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

Coming up on our program this morning...

Chinese authorities have confirmed a large number of dignitaries are going to be here in Beijing to take part in the massive parade set for September 3rd.

A new set of agreements have been reached between the mainland and Taiwan connected to taxes and air travel.

Authorities here in Beijing have outlined some of the main goals planned for the integration of the capital region.

In Business... a new interest rate cut taking effect here in China as of today.

In Sports... China medals at this year's IAAF Championships here in Beijing.

In entertainment..... The line-up for this year's Busan International Film Festival has been unveiled.

Top NewsPreparation for 70th anniversary of China's WWII victory in Full SwingAnchorThe State Council has outlined some of the other events which will be taking place on September 3rd to mark the 70th anniversary of the end of the War of Resistance Against Japanese Aggression.

At the same time, it's been confirmed dozens of high-ranking officials are due to attend the military parade to mark the occasion.

CRI's Xiao Yi reports.

ReporterForeign leaders of 30 countries and 19 high-level government representatives will attend the parade.

Another 10 heads of international and regional organizations will also be present at the event.

At a press conference on Tuesday, Vice foreign minister Zhang Ming introduces the significance of the events.

"Through the Sept. 3 commemorative event, we will, together with the guests from the world, commemorate the martyrs that sacrificed their lives for world peace, dignity and freedom, pay tribute to the innocent civilians that lost their lives during World War II. By reviewing the history of World War II, we will together promote world peace and development to create a better future for the humans."UN Secretary-General Ban Ki-moon, Russian President Vladimir Putin, South Korean President Park Geun-hye, South African President Jacob Zuma, and Egyptian President Abdel el-Sisi are included in the guest list.

North Korean will be represented by a high-ranking official Choe Ryong-hae.

Japanese Prime Minister Shinzo Abe will not attend the commemoration.

Six former world leaders including former British Prime Minister Tony Blair, former German Chancellor Gerhard Schroeder and former Japanese Prime Minister Tomiichi Murayama, will also attend.

Dozens of foreigners acclaimed in China for their contribution during the War of Resistance Against Japanese Aggression will also attend the V-Day celebrations on Sept. 3.

Qu Rui with the General Staff Headquarters of the People's Liberation Army says nearly 1,000 foreign troops from 17 countries will participate in the parade.

"So far, eleven countries, including Belarus, Cuba, Egypt, Kazakhstan, Kyrgyzstan, Mexico, Mongolia, Pakistan, Serbia, Tajikistan and Russia, have dispatched formations to participate in the parade, and another six countries including Venezuela have sent representative teams."The troops will be grouped alphabetically according to their country names, and will follow PLA foot formations in the parade.

Guo Weimin with the State Council Information Office introduces the arrangements for the commemorative events besides the parade.

"A grand reception will be held in the Great Hall of the People at noon. Party and state leaders will gather together with guests from both home and abroad to commemorate the 70th anniversary of the victory of the war against the aggression. A magnificent show with a distinctive theme will be held in the Great Hall of the People in the evening to represent the heroic and historical course of China's war against aggression."Veterans and military leaders who participated in the war against Japanese aggression, or their families on their behalf, will be awarded medals by the Central Committee of the Communist Party of China (CPC), the State Council and the Central Military Commission.

Japan signed its formal surrender on Sept. 2, 1945, and China celebrated its victory the following day.

Japan invaded northeast China in September 1931 and started a full-scale war on July 7, 1937, when they launched an attack on the Lugou bridge on the outskirts of Beijing.

It is the first military parade to mark an anniversary of the victory of the Chinese People's War of Resistance Against Japanese Aggression in China and the first with foreign military participation.

For CRI, I'm Xyee.

New Armaments to Steal ShowAnchorThe parade in Beijing on September 3rd to mark the 70th anniversary of the end of the war is going to showcase some of China's latest military equipment.

CRI's Luo Wen has more.

ReporterMore than 500 pieces of China's latest equipment will be displayed in the upcoming parade.

All are domestically produced.

At least 4 out of 5 have never been seen before by the public.

Li Guangbin is one of the commanders coordinating the parade.

He says the display will be much larger than any of the previous parades put on in China.

"A larger variety of armaments, including tanks, artillery, missiles and aircraft will be displayed this time. They are going to show our progress in building a more professional army which is capable of joint operations."Advanced weapon systems have been put on display during previous parades, including a new ballistic missile which went public at the National Day parade in 2009.

This time, the navy will be putting forward its latest anti-ship missiles, as well as ship-to-air missiles and carrier-based aircraft.

The air force is going to be highlighting its long-range bombers, fighters and early warning aircraft.

Other military hardware set to be showcased includes China's newest helicopter gunships, battle tanks and 7 different types of ballistic missiles.

People in Beijing are also going to be treated to a flyby of some 200 warplanes and helicopters, which will be divided into 10 different groups.

Air force commander Feng Aiwang says they want to make sure people play close attention to the formations they're flying.

"There will be an echelon of helicopters flying in a 70-formation representing the 70th anniversary of the victory. The national flag and the army flag will also be hung off of helicopters flying past Tian'anmen Square."Feng says making formations like this are much harder than people think.

"The speed of a helicopter is 160 kilometers per hour. A fighter jet travels at 600 kph. It's a tough job to schedule more than 100 planes at different speeds to fly past a designated place at a designated time under changing weather conditions."This year's fly-by was tested this past Sunday.

The military display is set to begin on the morning of September 3rd.

For CRI, I'm Luo Wen.

China Focus: Xi stresses unity for Tibet, vows fight against separatismChinese President Xi Jinping is underlining national and ethnic unity as the key plans for Tibet.

He's made the suggestion at a central government planning meeting for the Chinese region.

Xi Jinping says the central government will focus on properly implanting the policies concerning ethnic and religious affairs.

He is also calling for more economic growth and social development in both Tibet and Tibetan-inhabited areas in other provinces.

Xi Jinping says this will include continued preferential policies.

Addressing the same meeting, Premier Li Keqiang says poverty alleviation and employment among Tibetans is also a key priority.

The meeting has been held ahead of the 50th anniversary of the establishment of the Tibet Autonomous Region, which will be marked early next month.

Delegations from Chinese mainland, Taiwan agree to two new agreements on flights and taxesA pair of new deals have been signed between the mainland and Taiwan connected to flight safety and taxes.

The civil aviation agreement covers licensing for airlines, products and personnel.

It also includes agreements on flight standards and certifications, as well as how to handle flight-safety issues.

The tax agreements include provisions to ensure businesses from either side aren't subject to double taxation.

Chen Deming, head of the Chinese delegation, says they expect the cross-Straits discussions will continue to bare more fruit.

"We should adhere to the '1992 Consensus', which is the basis of our mutual-trust, and keep moving forward with cross-Straits negotiations to make new contributions to the peaceful development of cross-Straits ties for the well-being of people on both sides."Lin Join-sane with the Taiwan delegation is echoing the mainland position.

"The talks should keep pushing forward the negotiations. We need to keep reaching agreements as soon as possible to add luster to cross-Straits peace. We need to continue to make cross-Straits ties more stable, sustainable, peaceful and prosperous."The cross-Straits talks took place Tuesday in Fujian's capital, Fuzhou.

Chinese, Russian naval soldiers hold joint landing exercise in RussiaThe Chinese and Russian navies have conducted a beach landing exercise on the Russian east coast.

Li Xiangdong is the deputy head of a Chinese landing detachment.

"The exercise is improving our troops' capabilities of landing from deep sea positions, as well as unfamiliar seas and airspace. It is also improving our troops' capabilities in working with the Russian navy."The simulated beach landing is part of a 9-day drill the Chinese and Russian navies are currently taking part in.

It's the 2nd naval exercise between the two sides this year.

The first one took place in the Mediterranean in May.

Beijing to force out more industriesAnchorThe new regional development plan for the capital region has revealed a vast majority of the lower-end industries and businesses operating in Beijing are set to be moved out as part of the central government's new development priorities.

CRI's Min Rui has more.

ReporterA regional integration scheme for the Beijing-Tianjin-Hebei region shows nearly 80-percent of all business sectors will be cleared from the six districts that make up Beijing-proper.

The goal is to transfer all non-essential businesses and industries out of the core of Beijing by 2030.

Xiao Jincheng with the National Development and Reform Commission's Municipal planning department says the move is essential for Beijing's future.

"The capital has four core functions. It's the national center for politics, culture, international exchanges and scientific and technical innovation. The rest are all 'non-capital functions.' So in the future, these non-capital sectors are going to be shifted outwards and scattered out to the suburbs of Beijing."The surrounding province of Hebei and the port city Tianjin will see Beijing's "non-capital functions" move into them, including manufacturing, logistics services and wholesale markets, as well as certain schools and hospitals.

Non-essential government agencies are also going to be shifted into the outlying areas of the capital.

Fang Mingcheng with Beijing's Municipal Development and Reform Commission says the main goal is to free-up congestion in the capital.

"Some logistics services, wholesale markets, though based in Beijing, they are actually serving the neighboring areas or even the whole nation. This is a key working point for us in this regional integration scheme. Schools have also been brought up in our discussions. There will be no building of new schools or upgrading of colleges under the new plan. This includes training schools."The plans released this week are the first clear indication of what authorities have in-store for the capital region.

Jiang Lige, deputy director of the Beijing Municipal Development and Reform Commission, says this new plan doesn't mean Beijing is going to suffer.

"The plans we've announced are quite succinct. But it doesn't mean the development of Beijing will stop. Instead, what we're trying to do is make a more sustainable city by trimming it down."Part of the new plans include limiting the number of people in Beijing's central area.

Right now, its estimated more than 21-and-a-half-million people live in Beijing.

Authorities hope to cap the population at 23-million in the next 5-years.

Xiao Jincheng with the National Development and Reform Commission says this should be accomplished by simply moving industry and businesses out of the area.

"There's just too much happening right now in the central area of Beijing. This creates a lot of jobs, which attracts a lot of people looking for work. One of the major problems is the manufacturing sector, which takes up a lot of space, and also has an impact on the environment. There are also too many people living in the area with marginal employment."Beijing's municipal government has already announced plans to move some of its departments to the city's eastern suburb of Tongzhou over the next two-years.

For CRI, I'm Min Rui.

Legislators Support Removal of Driving Restriction from Law AmendmentAnchorChina's top lawmakers are moving to get rid of a widely-controversial driving ban from the country's Air Pollution Control Laws.

CRI's Yu Yang explains.

ReporterAn amendment to the anti-air pollution laws has been submitted for vote at the ongoing session of the National People's Congress Standing Committee this week after driving ban provisions were removed.

Lawmaker Hao Ruyu, arguing in support of the new move, says removing the driving restrictions will protect citizens' rights to property.

"People pay to buy cars and pay taxes for the cars. Banning people from driving on certain days equates to deprivation of citizen's rights to property."Hao Ruyu argues the provisions need to be removed immediately, noting the rapidly growing list of cities imposing driving bans.

Allowing vehicles to be banned from the roads was first written into the draft amendment in December.

However, it's been widely opposed by the public.

The second draft was put forward in June.

It added another clause suggesting local governments take into accounts public opinions before adopting such bans.

NPC delegate Gu Shengzu says instead of issuing bans on vehicle, authorities should scrap the idea of banning people from their vehicles.

"Economic incentives, rather than a direct ban on driving, should be applied to restrict vehicles on the road for the sake of air quality."At the same time, NPC delegates are suggesting it should be up to local governments, and not the central authorities, to determine whether or not driving bans should be imposed.

Meanwhile, new calls are being made to increase fuel quality in China.

Sun Baoshu is with the NPC's Law Committee.

"The national fuel standards allow for more alkene and arene discharges than the standards for motor vehicles. These two chemicals have proven a major source of PM2.5."Lawmakers at this week's sessions are also calling for legislation against burning straw, as well as new rules connected to aircraft fuels.

For CRI, I'm Yu Yang.

Thai police question taxi driver to probe Bangkok blastThai police says they've managed to glea useful information from a cab driver who may have driven the main suspect away from last week's deadly bombing in Bangkok.

Deputy police chief Chakthip Chaijinda says forensics teams are now combing the vehicle itself.

"The taxi driver picked up the suspect. We're investigating it now. The driver has given useful information. We are now looking for evidence inside that taxi."The driver who has come forward says he picked up a man who spoke Thai with a foreign accent the night of the bombing.

Descriptions given are said to match a police warrant circulated last week.

However, blurry security camera footage images showing a man with a yellow shirt and dark hair are all police have to go by right now.

Broken security cameras along the suspect's getaway route have been hampering the investigation.

The bombing on Monday of last week in a popular tourist area in downtown Bangkok left 20 dead, including 7 Chinese nationals.

More than 120 others were hurt.

There's been no claim of responsibility.

Thai authorities insist the suspect is a foreign national, and not connected to the political unrest which has gripped Thailand over the past couple of years.

Turkey to hold snap parliamentary election on Nov. 1November 1st has been set for new Parliamentary elections in Turkey.

The snap election call has been made after Prime Minister Amhet Davutoglu's ruling 'Justice and Development' Party failed to cobble together a ruling coalition.

Davutoglu has been tapped to head an interim administration by President Recep Tayyip Erdogan.

Opposition parties, including the right-wing Nationalist Movement Party, headed by Devlet Bahceli, say they won't be party to the interim administration.

"I don't think it is possible. Arguments over elections that are motivated by slanders damage our state, democracy and laws. It will be enough if Mr. Davutoglu would fulfill his duties. We don't need anything else from him."Opposition to the current administration has been growing in recent weeks.

The decision to begin a bombing campaign against Kurdish rebel forces in southeastern Turkey is being viewed by a growing number of people in Turkey as a mistake, with polling suggesting the move has backfired on Erdogan.

The Turkish currency, the lira, has hit a series of record lows.

Consumer confidence has slumped to its weakest level in some 6-years.

French prosecutor opens terror investigation on train gunmanFrench authorities have confirmed they're looking at terror-related charges connected to the would-be gunman who was taken down by passengers last week on a train from Amsterdam to Paris.

25-year-old Ayoub el Khazzani, a Moroccan national, had an assault rifle, a hand gun and some 270 bullets when he was wrestled to the ground on the train by passengers, including two off-duty U.S. servicemen.

Paris' prosecutor Francois Molins is dismissing Khazzani's assertion that he had only wanted to rob the passengers.

"The study of the internet activity of this telephone also demonstrated that Ayoub el Khazzani had watched YouTube audio files whilst already on the Thalys train in which an individual called on the faithful to fight and take up arms in the name of the Prophet."Khazzani has been identified by Spanish authorities as a possible threat, suggesting he may have traveled to Syria recently.

He was taken down by 4 men, including 3 Americans and a Brit, after his AK-47 jammed.

'Arson attack' destroys asylum shelter in GermanyAnchorPolice in Germany say a school sports center that was to be turned into a temporary shelter for asylum seekers near Berlin has been burned down in a suspected arson attack.

The attack is the latest in a spate of violence connected to immigrants in Europe.

CRI's Poornima Weerasekara has moreReporterInvestigators say Tuesday's fire in Nauen, west of Berlin, was started deliberately.

No-one was injured in the incident and Police are still searching for the culprits.

Far-right protesters have been demonstrating against asylum seekers in the area in recent days.

The attack comes just days after violent protests took place near another asylum shelter in the town of Heidenau near Dresden over the weekend.

German Chancellor Angela Merkel says the behavior of far-right activists was "abhorrent" and "shameful""I want to repeat it again that I condemn in the strongest possible terms the violent outbursts. There was an aggressive mood against foreigners there that isn't acceptable in any way. It's repulsive how far-right extremists and neo-Nazis are spreading their hollow message, but it's equally shameful how citizens - even families with children - support this by marching along."Merkel will visit Heidenau later today.

More than 30 police were injured in clashes there when a mob of several hundred people - some shouting "Heil Hitler" - pelted officers with bottles and fireworks.

The number of attacks on temporary asylum shelters in Germany has risen sharply this year, with around 200 incidents reported so far.

On Tuesday, the headquarters of the Social Democrat Party (SPD) in Berlin was evacuated after a bomb threat.

It is not clear who was behind the threat and a search of the building found nothing suspicious.

But SPD Secretary General Yasmin Fahimi says they have received many threats from right-wing extremists after the party chairman and Vice Chancellor Sigmar Gabriel visited Heidenau on Monday.

"Irrespective of this bomb threat, we have received a flood of racist emails over the past 24 hours, some of them with criminal content which we will follow up on and report to the police. We believe that this bomb threat against Willy-Brandt-Haus is a part of this hate and violence."Germany is the top destination for hundreds of Asylum seekers - mainly from sub Saharan Africa, Syria and Afghanistan.

Abdul Munir Rahimi is a migrant from Afghanistan"The first time we want to go to Germany, if Germany accepts me I will stay there, and if Germany does not accept we will go to another country."Munir's journey included a perilous boat ride from Libya to Greece and then making his way northwards on trucks, trains and on foot.

He is currently in Hungary, but plans to head towards Germany.

Germany is the EU's biggest recipient of asylum seekers.

The country is expecting to take in 800,000 refugees, which is equivalent to almost 1 percent of its population, this year alone.

Europe is struggling to come up with a resettlement program to distribute thousands of asylum seekers currently in detention centers mainly in Italy and Greece and now in Hungary and Macedonia.

But they have failed to come up with an agreement so far.

For CRI I'm Poornima WeerasekaraVolunteers: An Integral Part of Beijing IAAF World ChampionshipsAnchorThis year's World Athletics Championships in Beijing have seen hundreds of volunteers mobilize to help pull-off the event.

CRI's Qi Zhi has more.

ReporterOver 27-hundred volunteers, dubbed the "New Generation at the Bird's Nest," are activated among different posts at the IAAF Championships.

Xie Junyan heads a group of 72 volunteers.

His team is dealing with security.

"Our volunteers are here as an important force to ensure people's safety and security. If there are no volunteers, there wouldn't be enough security, which would allow people to come in without tickets. It could be chaos without us."Others, including Wang Sijia, a volunteer from the China University of Mining and Technology, are less concerned about safety, and more about making those at the event feel welcome.

"I'm a girl who loves smiling. Being able to convey happiness to others makes me feel great."Wang Sijia's fellow volunteer, Deng Yupei, is hoping to gain a little bit more practical experience from his time at the event.

"I've never had an experience like this before. Coming to such a big event, I'm really excited because its a whole new experience to me. I also think my time here has helped me improve my English. I've also made a lot of friends in here."Two-in-Five of the volunteers at the IAAF event have been put there specifically to help the international delegations.

Chinese visitors to this year's event say the volunteers are just as helpful.

"They are very considerate. We didn't know where our seats were when we first arrived. They directed us to the seats. They're very good."Outgoing IAAF President Lamine Diack has taken time to pay tribute to the volunteers, calling them "the true spirit of athletics."This year's IAAF Championships run until Sunday.

For CRI, I'm Qi Zhi.

WeatherBeijing will be cloudy with a high of 31 degrees Celsius.

Overnight temperatures should drop down to 21.

Shanghai will be cloudy with a high of 30 and a low of 23.

In Chongqing, it will be overcast during the daytime with a high of 31 and lows of 24.

Elsewhere in the world, staying here in Asia,Kathmandu, slight rain, 27.

Islamabad will be sunny with a high of 36.

Kabul will be cloudy with a high of 30.

Over to North America,New York will be cloudy with a high of 28 degrees.

Washington, cloudy with a high of 29 degrees.

Honolulu, overcast, 28.

Toronto will have slight rain with a high of 20 degrees.

Finally, on to South America,Buenos Aires will see slight rain with a high of 16.

And Rio de Janeiro will have slight rain with a high of 25 degrees Celsius.

Headline newsChina Focus: Xi stresses unity for Tibet, vows fight against separatismChinese President Xi Jinping is underlining national and ethnic unity as the key plans for Tibet.

He's made the suggestion at a central government planning meeting for the Chinese region.

Xi Jinping says the central government will focus on properly implanting the policies concerning ethnic and religious affairs.

He is also calling for more economic growth and social development in both Tibet and Tibetan-inhabited areas in other provinces.

Xi Jinping says this will include continued preferential policies.

Addressing the same meeting, Premier Li Keqiang says poverty alleviation and employment among Tibetans is also a key priority.

The meeting has been held ahead of the 50th anniversary of the establishment of the Tibet Autonomous Region, which will be marked early next month.

Premier Li says exchange rate will be kept stableChinese Premier Li Keqiang has said there exists no basis for continued depreciation of the Chinese currency the yuan.

The premier told visiting first Deputy Prime Minister of Kazakhstan Bakytzhan Sagintayev that the exchange rate will be kept basically stable.

Li said that China has recently improved the quotation regime of the RMB central parity as an appropriate response to international financial market developments.

He added that the adjustments were also made as part of China's ongoing reform efforts.

China to Open New Border Market with North KoreaAuthorities in northeast China's Liaoning province are preparing to open a market on the border with North Korea.

The Guomenwan market is located in the city of Dandong, a key hub for trade, investment and tourism between China and North Korea.

With a total investment of 1 billion yuan, it covers a floor area of 24,000 square meters.

The trade zone is said to open in October.

Customers from both countries can enjoy a duty-free policy there if spending less than 8,000 yuan per day.

Turkey, U.S. ink deal on joint military operations against ISTurkey and the United States have concluded "technical talks" on military operations and sealed a deal against the Islamic State group.

But it's still unknown when their joint operations will start.

In July, Turkey carried out the first air-strikes against IS targets in Syria. Earlier this month, U.S. warplanes started to use key Incirlik Airbase in southern Turkey for air-strikes against IS militants in Syria.

Turkey was earlier reluctant to take part in military operations against the IS, but negotiations on the issue between Ankara and Washington have accelerated since early 2015.

Biz ReportsAnchorTurning 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.

ReporterU.S. stocks erased early rebound in the final section of the trading and ended with losses on Tuesday.

Major indices turned negative in the final minutes of trading after previously climbing almost 3 percent.

Investors cited more worries that a slowdown in China could hobble global growth, even after the country's central bank cut interest rates on Tuesday for the second time in two months.

Tuesday's drop followed steeper losses on Monday, when the Dow Jones industrial average fell more than a thousand points at its lows and the S&P 500 recorded its worst day since 2011.

In the past week, the S&P has lost 11 percent.

In corporate news,Shares of Best Buy jumped 12.6 percent after the owner of the biggest U.S. electronics chain reported an unexpected increase in quarterly sales.

At the close,The Dow Jones inched down 1.3 percent.

The S&P 500 lost 1.4 percent.

The Nasdaq trimmed 0.4 percent.

Meanwhile, European stocks staged a rebound Tuesday as bargain hunters emerged a day after the market suffered its worst selloff in nearly seven years.

The UK's FTSE 100 went up 3.1 percent.

Germany's DAX advanced by nearly 5 percent after it lost nearly 500 points on Monday.

While France's CAC 40 declined 1.4 percent.

Finally here in China,Shares had another bad day on Tuesday amid a global rout.

The benchmark Shanghai Composite Index dropped 7.6 percent following the 8.5-percent loss on Monday in its biggest daily slump since February 2007.

The smaller Shenzhen Component Index tumbled 7 percent on the day.

China's cuts interest rates, reserve ratioAnchorChina's central bank has announced cuts to both its benchmark one-year interest rates and the reserve requirement ratio.

The interest rate for one-year lending has been cut by 25-basis points to 4.6 percent.

The People's Bank of China has also announced a new cut to the reserve requirement ratio.

However, the 50-basis point cut won't kick-in until September 6th.

This is the Sunday following the massive celebrations in Beijing to mark the end of the War.

For more on the latest round of cuts, we're now joined on the line by He Weiwen, senior fellow at the Chongyang Institute for Financial Studies at Renmin University.

Q1. The latest round of cuts was announced just after the Chinese stock markets' sharp slump for the past two days, so what do you think might be the possible sectors in the stock markets may benefit from this latest interest rate cuts?

Q2. What could be the differences between this round of cuts compared to the previous one in June?

Q3. Do you think there might be new signs of China's monetary policy as far as this round of cuts is concerned?

Back anchor:

He Weiwen, senior fellow at the Chongyang Institute for Financial Studies at Renmin University.

Boeing projects 6,330 airplanes for China over next 20 yearsNew corporate analysis by US-based aircraft maker Boeing is suggesting that despite the current volatility in China's financial market, the company is still anticipating strong growth in the country's aviation sector over the long term.

Boeing is anticipating the purchase of more than 63-hundred aircraft by Chinese airlines over the next 20 years.

The new estimate is a 5-percent increase from the same analysis by Boeing last year.

Boeing estimates Chinese airlines are going to spend around 950-billion U.S. dollars with them over the next 2-decades.

It anticipates the number of aircraft in China is going to increase from the current 25-hundred to over 72-hundred in the next 20-years.

BHP Billiton Profit Slumps as China slowsBHP Billiton has posted an 86-percent slump in its annual net profits.

A collapse in Chinese demand for key commodities is being blamed.

The company is reporting its net profit in the 12 months to June 30th came in at 1.9-billion U.S. dollars.

This is down massively from the 13.8 billion U.S. dollars earned during the last fiscal year.

Shares of BHP, which has been trending down in recent months, closed 2-percent higher on Tuesday before the results were announced.

Despite the profit slump, the company has maintained its final dividend at 62-US cents per share.

The company is also slashing capital spending from 11 billion U.S. dollars 7 billion next fiscal year.

The miner has been cutting jobs and trimming operating expenses, which reduced net debt, to try to counter sliding commodity prices.

Earlier this month, fellow mining giant Rio Tinto posted an 82 percent slump in its first-half net profit, with softer commodity prices also taking their toll.

Top German court rejects Apple touchscreen patent appealGermany's highest appeals court has ruled that Apple's patents covering the slide-to-unlock feature on smartphones are invalid.

The court has reaffirmed a ruling by the lower Federal Patent Court that cancelled Apple's German patent, based on the technique's similarity to a phone released by Swedish company Neonode a year before the iPhone's 2007 launch.

Neonode sold tens of thousands of phones before declaring bankruptcy in 2008.

It reorganised itself as an intellectual property firm licensing its patented optical technology for use in phones, tablets, readers and other touchscreen devices.

In 2012, Motorola Mobility filed the original suit in a Munich court against the Apple user interface patent.

Apple won that case but the ruling was later overturned by the federal patent court.

Green finance booming among Chinese banksChina's central bank is suggesting green finance needs to become a bigger credit tool to curb pollution.

New figures from the PBOC show at least 2 trillion yuan worth of investment in industries related to environmental protection will be needed every year in the next 5-years.

However, the government's fiscal budget can only afford 300-billion yuan of the investment.

As such, the PBOC says the banking sector should be able to provide 8.5 trillion yuan worth of funding in the next 5-years.

As of the end of last year, China's 21 major banks had a total of 6 trillion yuan in outstanding loans to green-credit-related customers.

SportsWang Jianan Takes Bronze at Beijing World ChampionshipsIn action from the IAAF World Championships,18-year old Wang Jianan has earned bronze in the men's long jump.

"The bronze medal gives me a lot of confidence. But I will still be focused on my training, training as hard as usual. I will keep learning from my big brothers on the national team. We will compete in the World Indoor Championships and Olympics in Rio next year."Britain's Olympic and European champion Greg Rutherford claimed gold.

---In men's 800-meters,World record holder David Rudisha has earned his 2nd 800 metre world title.

"Not the world leading, I don't have the world leading time. I have been beaten in the a few races before I came back here. But I leant that I have a problem with my finishing speed. And that is what I have been working on. When I got it I knew I have a better chance of coming here and win the title."In women's events,Cuban discus thrower Denia Caballero has taken the gold medal.

In women's 1,500m race,It's Genzebe Dibaba of Ethiopia claiming the title.

Guangzhou Evergrande beat Kashiwa Reysol 3-1In football,Guangzhou Evergrande have earned a 3-1 victory over Kashiwa Reysol in the first leg of their Asian Champions League quarter-final.

The second leg will return to Guangzhou next month.

In other action,Al Hilal beat Lekhwiya 4-1--------------In Europe,Valencia have held off Monaco in their Champions League play-off match to qualify for the group stages despite a 2-1 second-leg defeat earlier this morning.

The Spaniards have progressed to the group stage 4-3 on aggregate.

Later tonight,Manchester United will take on the Belgian team Bruges in the second leg of their Champions League play-off.

United coach Louis van Gaal.

"It's a preliminary round so it's very important and you have to play the game, and at the end you have to have scored more than one goal as the opponent and they have won also from our Greek opponent (Panathinaikos) with 3-0. So they are capable to do that and with the support of the fans. And we have seen the fans in Manchester so I think they shall support them a lot."Manchester United took the first leg 3-1.

In other action,Leverkusen will host Lazio.

Orlando Magic to Face Flamengo in Rio de JaneiroIn basketball,An NBA Global Games pre-season match is set to get underway between the Orlando Magic and Flamengo in Rio de Janeiro.

Former NBA star Horace Grant, who is in Rio to watch the match, says the physicality of the game in his day doesn't really apply.

"I think (back then) it was more a game of being physical, that you would not get kicked out the game for tearing someone?s jersey off, scratching or kicking. Saying that, today the NBA rules have adapted to younger players. I would say [it] is a little quicker, not smarter."Horace Grant played in the NBA for 17 years, forming a part of the Bulls team led by Michael Jordan in their heyday in the 1990's.　The match will be the eighth international NBA game for the Magic since 1993.

It also represents the second face-off between the two teams.

The Magic won 106-88 over Flamengo in another pre-season match for the NBA in Orlando last year.

FINA World Junior Swimming Championships RecapIn swimming from the FINA World Junior Swimming Championships in Singapore.

Chinese swimmers Yang Jintong and Qiu Ziao have finished in second and third place in the boys' 400-meters freestyle event.

The gold went to American Grant Shoults.

"I'm very, very excited. We have an awesome US team. Super excited to start it off with a bang.... and I know that for the US team there's a lot more coming, so, very excited."On the women's side,Britain's Rosie Rudin has set a new world junior record in the girls' 400 metre individual medley.

"I'm so shocked right now. I wasn't expecting to go that fast. I mean I did a good morning swim for me, but I still didn't expect to go that fast."--------Australia has been dominant in both of the evening's relays, winning the 4X100 freestyle.

The girls team took the 4X200 meter freestyle gold.

The Barclays: FedEx Cup playoffs tee off on ThursdayIn golf,Practice rounds are taking place ahead of the start of the FedExCup Playoffs on Thursday in New Jersey.

The FedEx cup is an opportunity for players ranked below certain levels on the points list to qualify for the season-ending Championships.

These include the highly-lucrative BMW and Deutchebank events, as well as the Tour Championships toward the end of September.

Current world Number-1, American Jordan Speith, says he's not overly convinced the FedEx Playoffs are the right way to decide who should be entered in the season-ending tournaments.

"I think it's a little odd that it just completely resets because if you want it to be the true champion of the year then it wouldn't necessarily reset for the final even if you do make it worth more points throughout the playoffs."Spieth is considered one of the top contenders this week at the Barclays.

Former World Number-1 Tiger Woods has failed to qualify for the playoffs after failing to win last week's Wyndam Championship.

Boxing: It's MX vs. PR when Miguel Cotto Fights Canelo Alverez in Nov.

In Boxing,Ahead of their clash in November, WBC Middleweight World Champion Miguel Cotto and challenger Canelo Alvarez have met the media in Los Angeles.

Cotto is the first Puerto Rican native to become world champ in four different weight classes.

"I'm Puerto Rican. Canelo is Mexican. And the rivalry between Puerto Rico and Mexico is huge. It's history, there's a lot of history behind it and we're going to contribute for that."Cotto last defended his titles in June, beating Daniel Geale by TKO.

Canelo Alverez comes into the fight with a 45-1-1 record.

Their bout is set for November 21st.

EntertainmentBusan film festival to open with India's "Zubaan" and close with China's "Out in the Silence"The Busan International Film Festival (BIFF) will present 304 films from 75 countries for its big 20th anniversary edition.

The South Korean film festival will run from Oct. 1 to the 10 in Busan.

It will kick-off with the Indian film Zubaan — a rather unprecedented choice, since it is the debut feature of a young indie filmmaker Mozez Singh.

BIFF will also a feature a strong lineup of projects involving China including the closing film, Mountain Cry by Larry Yang.

BIFF had made headlines earlier this year as the local government and state-supported bodies cut down funding amid debates over the festival's artistic freedom.

But organizers of Asia's premier event says it has taken the opportunity to move forward, especially since Korea's iconic veteran actress Kang Soo-yeon has come onboard as festival co-director.

In the spirit of reflecting back on the past, BIFF will present an ambitious showcase called "Asian Cinema 100" to exemplify the history and aesthetic value of Asian cinema.

Justin Timberlake, Sam Moore Among Inductees for Memphis Music Hall of FameSam Moore, the original Soul Man of Sam & Dave, is being inducted into the Memphis Music Hall of Fame in October, just five days after his 80th birthday.

Moore is on Rolling Stone's list of the top 100 singers of all time, and a member of the Rock and Roll Hall of Fame.

He appeared last December on the Kennedy Center Honors and has sung for all the living presidents.

Sam will be joined by Justin Timberlake, whose last two albums were the biggest sellers of 2014.

The other inductees include Scotty Moore, the legendary guitarist of Elvis Presley.

The event takes place on October 17th in Memphis.

Kanye West to receive the Vanguard Award at MTV VMA AwardsControversial rapper Kanye West will receive the Michael Jackson Video Vanguard Award, the show's highest honor, this Sunday at the 2015 MTV Video Music Awards.

MTV says it decided to give the award to West because "Throughout his career, West has blended musical and visual artistry to powerful effect. He's pushed boundaries and delivered something new with every successive video."The Yeezus star, who is married to reality TV star Kim Kardashian, joins previous winners Madonna, Beyonce, Britney Spears and The Rolling Stones.

West sparked controversy at the 2009 ceremony, when he leapt up on stage and interrupted Taylor Swift's speech, launching into a rant about why his friend Beyonce should have won best female video instead.

Bob Dylan's 'Hard Rain' lyrics to be auctioned in LondonA draft of the lyrics for Bob Dylan's protest song "A Hard Rain's A-Gonna Fall" will be put up for auction in London next month.

The draft is expected to fetch up to 200,000 pounds, which is just over 314,000 US dollars.

The typewritten manuscript from 1962, contains many scribbled revisions to the song that Dylan recorded in December 1962.

The song was released on the album "The Freewheelin' Bob Dylan" the following year.

The song, like many of those recorded by Dylan in the 1960s, has been much discussed as to its inspiration.

A 2014 auction of Dylan's 1965 original handwritten lyrics for "Like a Rolling Stone" fetched just over 2 million US dollars at Sotheby's in New York, setting a record for a rock music manuscript.

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

Recapping our top stories this morning...

Chinese authorities have confirmed a large number of dignitaries are going to be here in Beijing to take part in the massive parade set for September 3rd.

A new set of agreements have been reached between the mainland and Taiwan connected to taxes and air travel.

Authorities here in Beijing have outlined some of the main goals planned for the integration of the capital region.

In Business... a new interest rate cut taking effect here in Beijing as of today.

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.