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

Coming up on our program this morning...

Chinese authorities are mulling a wide-ranging amnesty for a select number of prisoners ahead of the September 3rd parade.

Chinese lawmakers have been mulling a series of legal changes, including stronger laws connected to domestic violence and sex with minors.

All eyes on the Chinese markets again today after yesterday's massive sell-off here in China created ripples around the world.

In Business... authorities discussing the possible elimination of the loan-to-deposit ratio.

In Sports... China drops its first match at the Women's World Volleyball championships in Japan.

In entertainment.... A world-famous DJ heading to Shanghai to help spin at a major electronic show.

Top NewsChina to Grant Amnesty ahead of V-Day ParadeAnchorAhead of the September 3rd events to mark the 70th anniverary of the end of the war against Japan, Chinese lawmakers are considering pardons for a selected number of prisoners.

CRI's Luo Wen reports.

ReporterThe proposed amnesty would cover those who were involved in either the war against Japan or the subsequent civil war which ended 4-years later in 1949.

Anyone who also fought during the Korean War will also be given pardons if they still find themselves in prison.

Li Shishi, whose department drafted the proposal, says the amnesty has both political and legal significance.

"Granting amnesty to mark the 70th anniversary of the end of the Chinese People's War of Resistance against Japanese Aggression is "an innovative practice" based on the constitution. It shows the government's confidence in its system of governance and creates an "open, democratic, civilized and legal" image for China."The amnesty would also include anyone aged above 75, those who are seriously handicapped and unable to care for themselves, as well as those who committed crimes when they were younger than 18 and sentenced to less than three years in prison.

Minors who have less than a year remaining on their sentences may also be released.

However, Li Shishi says the amnesty does have restrictions.

"Anyone in prison through the anti-corruption campaign or for national security, as well as those convicted of graft, bribery, terrorism and sabotage will not be eligible for the amnesty."Career criminals will also be excluded.

All prisoners eligible for release under the amnesty should have begun serving their sentences before this year.

The draft is being discussed at the bimonthly session of the National People's Congress Standing Committee.

Special amnesty is a legal item written into the Chinese Constitution.

Seven amnesties have been issued since the founding of the PRC in 1949, often before major anniversaries or conferences.

For CRI, I'm Luo Wen.

China proposes medals for outstanding foreignersChinese lawmakers are considering creating a new set of honors for foreigners who have made important contributions to China.

Li Shishi with the National People's Congress Standing Committee says the new proposal will allow the President to hand out medals to foreigners.

"The Medal of the Republic will honor people who have played an outstanding role in the country's social development and defense construction. The national honorary title will be rewards for prominent figures in economics, foreign affairs, defence, education, culture, healthcare, sports, science and technology."Li Shishi says the awards would be considered the highest honor of the nation.

"Under the plan, we will set up a national book of merit, and add that person's name and their contribution to society. The person granted the award will also be invited to take part in national celebrations as a top dignitary. Thirdly, we will promote the award winners' contributions in various ways."The medals would be handed out by the President on National Day or during other significant festivals.

China legislates against domestic violence, law stepping in family affairsAnchorChinese legislators are working on a law specifically covering domestic violence.

CRI's Min Rui has more.

ReporterThe draft is said to be the first of its kind in China connected to domestic violence.

It has been discussed at the bi-monthly meeting of the National People's Congress Standing CommitteeSong Xiuyan with the State Council says the draft bill highlights prevention and puts the onus on those with a duty to protect the victims.

"In order to better protect those who are afraid to speak out for themselves, the draft law obligates staff at secondary and primary schools, kindergartens as well as medical institutions who suspect domestic violence to report it. Those who fail to report clear signs of domestic violence will be subject to possible punishment."Domestic violence still remains a taboo subject in China, where culture holds that family conflicts are embarrassing private matters which should remain private.

As a result, victims of domestic violence victims are often too embarrassed to speak out.

Professor Li Mingshun, vice-President of the Academy of Marriage and Family Law with the China Law Society, says mandatory reporting should do a lot to ensure victims of domestic violence get the help they need.

"For these groups of people who are usually subject to domestic violence, such as minors, the mentally ill, the elderly and the disabled, by mandating schools and medical institutions to report possible violence, lots of hidden domestic violence cases can be unveiled. This will give police and community organizations time to act."Stats from the All-China Women's Federation suggest around one-in-four Chinese women have suffered some form of domestic violence in their marriages.

However, only around 50-thousand cases of domestic abuse are registered, on average, every year in China.

Though domestic violence is covered under the Marriage Law and the Minor Protection Law, Li Mingshun with the China Law Society says the punishment and enforcement in those laws is weak.

"Although these laws have regulations on domestic violence, the regulations are covered under different statutes in the law, without a unified system. That's why these aren't very effective, and can often hold-up law enforcement. Some of the regulations lack enforcement mechanisms."Under the proposed new legislation, victims of domestic violence will also be able to apply for restraining orders against their abusers.

The courts will be obligated to make a ruling on whether or not to grant a restraining order within 48-hours.

If granted, the courts may order the abuser to move out of the home.

The courts can also order various other measures to protect the safety of the applicant.

Those who violate the orders can be detained for up to 15-days.

For CRI, I'm Min Rui.

China Considers Repealing Crime of Sex with Underage ProstitutesAnchorA proposed amendment to China's penal code is calling for eliminating the long-controversial charge of "prostitution with underage girls."CRI's Yu Yang explains.

ReporterIf the measure is approved by the country's top lawmakers, sex with girls under 14 will be considered rape and subject to harsher penalties, including death, regardless of whether the girl gave her consent.

The debate over whether to scrap the crime of "prostitution with underage girls" has lingered ever since it was first written into the Criminal Law 18-years ago.

Debate peaked in 2009 when eight people in Guizhou, including four government officials and a teacher, were discovered having sex with primary and middle school students.

Many were calling for them to receive death, but were only given jail terms.

Legal expert Mao Lixin says the controversy mainly stems from conflicting provisions between the crime itself and the crime of rape.

"The crime of rape defines sex with girls under 14 as an aggravating factor for heavier punishment, given these children lack capacity to protect themselves. But the underage sex crime assumes the girls involved have full capacity for civil conduct."Under the current law, people who have sex with prostitutes less than 14 years old face a maximum of 15 years in prison, while those convicted of raping a child may face death sentence.

The different punishments have fueled anger that offenders can escape harsher punishment as long as they are able to convince the courts the underage girls had consented and were paid.

At the same time, Mao Lixin says the name attached to the current legislation is also problematic for the victims.

"The crime imposed stigma on young girls who might have been forced into prostitution, because even as victims of the crime, the term "prostitute" forever became the label attached to the girls."The National People's Congress Standing Committee is set to deliberate the draft amendment later on this Tuesday.

Some legal experts have been calling for a separate legal code called the "rape of minors" which would carry tougher punishments than the crime of rape, in order to stress the protection of young girls.

For CRI, I'm Yu Yang.

U.S. stocks pare losses amid global routAnchorStock markets around the world have seen a massive sell-off through Monday being led by a massive downturn in China.

CRI's Luo Wen has more.

ReporterThe U.S. stock markets closed sharply lower on Monday, with the Dow Jones shedding close to 11-hundred points in the morning trading session, the largest intra-day loss every recorded on the Dow.

The S&P 500 fell into correction territory, which means the index dropped 10 percent or more from its recent peak.

At the close, the Dow Jones did recover somewhat, ending down 588 points, or 3.6 percent.

The S&P 500 lost 3.9 percent in value.

The Nasdaq sank 3.8 percent.

The slump is part of a global wave of selling by traders on the heels of a big drop in Chinese stocks, with the Shanghai Composite Index ended down 8.5-percent.

On Wall Street, investors like James Fazio say it's important to keep the big picture in mind at moments like these.

"This is cyclical and it happens over and over and I say to myself every time 'why didn't I put my money in fixed?' But again, I'll remain in the market because that's how it is and you just have to expect these ups and downs."The U.S. Treasuries have surged as investors bought less risky assets.

Manhattan Venture Partners' Chief Economist Max Wolff says he remain confident in the U.S. market.

"I do think that risk assets have been trading like they weren't risky for a long time and I think that's over and I think that the U.S. markets gone up for a few months when it probably should have gone down, only because money ran here and so we have a sorting out process to do here, things will be a little less euphoric and bubbly but I don't think a disaster is in the making."Over in Europe, equities there also declined, sending the German DAX tumbling 4.7 percent.

German Chancellor Angela Merkel says all eyes will be on the Chinese markets this Tuesday.

"I'm convinced that China will do everything possible to stabilize its economic situation. China is an important partner of the European Union and we are in close contact with them."The British benchmark FTSE 100 was also hit hard, slumping 4.7 percent, while France's CAC 40 dropped by 5.4 percent.

Commodities were also under heavy pressure across the board, with crude oil prices taking a big hit.

Trading on the the S&P 500 and Nasdaq 100 futures boards was also repeatedly halted early Monday after the contracts hit their 5-percent overnight limit.

For CRI, I'm Luo Wen.

China Releases 2nd List of Relics, Martyrs of War Against Japanese AggressionChinese authorities have released a second list of relics and martyrs connected to the Japanese war.

The latest list includes 100 national relics and 600 individuals.

The relics include sites where the important events and battles took place, as well as memorial sites for people during the war.

The new list of martyrs include members of the CPC, the Kuomintang, Chinese individuals and foreigners who helped during the war.

Vice minister of Civil Affairs, Dou Yupei, says this move is the latest step in honoring China's war veterans, which includes the previously-announced plans for fiancial rewards.

"Living veterans who took part in the war against Japanese aggression will receive a one-time allowance of 5,000 yuan per person. All the veterans can be awarded a souvenir medal to commemorate the 70th anniversary of the victory of Chinese People's War of Resistance Against Japanese Aggression. In particular, all the Kuomintang veterans who are living in the mainland are involved in this activity."There are around 56-thousand surviving veterans of the war, including some 6-thousand members of the Kuomintang still living on the mainland.

Mainland, Taiwan negotiators hold preparatory consultation for upcoming talksDelegations from the mainland and Taiwan have begun setting the groundwork for a new round of talks.

Both sides have been going over the drafts of two new planned agreements.

Zheng Lizhong with the mainland side says the proposed areas of cooperation will be in civil aviation and issues surrounding taxes.

"The civil aviation safety treaty will ensure the safety of flights for both sides, as well as cut costs for airlines, protect cross-strait travel and better ensure the safety of both life and property. The new tax treaty will improve the investment environment and reduce tax burdens, benefiting both companies and individuals."The two sides are also expected to discuss cross-strait travel.

Shih Hui-fen with the Taiwan delegation says they're confident about this latest round of talks.

"Authorities from both sides of the Strait have communicated and exchanged ideas many times, reaching consensus on the arrangement of the talks and the contents of the treaties."This latest round of talks between the mainland and Taiwan sides will begin later on this Tuesday in Fujian's capital, Fuzhou.

Tianjin Blast Death Toll Rises to 129The death toll from the Tianjin Port explosions has been increased to 129, with 44 others still listed as missing.

All the dead have been identified, including 76 firefighters and 7 police officers.

The missing include 28 firefighters, 4 police officers and 12 others.

Meanwhile, 610 people remain hospitalized, 39 of them in serious condition.

Deal agreed to reduce Korea tensionsAnchorSouth Korea has reportedly agreed to stop its cross-border propaganda broadcasts as part of a deal with North Korea to defuse the mounting tensions between the two sides.

The agreement comes after almost 2-straight days of intense talks.

CRI's Poornima Weerasekara reportsReporterA joint statement issued after 43-hours of marathon talks says South Korea will stop the loudspeaker broadcasts by midday this Tuesday.

In exchange, the North will end its "semi-state of war."Seoul restarted its anti-Pyongyang broadcasts last week after a landmine injured two of its soldiers on the South Korean side of the Demilitarized Zone earlier this month.

The South's lead negotiator Kim Kwan-Jin says the North has agreed to "express regret" over the incident.

"North Korea expressed regret over a recent landmine incident in the South's side of Demilitarised Zone (DMZ) along the Military Demarcation Line (MDL) that wounded the South's soldiers. South Korea agreed to halt anti-Pyongyang propaganda broadcasts along the MDL from 12:00 noon local time on August 25. North Korea agreed to end the quasi state of war."At the same time, Kim Kwan-Jin says their talks at the Panmunjom Peace Village inside the DMZ has also seen the two sides agree to a resumption of family reunions for those separated by the armistace over 60-years ago.

"South and North Korea agreed to arrange reunions for separated families on upcoming Thanksgiving Day and have meeting with the Red Cross for this in early September. South and North Korea agreed to vitalize private interchange in various fields."There are also plans for follow-up talks to discuss other issues on improving ties.

Tensions on the Korean peninsula were cranked up after a mine blast in the demilitarized zone injured two South Korean soldiers on August 4th.

This prompted the South to resume its anti-Pyongyang propaganda broadcasts after an 11-year hiatus.

But the North has denied having planted the mines.

It also denied shelling South Korea last week - an incident that prompted artillery fire from the South.

Pyongyang announced a "semi-state of war" last week after the exchange.

The South Korean Defense Ministry says the North had doubled its artillery forces on the front lines and mobilized it submarine fleet as well.

The South had been warning it would "retaliate harshly" to any further North Korean provocations.

About 4-thouasnd residents were also evacuated from border areas in South Korea last week.

Meanwhile, the US State Department says it is closely watching developments in the region.

US State Department Spokesperson John Kirby.

"Obviously, it was a very tense several days and we're mindful of that. And again, we welcome this agreement, but now it's up to the North to act and not simply just, you know, make assurances with respect to their own military activities there along the border, so we're going to see how this -- how it plays out."The two Koreas remain technically at war, with the 1950 to 1953 Korean War ending in an armistice, not a peace treaty.

For Cri I'm Poornima WeerasekaraLeaders Call for implementation of Minsk AgreementLeaders from Ukraine, France and Germany are now calling for full implementation of the Minsk agreement reached in February to end the fighting in eastern Ukraine.

German Chancellor Angela Merkel is calling for the ceasefire to be respected.

"The ceasefire in Ukraine has not been fully implemented and we continue seeing casualties. Everything possible must be done to ensure that the ceasefire is a reality."Meanwhile, Ukrainian President Petro Poroshenko is also calling for more security and freedom are needed for observers from the Organization for Security and Cooperation in Europe in the conflict zone.

Clashes are still ongoing despite both the government and rebel forces agreeing to pull back heavy weapons as part of the Minsk accords.

Its estimated around 65-hundred people have been killed in the conflict in Ukraine.

Greece's main opposition party fails to form a governmentThe head of Greece's main opposition party has been unable to form a government under the Greek constitution.

Evangelos Meimarkakis, head of the main opposition New Democracy Party, was given 3-days to try to form a government after the resignation of Prime Minister Alexis Tsipras.

"Everybody knows that the current parliament can – if Mr. Tsipras wants to go, he can put somebody else – the current parliament can provide a government that can rule the country. Why are we holding elections?"The mandate to form a new government has now passed to "Popular Unity", the third-largest party in Parliament.

The anti-bailout party split from the governing Syria Party last week.

If it fails, elections are likely to be called for on September 20th.

Swedish PM Lofven says we cannot live without waterAnchorSwedish Prime Minister Stephen Lofven is calling for more to be done to help those on the front-lines of climate change at the opening of the Stockholm World Water Week sessions on Monday.

CRI's Chen Xuefei has more from Stockholm.

ReporterPrime Minister L?fven says Sweden is committed to helping less developed countries cope with climate change.

"Sweden is committed to providing one percent of our income."Lofven notes Sweden has a lot of lessons to share, noting the first water treatment plant in the country was inaugurated back in 1930.

Delivering his speech to the opening of the Stockholm Water Week, Lovfen says some of the new challenges the world is facing include new pollutants in the water, as well as access to clean water.

The Prime Minister says the world needs to support those who want to help make sure our water resources remain secure.

"We must support the best innovators, enterpreneurs, businesses, students and organizations so they can , we must make sure they benefit the poor."Lovfen also says its time for the world to realize that climate change isn't something that's coming, saying its an issue which is already impacting our world.

"No country, no society can escape from climate change, but the most vulnerable will suffer most. Within the international community, we are all different in so many ways, and that is good, but we have one thing in common, we cannot live without water."Over 2-thousand people are attending this year's World Water Week in Sweden.

Among them are experts from around the world, including a large delegation from China.

For CRI, this is Chen Xuefei reporting from Stockholm.

Syrian Official confirms Palmyra temple destructionThe Syrian government has confirmed Islamic State militants blew up the ancient Baalshamin temple outside the city of Palmyra on Sunday.

It's being reported the extremists used explosives to destroy the temple, with the blast also damaging some of the Roman columns around it.

Syrian antiquities Chief Maamoun Abdul Karim is calling for more international help to prevent future attacks against Syria's historic sites.

"The international community must act. There must be some plan. I am not a politician nor a military man, but in my personal conviction and for the exceptional value of Palmyra, I call upon the international community and all those who are involved in the subject to fight against terrorism."This comes just a week after the militants beheaded one of Syria's most renowned antiquities scholars in Palmyra.

This Islamic State took control of Palmyra in May.

Palmyra is one of the world's most important culture sites built some 2-thousand years ago.

It was once a major trading hub on the ancient Silk Road.

WeatherBeijing will be sunny with a high of 30 degrees Celsius.

Overnight temperatures should drop down to 20.

Shanghai will be cloudy with a high of 28 and a low of 23.

In Chongqing, it will be overcast during the daytime with a high of 29 and lows of 22.

Elsewhere in the world, staying here in Asia,Kathmandu, slight rain, 30.

Islamabad will be cloudy with a high of 35.

Kabul will have slight rain with a high of 30.

Over to North America,New York will be cloudy with a high of 30 degrees.

Washington, cloudy with a high of 30 degrees.

Honolulu, slight rain, 28.

Toronto will be overcast with a high of 21 degrees.

Finally, on to South America,Buenos Aires will be cloudy with a high of 19.

And Rio de Janeiro will have slight rain with a high of 22 degrees Celsius.

Headline newsChina Plans AmnestyChinese lawmakers are considering pardons for a selected number of prisoners.

The proposed amnesty would cover those who were involved in either the war against Japan or the subsequent civil war.

Anyone who also fought during the Korean War will also be given pardons if they still find themselves in prison.

But felons convicted of violent crimes such as homicide, rape, terrorism or narcotics trafficking will not qualify for the pardons.

Media center for V-Day parade to open on Aug. 27The media center for the September 3rd military parade is set to open this coming Thursday.

The center will accept applications from reporters from abroad, as well as those from Hong Kong, Macao and Taiwan.

Its official website and WeChat accounts are being launched later on this Tuesday.

The sites will offer information about interviews, news conferences and other events.

Two Koreas agree to defuse tension after talksNorth and South Korea agreed to defuse the tensions on the Korean peninsula after nearly 2-days of marathon talks.

As part of the deal, the South will end its propaganda broadcasts into the North.

In return, Pyongyang is going to "express regrets" for a landmine explosion which maimed a pair of South Korean soliders in the DMZ earlier this month.

It was that incident which prompted South Korea to resume its propaganda broadcasts.

The North is also prepared to back off some of its troops from its border areas, which were built up after the two sides began exchanging artillery shells last week.

German and France urge common European asylum policyThe leaders of Germany and France are calling for a common European asylum policy.

The meeting between Angela Merkel and Francois Hollande has taken place amid the current wave of refugees entering Europe.

Merkel says Germany is demanding all member states in the European Union fully implement the right to asylum.

This comes as Germany sees a stark increase in asylum claims, as a number of countries in eastern Europe have begun shutting their doors to asylum claimants.

Trials starts for Chinese Scholar expelled from NorwayA trial has begun for a Chinese scholar who is fighting his expulsion from Norway.

The Chinese professor and one of his Chinese graduate student were kicked out of Norway last year on accusations they were using their research for potential military applications.

The two were expelled from Norway, and have also been banned from travelling into most of the European Union.

The Chinese professor plans to plead his case to the courts in Norway via an online video link from China.

Chinese police arrest suspected mass murdererPolice in Hunan has arrested a man in connection with the murder of 9 people.

The suspect is accused of hacking to death his wife and her family while they slept on Saturday.

The couple had reportedly been separated at the time.

Authorities have not said what the exact motivation for the deadly attack may have been.

Biz ReportsChina considers removing regulation on loan-to-deposit ratioChina's top legislature appears poised to scrap its 75 percent loan-to-deposit ratio to gives banks more freedom to make loans.

Under that rule, commercial banks here in China can only lend a maximum of 75-percent of their deposits on-hand.

Chinese lawmakers are discussing the proposed end of the rule at this week's bi-monthly NPC meetings.

It's estimated this could free up hundreds of billions of yuan in available lending.

The 75-percent ratio has been in-place since 1995.

Official figures show that as of the end of last year, 271 commercial banks exceeded a loan-to-deposit ratio of 70 percent.

Among them, 86 exceeded the 75 percent maximum.

China's lottery sales slip in JulyAnchorLatest stats show China's lottery sales experienced a year-on-year decline in July.

July saw over 27 billion yuan, or 4.2 billion U.S. dollars' worth of lottery tickets sold.

This is a year-on-year drop of over 27 percent.

However, authorities say last year's high baseline is the main reason for the large percentage drop.

Lottery sales in China have come in at 215 billion yuan through the first 7 months of this year, down 0.4-percent year on year.

The same analysis shows lottery sales have more than doubled in China's poorer, more remote regions, including Tibet, Inner Mongolia, Guizhou and Fujian.

For more on the lottery sales in China, we're now joined on the line by Gao Shang, analyst with Guantong Futures.

QuestionsQ1. What are some of the factors causing the slip in China's lottery sales?

Q2. What do you think could be the reason why a number of remote regions in China saw relevant higher increases of lottery sales in July?

Q3. Could you tell us some of your expectations regarding the possible trend for China's lottery sales in the near future?

Back anchorGao Shang, analyst with Guantong Futures.

Change of leadership at China's Big Three telecomsChina's three telecom service providers have reshuffled their top-level managerial posts.

Shang Bing replaces Xi Guohua as the board chair of China Mobile.

Shang is currently vice head of China's Ministry of Industry and Information Technology.

At the same time, China Telecom chair Wang Xiaochu and Chang Xiaobing, China Unicom chair, will exchange positions with each other.

The three carriers have more than a billion mobile users among them.

The three telecoms raked in a total of over 75 billion yuan, or nearly 12 billion U.S. dollars, in the first half of this year, thanks to an increase of 4G users.

On Monday, Hong Kong-listed China Mobile shares slipped 7.9 percent, their biggest one-day loss since November 2008.

Shares of China Telecom dropped 6.5 percent yesterday, while China Unicom was down 2 percent.

China to allow farmers to use land, property as loan collateralChinese authorities are considering expanding a pilot program to allow farmers to use their land and property as collateral for loans.

Farmers in six counties in Heilongjiang and Jilin have been allowed since last year to use their land and property as collateral to take out loans.

An expansion of the pilot scheme is designed to provide more financial support for farmers.

Land here in China is technically owned by the state, but is leased to farmers for a select number of years.

Jin chosen as official candidate for AIIB presidentChief negotiators for the Asian Infrastructure Investment Bank have agreed to name former Chinese official Jin Liqun as the candidate for the bank's President.

Under the AIIB charter, Jin needs to be re-confirmed by the Board of Governors at its inaugural meeting after the formal establishment of the AIIB.

Jin was put forward by the Chinese government for the post early last month.

Jin Liqun once served as China's vice-Finance minister, vice president of the Asian Development Bank, chair of the Supervisory Board of China Investment Corporation, and board chairman of China International Capital Corporation.

App Operators Ordered to Pay iQiyi for HackingThe courts in Shanghai have ordered two operators of an android app to pay 100-thousand yuan to video website, iQiyi, after they blocked the site's online advertisements.

The app, MoreTV, is operated by Qianshan Network Technology and Yueguan Network Technology.

IQiyi offers free videos online with advertisements, which are played before the clips.

Users can enjoy ad-free viewing by becoming a member.

The advertisements and membership fees are important sources of income for the website.

However, with the app, MoreTV, users can watch the videos without the ads, infringing on iQiyi's intellectual property rights.

iQiyi filed a lawsuit and demanded more than a million yuan in compensation.

The app operators have denied blocking the ads deliberately, insisting it was more of a technical issue.

However, the courts have also ordered the app's operators to put out a statement, admitting unfair competition, on their homepages for 72 straight hours.

India to raise $1.4 billion from Indian Oil stake saleIndia is hoping to generate some 1.4-billion US dollars through the sale of a stake in its state-run refiner and fuel retailer Indian Oil Corporation.

The sale of the 10-percent stake in Indian Oil came on the day India's stock market plunged nearly 6 percent, its biggest daily slide in 6-and-a-half years, on the heels of the downturn in the Chinese markets.

The issue was subscribed into at about 1.2 times, led by funds who bid for 43 percent more shares than were on offer for them.

The portion reserved for individual investors saw demand for less than one fifth of the shares on offer, meaning the remainder will be sold to funds.

The Indian government is looking to raise as much as 11 billion U.S. dollars by selling stakes in state-run companies this fiscal year.

Plans are said to be crucial to narrowing the fiscal deficit to under 4-percent of GDP this fiscal year.

SportsUSA beat China 3-0 in repeat of World Volleyball Championship finalIn volleyball action from the Women's World Cup in Japan.

Reigning world champions the United States have defeated China 3-0 in a repeat of last year's Women's World Championship final.

Chinese head coach Lang Ping admits the Americans were much more dominant.

"We lost the game today because they were better than us at attacking. Our blocking and recoveries were poor, while the Americans were quick and very fast. Our players didn't show their best. But we also have to face reality. Our players don't have enough experience right now. But this was a good opportunity for them to get experience and learn more."This is China's first loss in the round-robin, leaving them with a record of 2-1.

China next face third-placed South Korea.

In other action,Japan cruised by Cuba 3-nil.

And it was Serbia over Peru 3-nil.

Kenya dominates long distance while Fraser-Pryce defends women's 100mAt the IAAF World Championships here in Beijing,Jamaica's Shelly-Ann Fraser-Pryce has claimed her third Athletics World Championships 100 metres gold.

"I mean it feels good. In 2008 when I came here I was only 21 years old. I had no idea I would even be in the finals but I won. Just to come back here when I am 28 and, of course, defending champion in itself was a task. But I knew what I came here for and I just wanted to focus on getting that."Dutch Dafne Schippers took silver, with American Tori Bowie claiming bronze.

----------Chinese 100-meter sprinter Wei Yongli failed to make it into the finals, finishing 8th in the semi-finals.

"The biggest achievement for me is that I competed in the individual events in this World Championships and this is my third edition. This is really big progress for me. Now I have my personal best time and I have spent two years to improve my result, getting 0.01 second faster.　This process has been really difficult. But anyway, I like this discipline and I will continue to do it no matter how much I have to give out."The 23-year-old is the first Chinese woman to reach semi-finals at the World Championships.

---In women's 10,000-meters,Kenya's Vivian Cheruiyot has claimed the title.

-------In women's triple jump,Colombia's Caterine Ibarguen has defended her title, jumping her season's best of 14.90 metres to victory.

On the mens' side,China's Li Jinzhe, Gao Xinglong and Wang Jianan have all advanced to the finals.

-------In men's pole vault,The 21-year-old Canadian Shawnacy Barber has taken the gold.

Barber's victory also gives Athletics Canada its first gold at the worlds since Perdita Felicien won the women's 100-metre hurdles in 2003.

Roger Federer Jumps to World Number TwoIn tennis action from the Connecticut Open,Sara Errani of Italy has been handed a setback, losing to France's Kristina Mladenovic in a three set affair.

Lucie Safarova from the Czech Republic has reached the second round, knocking out Daria Gavrilova in straight sets.

Roberta Vinci, American Madison Keys and Caroline Garcia have also advanced.

-----------In off-court tennis news,Roger Federer of Switzerland has once-again jumped ahead of Britain's Andy Murray into second place in the latest world rankings.

Novak Djokovic remains as world number one.

25-year-old Zhang Ze is the highest-ranking Chinese player at 217th.

On the women's side,American Serena Williams, Maria Sharapova of Russian and Simona Halep from Romania remains as world's top three tennis players.

A total of 4 Chinese women players are among top 400.

Arsenal Draw with Liverpool 0-0In football,Arsenal has broken Liverpool's early winning streak in the English Premier League, finishing with a goalless draw earlier this morning.

Liverpool manager Brendan Rodgers says they missed chances to secure the win.

"We definitely could have had all three (points). Certainly, performance-wise I was very happy with how we worked. First half in particular we created chances and　should have been in front. Second half you expect some pressure in the game but we defended that very well and always looked a threat going forward so our performance level has grown all the time."Liverpool now sits third in the league standings with seven points, two behind early pace-setters Manchester City.

Arsenal is ninth with four points.

----------Tonight, in action here in Asia,Guangzhou evergrande will take on Kashiwa Reysol for a place in the semi-finals of AFC Champions League.

The match gets underway at 6pm Beijing time.

In other action,Al Hilal will face Lekhwiya.

------------In Europe,Celtic will take on Malmo in the second leg of their UEFA Champions League play-off later today.

Celtic Manager Ronny Deila.

"We showed in the game at Celtic Park that we are a better team than Malmo. We were at it in that game. Now we are away so it is going to be a different game but again shows...gets confidence to know that if we are at our best we can win the game."Deila admits his side may come into the match a bit tight.

"nerves? If you don't have nerves in a game like this then it is time to do something else I think. You know, that's very good to have a little bit of nerves. No fear. We are going to be ourselves and we know the quality we have in the team is enough when we are at our best."Celtic defeated Malmo 3-2 in the first leg.

Bayern Munich to set up Shanghai officeSome off-pitch football news,German Bundesliga giants Bayern Munich are planning to set up an office in Shanghai as part of their efforts to penetrate the Chinese market.

The club is shifting some of its attention to the overseas markets following their continued domestic success in Germany.

Bayern set up an office in New York last year.

It also has an official online store on Alibaba's Tmall.

Bayern took part in a China tour earlier this summer, playing three games in Beijing, Shanghai and Guangzhou.

The club says it's already planning another trip to China.

Bayern Munich is the most successful team in Bundesliga history, with 24 domestic titles and four Champions League crowns.

Yi Jianlian denies rumors of Lakers offerIn off-court basketball news,Chinese basketball star Yi Jianlian is denying reports he's received offers from the Los Angeles Lakers.

Previous reports have suggested Yi Jianlian had turned down offers from the Lakers and chose to stay at the Chinese Basketball association for higher pay.

Yi Jianlian, who has been training abroad, says he has yet to hear from any NBA team.

He's currently attached with Guangdong for the upcoming CBA season, which gets underway on October 31st.

EntertainmentJane Zhang to team up with DJ superstar Tiesto at Shanghai Storm Electronic Music FestivalDJ Superstar Tiesto is to team up with Chinese pop singer Jane zhang to perform the theme song at the Shanghai Storm Electronic Music Festival in October.

Ti?sto enlisted Jane Zhang to reimagine his single "Change Your World" earlier this month.

The original features the male vocals of Nashville based singe Morgan Karr. Karr has been left behind as Zhang steps in to sing new verses with a slightly different chorus.

The Shanghai Storm Electronic Music Festival will also see the debut of the talented Swedish DJ Avicii and also performances of big named DJ like DVBBS, Blasterjaxx, Yellow Claw and Laidback Luke.

Tiesto was ranked as "The Greatest DJ Of All Time" by British electronic dance and clubbing magazine and voted World No 1 DJ by DJ Magazine consecutively for three years from 2002-04.

New York Film Festival to Premiere Latest Documentary from 'Citizenfour' Oscar WinnerThe latest documentary by Laura Poitras, who won a 2015 Academy Award for "Citizenfour," and another new film about Nora Ephron, directed by her son, are among the world premieres on tap for this year's New York Film Festival.

Also on the roster is "Jia Zhangke, A Guy from Fenyang," which is Walter Salles' look at the award winning Chinese director whose movie "Mountains May Depart" will screen as part of NYFF's Main Slate this year.

Other titles include a documentary on Ingrid Bergman titled "In Her Own Words."The 53rd annual New York Film Festival runs from Sept. 25 to Oct. 11, opening with Robert Zemeckis' "The Walk" starring Joseph Gordon-Levitt.

One Direction spokesman won't confirm hiatus reportA spokesman for One Direction is declining to comment on a report that the chart-topping boy band will take an indefinite break starting next March.

Publicist Simon Jones says he won't comment on "speculation."Some tabloids say that band members would go separate ways after finishing a tour this autumn and promoting their fifth album.

One Direction formed in 2010 after five teenagers - Louis Tomlinson, Harry Styles, Liam Payne, Niall Horan and Zayn Malik - auditioned individually for the British TV talent show "The X Factor."Simon Cowell had the idea of putting them together as a boy band.

Speculation about a split grew after Malik quit the group earlier this year.

Nicholas Hoult spins music and murder in the 'Kill Your Friends' trailer"Kill Your Friends", a dark comedy set during the deadly '90s Britpop craze has released the first trailer.

The film centers on a music executive who will go to murderous lengths to further his career.

The film is set in London in the late 90's when the British music industry is on a winning streak.

A 27-year-old hit chasing music executive, played by Nicholas Hoult is slashing and burning his way through the music business.

Created by an industry that demands success at any price, Stelfox takes the concept of 'killer tunes' to a murderous new level in a desperate attempt to salvage his career.

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

Recapping our top stories this morning...

Chinese authorities are mulling a wide-ranging amnesty for a select number of prisoners ahead of the September 3rd parade.

Chinese lawmakers have been mulling a series of legal changes, including stronger laws connected to domestic violence and sex with minors.

All eyes on the Chinese markets again today after yesterday's massive sell-off here in China created ripples around the world.

In Business... authorities discussing the possible elimination of the loan-to-deposit ratio.

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.