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 arrived in Columbia for the 2nd leg of his current Latin American tour.

China's First Lady has met with a group of student from Australia visiting China at the invitation of her husband, Xi Jinping.

Thousands are attempting to flee Ramadi as a massive battle for control of the Iraqi city gets underway.

In Business.... a Chinese industrial firm has become the first to voluntarily delist from Shanghai under new rules instituted back in November.

In Sports.... Golden State and Houston poised for Game 2 of the NBA Western Conference Finals later this morning.

In entertainment... a Chinese film up for the coveted Palme d'Or award has been screened at Cannes.

Top NewsChinese premier arrives in Colombia for official visitChinese Premier Li Keqiang has arrived in Columbia's capital, Bogota.

As part of his 2nd stop in his 4-nation Latin American tour, Li Keqiang is scheduled to meet Colombian President Juan Manuel Santos.

China's Ambassador to Colombia, Wang Xiaoyuan, says a series of deals are due to be signed as part of the Premier's visit.

"Premier Li has a tight schedule in Colombia, less than 24 hours. The premier will hold talks with President Santos in the afternoon before a series of deals are signed. We're expecting a total of 12 cooperative agreements, ranging from trade, investment, infrastructure construction, manufacturing, agriculture and culture."The Chinese premier is also due to take part in a seminar on people-to-people exchanges between China and Latin America.

Wang Xiaoyuan says a better understanding of one-another's cultures is good for business.

"People-to-people exchanges form the foundation for the relations between different countries. Trade and economic are important, but I believe exchanges of ideas and thoughts are more significant. Culture and arts are universal. With such a foundation, there will be much broader space for economic and trade cooperation."Chinese Nobel laureate Mo Yan is scheduled to be part of the cultural seminar.

Li Keqiang's visit also coincides with the 35th anniversary of the establishment of diplomatic ties between China and Colombia.

China is now Colombia's second-largest trade partner.

Two-way trade increased almost 50 percent year-on-year last year, topping over 15-billion U.S. dollars.

Li Keqiang has arrived in Columbia after making his first stop in Brazil.

He's also scheduled to make stops in Peru and Chile.

Li Keqiang vows to boost Brazil's manufacturing capacity in a bid to host a "made in Brazil" Olympics.

AnchorA special exhibition highlighting Chinese equipment manufacturing has been held in Rio de Janeiro as part of Chinese Premier Li Keqiang's time in the Brazilian city.

CRI's Poornima Weerasekara has more.

ReporterWhen Chinese premier Li Keqiang met with top business leaders in Brazil on Wednesday, on a "made-in China" ferry that connects Rio to the main Olympic venue in Niteroi, his message was clear; China wants to boost Brazil's manufacturing capacity, especially in manufacturing heavy equipment.

Premier Li also visited an exhibition in Rio de Jeneiro for Equipment Manufacturers on his final day in Brazil.

30 Chinese companies from different sectors including energy, telecommunication, and construction participated in the exhibition.

The list includes top brands like BYD, China's largest electric car manufacturer that recently sealed a deal with a bus company in Brazil to launch a green bus service as early as July. BYD also plans to start a manufacturing plant in the country next year.

Chinese telecom giant Huawei is also at the event.

Huawei has already setup two cloud computing facilities in Brazil in a bid to improve education and research infrastructure in the country.

Yang Guanglin, the head of public and government affairs for Huawei in Brazil, says the country also serves as a gateway to promote "made in China" Technology in Latin America.

"During the Rio carnival this year, the state police used Huawei's proprietary eLTE multimedia broadband cluster solution to provide real-time security for the entire event. The technology allowed Rio police to respond quickly and effectively to any incident despite the heavy crowds. It also enabled them to quickly identify trouble hot spots quickly and focus their resources there."China is also working closely with the Brazilian government to help the country tap into its vast oil reserves.

China has already delivered five off-shore oil-rigs to Petrobras, Brazil's national oil company as the country tries to double its oil production capacity by 2020.

According to Gao Shan, Spokesperson for China International Marine Containers Group, trade in high-tech maritime equipment is a fast growing sector as more than 85 percent of Brazil's oil reserves are found off-shore.

"According to data from Brazil's national oil company the two oil platform that we delivered in 2014 have achieved a high efficiency level of 95% and 96%. This is quite high compared to the operational efficiency of other oil-rigs built in cooperation with other international partners."In the automobile sector, Chinese cars like Cherry and Gelee have already flooded the Brazilian market.

As two of the world's largest developing economies, both China and Brazil face similar challenges.

Close south-south cooperation between these two emerging giants could help create a double-engine of growth for the global economy.

For CRI I'm Poornima WeerasekaraChinese President's wife meets Australian students from TasmaniaChina's first-lady has met with a group of Australian students in Beijing.

President Xi Jinping's wife, Peng Liyuan, has met with 22 sixth-graders from Tazmania.

The young Australians have come here on the personal invitation from the Chinese President, who met with the students while he was visiting in Australia last year.

"We have visited the Great Wall. It was a fantastic sight for the first day. Later that day, we saw the well-known pandas at Beijing Zoo. It was a great start to our trip. Then next day we went to Jingshan School to meet Chinese students, friends for life. We also went sightseeing to Tiananmen Square and the Forbidden City. A wonderful experience."Peng Liyuan says she hopes the trip to China will encourage the young students to learn more about this country.

"Your visit is an important cultural and educational exchange between Australia and China, which is of great significance. I hope you will continue to study China's language and culture and be young ambassadors for China-Australia friendship."The students from Hobart were part of the welcoming ceremony when President Xi Jinping made a stop-over in Tazmania in November.

Chinese Air Force Aircraft Fly through Miyako Strait for West Pacific DrillThe Chinese Airforce has taken part in another set of drills, this time flying over the Miyako Strait for the first time.

The Miyako Strait lies between the Japanese islands of Miyako and Okinawa.

Chinese Airforce spokesperson Shen Jinke says the drills themselves are part of their normal procedures.

"Organizing offshore drills is common practice for air forces of countries which have to protect the sea. It's a justified need of China's defense and army building. In line with international laws and practices, the Air Force will continue to conduct high-sea training in the areas beyond the First Island Chain in light of practical conditions."The First Island Chain is a series of islands that stretch from Japan down to the Philippines.

The drill itself is the second such drill over the last 2-months.

The Airforce conducted its first-ever exercise in the western Pacific in March over the Channel between Taiwan and the Philippines.

China's capital outflow is under control : forex authorityAnchorChinese foreign exchange regulators are moving to try to quell market concerns about a sharp rise in capital outflows, which hit some 80-billino US dollars through the first 3-months of this year.

CRI's Guo Yan has more.

ReporterThe State Administration of Foreign Exchange says the capital outflow in the first quarter was expected and the capital flight is not illegal.

Guan Tao is the head of the Balance of Payments Department of the Forex administration and says the situation has been influenced by various elements.

"The country's economy is facing huge domestic downward pressure. The global economy is going through dramatic re-adjustment. And the US dollar is maintaining strong momentum. Affected by these factors, domestic companies and individuals follow last year's financial policy, increasing their purchases of foreign assets and de-leveraging their debt, leading to less settlement and more purchases of foreign exchange."He adds that the current capital outflow is within expectation and cannot be easily classified as covert capital fight.

Experts say the current balance of payments deficit is partly affected by undesirable economic figures in the first quarter.

Liu Sheng jun is a senior economist from Lujiazui Institute of International Finance in ShanghaiHe says fears management risks are mounting as economic growth is not ideal.

"One reason is China's economic data, especially the figure from the first quarter, is not satisfactory. Worries over business risk is increasing. Another factor is the yuan is being pushed to appreciate with the dollar."Experts say capital is expected to move towards countries along the route of the "One Belt, One Road" initiative.

The Forex administration says China's capital flow will undergo fluctuations and difficulties will be felt long-term.

But the trade surplus and ample forex reserves provide a strong cushion for China to resist market shock.

Also, the Renminbi exchange rate has become more resilient.

Liu says the chronic balance of payments deficit is hard to crack and the country needs to accelerate its financial reform.

"it's hard to reverse the trend in a short time, because we are undergoing a long-term economic difficulty which is also known as the 'new normal'. To change the situation, one solution is to change the pricing strategy of the renminbi and turn to the monetary policy of "a basket of currencies".

Experts suggest some areas are more open to foreign capitals.

They believe that confidence in China's economy will increase as foreign capital moves into the country.

For CRI, I'm Guo Yan.

China to fully implement medical assistance system for critical and serious illnesses by end of 2015China's Ministry of Civil Affairs has announced plans for the full implementation of a subsidized medical assistance system for critically-ill individuals by the end of this year.

Under the program, people in China who can't afford to pay for critical medical treatments, such as life-threatening cancer, will be subsidized by the government.

Civil Affairs vice-Minister Gong Puguang says they're currently working on establishing a registry to determine who will qualify for the program.

"The medical assistance for critical and seriously-ill people is being expanded to some 90-percent of the country. The establishment of a health care information management platform will help us get information about people's basic medical insurance, medical assistance and commercial health insurance. Eventually we'll have a one-stop system in place to speed the process up."Families receiving the minimum living allowance and individuals below the poverty line are the main target of the program.

The program was launched as a pilot scheme across 14 different provinces back in 2012.

Around 25-billion yuan was spent on health care subsidies for the poor last year.

Beijing makes progress in air pollution controlAnchorNew stats show PM2.5 levels in the Beijing-Tianjin-Hebei region have dipped by nearly 20-percent so far this year.

CRI's Qi Zhi has more on how this has been achieved.

ReporterMunicipal authorities in Beijing suggest one of the main reasons for the sharp decrease in air pollution in the capital so far this year is through the replacement of coal-fired power plants with gas-powered facilities.

Coal consumption in the region has been cut by some 4.6-million tonnes through the first quarter.

This has cut sulphur dioxide levels by well-over 40-percent compared with the same period last year.

Li Xiang with the Beijing Environment Bureau says other steps are also being taken to try to clean up the air in the region. 　　　"For example, we have scraped nearly 500-thousand old vehicles over the past year and upgraded 6,500 ton-per-hour coal burning boilers. It is the biggest move in the history. The city's concentration level of sulphur dioxide reached a record low, and is now the lowest in northern China."One of the new gas-fired plants is the Jingxi facility in northwestern Beijing.

Plant manager Zhao Jianbo says his operation is far more efficient than the older power plants now being replaced.

"At the moment, we're a natural-gas powered plant with an installed capacity of 1.3 gigawatts. We have an expanded installed capacity. In terms of clean emissions, as we just said, comparing natural gas plants with coal-powered plants, we are cutting 4.37 million tonnes of coal every year."So far around 30-percent of Beijing's power is produced from plants like Jingxi.

However, the rest is still generated from power plants outside the city, most of which are still run on coal.

Ahead of the 2008 Olympic Games in Beijing, authorities simply shut down production at high-polluting industrial facilities as a stop-gap measure to ensure a clean-air Olympics.

However, as part of the plans for the 2020 Winter Games, authorities have revealed longer-term plans to try to ensure the air in-and-around the Chinese capital remains clean before, during and after the Olympic flame is put out.

For CRI, I am Qi Zhi.

Illegal Road Racing Drivers Sentenced in BeijingAnchorA court in Beijing has given jail time to two drivers involved in a high-profile road racing crash in the Capital last month.

CRI's Tu Yun has more.

ReporterChaoyang District Court sentenced Tang Wentian to five months of detention with a fine of 10,000 yuan, or about 16-hundred US dollars, for dangerous driving.

The other defendant, Yu Muchun, still a high school student, was sentenced to four months in detention and fined 8,000 yuan, for the same charge.

Tang's request for leniency based on his voluntary surrender was rejected.

Both drivers pleaded guilty and stated they do not plan to appeal the verdicts.

The investigation showed that Tang, driving a Lamborghini, was racing with Yu, driving a Ferrari, around 9 pm on April 11.

The two cars collided in the Datun Road Tunnel near Bird's Nest stadium during the race.

The Lamborghini was ruined in the accident and a woman in the vehicle, surnamed Xu, suffered a lumbar spine fracture.

The accident also caused 300-thousand yuan in damages to the tunnel.

Prosecutors said the highest speed reached by the drivers topped out at 180 kilometers per hour. The speed limit in the area is only 60.

Tang and Yu are also facing civil litigation over compensation for Xu.

The crash has caused wide concern among the public, with some saying the two should be charged with other traffic infractions or endangering public safety, charges that carry a heavier penalty than dangerous driving.

But prosecutor Huang Cheng says the current charges are proper.

"Suspects charged with traffic offenses should have unintentional motivations and the consequences they cause are more severe than in this case, which usually include casualties. All the evidence we have shows Tang and Yu should not be charged with traffic offenses, though the passenger Xu got injured."Huang also denied that the two committed the crime of endangering public safety through dangerous means, as their misconduct posed a lesser threat than plotting an explosion or a poisoning.

China revised its criminal law four years ago to list dangerous driving as a crime in a bid to curb rampant road violations such as competitive racing and drunk driving.

Wang Bing from traffic department of the Public Security Ministry warns of severe consequence for such road violations.

"Dangerous driving severely disturbs the traffic order, while road racing poses a grievous threat to people's safety and usually cause severe accidents with heavy casualties. Such behaviors should face strict punishments."Wang also vows that traffic police across the country will enhance crackdowns on competitive road racing.

For CRI, I'm Tu Yun.

8 died, 8 missing in SW China apartment building collapseRescuers have retrieved three more bodies from the rubble of a collapsed apartment building in the southwestern Chinese city Guiyang.

The death toll has reached eight, while another eight people remain missing.

More than 100 rescuers have been working on the site.

A rain-triggered landslide is believed to have caused the building to paritally collapse.

Fourteen trapped people were pulled out from the debris soon after.

Displaced Iraqis Fleeing Ramadi Call for Government HelpTens-of-thousands are pouring out of the western Iraqi city of Ramadi in an attempt to flee the heavy fighting which is taking place between Iraqi forces and fighters from the Islamic State, which captured the city on Sunday.

"They entered, killed and displaced people. We got out only with our clothes and barefoot alongside the river. This man is sick with his kidneys and has diabetes, blood pressure and might die. We stayed in the streets.""We are suffering and it's been four days. We stayed in the streets. We want a solution for the displaced families who died and children who died."Iraqi authorities have re-opened a bridge connecting the province of Anbar with Baghdad to allow the refugees through.

However, few are making it in.

The Shiite-led administration in Baghdad is said to be worried about a massive influx of people from Ramadi entering Baghdad, as Ramadi is the center of Sunni Islam in Iraq.

Iraqi forces, bolstered by the Shiite militia, have taken up positions around Ramadi in an attempt to oust the Islamic State from the city.

Ramadi's capture on Sunday is the biggest victory for the militant group since it rolled through northern Iraq last year, capturing numerous cities, including the country's 2nd largest city, Mosul.

Malaysia Navy begins sea search-and-rescue for migrantsFour Malaysian naval vessels have begun patrols in the country's territorial waters in the search for migrants.

The patrols come following an agreement among Malaysian, Thai and Indonesian authorities to provide assistance to would-be refugees trying to make it to their countries.

Indonesian Navy Chief Ade Supandi says their vessels have been ordered to help migrant ships which may be in distress.

"The navy will refer to the Indonesian foreign ministry on this matter and yesterday the foreign ministry has discussed it and as for now, as long as the migrants are in difficulty and in need of help, we will help."Thousands of Rohingya Muslims from Myanmar, as well as Bangladeshis, have been attempting to flee their countries in recent weeks.

The agreement among Malaysia, Indonesia and Thailand has come following revelations Thai authorities had been turning away would-be refugees, despite the squalid conditions of the boats they were on.

The three countries have agreed to provide temporary shelter to incoming migrants if the international community helps resettle them within a year.

Navy ship brings rescued migrants to SicilyThe Italian navy has safely transferred another batch of migrants to authorities in Sicily after rescuing them in the Mediterranian.

Commander Francesco Coronas with the Italian Navy says the migrants were packed on a wooden boat just 12-meters long.

(bjh/soundbites/0522 Coronas)"For this event we rescued 290 migrants, then we had to evacuate three of them that were in severe conditions.""We found him (migrant) already dead on the boat, so basically we couldn't do much about it. We tried to reanimate him but it didn't work out."The migrants are from Eritrea, Ethiopia and Syria.

They were found around 140-kilometers off the coast of the Italian island of Lampedusa.

Baltimore officers indicted for the death of Freddie GraySix police officers in the US city of Baltimore have been indicted in the death of a young black man in police custody which sparked violent rioting in the city.

The various charges include manslaughter and 2nd-degree murder.

25-year-old Freddie Gray died from a spinal injury a week after being arrested by Baltimore Police.

New video has emerged showing the officers physically man-handling Grey while he was being put in the back of a police van.

Mind controlled prosthetic lower limbsAnchorNew bionic prosthetic legs are being tested in clinical trials by two amputees in Iceland.

The company behind the project claims it's the first in the world to produce prosthetic limbs controlled through a person's mind.

CRI's Niu Honglin has more.

ReporterGummi Olafsson is one of two amputees who have been tapped to try out the mind-controlled prosthetic leg, as part of the research which Icelandic company ?ssur initiated last year.

He admits using the artificial leg took a bit of getting used to.

"As soon as I put my foot on, it took me about ten minutes to get control of it and I could stand up and just walk away, come back, sit down use the muscle to move my foot in the position I wanted to use it. It was like you couldn't believe the feeling when you were moving your ankle it's really strange to say, I can't explain it it's just like I was moving it with my muscles, there was nobody else doing it, the foot was not doing it I was doing it."The prostethisis itself works through myoelectric sensors planted in the patient's leg.

The sensors allow the people who wear them a sense of feel through the prostethisis.

The company says test subjects can feel the differences between a bottle, a baseball and a mandarin orange.

So far neither Olafsson or other people implanted with the micro-chips have had any problems with the body rejecting them.

The head of ?ssur's prosthetics project is orthopedic surgeon, Dr. Thorvaldur Ingvarsson.

He says the artifical legs work much like the human body does.

"The brain power when it takes over actually gives impulses to the spine, into the muscles, then the muscle contracts and we put in sensors into the muscles to pick up the signal and then, in fact, that signal moves away to the prosthetics and then the prosthetics reacts as your brain actually wants."Dr Ingvarsson says implanting the sensors themselves is a relatively simple procedure.

Act 3"The sensor itself is about twelve millimetres long and three millimetres wide and the procedure itself is done with local anesthesia, I did that myself, it was a straightforward operation without complication and can be easily repeated."Officials with Ossur are closely monitoring Olaffson and other patients with the breakthrough technology to see how quickly and how well the prosthetic copes with movement.

The company says it plans to continue studying the prosthetics in its existing two patients before they consider plans to do further trials on the leg in the future.

For CRI, I'm Niu HonglinWeatherBeijing will be sunny today with a high of 31 degrees Celsius.

Overnight temperatures should drop down to 17.

Shanghai will be cloudy with a high of 25 and a low of 19.

In Chongqing, it will see moderate rain during the daytime with a high of 26 and lows of 19.

Elsewhere in the world, staying here in Asia,Kathmandu, cloudy, 31.

Islamabad will be sunny with a high of 38.

Kabul will have slight rain with a high of 23.

Over to North America,New York will be cloudy with a high of 22 degrees.

Washington, overcast with a high of 25 degrees.

Honolulu, slight rain, 25.

Toronto will be cloudy with a high of 16 degrees.

Finally, on to South America,Buenos Aires will be overcast with a high of 25.

And Rio de Janeiro will be cloudy with a high of 26 degrees Celsius.

Headline newsChinese premier arrives in Colombia for official visitChinese Premier Li Keqiang has arrived in Columbia's capital, Bogota.

As part of his 2nd stop in his 4-nation Latin American tour, Li Keqiang is scheduled to meet Colombian President Juan Manuel Santos.

A series of deals are due to be signed as during the visit, ranging from trade, investment, infrastructure construction, manufacturing and culture.

The Chinese premier is also due to take part in a seminar on people-to-people exchanges between China and Latin America.

Li Keqiang's visit also coincides with the 35th anniversary of the establishment of diplomatic ties between China and Colombia.

S China rivers exceed warning levelsThe water levels in 28 different rivers in southern China are now above warning levels.

This comes amid the heavy rains which have been pounding the south of China since Monday.

These rivers are mostly in Guangdong, Hunan, Jiangxi, Fujian, and Guangxi.

Local authorities are taking steps to try to keep water levels down.

Meanwhile, authorities in Guangdong are bracing for flooding along the Beijiang River, which is a tributary of the Pearl River.

China University rebukes U.S. espionage allegationsTianjin University is refuting spying accusations leveled by US authorities against three of its professors.

The university says it is gravely concerned about the arrest of Professor Zhang Hao on economic espionage charges.

Zhang was arrested earlier this month in Los Angeles after arriving for an international conference.

He is among six Chinese nationals accused by US prosecutors of stealing wireless technology from US companies.

U.S., Cuba talks on normalizing relations extended into FridayThe United States and Cuba have agreed to hold another day of talks on normalizing relations and reopening embassies.

The fourth round of talks was originally planned for only one day at the US State Department.

Cuba has said this would be the last round of talks before the two countries reopen embassies in each other's capital.

The talks are the first since US President Barack Obama announced last month the removal of Cuba from the U.S. list of state sponsors of terrorism.

Japan to work with ADB over Asian infrastructureThe Japanese government has decided to set aside 110 billion US dollars to boost infrastructure construction in Asia over the next five years.

Prime Minister Shinzo Abe says Japan would work with the Asian Development Bank to provide the fund, which represents a 30 percent jump from the previous five-year period.

The move follows China's proposal to establish an international developmental bank to help Asian countries develop their infrastructure.

Japan and the United States have rejected to join in the China-initiated Asian Infrastructure Investment Bank.

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

Our reporter Niu Honglin.

Reporter:

U.S. markets ended slightly higher on Thursday, with investors anticipating the Federal Reserve will likely end up delaying its much-anticipated interest rate hike.

New data show US Existing Home Sales are down 3.3% in April.

However, existing home sales have remained above an annual pace of 5 million for the second straight month.

The advance figure for seasonally adjusted initial jobless claims has increased by 10 thousand from the previous week, slightly above market estimates.

On the corporate front, shares of China's new energy firm Hanergy Thin Film Power have plunged by over 45 percent on the New York Stock Exchange.

This comes on the heels of an investigation by regulators in Hong Kong this week after the company's share lost half their market value in less than half-an-hour during Wednesday's trading session.

At the close,The Dow Jones edged up 0.3 percent.

The S&P 500 increased 0.2 percent.

The Nasdaq climbed 0.4 percent.

Meanwhile in Europe, European stocks finished narrowly higher amid mixed manufacturing reports from the eurozone.

Data firm Markit shows the eurozone PMI fell to 53, a three-month low.

At close,The UK's FTSE 100 gained 0.1 percent.

Germany's DAX also up 0.1 percent.

and France's CAC 40 added 0.2 percent.

Erzhong voluntarily delist from China's stock marketChina Erzhong Group Heavy Industries has become the first Chinese company delisted from the A-share market this year.

The company has taken itself off the market following 3-straight years of losses.

Erzhong says its working to get its finances in-order, and says it intends to relist in the future.

The company is the first to use new regulations introduced in November, which allow a company to delist voluntarily, provided they meet certain criteria.

Zhou Huan with fund management firm ChinaAMC says Erzhong is likely to be the first of many Chinese companies to choose this option.

"It's quite normal that a sound capital market sees companies listed and delisted. Reverse merger companies and firms with poor financial performance are likely to be delisted. On the other hand, investors' awareness of and the proper handling of the process should allow for the market to grow more healthy."Erzhong shares had been under a trading suspension since April.

The firm first listed on the Shanghai Stock Exchange in 2010.

Lenovo reports a 20% gain in annual revenueLenovo is reporting a 20-percent rise in its annual revenues this past year, reaching over 46 billion US dollars.

However, Lenovo's net profits have only increase by one-percent through 2014, which is below market expectations.

This is largely due to the costs incurred from its purchase of Motorola last year.

The company's mobile phone business has generated some 9-billion US dollars through 2014.

The Chinese firm says its purchase of Motorola last year has made it the third largest smartphone maker in the world.

ZTE seeks more NBA partnerships to expand its US smartphone salesChinese smartphone maker ZTE has announced plans to sponsor additional NBA teams next season in a bid to boost its smarphone sales in the United States.

Right now, the Shenzhen-based company is involved in sponsorship agreements with three NBA teams.

ZTE's move to expand its overseas branding comes amid shrinking domestic sales because of Chinese rivals such as Xiaomi.

ZTE currently holds around 6-percent of the U.S smartphone market share.

This is well behind Apple, Samsung and LG.

Corporate News of the Week with Doug YoungAnchorLet's check out some of the main events taking place on the corporate front in China this week.

Joining me on the line now is Doug Young, associate professor at Fudan University and former China company news chief at Reuters.

Story 1:

Focus Media to List in China after merger with Hongda New MaterialFocus Media, one of China's biggest advertising companies, is planning a backdoor listing on the A-share market through a reverse merger with Jiangsu Hongda New Material.

Under the merger, Hongda New Material will acquire 100% of Focus Media stakes in exchange for stock, assets and cash.

The listing will be as early as June.

Right now, the distribution of shares has not been disclosed yet.

Focus Media has delisted from the Nasdaq in 2012 after reports of its subsequent privatization.

Talking points:

1) Why the Focus Media chose to list in the A-share market by a "shell company" Hongda New Material this time?

Do you think the re-distribution of shares will be key concern of the reverse merger since Focus Media has several big shareholders including CEO Jason Jiang, Fosun International and Carlyle Group?

2) More Chinese tech firms are now considering to relist on China's stock exchanges. Is this just due to the rising valuations of ChiNext board or any other reasons?

Story 2: Yangli Green Energy Facing a Debt Crisis?

Shares of Yingli Green Energy are facing fluctuations in New York exchange after recent media coverage questioning its ability as a going concern.

On Monday, its share prices plunged over 12% since the company cautioned its "substantial indebtedness" in a SEC filing last week.

Later, the module manufacturer has issued a statement saying media misinterpreted its early warning.

As a result, its shares gained back over 26% on Wednesday.

Meanwhile, another new energy firm Hanergy Thin Film Power is also defending its financial position after its Hong Kong-listed shares nearly halved on Wednesday.

Talking points:

1) What is actually going on for Yingli after it released annual report showing its inability to emerge from "substantial indebtedness"?

2) What are the main challenges facing China's new energy enterprises? On one hand, we have seen the Chinese government's strong effort to push forward the new energy sector, on the other, more new energy firms like Yingli and Hanergy Power Group are facing debt issues.

Back Anchor:

Doug Young, associate professor at Fudan University and former China company news chief at Reuters.

OPEC turns down Chinese requests for extra oil: Media reportIt's being reported OPEC has turned down a Chinese request for additional oil supplies.

The same report by Reuters also suggests Saudi Arabia's share of Chinese imports dropped to just over 30 percent in May, down over 6-percent from the previous month.

Saudi authorities are reportedly holding back supplies to fuel their own domestic needs.

The report suggests this has spurred Chinese authorities to look outside the OPEC grouping for additional supplies, including countries in West Africa, as well as Oman and Russia.

China is now the most active crude oil purchaser in the world after overtaking the US last month.

Airbus will reconsider future investment if UK leaves EUAirbus is weighing into the debate over Britain's future in Europe.

The European aerospace giant is warning of job losses and "huge" economic risks if the country votes to leave the European Union.

British Prime Minister David Cameron is promising a UK referendum on leaving the EU before 2017.

SportsNBA: Golden State and Houston Mix it up for Game 2 of Western Conference FinalsUpcoming hoops action from the National Basketball Association:

At 9 a.m., Beijing time:

The Golden State Warriors face the Houston Rockets for Game 2 of the Western Conference finals.

Houston big man Dwight Howard suffered a sprained left knee in game one and it's undecided if he will be ready for game two. If not, Clint Capela will start at center.

Golden State currently leads the series 1-0.

Big Football RecapIn upcoming football action:

Tonight in the Chinese Super League:

Leaders Shanghai SIPG take on Ghuizhou Renhe;And Hangzhou hit the pitch against Shijiazhuang Yongchang.

This weekend:

The battle of Guangzhou kicks off when Evergrande meet city rivals R&FBeijing Guo'an take on Jiangsu Guoxin-Saintyand Shandong Luneng face middling Shanghai Shenhua.

Over in Europe:

The English Premier League and Spain's Primera Division host their last games of the season--championships for both leagues, however, are already in the bag, with Chelsea taking the EPL and Barcelona hoisting the La Liga title.

In off-pitch soccer news:

Real Madrid coach Carlo Ancelotti is leaving the team after their last game of the season against Getafe on Sunday.

Italian sports media are reporting that Ancelotti is favored for a move to AC Milan next season.

Meanwhile, ESPN reports that Real Madrid have their eye on Napoli manager Rafa Benitez for their next coach.

In more news from La Liga:

Barcelona midfielder and captain Xavi confirmed on Thursday he will leave his boyhood club at the end of the season.

"I am very happy. I couldn't possibly have had a better career. If I started from scratch now I am not sure it would turn out the same way. I am very happy with how things have developed, how I have performed, how I have made the most out of my skills. I am very happy. My happiness is complete right now. Now we only need to win these two trophies we are still playing for."The 35-year-old former Spain international and has agreed to join Qatari side Al Sadd after a glittering career stretching over 17 seasons.

Tennis RecapIn tennis action just before the start of the French Open on Sunday:

In women's action from Strasbourg:

American Sloane Stevens, Aussie Samantha Stosur and compatriots Kristina Mladenovic and Virginie Razzano of France are all through to the semi-finals.

Over at the Nuremburg Open:

Italy's Karin Knapp is through, along with compatriot Roberta Vinci.

So to is home court favorite Angelique Kerber and Spain's Lara Arruabarrena-Vecino.

In men's action from the Geneva Open:

Argentine Federico Delbonis beat top-seeded Stan Wawrinka 6-7, 6-4, 6-4.

Also through are Portugal's Joao Sousa, Brazilian Thomaz Bellucci, and Colombian Snatiago Giraldo.

And at the Nice Open:

Eighteen-year-old Croatian Borna Coric is in the semis after beeting Aussie James Duckworth in straight sets.

He is joined by Austrian Dominic Thiem, 2nd-seed John Isner, and No. 4 Leonardo Mayer of Argentina.

Golf RecapIn Golf:

At the end PGA's Crowne Plaza Invitation:

It's a two-way tie for first, with Americans Kevin Na and Boo Weekley even at 6 under in the first round.

And at the European Tour's BMW PGA Championship:

Francesco Molinari holds a two-shot lead at 7 under after the opening round.

Wuhan Picked to Host 2019 Military World GamesChina's mega city of Wuhan, central Hubei province, has been picked to host the 2019 Military World Games.

The Military World Games is a multi-sport event for military athletes organized every four years by the International Military Sports Council, and the first summer games was held in 1995 in Rome, Italy.

Russian-based Kontinental Hockey League Eyes China ExpansionIn off-ice hockey news:

Russian-based Kontinental Hockey League is looking to expand to China, hinging its hopes on a successful Beijing winter Olympics bid for 2022.

If Beijing beats out Almaty, Kazakhstan, for the bid, China will have to develop its hockey from the ground up in less than 10 years--and that is something KHL president Dmitry Chernyshenko is betting on.

The president says he hopes to hold a regular-season game in China and, in the long term, establish a KHL team in Shanghai.

KHL's pivot toward the East is a departure from the league's strategy under Chernyshenko's predecessor, Alexander Medvedev, who was pushing the league further into Europe.

NHL Playoffs Preview: Anaheim vs. Chicago for Game 3 of Western Conference FinalIn upcoming action on-ice from the National Hockey League Playoffs:

At 8 a.m., Beijing time--The Anaheim Ducks head to Chicago to the face the Blackhawks in game three of the league's Western Conference Finals.

With the series tied at one game apiece, Chicago may have the edge, being 5-0 at home in the post-season. The Ducks meanwhile are coming off their first loss their first home defeat of the playoffs, and in a grueling match that went to triple overtime.

EntertainmentHou Hsiao-Hsien's film screened at Cannes to compete for Palme d'OrChinese film "The Assassin" from Taiwan-director Hou Hsiao-Hsien has been screened at the Cannes Film Festival.

The film, which is competing for the coveted Palme d'Or award, is set in 9th century China during the Tang Dynasty.

Young Chinese actress Shu Qi who plays the daughter of a general who is kidnapped by a nun and trained in martial arts.

"I'm really happy that the film was nominated. The Director Hou Hsiao is one of the greatest I have ever worked with. Every time we cooperated in different ways and I've learn a lot in the process.""The Assassin" is Hou Hsiao-Hsien's 7th film to be nominated for the Palme d'Or.

He won the Jury Prize at Cannes in 1993 for "The Puppetmaster."Hou also earned the Technical Grand Prize in 2001 for "Millenium Mambo."A total of 19 films are competing for the Palme d'Or at Cannes this year.

The festival itself wraps up on Sunday.

Court hearing that Wang Feng sues Media to start todayA slander suit filed by veteran rocker Wang Feng is set to get underway later on this morning in Beijing.

Wang is suing an entertainment reporter and his company, the Shanghai Newspaper Group.

He's demanding 4-million yuan in compensation after an article was published, describing him as a "gambling pioneer."The story alleged Wang Feng was part of a poker tournament in Jiangsu which was later shut-down under China's anti-gambling laws.

Wang Feng is suing for libel, claiming he was only there to take part in the opening ceremony.

The event itself was billed as a charity poker tournament, but involved some 1.3-million US dollars in prizes.

Bailed star Salman Khan 'already confirmed' for Dubai showBollywood star Salman Khan has confirmed an appearance at a Dubai awards show.

However, Khan is still waiting for permission to travel from the Indian courts.

Khan has been sentenced to 5-years in prison for killing a homeless man in a hit-and-run case.

However, he remains free on bail pending an appeal.

Salman Khan is one of the most bankable stars in Bollywood.

He's appeared in more than 80 Hindi-language films.

San Andreas premiered in UKNew natural disaster film "San Andreas" has premiered in London.

'The Rock,' aka, Dwayne Johnson - the star of the new film - was there at the event.

Speaking to the media while on the red carpet, Johnson has defended the timing of the release of "San Andreas" in the wake of the earthquakes which have devastated Nepal.

"No I don't think it was a bad time to release the film because we took proper steps in making sure we were showing respect to mother nature. We coexist with mother nature and we were aware of our content - we live in California - so we know the dangers of earthquakes. It was so unfortunate. We were heartbroken. I was heartbroken when I got the news because it all has this funky, ironic twist because we just started promoting it. It felt like the best thing we could do was pause on the promotion, so we put everything on hold, raise awareness, raise a lot of money, sent over some, a lot of money, which was important, and then like people in Nepal, you rebuild and you start living life again.""San Andreas" is scheduled to hit Chinese theatres on June 2nd.

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

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

Chinese Premier Li Keqiang has arrived in Columbia for the 2nd leg of his current Latin American tour.

China's First Lady has met with a group of student from Australia visiting China at the invitation of her husband, Xi Jinping.

Thousands are attempting to flee Ramadi as a massive battle for control of the Iraqi city gets underway.

In Business.... a Chinese industrial firm has become the first to voluntarily delist from Shanghai under new rules instituted back in November.

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.