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

Coming up on our program this morning...

A new crackdown on so-called underground banking is underway in China amid this week's sharp downturn in the markets.

Hundreds of websites here in China have been shut down as part of a campaign to tackle online extortion.

The suspect behind the on-air killing of a TV reporter and her camera man in the US has been found dead.

In Business... Sinopec and CNOOC seeing slower profits behind lower oil prices.

In Sports... another showdown is looming in Beijing against two of the fastest men in the world.

In entertainment..... a new theme song has been released for the Chinese film "The Assassin."Top NewsChina launches campaign against underground banksAnchorIn the wake of the massive sell-off on the markets here in China earlier this week, Chinese officials have launched a crackdown on underground banking.

CRI's Min Rui has more.

ReporterAuthorities in China have launched a nationwide 3-month crackdown targeting money laundering and the illegal transfer of funds that take place outside the formal banking sector.

Tan Yaling, head of the China Forex Investment Research Institute, says its important for the authorities to maintain order in the financial and capital markets.

"A crackdown on underground banking is meant to stop illegal or non-compliant moves which go against market rules. Offenders will be sanctioned. This is very important to maintain order and stability in the Chinese economy, as many speculators have been able to shift money out of the financial and capital markets."Chinese law prohibits individuals from transferring more than 50-thousand US dollars out of the country per year.

However, the underground banking system provides a way to circumvent this law.

OuYang Xiong with the State Administration of Foreign Exchange explains how these underground banks work.

"These underground banks don't check identities, and don't verify their transfers. As such, their operating conditions aren't counted on the forex balance. They are an open venue for money laundering and ways to get large quantities of money out of the country. We've found that certain bank employees have also been involved in the underground market, which is very disturbing."This isn't the first crackdown on underground banks in China.

In April, 66 banks were caught illegally transferring some 430-billion yuan, or some 67.5 billion U.S. dollars, out of China illegally.

The underground operations were primarily family-run and used online and mobile payments to move the funds.

Li Mingzhao with the Ministry of Public Security's anti-money laundering department says they're working with other departments in the current crackdown.

"Ministry of Public Security is set to work with the People's Bank of China and the China Banking Regulatory Commission. When investigating bank accounts, we will share information and establish quick and effective coordination."Underground banks are being cited as a major risk to the capital markets in China, with regulators concerned the flight of money out of the system is going to create even more volatility.

This week has represented the steepest losses on the markets in China since 2007.

The Shanghai Composite index has extended losses the past 4 trading days, dropping by 1.3 percent on Wednesday after dived 8.5 percent on Monday and nearly 8-percent on Tuesday.

For CRI, I'm Min Rui.

Irregularities Blamed for Market SlumpAnchorA leading financial observer here in China is suggesting market manipulation could be one of the main factors behind this week's massive sell-off on the Chinese markets.

CRI's Qi Zhi reports.

ReporterThe Shanghai Composite Index concluded its worst 5-day route since 1996 on Wednesday, despite a central bank interest rate cut aimed at boosting the flagging economy and slumping shares.

The benchmark Shanghai Composite Index did even-out though somewhat, ending down 1.3-percent.

However, this is relatively minor, compared with the over 15-percent loss in value the Index went through the previous two trading days.

Wu Xiaoqiu, market observer with Renmin University, says he believes much of what we've been seeing on the markets can be pinned on market malpractice.

"Complex factors are behind the slump this time and the similar one in July. However, violations such as insider-trading and the rampant fabricating and spreading of false information should be mostly blamed."He also suggests the economic fundamentals here in China remain sound, saying there's no need for panic selling.

"It's true that Chinese economy is slowing down, but a 7-percent growth rate is still relatively high around the world. It shouldn't be the direct reason leading to the drastic declines on the markets."The Chinese stock markets have lost more than 40 percent of their value since a debt-fueled rally collapsed in June, prompting authorities to unleash unprecedented measures to support the market.

The huge rescue package has included allowing China Securities Finance Corporation, the country's margin-trading service, to buy stocks on behalf of the government.

Authorities have also banned major shareholders from selling their stakes in their companies.

A police crackdown on offending market players is also underway.

A senior executive from China's biggest securities dealer, Citic Securities, and a staff member from the China Securities Regulatory Commission have been asked by police to assist in investigation of suspected violations.

Professor Wu Xiaoqiu says beyond these moves, a lot more still needs to be done to improve the market environment in China.

"The improvement of the trading mechanisms in China is lagging far behind the development of the market, which is still dominated by speculators and lacks deterrents against violations."Analysts are suggesting the market will remain under selling pressure as investors continue to scramble to cash out.

For CRI, I'm Qi Zhi.

China shuts down 300 websites for online extortion and paid post deletionsChinese authorities are reporting they've shut down nearly 300 websites as part of a 6-month crack-down on online extortion.

Around a million social networking accounts have also been taken off-line.

9 million of illegal comments or posts have also been stripped from the internet.

Jiang Jun with the Cyberspace Administration of China says this is going to be routine from now on.

"We're making online extortion and paid-post deletions part of our routine. We're setting up a regular operation, which will a complaint and reporting mechanism, as well as a protection mechanism for companies which suffer from losses. We'll also introduce administrative rules to wipe out online extortion and paid post deletions."Online extortion is said to be common-place among many internet companies in China.

The publisher and chief executives of the influential 21st Century Business Herald were arrested last year for forcing companies to pay fees to avoid negative news coverage.

Policy Ensures Chinese Retirees Claim Pension in USAnchorChinese retirees living in the United States are now eligible to receive a pension back in China.

CRI's Luo Wen reports.

ReporterThe policy now allows Chinese retirees who have obtained a U.S. green card to be covered under the Chinese pension plan.

Chang Kai, a labor expert with Renmin University, says the policy decision is mostly about fairness.

"The pension benefits depend on one's contribution payments made during their working life. It will continue to exist wherever you are. It's a kind of debt obligation the government has that will never change, even if one's citizenship changes."People in China usually begin to receive their pensions a month after finalizing their retirement.

However, many retirees living abroad just give up trying to claim the money because of the difficulty in contacting the right department to get the payments made.

At the same time, many are unaware or concerned they'll be rejected if applying for the benefits abroad.

However, Guan Xinping with Nankai University says there is no reason to be concerned.

"You can claim your pension, no matter where you live or which citizenship you hold. As long as you paid your pension fees before retirement, you will receive it. It's a rule in the country's pension system."Guan Xinping notes this is a common practice throughout the world.

"Many countries, especially member states of the European Union, have signed agreements to ensure retirees who had worked in different countries receive their pensions through a single account."The Chinese applicants abroad need to file the proper documents, including a qualification review form.

They also have to submit both the original and a copy of their passport and a certificate of legal residence in the country.

The form is available at Chinese embassies or consulates.

Guan Xinping says making this option available has made things much easier for people living abroad.

"It's much easier for applicants to contact the closest Chinese embassy or consulate than it is to return to China to complete the application."It's estimated more than 2-million Chinese immigrants are living in the United States.

Latest surveys show the number of Chinese retirees opting to live in the US is continuing to rise.

For CRI, I'm Luo Wen.

China Eyes Cooperation via Moscow Air ShowAnchorThis year's International Aviation and Space Show in Russia is now underway, with significant Chinese representation at the event.

CRI's Zhao Jianfu has more.

ReporterRussian President Vladimir Putin says he hopes the event can demonstrate the country's strength in the aviation sector and expressed an open attitude in cooperating with foreign partners.

"We are to enhance Russia's unique advantages in the aviation field and consolidate our leading role in manufacturing military aviation equipment. Therefore, we should carry out modernization and upgrading in aviation and space rocket manufacturing, bring in state-of-the-art facilities and improve every link, resulting in products of better quality."The air show has attracted more than 760 enterprises and exhibitors from around the world to showcase their latest aircraft.

China's Aviation Industry Corporation demonstrated the passenger compartment of the new regional civil airline MA700 and the new Harbin Y-12F airplane.

Wu Xiandong with the Aviation Industry Corporation of China says the Y-12F will give the industry a better view of the transport plane.

"We hope that through the air show we can attract more potential clients to buy our Y-12F. And the Y-12E will receive an airworthiness certificate from the Russian aviation authorities during the show. It is the first airworthiness certificate that a Chinese company will have received from the Russians, which is a milestone for Chinese airplanes in Russia and Commonwealth of Independent States."Wu adds that China and Russia will deepen their cooperation in products, technology, capital and information sharing in the coming years.

Another Chinese company, Great Wall Industry Corporation, has attracted Russian President Vladimir Putin to their new products—the Long March 7 carrier rocket and DFH-5 satellite platform.

Putin says he will continue supporting Sino-Russian cooperation in aviation and space.

CEO of the Great Wall Industry Corporation Yin Liming echoes that his company will sign strategic cooperation agreements with a Russian state-owned technical group during the exhibition.

"China's aviation and space industry has developed fast in recent years. We have made great progress in developing new products, carrying out cooperation with foreign companies and bearing some new ideas. As the cooperation between China and Russia moves on, we have expanded our cooperation from probe and satellite applications to more professional technologies."The air show will run until Sunday and is expected to attract more than 500,000 visitors.

For CRI, I'm Zhao Jianfu.

Two US television staff shot dead on airPolice say the suspect behind the on-air murder of a local TV reporter and her camera-man in the US state of Virgina is dead.

The suspect, identified as Vester Flanagan, reportedly killed himself after a short chase with police.

Flanagan is believed to have gunned down a young female TV reporter and her camera-man while they were live on the air at an event.

Jeff Marks, General Manager of the TV station, says the shooter is a disgruntled former employee.

"He was sort of looking out for people to say things that he could take offense to. He and, eventually after many incidents of his anger coming to the floor we dismissed him and he did not take that well, we had to call the police to escort him from the building."This latest shooting in the US is already drawing comment from the highest levels.

White House spokesperson Josh Earnest says it's time for lawmakers to make stronger moves toward gun control.

"While there is no piece of legislation that will end all violence in this country, there are some common sense things that only Congress can do that we know would have a tangible impact in reducing gun violence in this country."It's believed race is a motivating factor behind this latest shooting.

Flanagan, a black former TV reporter, faxed a 23-page manifesto to a news organization after the shooting, saying he was motivated to buy a gun following the mass murder of black church goers by a young white supremacist in Virginia earlier this year.

S. Sudan signs peace deal with rebelsSouth Sudan President Salva Kiir has signed-off on a new peace deal designed to try to end nearly 2-years of civil war in the world's newest country.

In signing the deal, Kiir says his country will need help from the rest of the African community in maintaining peace.

"We will sign these documents, but I warn you, you regional leaders to stand with us in the implementation, otherwise we may spoil it if it is left to us. There is now fighting today and that fighting was uncalled for."The deal to end the 20-month long conflict in South Sudan will see Salva Kiir forced to re-unite politically with his rival, Riek Machar.

Under the deal, Machar will become First Vice-President, a similar position he held 2-years ago.

The conflict first began in December 2013 after guards loyal to Machar and Kiir began fighting in the capital, Juba.

It quickly evolved into a tribal conflict which has since left thousands dead and close to 2-million others homeless.

Russia, Egypt pledge further cooperation on economy, Middle EastRussian President Vladimir Putin has sat down for talks with Egyptian President Abdel Fattah al-Sisi in Moscow.

The two have touched on a number of issues, including terrorism and economics.

Putin says he'd like to see Egypt become more entrenched with Russia.

"Among concrete steps to give additional stimulus to the economy is a possible creation of a free trade zone between Egypt and the Eurasian Economic Union."The Eurasian Economic Union includes countries which used to be part of the Soviet Union or a client state.

As part of the meeting, Putin has also announced Russia's participation in the construction of a nuclear power plant in Egypt.

The two have also discussed the situation in the Middle East, and in particular, the situation in Syria.

Al-Sisi's time in Moscow is a return visit after Putin, earlier this year, became the first leader of a major world power to visit Egypt since al-Sisi became president in 2014.

UN's Ban: 'no time to lose' to fight climate changeUnited Nations Secretary-General Ban Ki-moon is calling on world leaders to look beyond their national interests in the fight against climate change.

The UN chief has made the suggestion in Paris as part of a preparatory meeting for a global climate-change meeting in the French capital later this year.

"We don't have time to waste, we don't have time to lose. Climate change is happening. It's clear that the world's very best scientists have made it repeatedly clear that climate change is happening. It's happening much, much faster than one may think."French Foreign Minister Laurent Fabius, who is hosting this week's preparatory meetings in Paris, is also raising the alarm.

"It's a race against time. Last year was the hottest ever and everything suggests that this year will be even hotter than the last. So climate imbalance is increasing and as long as we do not provide answers, the situation will get worse. So these are not just negotiations, they're a race against time."Officials meeting in Paris this week are attempting to pare back the negotiation booklet, which is still more than 80 pages long.

Another ministerial meeting is scheduled to be held in Germany next week to try to push the agenda forward ahead of the Paris Climate Change Summit in late November.

Middle East conflict, Greek crisis drastically 'improves air quality' –New studyAnchorA new study by German scientists is suggesting the environment may be experiencing a beneficial by-product of humanity's problems the past few years.

CRI's Poornima Weerasekara explains.

ReporterIf there is any sort of silver lining to the ongoing conflict in the Middle East, it may come in the form of less smog.

Political upheaval, economic recession and armed conflict over the past five years has driven down air pollution levels, especially smog, across the Middle East.

That is according to a new study published on the "Science Advances" journal.

Satellite images from the Ozone Monitoring Instrument onboard the NASA Aura satellite show a drastic drop in air pollution levels since the time of the Arab spring.

Head of the research team, Professor Jos Lelieveld from Germany's Max Plank Institute says the Greek economic crisis has had a similar effect.

"Well we see Greece for example, since 2008, since the start of the economic and financial crisis that there is a very strong reduction, very strong. We are talking about something like 50 percent. Then we see in Syria a very strong reduction as well but that started in 2011. We see changes in Egypt which started in 2011. And we see the effects of the Islamic State in Iraq where they are active. We see that people are migrating away and activities are coming to a halt. And in other countries which are taking on refugees like Jordan and Lebanon, there we increases."In major cities across Syria, Iraq, Palestine and Egypt, the levels of nitrogen oxides - an important greenhouse gas - have dropped by 20-50% since 2010.

Professor Lelieveld says trade embargoes against Iran over the past decade have led to a drop in Sulphur Dioxide emissions"What surprised me the most are the effects on Iran because sanctions have been imposed on Iran since 2006, but these sanctions were much sharper in 2010 and all of a sudden things stated to change quite dramatically. And we see also the effects of air pollution from shipping. The ships that transport the oil from Iran to the rest of the world have decreased dramatically and this was an impact of the sanctions that were imposed by the UN Security Council, and this was quite a surprise."There is no comprehensive air-quality monitoring system on the ground in the Middle East.

Researchers say their findings based on satellite data have contradicted existing predictions of greenhouse gas emissions for the region.

The data will be useful in the upcoming climate talks in Paris later this year, to understand the link between conflict, migration and the environment.

Scientists say their unexpected discovery also highlights the scale of destruction across the Middle East and the huge impact on human lives.

For CRI I'm Poornima WeerasekaraBosnia, Montenegro sign border treatyBosnia-Herzegovina and Montenegro have signed a new border treaty as part of a western Balkans conference taking place in the Austrian capital, Vienna.

It's the first border treaty Bosnia-Herzegovina has signed with its neighbors.

Austrian President Heinz Fischer is hailing the treaty as a good step toward solving the lingering problems from the disintegration of the former Yugoslavia.

"It would be fine if this agreement could come into force as soon as possible, and if this problem is solved other problems can also be solved with peaceful means."Other issues, including the recent surge of migrants through the Balkans, are expected to be high on the agenda.

The so-called "western Balkans route" has become one of the main ways into the European Union for thousands of would-be migrants entering the bloc this year, in what is being described as Europe's worst refugee crisis since World War II.

The Number of UK Students Learning Art Subjects on a DeclineAnchorNew stats suggest more and more students in the UK are gravitating toward math and science, rather than the arts.

This is generating new debate in Britain about whether this is the right track to follow.

CRI's Wang Mengzhen has more.

ReporterInside the Next Generation Youth Theatre based in Luton, London, students are performing a drama about young people's lives and interests.

Unlike traditional subjects, students say performing helps them build up key skills.

"It gives me more confidence, because when you act you're not yourself, so you can kind of come out of your shell more.""It helps you in the future, in like doing interviews, and things like that."Data from the UK's Joint Council for Qualifications shows that the number of students choosing art subjects at A level after the age of 16 is on the decline in the last five years.

Among them, the number of students studying music has fallen by 22 percent, while drama decreased by one fifth.

Philip Pullman, well-known British author of fantasy novels, insists that it's vital to keep students studying the arts.

"Well the arts are beyond price, they're beyond value. They're of incalculable worth in what it means to be a human being. Every government minister, every government secretary of state of minister, should jolly well go to the theatre, go to a concert, go to an art gallery, go to a museum, become somehow interested in these things."However, Chief economist Nida Broughton at the Social Market Foundation, argues that studying subjects like math’s and sciences does not actually prevent students from working in creative industries.

"Math’s and science are really important and they are the ones that tend to get you the top paying jobs. But I think what is really important to realise is that actually those subjects aren't just important for the traditional sectors that you might think about like say science and engineering, really important across the wider economy as well."The British government has been encouraging more students to study math’s and sciences beyond age 16, reflecting the notion that these core subjects could lead younger generations into top careers.

But at the same time, the government still mandates compulsory art education up to age 14.

For CRI, I am Wang Mengzhen.

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

Overnight temperatures should drop down to 21.

Shanghai will see moderate rain with a high of 31 and a low of 23.

In Chongqing, it will have showers during the daytime with a high of 27 and lows of 23.

Elsewhere in the world, staying here in Asia,Kathmandu, slight rain, 26.

Islamabad will be sunny with a high of 36.

Kabul will be overcast with a high of 29.

Over to North America,New York will be overcast with a high of 27 degrees.

Washington, cloudy with a high of 28 degrees.

Honolulu, overcast, 28.

Toronto will be overcast with a high of 22 degrees.

Finally, on to South America,Buenos Aires will be sunny with a high of 18.

And Rio de Janeiro will have slight rain with a high of 29 degrees Celsius.

Headline newsChina VP stresses private investment in AfricaChinese Vice President Li Yuanchao has called on China and Africa to draw on private investment in their industrial cooperation, while addressing a China-Africa forum in Yiwu.

The city in east China's Zhejiang Province is known as the world's largest wholesale market for small consumer goods and is home to more than 3,000 African businessmen.

Li says China's private sector has lots of money to invest, and lots of know-how and management experience, as the country is working to upgrade its industrial mix.

Storage fire kills 4 in central ChinaA fire at an industrial park in the city of Wuhan in Hubei has left 4 dead.

One other is in critical condition after the fire broke out on the 4th floor of a 5-story warehouse Wednesday afternoon.

The floor was housing auto interior parts and various chemicals.

It's unclear what sparked the massive blaze.

The owners of the warehouse are currently being held by police.

Taiwan city reports worst dengue fever outbreakA massive outbreak of Dengue Fever is being reported in the city of Tainan in southern Taiwan.

21-hundred cases have been reported since mid-MayFour people, all of them elderly, have died.

Locals are being urged to clear waste water in or near their homes, rooftops and at construction sites to rein in the spread of the mosquitoe-borne virus.

Merkel vows "no tolerance" of anti-refugee violenceGerman Chancellor Angela Merkel says her country will have "no tolerance" for violence against asylum-seekers.

She's made the comments while visiting a refugee center which is home to some of the estimated 800-thousand asylum seekers Germany expects to process this year.

Far-right elements in Germany have been lashing out against the sharp rise in the number of refugees.

A building meant to house asylum seekers has recently been torched just outside Berlin.

Fresh negotiations ongoing for partial truce in SyriaFresh negotiations are underway to re-establish a cease-fire in the city of Zabadani in Syria.

The anti-government rebel forces currently holding the city are threatening to rain rocket-fire down on a pair of neighboring towns in the Syrian northeast unless Syrian forces back off.

Delegations from both sides are holding talks in Turkey.

Russian schools to initiate Chinese-language testIt's been announced students in St. Petersberg, Russia will be able to choose Mandarin for their foreign language test as part of their high school graduation exams starting from this academic year.

Russian education authorities are making the move, saying interest in learning Mandarin is very high.

Chinese is said to be second only to English as the most popular foreign language for Russian students.

Schools in Russia's Far East are also said to be interested in adding Chinese to their curriculum.

New born panda dies at Washington ZooOne of two panda cubs born last weekend at the Washington Zoo has died.

The surviving cub is now being given full attention by its mother, Mei Xiang.

Keepers at the National Zoo in Washington had been switching out the cubs with their mother in the hopes of keeping them both alive.

Panda cubs are extremely delicate at birth.

Their vulnerability at birth is thought to be one of the key factors as to why Giant Panda's are one of the most endangered species on earth, with only around 16-hundred though to be still living in the wild.

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.

ReporterU.S. stocks racked up their biggest one-day gain in four years on Wednesday, as global markets regained momentum after growth concerns eased.

Led by Apple, Amazon and Google, the surge put the brakes on a six-day losing streak that saw the S&P 500 surrender 11 percent.

Apple shares jumped 4.4 percent on the day.

Google's shares surged 7.7 percent after Goldman Sachs raised its rating to "buy" from "neutral."Shares of Amazon jumped 7.4 percent.

Shares of Cameron International Corporation soared 41 percent after Schlumberger, the world's largest oilfield services provider, agreed to buy the oilfield equipment maker for 14.8 billion U.S. dollars.

At the close,The Dow Jones added 4 percent.

The S&P 500 went up 3.9 percentThe Nasdaq surged 4.2 percent.

Meanwhile in Europe,Investors resumed their selloff of stocks on Wednesday, taking their lead from late losses in Tuesday's U.S. trading session and a further slide among Chinese equities.

At the closing bell,The UK's FTSE 100 declined 1.7 percent.

Germany's DAX decreased 1.3 percent.

France's CAC 40 sank 2.8 percent.

Finally in China,Shares closed lower on Wednesday with the benchmark Shanghai Composite Index down 1.3 percent.

The smaller Shenzhen Component Index lost 2.9 percent.

Is the recent global capital market turbulence caused by China?

Anchor:

World financial markets appear to have settled following significant turbulence earlier this week.

The Shanghai Composite Index ended down 1.3-percent on Wednesday, after shedding close to 15-percent through the previous two trading days.

Monday's 8.5-percent sell-off in Shanghai is said to be one of the main catalysts for a global sell off, which saw markets across Europe and North America plunge as well.

For more on the current status of the markets here in China and abroad, we're joined on the line by Cao Can, CRI's financial commentator,Questions:

Q1, What was the main catalyst for the massive sell-off on world stock markets? Was it all because of China?

Q2, What do you think has caused China's stock fluctuation recently? Why did it tumble so fiercely? Is that a natural reaction to the real economy?

Q3, Will China's economy be affected by the turmoil of stock markets? China's top economic regulator said on Wednesday that China could maintain a 7% growth this year. What do you think of this projection?

Back anchor:

Cao Can, CRI's Financial Commentator.

Sinopec, CNOOC Report sharp profit decline in H1Leading Chinese oil refiner Sinopec is reporting a sharp decline in net profits through the first half, mainly due to weak oil prices.

Sinopec's net profits are down over 22-percent year on year to about 24 billion yuan.

Its total revenues are down around 23 percent to about 1 trillion yuan through the first 6-months.

As global oil prices hover at low levels, the company's oil and gas exploration division saw losses of 1.8 billion yuan.

The low price of crude oil has pushed up the company's profits in oil refining and chemical engineering.

At the same time, China National Offshore Oil Corporation, one of the country's three fuel producers, is also reporting lower profitability.

CNOOC's net profits have dipped by 56 percent in the first six months to just under 15-billion yuan.

The weak oil prices have seen the company's oil and gas sales decline by about 34 percent to 77 billion yuan.

Toyota to Restart Tianjin Operations after Massive BlastsToyota has announced plans to gradually restart its operations in Tianjin in the wake of the deadly explosions at the Port earlier this month.

Toyota says its workers are getting the preparations started this Thursday for restart of its assembly line.

It's been off-line since a storage facility near the plant exploded earlier this month.

At least 67 Toyota employees were injured.

The main Tianjin factory, which produces several models, manufactured around 440-thousand vehicles last year.

Meanwhile, another Toyota production line about 70 kilometers away that depends on parts from the main operation will also resume operations this Thursday.

Toyota is now looking at ways to make up for the lost production, either through overtime or extra shifts.

Angry Bird maker to lay off over one third of employeesFinnish gaming company Rovio, maker of Angry Birds, has announced plans for more layoffs.

Rovio plans to get rid of 260 employees, which is more than one third of the company's staff.

Rovio currently has more than 600 employees, most of whom are working in Finland.

The company has been dealing with poor profitability in recent years, largely due to a setback in its peripheral businesses.

Rovio's operating profits dropped by 73 percent last year to just 11-million U.S. dollars.

The company says it's going to refocus on its key business sectors including gaming, media and consumer products.

Chinese firm signs 1.48 bln USD deal to build cement plants in AfricaChinese firm Sinoma International Engineering has signed a deal worth 4.3 billion U.S. dollars with Nigeria-based cement giant Dangote Group.

The deal will see Sinoma build cement plants in 7 African countries, as well as one in Nepal.

The new plants will more than double Dangote's existing capacity.

Sinoma has built more than 10 cement plants for Dangote since 2008.

The owner of the Dangote Group is Africa's richest man Aliko Dangote.

It's the largest industrial conglomerate in West Africa, which also deals in food production, fertilizers and oil refineries.

SportsBolt and Gatlin Progress to Men's 200m FinalFrom IAAF World Championships here in Beijing,Jamaican Usain Bolt has progressed to the men's 200 metres final.

"Just a great time. It's going to be a good run. I think just overall a tough run, but I am looking forward to it. It is my favorite event and I want to win, so that's my focus."He'll be up against American Justin Gatlin, who Bolt narrowly edged for the 100-meters title earlier this week.

------------In the men's 400 meters,Wayde van Niekerk of South Africa has claimed the title.

In a scary moment, the 23-year-old had to be rushed to a nearby hospital after collapsing after his victory.

He's expected to be fine.

Defending champion LaShawn Merritt of the USA finished second and the reigning Olympic champion Kirani James of Grenada was third.

---------Over to the women's side,Zuzana Hejnova of Czech Republic has taken gold in the women's 400m hurdles.

"It's absolutely amazing to be a world champion again. I was very nervous before the final. I am not 100 percent ready. I caught a little bit of a cold. Probably from the air conditioning. But, in the end, I am really happy that I won again. It's perfect."-------On the medal standings,Kenya tops the medal count with 6 gold, 3 silver and 2 bronze, followed by Britain and Jamaica.

China now sits in 15th place with 2 silver and 1 bronze.

Two Kenyans tested positive at Beijing IAAF World ChampionshipsA pair of Kenyan athletes competing at this year's IAAF World Championships have been hit with a provisional suspension for doping.

400-meter runner Joyce Zakary and hurdler Koki Manunga have both tested positive for unspecified substances.

Zakary finished second in her opening heat on Monday, setting what would be a new Kenyan national record, if the time holds up.

Koki Manunga has been ousted in the 400m hurdles after failing to qualify.

China Rally Past South Korea 3-1 in Repeat of Asian Championship FinalIn volleyball action from the Women's World Cup in Japan.

The Chinese squad has rebounded from its earlier loss to the United States, coming from behind to rally past South Korea 3-1.

This gives China a 3-1 record.

China currently sits in fourth place in the standings - two points behind leaders Russia.

In other action,Japan blanked Kenya 3-nil.

And it was Serbia hammering Algeria 3-nil.

China's Chen Liang advances at Connecticut OpenIn women's tennis action from the Connecticut Open,China's Chen Liang and her partner Chuang Chia-Jung have reached the semi-finals in women's doubles action..

American Yasmin Schnack and Katsiaryna Zheltova have also progressed.

In women's singles,Fifth-seeded Karolina Pliskova has reached the third round of the tournament after downing Olga Savchuk of Ukraine 6-4, 6-1.

Poland's Agnieszka Radwanska is also through, knocking out France's Alize Cornet 6-4, 6-2.

U.S. Open Seeds AnnouncedIn off-court tennis news,The seeding for the U.S. Open has announced.

As expected, Novak Djokovic and Serena Williams are the top seeds in the men's and women's singles events.

Roger Federer is seeded second.

Andy Murray is seeded third, despite being last year's runner up at Fushing Meadows.

Behind him is Japan's Kei Nishikori in fourth.

Spaniard Rafael Nadal is seeded eighth after being forced to miss last year's US Open because of injury.

"It is great to be back. When you miss a tournament like I missed it last year, it's tough. Missing big events are tough moments because a tennis career is not that long, so every time you cannot play in a big event is an opportunity lost. So it's great to be back, good feelings being back to New York. I enjoy a lot this city, I feel comfortable in this city, I feel comfortable in the U.S. Open. I hope to be ready for the action next week."Defending champion Marin Cilic is seeded ninth.

China's Zhang Ze is the only man from China with a shot at making the US Open.

He'll have to make it through the singles qualifiers this weekend.

On the women's side,Seeded 2nd behind Serena Williams is Romanian Simona Halep.

Maria Sharapova is seeded 3rd, while last year's runner-up Caroline Wozniacki, is fourth.

Rounding off the women's top-five is Petra Kvitova.

Nine Chinese women will try to make it through the singles qualifiers, including Duan Ying-Ying and Lin Zhu.

The US Open gets underway on Monday.

Houston Astros beat the New York Yankees 6-2In Major League Baseball,Evan Gattis belted a pair of home runs to push the Houston Astros past the New York Yankees 6-2 this morning.

The American League West leaders improve to 71-57, a year after going 70-92.

The Astros are now 5-games ahead of the Texas Rangers in the AL West.

The Rangers are up against the Toronto Blue Jays this morning.

The Jays now lead the Yankees by 1.5-games in the AL East, and can extend that lead with a victory.

---------There was one other game this morning, with the Seattle Mariners thumping the Oakland A's 8-2.

Both teams are well out of playoff contention, sitting at the bottom of the AL West.

China Lose to North Korea 2-0In football action from Asian U19 Women's Football Championships in Nanjing,China has lost its bid for the title, going down to North Korea 2-0 in the semi-final last night.

North Korea will take on Japan for the title.

The Chinese squad will be taking on South Korea for the bronze, which is still an important match.

The top three teams in this tournament will be automatically granted tickets to the World Youth Championship in South Africa next year.

------------Elsewhere in Asia,Kuwait SC have thumped Kitchee 6-nil in the first leg of the AFC Cup quarter-final in Kuwait.

In other action,Al-Ahli beat Naft Tehran 1-0.

And it's FC Istiklol over Pahang FC 4-0.

------------In Europe,Wayne Rooney has scored a hat trick to help Manchester United with a 4-0 win at Bruges earlier this morning.

Manchester United manager Louis Van Gaal:

"We have already believed (in victory) I don't think that shall change. Then we need more victories like this. For the first time, a clean seat and we created lots of chances, because Brugge must come, of course, they were very open for us so it was relatively easy, but you have to do it that's not so easy as everybody thinks but I was happy."This has put Man-U into the UEFA Champions’ League group stage with a 7-1 victory on aggregate.

-----------Bayer Leverkusen have also advanced to the group stage by beating a 10-man Lazio side 3-nil.

Leverkusen will be the fourth German club in the group stages.

------------In off-court football news,Chelsea winger Marko Marin has joined Turkish side Trabzonspor on a season-long loan with an option to make the switch permanent.

The 26-year-old German national team player has spent the last season on loan at Fiorentina and Anderlecht.

He joined Chelsea in April 2012.

EntertainmentFull line-up of this year's Shanghai Echo Park Festival comes outThe full line-up of this year's Shanghai Echo Park Festival has been out, with Manchester-based indie rock band Everything Everything and renowned American hip hop duo Black Star added to the bill.

Rapper Talib Kweli is no stranger to Shanghai.

He was a major highlight when promoters Split Works held their first Shanghai music festival in Zhongshan Park back in 2007.

Nor is Yasiin Bey, aka Mos Def, who showed up as part of 2013's JZ Festival.

In the meantime, Manchester-based Everything Everything's electronica-imbued pop-rock feels at once familiar and fresh, and ought to make for perfect festival fodder.

Scottish electronic music producer Koreless, American DJ C.Z, Mongolian metal band Nine Treasures and Chinese DJ Yang Bing are also on the final list unveiled today.

So together with the previously announced big names such as Kelis, Gerard Way, Young Fathers, , a total of 57 bands and musicians will perform at the festival.

Echo Park Music Festival is to be held at Shanghai Rugby Club on September 19-20.

Gong Linna Couple Sing Theme Song for "The Assassin"One of China's most renowned Chinese vocalists, Gong Linna, has released a new song.

The song is the theme for the martial arts film "The Assassin" by Taiwan director Hou Hsiao-Hsien.

Gong's husband, German composer Robert Zollitsch, collaborated with her to create the some "Yi Ge Ren Mei You Tong Lei," or literally "A Unique Single.""The Assassin" stars mainland actress Shu Qi and Taiwan actor Chang Chen.

The film will hit mainland theatres today.

Universal breaks new annual international, domestic box office records with four months left in 2015There are still four months left in this year, but Universal Pictures could just take the rest of the year off.

The studio has just set new annual international and domestic box office records.

Universal, which didn't release a single superhero franchise movie this year, has already made almost 3.8 billion US dollars worldwide.

That breaks the record set by 20th Century Fox last yearAt the moment, Universal has five films in the Top 10 highest-grossing movies of 2015, including the top-grossing film of the year, Jurassic Park.

The dinosaur romp, which owns the biggest debut weekend in film history, is currently the third highest-grossing film of all time.

The other Universal films in the Top 10 include Furious 7; Minions; Pitch Perfect 2 and Fifty Shades of Grey.

Universal has also held the No. 1 position at the domestic box office for the past two weekends thanks to Straight Outta Compton.

There are still new films from the studio coming this fall, including awards contenders Steve Jobs and By The Sea.

'The Walking Dead' Debuts New Trailer and Clip for Season 6AMC has hyped up the return of "The Walking Dead" by releasing a new trailer for the upcoming sixth season.

Not sharing any new footage, the video shows the familiar faces, from Daryl Dixon and Rick Grimes, emerging from shadows.

It is set to the tune of "We Carry On" by The Phantoms featuring Amy Stroup.

A new clip has also been shared, giving away a scene from season 6.

"The Walking Dead" season 6 will kick off on October 11 on AMC with a supersized, 90-minute episode.

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

Recapping our top stories this morning...

A new crackdown on so-called underground banking is underway in China amid this week's sharp downturn in the markets.

Hundreds of websites here in China have been shut down as part of a campaign to tackle online extortion.

The suspect behind the on-air killing of a TV reporter and her camera man in the US has been found dead.

In Business... Sinopec and CNOOC seeing slower profits behind lower oil prices.

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.