulled alive from the slide.

Loess plateaus, which are essentially layers of silt blown in from the Gobi Desert, are prone to landslides during this time of year.

U.S. disputes DPRK's capacity to miniaturize nuke weaponsUS authorities are casting public doubts about North Korea's claim its been able to both miniaturize and diversify its nuclear weapons.

The US State Department says its skeptical of Pyongyang's claim it's entered a phase of miniaturization and diversification of its nuclear weapons.

North Korea is citing a successful test-firing of a ballistic missile from a submarine earlier this month as proof of its advancements.

While publically suggesting the launch was likely fabricated, the US, Japan and South Korea are all condemning it as a threat and provocation.

Norwegian Cruise Ship Freed from Reef off Bermuda to Leave for BostonA Norwegian Cruise Liner, which ran aground on Tuesday on a reef near Bermuda, is now on its way to Boston.

The ship, with 37-hundred passengers and crew members onboard, hit a reef late Tuesday.

No one was injured.

Norwegian Cruise Lines says the ship "temporarily lost power," affecting its propulsion.

Passengers are being compensated with a 15 percent credit for a future cruise.

Biz reportsAnchorFirst, a quick check on the closing numbers across North America and Europe.

Our reporter Niu Honglin.

ReporterU.S. stocks ended slightly down Wednesday, as investors pondered the minutes from the US Federal Reserve's April policy meeting.

The minutes from the Fed have revealed a rate hike in June is 'unlikely' as officials are concerned about weaker economic growth during the first quarter.

Observers will be looking toward a speech due out on Friday by Fed Chair Janet Yellen for more clues as to where the Fed is headed.

At the same time, a series of disappointing economic reports also dampened sentiment.

At the close,The Dow Jones down 0.2 percent.

The S&P 500 lost 0.1 percent.

The Nasdaq ended flat a slight gain.

Meanwhile in Europe,European stocks finished higher, with shares of financial institutions climbing following word a number of international banks have been hit with fines for manipulating the interbank markets.

On the Corporate front, shares of Vodafone jumped 5.4%, after Liberty Global announced Vodafone would be a "great fit" for the company.

At close,The UK's FTSE 100 up 0.2 percent.

Germany's DAX stayed flat.

and France's CAC 40 added 0.3 percent.

Investment of publicly offered funds in China Surges in Q1New stats are suggesting investment in publicly offered funds here in China have surpassed 6-trillion yuan as of the end of April.

Over 220 million people are now said to hold a stake in shares in the funds.

Quarterly profits of A-share listed companies hit nearly 80-billion US dollars through Q1.

Asset Management Association of China vice-Chair Hong Lei says investing in the mutual fund market appears to be the right bet for the time being.

"The investment in mutual funds are strictly restricted through the contracts. This way fund mangers can avoid investors getting nervous. When the market conditions are right, mutual funds often rise with the market indexes themselves."China's A-share market has seen a significant rebound this year after several years of lacklustre returns for investors.

Bank of Communications to acquire 80 pct stake in Brazil's BBM bankBank of Communications has announced its purchasing an 80-percent stake in Brazilian bank BBM.

The deal is worth around 170 million US dollars.

The remaining shareholders are also being given the option of selling their shares to Communications Bank.

The deal, the first overseas venture by Bank of Communications, is still subject to approvals.

BBM is one of Brazil's oldest financial institutions.

HKEx eyes commodities connect with Chinese mainlandAnchorHong Kong's stock exchange is now actively exploring the possibility of setting up a commodities link with the mainland.

Charles Li, the CEO of Hong Kong Exchanges and Clearing, says they're studying whether they want to create a scheme similar to the Shanghai Hong Kong Stock Connect.

While a partner on the mainland hasn't been identified, HKex officials are suggesting the prep-time for the establishment of the new system will be quicker than the creation of the Shanghai-Hong Kong Stock Connect system.

HKex purchased the London Metal Exchange in 2013.

For more on the move, we're joined on the line by CRI's financial commentator Cao Can.

Talking points:

Q1: It's been a while since the idea of establishing such a scheme was put forward. So what are the problems they need to solve before they launch the scheme, especially in terms of the differences in rules and practices in the Hong Kong and mainland commodity markets?

Q2: Since they haven't decided on a partner so what kind of exchange do you think have the capacity to connect with the HK exchange?

Q3: Do you think the proposed link will further promote the internationalization of the Chinese yuan? Will the link attract more investors to put their money in commodities trade?

Back anchorCao Can, CRI's financial commentator.

SportsFootball: Juventus Wins Coppa Italia for 1st Time in 20 YearsIn football action:

In Serie A's Coppa Italia--Juventus are Coppa winners for the first time in 20 years after beating Lazio 2-1 at Stadio Olimpico, gutting out the win thanks to a goal from Alessandro Matri that broke the tie in overtime.

Lazio did have their home crowd in an uproar at the start of the match, opening scoring within four minutes of kick-off.

But Juve equalized in the first half to make it a tense Coppa before taking the game in extra time.

Over in the Asian Champions League:

Seongnam FC beat Guangzhou Evergrande 2-1 in the first leg of AFC Champions League Round of 16 clash on Wednesday.

And in the English Premiere League:

Sunderland managed to dodge relegation after their 0-0 tie with Arsenal.

Football: Palestine to Push for Israel's FIFA Suspension Despite Blatter's VisitIn off-pitch football news:

FIFA president Sepp Blatter says that Israel is committed to easing travel restrictions that the Palestinian Football Association alleges hampered the sports development in the region.

Blatter made the announcement after meeting Palestinian president Mahmoud Abbas and soccer officials in the West Bank.

But the PFA remains determined to lobby for Israel's ousting from the world governing body for hampering Palestinian football with travel restrictions that affect the movement of players, equipment and visiting teams -- which PFA chairman Jibril Rajoub says are violations of FIFA policies:

"We are not interfering in the business of the Israeli Football Federation, this proposal is due the acts and failures of the Israeli Football Federation, with regards to their obligations towards FIFA rules and regulations and especially taking in consideration that it's the Israeli Football Federation the one that got five team members that are from colonies in the Palestinian occupied territories which is not just a war crime but also a crystal clear violations of FIFA statutes"Israeli authorities have said that the restrictions were put in place for security reasons.

Rajoub adds that Palestine has growing support among FIFA members for their proposal.

Israel has made similar agreements to ease travel restrictions in the past, but Blatter says that this time "they will do it," which he hopes will stop the suspension vote at a FIFA congress in Zurich on May 29.

NBA Playoff PreviewIn the National Basketball Association Playoffs:

At 8:30 a.m., Beijing time--The Eastern Conference Finals begin when the Cleveland Cavaliers hit the court against the Atlanta Hawks for game one down in Georgia.

F1: Nico Rosberg Looking to Put Further Pressure on Hamilton at Monaco GPIn racing:

Mercedes Nico Rosberg would love to take the spotlight away from teammate Lewis Hamilton at this weekend's Monaco Grand Prix with a third successive win on his favourite track.　Rosberg will return to Monaco - where he grew up - full of confidence after his victory at the Spanish Grand Prix.　It was amid the heat and sharp bends of last year's Monaco GP where relations between Rosberg and Hamilton started turning frosty, with Hamilton infuriated by what he perceived as Rosberg's deliberate attempt to thwart him in qualifying.　But following the announcement of his new three-year deal with Mercedes, Hamilton says he's still happy with the team:

"I joined this team and we've had amazing success. I'm very, very happy with the package and the group of people that I have within this team. So it was a very easy decision to make and it's also great that the team wanted to continue working with me."　Another win for Rosberg - who is 20 points behind Hamilton in the drivers' standings - would start to turn the pressure back on.

Hockey: Detroit Coach Mike Babcock Sings $50mln Deal with TorontoIn the National Hockey League news:

The Toronto Maple Leafs announced that they hired former Detroit Redwings coach Mike Babcock this morning.

The Maple Leafs signed Babcock to a 50-million-US-dollar eight-year contract. The deal would make the veteran coach the highest-paid coach in the league.

Babcock led Detroit to the 2008 Stanley Cup and totaled 458 wins during his time with the team, more than any other Red Wings coach. He also coached the Canadian squad to Olympic gold in 2010 and 2014.

The Maple Leafs trade their third pick to Detroit for Babcock.

In on-ice action coming up:

at 8 a.m., Beijing time--The New York Rangers and the Tampa Bay Lightning meet for game three of the Eastern Conference Finals. The series is currently tied at one game apiece.

EntertainmentChinese books to be adapted into moviesScreenwriter John Collee, the man behind "Master and Commander" will adapt "The Mirror: Twin Cities," as the first of a series of bestselling Chinese novels.

These novels are intended to be adapted into a potential English-language movie franchise.

The contemporary fantasy books are written by Chinese novelist Cang Yue, and have sold over 7 million copies worldwide.

An English-language book deal is set to be announced next week.

Development of the film is by China's Ruyi Films and Syon Media from Montreal, Canada.

The six "Mirror" books span decades and oceans in Eden, a fantastical world of sorcery, tragic romance, thrilling quests and a colorful cast of characters. It combines ancient Chinese mythology and martial arts with fantasy and the supernatural.

David Letterman says farewell to "The Late Show"After 33 years, iconic American comedian David Letterman is finally saying farewell to "The Late Show."And almost no one, knows what's in store.

His final show was recorded last night and Letterman had not rehearsed his closing monologue ahead of time.

Jerry Seinfeld, Chris Rock, Steve Martin, Tina Fey, Alec Baldwin and Jim Carrey were among the stars seen walking into the stage door of the Ed Sullivan Theater in New York.

A lucky few fans got tickets to the final show and spoke outside the theatre.

"I've spent thousands of hours. Even if I didn't watch 6,000, I've watched 5,000 - so this is kind of closure on something that has been entertaining and has also been a constant in my life in so many ways."The only confirmed production detail is that the Foo Fighters, a quintessential "Late Show" band, will be performing.

In their performance, the band played "Everlong" which Letterman said was his "favorite song."Letterman announced his retirement last year and has kept details of his final show under wraps.

Stephen Colbert will replace him in September.

Cannes turned away amputee not wearing high heelsSome more controversy has come out of the Cannes Film Festival's banning of high heels….

Film producer Valeria Richter, who has part of her left foot amputated, says she was stopped at the Cannes Film Festival for not wearing high heels.

She told reporters red carpet officials pointed at her shoes and said: "No, no, this won't work, you can't get in like this."Ms Richter, who was eventually allowed in, spoke after Cannes was accused of turning away women in flat shoes.

The festival has since denied heels are part of the official dress code.

Godzilla creators sue new monster movie "Colossal"A movie being sold to buyers at Cannes Film Festival is causing a monster legal battle.

Japanese company Toho, the rights holders of the Godzilla franchise has filed a law suit against Voltage Pictures over the film "Colossal."The movie stars Anne Hathaway playing a woman who realizes her mind is strangely connected to a giant lizard destroying Tokyo.

It's described as Godzilla meets Being John Malkovich.

Toho has said it is Godzilla.

In a complaint filed in California federal court, the company claims the filmmakers "are brazenly producing, advertising, and selling an unauthorized Godzilla film of their own."Other infringements Toho claims include the line "Tokyo is under attack by Godzilla" in the company's Cannes sales booklet and a poster with an image from the Godzilla reboot.

That’s it for this edition of the Beijing Hour.

A quick look at the headlines before we go...

Chinese Premier Li Keqiang has announced a new initiative to help increase 'industrial capasity ' in Brazil.

The Chinese government is offering up a few more details of its plans to turn the country in to a manufacturing hub over the next few years.

Iran's supreme leader has issued a new statement rejecting the idea of nuclear inspections at the country's military sites.

In Business.... the company running the Hong Kong Stock Exchange looking toward the mainland for a commodities connection.

On behalf of the Beijing Hour staffers, this is Paul James Beijing hoping you'll join us for our next edition of the Beijing Hour to open a window to the world together.