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

Coming up on our program this morning...

This year's ASEAN Foreign Ministers meeting draws to a close, with China's Foreign Minister putting out a series of new statements.

Japanese Prime Minister Shinzo Abe's advisors have delivered a new set of options for him to consider for his highly-anticipated speech about the War next week.

The Chinese families of MH370's victims look for more accountability at a planned meeting later on this Friday.

In Business... China's biggest securities company taking a significant profit hit last month.

In Sports... a 22-year old Chinese swimming sensation taking home gold in Russia.

In entertainment... a new romantic comedy hitting Chinese theatres today.

All of that coming up in the next hour.

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Top NewsASEAN FM Meeting ConcludesThis year's ASEAN Foreign Ministers' Meeting has wrapped up in Malaysia's capital, Kuala Lumpur.

In closing the session, Malaysian Foreign Minister Anifah Aman says the group is confident the new 'ASEAN Community' initiative will take form before the end of the year.

"The meeting noted the progress of the implementations of the roadmap for an ASEAN Community, 2009-2015, which will expire by the end of this year. Malaysia, in its capacity as the chair of ASEAN, will monitor the implementations of the remaining action lines on the blueprints for all three pillars. Malaysia is confident that we will be able to establish the ASEAN Community by the end of December 2015."In its final joint communique, ASEAN Foreign Ministers say they will continue to promote peace and prosperity in the region.

As part of the meetings, Chinese Foreign Minister Wang Yi has put forward 10 new proposals to try to tighten ties among China and the 10 different nations in the Association of Southeast Asian Nations group.

Among them are proposals for easing tensions in the South China Sea.

They include a call for the use of the Declaration on the Conduct of Parties in the South China Sea, as well as additional talks to create a new Code of Conduct which all sides will abide by.

Chinese FM calls for closer cooperation among ASEAN, China, Japan, S. KoreaChinese Foreign Minister Wang Yi is calling for closer cooperation among China, Japan, South Korea and ASEAN countries.

Wang Yi has made the call at an ASEAN+3 meeting on Thursday in Kuala Lumpur, saying the creation of the new 'ASEAN Community, as well as an East Asian Economic Community and an Asian Community of common destiny should be prioritized.

He's also pressing for increased maritime connectivity, better environmental and disaster prevention, along with helping ASEAN countries reduce poverty.

At the same time, the Chinese Foreign Minister is lauding the new free trade agreement between China and South Korea, while also calling for the completion of negotiations on an upgrade to the China-ASEAN Free Trade Zone before year's end.

Improving fund-raising for regional infrastructure by using the Asian Infrastructure Investment Bank and the Silk Road Fund are also being recommended by Wang Yi.

Chinese FM warns Japan not to "grapple with" ChinaChinese Foreign Minister Wang Yi is warning Japan not to "grapple" with China.

It's being reported the Chinese envoy has issued the warning to Japanese Foreign Minister Fumio Kishida on the sidelines of the foreign ministers' meetings on East Asia cooperation in Kuala Lumpur.

As part of the meeting, Wang Yi says he's told Kishida this year is special for Sino-Japanese relations.

"This year marks the 70th anniversary of the victory of the War of the Chinese People's Resistance Against Japanese Aggression, so historical issues are unavoidable. Actually not only Chinese people, the international society are keeping an eye on how Japan is going to get through this."At the same time, Wang Yi says the world is also closly watching Japan's new military posture.

Chinese FM rejects Philippine, Japanese, U.S. claims on South China Sea issueChinese Foreign Minister Wang Yi has, once again, put forward China's official position on its claims in the South China Sea, rejecting suggestions made this week by the Philippines, Japan and the United States.

Wang Yi, speaking at this week's ASEAN Regional Forum, says China has been forced to make clear its stance amid issues raised by those countries at the forum.

But in making the statement, Wang Yi does say the general situation in the South China Sea remains stable, saying the possibility of a major conflict simply does not exist.

In addition, he also says China has the same concerns as other countries when it comes to freedom of navigation in the South China Sea, noting most of China's merchandise flowing in and out of the country is transported on the sea.

Panel report mentions Japan's aggression but no words on apologyA new report from advisors delivered to Japanese Prime Minister Shinzo Abe has reportedly stopped-short of suggesting an apology for World War II during a highly-anticipated speech later this month.

Abe's advisors are suggesting he admit Japan caused significant damage throughout Asia in its -quote- "reckless war."However, the policy advice doesn't say whether or not Abe should issue an apology.

"As this year marks the 70th year after the war, I hope to make a statement that will convey to the world what we have learned from the war and what path we should proceed with, based on this report."In the 38-page report, a 16-member panel, made up of mostly academics and journalists, has made mention of Japan's wartime aggression and colonial rule.

However, the panel is split on whether to use the term "aggression" to describe Japanese actions.

Shinichi Kitaoka, co-chair of the panel, says whether an apology is made will be up to the prime minister himself.

"What we have done is to write up a basic understanding of history. It does not involve whether an apology should be included or how it should be done. However, to some extent there are things that are necessary for reconciliation and for the process of it."What's being dubbed the "Abe Statement" will be delivered on August 14th, a day ahead of the 70th anniversary of Japan's surrender in World War II.

It's going to be highly scrutinized here in Asia, particularly in China and Korea.

In marking the 70th anniversary of the atomic bombing of Hiroshima on Thurdsay, Abe has repeated that he upholds previous statements on the war, which include a 1995 "heartfelt apology" by then-premier Tomiichi Murayama.

But he has also questioned use of the term "aggression" - viewed as a key term in the Murayama statement.

Abe has publically stated his desire to issue forward-looking comments, in his own words.

This has raised concerns in China that Abe may try to dilute past apologies to draw support among Conservatives for his new defense policies.

MH370: relatives in China skeptical about debris linked to missing planeAnchor:

Relatives of the victims of missing Malaysia Airlines flight MH370 are demanding more answers and more accountability following increasing evidence the missing flight did, indeed, crash into the Indian Ocean last year.

CRI's Poornima Weerasekara has more.

Reporter:

Chinese relatives of the passengers have been reacting with both grief and frustration after Malaysian prime minister Najib Razak announced a piece of wreckage found on the Indian Ocean of Reunion last week is from the missing plane.

But many of the relatives of the Chinese vicitms say they're not happy with the answers they've been given by the Airline.

Yang Jinbo from Liaoning lost both his wife and daughter in the tragedy.

"We request Malaysian Airlines to fulfil their promises. Last year they told us that they will fly us to wherever the first signs of debris of MH370 were found. Secondly, we need to see the video of the boarding of the plane itself. We were only given the airplane ticket as proof that our relatives were on board. But we need real evidence in order to fully believe that our loved ones were on that plane."The relatives are also criticising the airline's choice of using a simple text message to inform them of the latest information after 515 days without any news.

Chinese Foreign Minister Wang Yi, who had been attending an ASEAN regional meeting in Kuala Lumpur, has used part of his time there to call on Malaysian authorities be open about what they know.

"We suggest that Malaysia should first explain to the next-of-kin on what's going to happen next. I think on this matter it is important that we care about their feelings, the struggle that they're going through."Malaysian authorities have come under fire for their handling of the disappearance of MH370, with many accusing the goverment of being both unresponsive and uncooperative.

Malaysia Airlines flight MH370 disappeared while on a fight from Kuala Lumpur to Beijing in the early-morning hours of March 8th of last year.

Of the 239 people on board, nearly two-thirds of them are Chinese.

Meanwhile, Malaysian Transport Minister Liow Tiong Lai has confirmed more plane parts have been found washed up on the Indian Ocean island of Reunion, which is located just east of Madasgascar.

The new items include pieces of windows, seat cushions and aluminum.

They have also been sent to a French military testing lab in Toulouse for further analysis.

Their discovery some 4-thousand kilometers from where the search for the plane has been focused is raising questions and concerns among the families of the victims, with some suggesting the search area should be changed.

However, Judith Zielke, chief coordinator of the Joint Agency overseeing the search off the west coast of Australia, says the discovery of debris on Reunion Island is consistent with the drift modeling conducted by experts.

"Look, the overall search area is 1.1 million square kilometres, that's an area around the size of South Australia, so it is huge. Our target area is 120,000 square kilometres within that and we've searched over half of that area to date. So, we're making good progress.

While certian materials of a downed airliner can float and drift in the ocean, heavier materials, including an airliner's flight-data recorders, cannot.

Discovery of the flight-data recorders on MH370 will be critical in determining what has led to the biggest mystery in aviation history.

For Cri I'm Poornima WeerasekaraChairman of opposition party Soong Chu-yu to run for Taiwan leaderThe chair of Taiwan's 'People First Party' has officially announced his candidacy for the island's leadership election in January.

"I would like to make an announcement here that Soong Chu-yu is going to formally run for the election."This will be the 3rd bid by 73-year old Soong Chu-yu to run for Taiwan's top leadership position.

Soong is set to take on at least 3 other contenders, including Hung Hsiu-chu, the nominee for the incumbent Kuomintang.

"It's hard for me to respect his decision, but I do not have to express my regret either. Politicians who only care about party affiliations, but not right and wrong, are not appreciated. I believe many people don't like to see politicians playing all sides in search of benefits."Current polling suggests the leadership election will come down to a battle between Hung Hsiu-chu and the opposition Democratic Progressive Party head Tsai Ing-wen.

An independent, Shih Ming-teh, is also running.

Current Taiwan leader Ma Ying-jeou is not allowed to run under the current election laws on the island.

China renews alert for Typhoon SoudelorThe alert level has been raised for approaching Typhoon Soudelor.

The National Meteorological Center has raised the alert level from yellow to orange, the 2nd highest alert level.

Chen Liangyong with the Maritime authority in the city of Taizhou in Zhejiang says they've recalled around a thousand boats to port.

"Judging by the typhoon's movements, we are going to have to be on-duty for the next 24-hours to help the returning fishing boats. We are going to try to do out best to get all the boats we can back into port."Forecasting models are expecting the eye of Soudelor to hit the east coast of Taiwan sometime around midnight tonight.

The storm has been increasing in strength, and is expected to hit Taiwan with winds of around 185-kilometers per-hour.

It is expected to lose power as it crosses over Taiwan, but will still hit the mainland coast near the border with Fujian and Zhejiang sometime late Saturday afternoon with Typhoon-status winds of around 120-kilometers per hour.

Soudelor reached its peak intensity late Monday in the western Pacific, with winds of over 280 kilometers per hour, making it the strongest storm anywhere on the planet so far this year.

China's Hospital Reform Full Steam AheadAnchor:

New Chinese government analysis is suggesting its massive reform plan designed to cut costs across the public hospital system is beginning to gain traction across the country.

CRI's Qi Zhi reports.

Reporter:

Among the highlights of the reforms is a ban on the price mark-up of drugs.

Fu Wei with the National Health and Family Planning Commission says it's key to establishing a new system that can make hospitals more accountable to the people they're trying to help.

"Measures are being taken to help establish more rational protocols in hospitals, including the ban on drug markups, as well as adjusting the pricing system, axing costs and increasing government funding."An average 15-percent markup on drug sales is widely believed to have been encouraging hospitals to prescribe more medicine than is necessary in order to generate revenue, which drives up medical bills.

The central government began cracking down on drug markups in public hospitals three years ago.

But beyond that, Fu Wei notes it's more important, as well as difficult, to stop public hospitals from trying to generate excessive profits.

"The ban on drug markups is only the first step. It's also necessary to push forward with reforms of the government reimbursement system, as well as the price setting systems and how we manage the salaries of the medical staff."Another issue being worked on is trying to address the shortfalls in actual medical services.

Multiple steps have been taken since April in the province of Anhui to try to streamline services in hospitals while encouraging patients with minor health issues to go to community-level clinics.

Yu Dezhi, the head of Anhui's provincial health department, says the results have been encouraging so far.

"The new measures ensure enough time for communication between patients and their doctors. They also make it easier for doctors to deal with a reduced number of patients."The broader-based medical reforms are currently under way at around 33-hundred county-level and 760 city-level hospitals across China.

They are expected to cover all county-level public hospitals by the end of August.

The reforms will be expanded to all public hospitals in 100 cities by years-end.

For CRI, I'm Qi Zhi.

Egypt's Sisi opens new Suez Canal to boost economic recoveryAnchor:

Egypt has officially unveiled a major extension of the Suez Canal that is expected to give a major shot-in-the-arm to the country's economic recovery after years of unrest.

CRI's Luo Wen has more.

Reporter:

Egyptian president Abdel Fattah al-Sisi has signed an official document presented by the Suez Canal Authority to open up the new waterway.

"We promised, as Egyptians, a gift to the world and today we are fulfilling this promise in record time."Sisi gave the go-ahead for the "New Suez Canal" project a year ago, and ordered it to be completed in just one year.

The project includes a newly-dug 35-kilometer waterway, which runs alongside the original 190-kilomter Suez Canal.

It also includes a 37-kilometer expansion and deepening of certian parts of the existing Canal.

"Within just one year we are providing the world with an additional artery for prosperity, another channel for connecting civilisations, to facilitate and enhance the movement of international maritime traffic, broaden the horizons of growth and enable the realization of the hopes and the aspirations of Egyptian people."Inaugurating the new Canal, the former General notes the work did not take place under normal circumstances.

"Egypt did not only present this project during this year or the previous two years, to be exact. History will record that Egypt stood against and fought the most dangerous extremist ideology. If it were able to put hands on this land it would have burnt it to the ground."Cairo has had to face an increasingly brazen insurgency in the area around the Suez Canal, which is located in the Sinai peninsula.

The insurgency by both local tribesmen and supporters of ousted former President Mohammed Morsi has left numerous soldiers and police officers dead.

Despite this, Egyptian authorities are promising the safety of ships through the strategic canal will not be an issue.

The new Suez Canal project is meant to double its capacity and revenues over the next 7-years.

However, some observers are suggesting the political gains for Sisi are likely to outweigh the economic ones.

Sameh Rashed is a political analyst and researcher with Egyptian daily newspaper al-Ahram.

"This is not a new Suez Canal, but it a new partial waterway, precisely it's the eighth, so there were seven previous similar projects in the Suez Canal. Also, the increase in the capacity is not only subject to the dimensions of the canal, but also subject to the increase in world maritime trade. International organizations expect that in the next ten years it won't increase much, on the contrary reports say that other waterways could draw the traffic from the Suez Canal."The Suez Canal Authority predicts a jump in revenues from 5-billion to over 13 billion US dollars by 2022.

In the long term, it's also expected the expansion will create at least a million new job opportunities.

A number of new development projects around the canal region are also due to break ground in the near future.

For CRI, I'm Luo Wen.

Andrzej Duda outlines priorities as new Polish presidentAndrzej Duda has been sworn-in as Poland's new President.

"Andrzej Duda has become the new president of the Republic of Poland and I believe that I will succeed."Duda takes over from left-leaning Bronislaw Komorowski, whom he defeated in May's Presidental election.

Speaking at his swearing-in ceremony, the 43-year old Duda says he has no plans to back-track from his campaign pledges.

"I will keep my electoral promises though many don't believe in it. The most important issues are to submit a bill to increase the tax-free bracket, to help the poorest ones, as well as a introduce draft legislation to lower the retirement age. "Duda is allied with Poland's opposition Law and Justice Party.

Polling is suggesting the Conservative opposition could be poised to defeat the ruling centrist party in Poland in the parliamentary elections in October.

Looting and violence on the rise in Venezuela supermarketsSupermarkets in Venezuela are increasingly being targeted by looters as swollen lines and prolonged food shortages are sparking growing frustration in the country amid its current economic downturn.

Marco Ponce with a local NGO in Venezuela says anger is continuing to rise across the country.

"There have been 132 looting and attempted looting incidents, ranked as follows, 56 looting throughout the country and 76 attempts of looting, i.e., looting and attempted looting. What we saw in July, without the consolidated data, is that there has been a surge in vandalism acts in sale points of food, supermarkets and transportation of food also."A number of local Chinese stores have been targeted in the looting.

Cross-border smuggling is also said to be on the rise, which is driving concerns about rampant inflation.

The economic crisis in Venezuela, brought on by the continued low price of oil, is also taking its toll on President Nicolas Maduro's approval ratings.

Uyghur tightrope walker planning kilometer-long stuntAnchor:

A man from Xinjiang has announced his intention to take part in a kilometer-long tightrope walk in western China later this year.

CRI's Victor Ning has more.

Reporter:

Professional tightrope artist Aisikaier Wubulikasimu, an ethnic Uyghur from Xinjiang, has been investigating whether it will be possible to conduct a roughly one-thousand meter tightrope walk in The Wulong Karst National Park in Chongqing.

If he's given approval, Aisikaier will make the walk some 300-meters above the ground in the National Park, which has been a UNESCO heritage site since 2007.

He says part of his motivation for attempting the spectacular feat is to get people more involved in tightrope walking, which is known as "Dawaz" in the Uygur language.

"Dawaz" has been part of the culture in Xinjiang and other ethnic Uygur areas of China for around 2-thousand years.

Most of China's more renowned tightrope walkers hail from the Xinjiang area.

Aisikaier began walking tightropes when he was just 6-years old in the city of Kashgar.

Since then, the fearless 42-year old has made it a career, performing twice a day at a theme park located near Yunnan's capital, Kunming.

"Since I started tightrope walking as a child I haven't worn any safety equipment. Now, many places require us to wear safety equipment in case there is an accident, but we don't like it."He currently holds the Guiness Book of World Record for the fastest tightrope walk over 100-meters, clocking in at 38.86 seconds.

While heights don't seem to bother Wubulikasimu, he admits he has been somewhat perplexed by a 'tightrope of a different kind.'

"I think that making traditional "lamian," hand pulled noodles, is more difficult than tightrope walking. Every time I go back to Xinjiang, when we are having dinner, I watch my friends, my sisters, and I also ask in restaurants how to prepare them. That's how I learnt. That was two years ago, and now I can do it."As for his planned tightrope walk above Wulong Karst National Park, Aisikaier says he's hoping to use his stunt to keep the younger generation interested in "Dawaz.""I want to pass on the culture of tightrope walking to the next generation so that when we are gone, they can also pass on this art form to the next generation."If given approval, Aisikaier Wubulikasimu says he hopes to attempt his kilomter-long tightrope walk sometime this fall.

For CRI, I'm Victor Ning.

Xinjiang opens reporting platform for Internet crimeRegional authorities in Xinjiang have created an online platform for people to report illegal and harmful information discovered on the Internet.

People online in Xinjiang are being encouraged to provide tip-offs about possible terror propaganda, religious extremism and online rumors.

Internet users in Xinjiang can access the platform through more than 300 different websites in Xinjiang, as well as through instant messaging services such as Wechat.

Xinjiang has around 15-thousand registered websites and more than 17-million Internet users.

Parents of Chinese robbery victim donate organs to South Africa hospitalThe family of Chinese teenager killed in a robbery in South Africa have donated the young man's organs to a local hospital.

The 16-year-old Sun Xi, whose family lives in South Africa, was killed in an attack late last month.

Samantha Niccholls with South Africa's Organ Donor Foundation says the Sun family's decision will help dozens of people.

"Through their gift of life, eight lives were saved. The use of one heart, lungs, a liver, 2 kidneys and two people accepted the donation of corneas; as well as someone's life been saved through the donation of skin, as well as bone been donated, which could improve potentially up to 50 people's lives."The 16-year old was attacked by an armed group in Cape Town last month, and died from blood loss after being hacked in the head with a knife.

Sun Xi is the 12th Chinese national to be killed in crime-related attacks so far this year.

His death has renewed debate among South Africa's Chinese population about security issues.

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

Overnight it will be overcast and temperatures will drop to 23.

Shanghai will have shower with a high of 32,the shower will continue tonight with a low of 27.

In Chongqing it will be cloudy in the daytime with a high of 35 and overnight it will have thunderstorm with the lowest temperature of 27.

Elsewhere in the world, staying here in Asia,Islamabad will have slight rain today with a high of 35.

Kabul will be cloudy with a high of 31.

Over to North America,New York will be overcast with a high of 24 degrees.

Washington, rainy,high of 24.

Honolulu, rainy, 28.

Toronto, Canada, will be overcast with a high of 24 degrees.

Finally, on to South America,Buenos Aires will have slight rain with a high of 22.

And Rio de Janeiro will be cloudy with a high of 28 degrees Celsius.

Headline newsASEAN FM Meeting ConcludesThis year's ASEAN Foreign Ministers' Meeting has wrapped up in Malaysia's capital, Kuala Lumpur.

In closing the session, Malaysian Foreign Minister Anifah Aman says the group is confident the new 'ASEAN Community' initiative will take form before the end of the year.

In its final joint communique, ASEAN Foreign Ministers say they will continue to promote peace and prosperity in the region.

As part of the meetings, Chinese Foreign Minister Wang Yi has put forward 10 new proposals to try to tighten ties among China and the 10 different nations in the Association of Southeast Asian Nations group.

Among them are proposals for easing tensions in the South China Sea.

Chinese FM calls for closer cooperation among ASEAN, China, Japan, S. KoreaChinese Foreign Minister Wang Yi is calling for closer cooperation among China, Japan, South Korea and ASEAN countries.

Wang Yi made the call at an ASEAN+3 meeting in Kuala Lumpur, saying the creation of the new 'ASEAN Community, as well as an East Asian Economic Community and an Asian Community of common destiny should be prioritized.

He's also pressing for increased maritime connectivity, better environmental and disaster prevention, along with helping ASEAN countries reduce poverty.

At the same time, the Chinese Foreign Minister is lauding the new free trade agreement between China and South Korea, while also calling for the completion of negotiations on an upgrade to the China-ASEAN Free Trade Zone before year's end.

Kabul hit by massive car bombAt least three people have been killed and more than 100 injured by a powerful car bomb in the Afghan capital Kabul early on Friday morning.

A medic quoted by Reuters says injured people including children are being rushed to a nearby hospital for treatment.

A security source says the target was probably an army compound.

The number of fatalities is expected to rise.

Egypt opens new Suez Canal to boost economic recoveryEgypt has opened an expanded Suez Canal, with the hope of helping the country's economic recovery.

President Abdel-Fattah al-Sisi has attended a ceremony to open the new waterway, which has been expanded in just one year at a cost of more than 8-billion US dollars.

The project includes a newly-dug 35-kilometer waterway alongside the original 190-kilometer-long Canal.

It has also deepened certain areas of the existing Canal.

Egyptian officials say the new waterway is expected to increase annual shipping revenues by some 8-billion dollars a year over the next 7-years.

Helicopter Crash Kills 12 in PakistanA military helicopter crash in northwestern Pakistan has left 12 people dead.

The medical helicopter was carrying relief goods to the area when it went down.

Bad weather is being pointed to as the main factor.

Northwestern Pakistan, along with other parts of the region, have been battered by unusually heavy monsoon rains this year.

Biz ReportsStocksAnchor:

Turning onto business news. First, a quick look at the closing numbers across North America and Europe as well as a recap on the Chinese market.

Joining me on the desk, Luo Wen.

Reporter:

U.S. stocks suffered big losses Thursday as investors digested initial jobless claims and corporate earnings reports ahead of Friday's closely-watched nonfarm payrolls report.

The U.S. Labor Department has reported that in the week ending Aug. 1, the advance figure for seasonally adjusted initial jobless claims was 270-thousand, an increase of 3-thousand from the previous week's unrevised level and slightly below market consensus.

Investors will also keep a close eye on Friday's nonfarm payrolls report for any further clues on the Federal Reserve's first rate hike in almost nine years.

In corporate news,Tesla Motors' shares slumped 8.9 percent after the company reduced its full-year vehicle delivery outlook.

New York Times' shares dipped 3 percent after reporting quarterly earnings above forecasts and sales shy of consensus.

At the close,The Dow Jones shed 0.7 percent.

The S&P 500 lost 0.8 percent.

The Nasdaq shrank 1.6 percent.

Meanwhile, European stocks finished largely lower on Thursday as oil prices traded near their lowest levels since March.

At the closing bell,The UK's FTSE 100 dipped a fraction of a percent.

Germany's DAX slipped 0.4 percent.

France's CAC 40 increased 1.6 percent.

Finally here in China,Chinese stocks continued to drop on Thursday as investors took a wait-and-see attitude, as shown by the lightest trading volume in more than four months.

The benchmark Shanghai Composite Index went down 0.9 percent.

The smaller Shenzhen Component Index dropped 0.8 percent.

China's largest securities trader sees heavy profit shrinkage in JulyLatest stats show the net profits of China's largest securities trader dipped substantially in July.

Revenues for CITIC Securities came in at 3.6 billion yuan, or just under 600-million US dollars, down some 20-percent from June.

CITIC's net profits have come in at 1.5 billion yuan in July.

This is down nearly 37-percent on a month-by-month basis.

Other domestic traders, including Haitong Securities and Founder Securities, have also seen both shrinking revenues and profits.

The overall volitility of the markets is being pointed to as the obvious factor.

Alibaba and Yongda Co-establish a Car O2O PlatformAnchor:

Chinese online shopping platform Alibaba is teaming up with a Chinese car dealer in an attempt to shift vehicle buyers from the showrooms to an online marketplace.

CRI's Li Jing has more.

Report:

Yongda Automobiles and Alibaba Group have jointly launched an online car sales platform, which allows customers to purchase high-end cars, such as Cadillacs and Bentleys, by a simple click just like buying any everyday product.

Cai Yongzhi, a senior executive at Alibaba's car division, says the two companies are teaming up to provide one-stop online-to-offline services.

"Buying a dress online is easy, but buying a car is different, which costs thousands or millions of dollars. We have resolved the problem of online payment, and we offer good quality cars with uniform prices across the country. Customers can simply pay online, then sign the contract and pick up the car offline. "He says customers in smaller cities will benefit from the new sales model because many high-priced cars have not yet entered the local markets.

Once the orders are placed online, cars are expected to be delivered to a dealership nearest to the consumer within a week.

At the same time, Deputy General Manager at Yonda Automobiles Tang Liang says the innovation in e-commerce has created a new distribution model.

"We are launching the first Internet car festival, people no longer have to go to an auto show for new cars. Capitalizing on our nationwide distribution network and Alibaba's big data analysis, we are able to serve custom cars to our consumers."Despite slower overall car sales in China last year, car-related e-commerce has been booming over the past years. On November 11 last year, Alibaba's business-to-consumer platform Tmall sold more than 50 thousand cars during the annual online sales and promotion day.

A number of Chinese technology giants, including Tencent and Baidu, are also exploring business opportunities in car products, given online sales expected to account for 10% of all car sales in China in the near future.

Data shows that nearly 24 million vehicles were sold in the country last year, up 7 percent from the previous year, making China the largest auto market in the world for six consecutive years.

For CRI, this is Li Jing.

Alibaba inks exclusive tie-ups with global brands to sell in ChinaChinese e-commerce giant Alibaba has signed exclusive partnerships with more than 20 different clothing brands, including Zara and Timberland.

Alibaba's Tmall.com is set to become the 3rd online retailer in China to carry international clothing brands.

Financial details haven't been disclosed.

This comes after Alibaba's main rival, JD.com, recently announced plans to sell U.S. products such as Converse, Samsonite and other major apparel brands to Chinese customers through a new store on its site.

Singapore, Chongqing to jointly build airport economic zoneSingapore's goverment has reached an agreement with municipal authorities in Chongqing to create airport economic zone in the Chinese mega-cityIt will become Singapore and China's third joint project following the creation of an industrial park in Suzhou and an eco-city project in Tianjin.

The new agreement includes collaboration on the production of airline meals, ground service operations, an aviation logistics park and bonded logistics areas.

China is Singapore's largest trade partner, export market and source of imports.

Singapore is Chongqing's biggest foreign investor, with the city-state spending 5.5 billion US dollars in the Chinese city.

British central bank keeps interest rate on holdThe Bank of England's Board of Governors has voted 8-1 to keep its key interest rate unchanged at 0.5 percent.

At the same time, the BoE has also decided to maintain its quantitative easing policy at 375-billion pounds per month.

It is the 78th consecutive month that the British central bank has left its ultra low interest rates unchanged.

However, Bank of England Governor Mark Carney is on-record saying the time for an interest rate increase is drawing closer.

However, some economists are suggesting a rate increase could be delayed as the near-term outlook for inflation remains somewhat muted.

Dutch bank ING upgrades China businessDutch bank ING has upgraded its operations at its Beijing offices to a full branch in an attempt to expand its business in China.

The Beijing branch will provide clients with foreign exchange settlement services, including foreign exchange deposits, trade financing, loans, export credit, as well as consulting and advisory services.

ING currently has branches in Hong Kong, Shanghai, and Taipei.

Central Chinese city raises 1 bln yuan for affordable housingChinese real estate firm Yichang Fangtou has raised around 1-billion yuan through a private placement in the Chinese interbank bond market.

The money will be used to fund its affordable housing program in the city of Yichang in Hubei.

Fangtou's affordable housing program had been stalled by because of a lack of financing.

Chinese brokerages Guotai Junan and CITIC Securities are the underwriters of the 5-year bond, which comes with an annual interest rate of nearly 6.4 percent.

Pfizer and Flynn Pharma accused of overcharging by CMAIt's being reported that pharmaceutical firms Pfizer and Flynn Pharma have been accused by the UK's competition watchdog of charging "excessive and unfair" prices for an anti-epilepsy drug.

Phenytoin sodium capsules are made by Pfizer and sold by Flynn.

The UK's National Health Service spent about 80 million US dollars on the drug in 2013.

SportsChina's Ning wins 100m freestyleIn swimming at the FINA World Aquatics championships in Kazan, Russia,Swimming world championships debutant Ning Zetao has claimed the title at the men's 100m freestyle, clocking in at 47.84 seconds.

Ning says his result is beyond his expectations.

"I feel honored to compete with swimmers from other countries for China. I never thought I could make it."The 22-year-old shot to fame by clinching four gold medals in the Asian Games last year in South Korea.

With his time in Russia, he's become the first Chinese swimmer to break the 48-second barrier and the first Chinese national to take gold at the event.

-------------China has also taken bronze in the women's 4x200m freestyle relay, with the gold going to the United States.

In the women's 200m butterfly,China's Zhang Yufei has taken bronze.

Japan's Hoshi Natsumi claimed the title, while American Cammile Adams was second.

English Premier League PreviewIn football,China's women's national team is hoping to snap its losing streak at the East Asian Cup as they will take on Japan on Saturday.

China has lost its previous matches, going down to both South Korea and North Korea.

--------In Europe,The 2015-2016 English Premier League is set to kick off on Saturday with six games on deck,Chelsea is set to open its season against Swansea City.

Chelsea manager Jose Mourinho says Swansea won't be an easy start.

"It's a very good team, very good, very stable, stable club, stable manager, players. Normally they keep the same team and they bring a couple to improve, which they did again, I like very much their team."Chelsea captain John Terry says they're confident they can retain the title this season.

"Mentally I think we're in the right place where we want to be, we know what's expected of us and what's going to be coming, so we've got to be mentally ready for that and I think we are. Physically we are certainly ready and ready to retain the title."In other action tomorrow,Manchester United is up against Tottenham Hotspur.

Newcomers Bournemouth will play Aston Villa.

Everton will play newly-promoted Watford.

Leicester City will play Sunderland.

Norwich City is up against Crystal Palace.

China Loses to New Zealand 89-82In basketball,China's Olympic team has lost any chance of hoisting the Stankovic Cup this year, going down to New Zealand 89-82 last night.

21-year old Guo Ailun led China with 22-points and 5 rebounds in the loss.

This is the Chinese Olympic team's 3rd straight loss at the annual tournament hosted here in China.

China lost its previous matches against Venezuela and Mexico.

China has claimed the Stankovic Cup title only once since its establishment in 2005, winning the gold in the final in 2012 over Australia.

----------------China's young women are faring much better on-the-court,Defending champions China have reached the final four of this year's FIBA Asia under 16 Championships, doubling-up on Thailand 100-50.

China's Li Yueru led the squad with 26 points and 14 rebounds.

Next up is a match against Chinese Taipei for a spot in the final.

The other semi-final has Japan taking on South Korea.

Cavaliers sign veteran Richard JeffersonIn off-court NBA news,The Cleveland Cavaliers have signed free agent forward Richard Jefferson.

Terms of the contract have not been released.

This will be the 7th team Jefferson has played on in his 14-year NBA career.

He played with Dallas last year, and had been expected to re-sign with the Mavericks.

However, it appears the chance to play with the LeBron James, who he will likely be backing up on the bench, appears to have been enough to lure him to Cleveland.

The 35-year-old has appeared in 105 playoff games, going to the Finals with the Nets in 2002 and 2003.

He averaged 5.8 points and 2.5 rebounds in 16.8 minutes per game last season.

----------------Other basketball news,The host of the 2019 FIBA Basketball World Cup will be announced later today.

Both China and the Philippines are bidding for the event.

Both countries have brought in superstars to endorse their bids, with China calling forth retired NBA star Yao Ming, while the Philippine bid has been backed by boxer Manny Pacquiao.

FIBA's flagship event will feature 32 games for the first time ever in 2019.

Cao Zhaoyi Advances at Fuzhou OpenIn tennis,China's Cao Zhaoyi has blown past compatriot Gong Xiao in a three sets affair to reach the third round at ITF Men's Tennis Circuit event in Fuzhou.

China's Wang Aoxiong has also advanced, knocking out compatriot Wang Anran in straight sets 6-3, 6-3.

-------------In men's doubles,Hsieh Cheng Peng and Yang Tsung Hua from Taiwan have booked a place in the finals.

They will take on Yuya Kibi and Arata Onozawa from Japan for the title.

-----------In women's action from the Citi Open in Washington,Anastasia Pavlyuchenkova of Russia has reached the third round, beating third seeded Belinda Bencic of Switzerland 6-2, 6-4.

China's Liang Chen and her partner Chuang Chia-Jung are out of the women's double's competition, going down to American Irina Falconi and Monica Niculescu of Romania in a three-set affair.

-----------Other women's action from Bank of The West Classic in California,Chinese duo of Zheng Saisai and Xu Yifan has made it to the semi-finals in the women's doubles event.

Cardinals beat Reds 3-0 to take seriesIn Major League Baseball,The St. Louis Cardinals have secured a 3-0 victory over the Cincinnati Reds, taking yet another series from their NL Central rivals.

The Cardinals are now 30 games over .500 this year, the first time they've done that since the end of the 2013 season.

The Cards have the best record in the major leagues at 69-39, and are 6-games ahead of Pittsburgh in the NL Central.

In other action,The Washington Nationals dumped the Arizona Diamondbacks 4-1 to stay 2-games back of the New York Mets in the NL East.

The LA Dodgers got past the Phillies 10-8 to expand their lead in the NL West to 2.5-games over San Francisco.

The Tigers upset the AL Central leading Royals 8-6.

The Royals are 9-games ahead of Minnesota in that pennant race.

And it was the Milwaukee Brewers hammering the San Diego Padres 10-1. Neither of those clubs have a sniff at the post-season, with the 'brew crew'

Other games today,The Boston Red Sox are taking on the AL East leading Yankees.

The Toronto Blue Jays, just 4.5-games back of the Yankees, will try to take another home victory this morning against the Minnesota Twins.

The Florida Marlins are taking on the Atlanta Braves.

The San Francisco Giants will are up against the Chicago Cubs.

And it's the Houston Astros taking on the Oakland A's.

EntertainmentLove at First to Hit Theatres on Aug 7A romantic comedy that portrays a virgin boy's experience of meeting his first love is scheduled to hit theatres starting today.

Love at First, or "Ai Zhi Chu Ti Yan" in Chinese, has leading characters portrayed by Zhang Chao, who is better known as a singer than an actor and Li Xiaofeng, who is a TV hostess.

Zhang Chao acts as the boy Tian Xiaoye and Li Xiaofeng plays his girl friend, but she's also the mistress of another man.

By contrast, a supporting actor in the film is the heavyweight veteran Taiwan-American film actor David Wu, the famous VJ from Channel V.

He plays the role of a lustful editor of a music magazine, who is also the boss of Tian Xiaoye.

The film is another movie adaptation on the basis of a song written and sung by Taiwan rock musician Chang Chen-yue.

Jennifer Aniston and Justin Theroux ties the knotJennifer Aniston and Justin Theroux tied the knot in an intimate ceremony at home on Wednesday, according to American celebrity website TMZ.

The small ceremony included about 70 guests such as Aniston's former "Friends" co-stars Lisa Kudrow, Chelsea Handler and Howard Stern.

The duo was engaged for almost three years. Aniston and Theroux who had been friends for even longer, before they started dating.

Aniston's romantic life has been a favorite subject of the paparazzi since she split with former husband Brad Pitt in 2005.

Aniston shot into super-stardom with her role as Rachel Green on the hit NBC show "Friends," which aired for 10 years starting from 1994.

Theroux stars in the HBO series "The Leftovers" and has had roles in "Parks and Recreation," and "Six Feet Under."First Trailer for Brad Pitt-Angelina Jolie's 'By the Sea' releasedUniversal has released the first trailer for the drama "By the Sea," starring Brad Pitt and Angelina Jolie.

Angelina Jolie is also directing the pic, which tells the story of a couple in the 1970s who seem to be drifting apart, so they take a vacation in a small European seaside town in hopes of saving their marriage. The movie, based on an original idea by Jolie, was filmed in Malta.

Universal acquired the rights to the package last year and hopes to push it during award season.

The film hits theaters on Nov. 13.

Jon Stewart bids farewell to "The Daily Show"After 16-plus years and nearly 2,600 episodes as host of Comedy Central's phenomenally successful political satire, The Daily Show, Jon Stewart had his final Moment of Zen on Thursday.

Last winter Stewart announced that he was getting restless and it was time to leave the Comedy Central program.

Trevor Noah, a young comedian from South Africa replaces him as host next month.

It's the third major farewell for a late-night television personality in eight months.

Stewart's Comedy Central colleague, Stephen Colbert, ended "The Colbert Report" in December.

David Letterman signed off from CBS in May, to be replaced this fall by Colbert.

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

Overnight it will be overcast and temperatures will drop to 23.

Shanghai will have shower with a high of 32,the shower will continue tonight with a low of 27.

In Chongqing it will be cloudy in the daytime with a high of 35 and overnight it will have thunderstorm with the lowest temperature of 27.

Elsewhere in the world, staying here in Asia,Islamabad will have slight rain today with a high of 35.

Kabul will be cloudy with a high of 31.

Over to North America,New York will be overcast with a high of 24 degrees.

Washington, rainy, high of 24.

Honolulu, rainy, 28.

Toronto, Canada, will be overcast with a high of 24 degrees.

Finally, on to South America,Buenos Aires will have slight rain with a high of 22.

And Rio de Janeiro will be cloudy with a high of 28 degrees Celsius.

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

Recapping our top stories this morning...

This year's ASEAN Foreign Ministers meeting draws to a close, with China's Foreign Minister putting out a series of new statements.

Japanese Prime Minister Shinzo Abe's advisors have delivered a new set of options for him to consider for his highly-anticipated speech about the War next week.

The Chinese families of MH370's victims look for more accountability at a planned meeting later on this Friday.

In Business... China's biggest securities company taking a significant profit hit last month.

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