Welcome to the Beijing Hour, live from the Chinese capital.

Coming up on the program ...

Emergency measures come into force in Beijing as the city issues its first red alert for smog.

Climate change talks in Paris shift up a gear with the pressure building to reach a deal by Friday.

China's Nobel Laureate pleads for a focus on traditional treatments for Malaria.

In Business...... US companies still see China as a fruitful place to invest .

In Sports...... Success again for Bubba Watson at the Hero World Challenge.

And in Entertainment...... A glimpse at China Central TV's Spring Festival Gala plans.

Top NewsBeijing Issues First Red Alert for SmogEmergency measures are now taking effect in the Chinese capital after the municipal government issued its highest level of warning for heavy smog.

A red alert, issued for the first time in three years, means that cars with odd and even number plates will be banned from driving on alternate days, starting from this morning.

Educational authorities have urged all schools to suspend classes during the alert period.

Industrial production has been curtailed further.

The red alert will last for 3 days, with a cold front on Thursday expected to help clear the air.

However Zhang Dawei with Beijing Municipal Environmental Monitoring Center, predicts that despite a 72 hours warning period, heavy smog may continue after Thursday.

"When a red alert is declared, experts from both Environmental and Meteorological departments will closely monitor the heavy smog, to see how it will develop. On Monday morning we have discussed the situation of the smog again and we think the serious level will not change. Instead the smog will last longer; as the cold front we predicted for Thursday, will weaken. So the heavy smog is expected to last more than 72 hours."Readings of PM2.5 particles climbed toward 300 micrograms per cubic meter, compared with the World Health Organization's safe level of 25.

This is the second time this month that Beijing has experienced a prolonged bout of smog.

Some residents expressed a hope for clear skies every day, instead of having extreme changes in air quality.

"Previously, there was a period, or last week, that it (smog) was severe and suddenly there was blue sky with white clouds that showed up on the second day. It was kind of like a magician who brought blue skies back on the second day. However, we, as ordinary people, do not wish for this roller-coaster (weather), for the smog to be pretty severe suddenly and blue sky with white clouds appearing the next moment -- we hope to live in a state that has blue skies and white clouds consistently.""We will have to see how much effort the country is putting into tackling this issue. I am sure it will get better, because the country is now paying attention to the issue of air pollution. It was a problem for other countries in the past and they were able to overcome it, so we will slowly overcome this problem. We will find a way."Most of the city's pollution is being blamed on coal-fired power plants, together with vehicle emissions and construction and factory work.

Neighboring regions such as Hebei and Anhui have also been affected.

An orange alert for the northern cities has been issued by the state weather observatory.

This comes as politicians in Paris continue talks on bringing together a global emission reduction plan this week at the UN Climate Change talks.

Here in China, plans are already in-place to reduce emissions of major pollutants in the power sector by 60 percent by 2020, with emissions to peak by 2030.

Talks on climate pact shift to higher gearAnchorTalks on a universal climate pact moved up a gear on Monday with foreign and environment ministers joining the COP21 talks outside Paris.

As high-level negotiations at the Paris climate summit got underway, nations and groups outlined their policies and their hopes that a global climate deal could be reached by Friday.

CRI's reporter Guo Yan has the details.

ReporterAt a plenary session, Maldives environment minister and representative of the small island nations bloc, Thoriq Ibrahim, called for decisive action against climate change.

"COP21 will be the last opportunity for the world to seal the agreement we desperately needed if we are to avert the worst impacts of climate change. We therefore have no alternative but to take decisive action now. We are more acutely aware, few are more acutely aware, of this harsh reality than our ASIS membership who in the past year alone have endured the brunt of record level typhoons and cyclones in the Pacific, devastating hurricanes in the Caribbean and unprecedented tidal surges and floods in the Indian Ocean and along the coast of Africa."Nozipho Mxakato-Diseko is the South African diplomat and head of the G77 and China bloc representing over 80 percent of the world's population. Diseko warned that developed nations needed to go beyond the 100 billion of pledges made to help poorer countries tackle climate change.

"We require a substantial up-scaling of finance from the 2020 base level of 100 (b) billion (US dollars) and Annex 1 country parties and other developed countries included in Annex 1 have the principal responsibility in providing support which must be new, additional, predictable and sustainable and in equal allocation between adaptation and mitigation."Diseko stressed developing countries shared a common commitment to address the climate challenge in a manner that ensures they achieve a goal of limiting temperature increases to safe levels while allowing flexibility to pursue their sustainable development prioritiesUN Secretary General Ban Ki-moon said that while the main text of a climate agreement should be legally binding, some elements may be voluntary.

"This agreement which will be, (the) main part should be a binding one. But there may be some elements, some element, which may not necessarily be binding. I think this is what we understand at this time. Therefore basically, this is a binding (agreement) but depending upon the elements, there will be some voluntary and some binding ones."Ban also urged governments to set off an "energy revolution" to rein in heat-trapping carbon emissions and avert disastrous global warming.

French Foreign Minister and COP21 President Laurent Fabius announced an initiative that would move funds to Africa for additional renewable energy.

"Regarding the United States in general, we and the President of the Republic have had the opportunity to discuss this very directly with President Obama, who as you know, is personally very committed to finding an agreement in Paris because the fight against climate change is really one of his priorities for his country. Therefore our relations are good and it just so happens US Secretary John Kerry has just arrived from Washington and I have met him this morning."The Paris conference is the 21st time world governments have met to seek a joint solution to climate change.

Delegates from almost 200 nations are currently working on reaching a deal set to be the strongest agreement yet to bind both rich and poor to curb greenhouse gas emissions.

For CRI, I'm Guo Yan.

Nobel laureate Tu Youyou calls for attention on artemisinin resistanceAnchorThe 2015 Nobel Prize winner Tu Youyou has made a speech on the discovery of artemisinin, a new drug against malaria, at the Karolinska Institute in Sweden.

CRI's Luo Bin has the details.

ReporterArtemisinin, also known as QingHaoSu in Chinese, was discovered by Chinese scientist Tu Youyou.

She received the 2015 Nobel Prize for Physiology and Medicine for the drug's discovery by her team more than three decades ago.

In her speech at the Karolinska Institute, she introduced the discovery of the drug and their efforts to win recognition among the world.

She says the process was not easy.

"After my speech, you may feel this is just an ordinary story of drug discovery. However, the discovering Artemisinin from Qinghao, a kind of Chinese medicine which has been used for more than 2,000 years, was full of hardships."An estimated 214 million global cases of malaria have been reported so far, approximately 438,000 of which were fatal.

Tu says it remains a big challenge to the world's public health and calls for anti-malaria workers to pay attention to the drug resistance of artemisinin.

"Since the artemisinin resistance has been verified in Greater Mekong river basins, the potential threat of spreading is under investigation. More than 100 experts in the program believe that the possibility to curb or eliminate drug resistance is very limited before it spreads to the highly-infected areas. So curbing the drug resistance is urgent."In her speech, Tu also called Chinese traditional medicine a treasure for medical workers to learn and explore.

"Through the research of the anti-malaria drug, QingHaoSu, I feel that Chinese and Western medicine both have their own advantages, and they are complementary. Combination of the two will boost greater prospects and potential for development."Tu youyou is expected to attend this year's Nobel Prize award ceremony in Stockhom later this week.

For CRI, I'm Luo Bin.

14th SCO prime ministers' meeting to promote cooperation in priority fieldsThe Chinese Foreign Ministry says the forthcoming 14th Prime Ministers' meeting of the Shanghai Cooperation Organization will make deployments and plans to promote cooperation in several priority fields.

Foreign Ministry spokesperson Hua Chuying explained the major tasks to be tackled during the meeting.

"As the host country, China, together with relevant parties, will carry out in-depth discussion about deepening new ideas and new measures of the SCO cooperation in various fields under the Silk Road Economic Belt and other regional cooperation initiatives, and make deployments and plans to promote cooperation in priority fields and implementations of the most urgent tasks under the current situation, to provide assistance to the development and stability of the member states."Chinese President Xi Jinping will meet leaders of the SCO member states after the meeting.

The meeting will be held December 14 and 15 in Zhengzhou City of central China's Henan Province.

The SCO is an intergovernmental organization founded in Shanghai in 2001 by six countries - China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Its member states cover about a quarter of the world's total population.

Inner Mongolia Attack Due to Border DisputesAn initial investigation has suggested the attack on a police outpost in western China was due to border disputes between local residents.

The attack happened on the provincial border between Inner Mongolia and Gansu in northwest China.

Around 100 people, armed with sticks and stones, attacked the checkpoint in Ejina Banner early Sunday morning.

A man with the surname Ding, was one of the workers on duty at the checkpoint. He described what happened.

"They broke into our room at midnight when we were sleeping. They asked us to stay still and then beat us with clubs. They also used pepper spray on us. After that, they dumped us outside where temperatures were about minus 20 Celsius."Ding said the mob then ransacked the police station.

The area has long been a source of contention among locals because of the repeated redrawing of provincial boundaries in the 1960s and 1970s.

Zhang Tianshun from the Inner Mongolia Civil Affairs Department explains.

"The dispute focused on land. They have more population but less land. On the other side, we have less population but more land. They want to take up more land, but our side has to safeguard our own interests."The attack has left 13 people injured, six in a serious conditions.

The investigation is continuing.

Tajikistan earthquake felt in Xinjiang, no casualties reportedAn earthquake which hit Tajikistan on Monday was felt in the south of the Xinjiang Uygur Autonomous Region in northwest China.

No casualties have been reported so far.

The Authorities say the 7.4-magnitude earthquake occurred at 3:50 p.m. at a depth of 30 kilometers.

Xinjiang's Seismology Bureau also detected a 5.2 magnitude quake in Kyrghyzstan some 40 minutes after the initial Tajikistan quake.

Wang Qiong is a researcher with the bureau.

"This sort of earthquake is a seismic response. Usually after a 7-magnitude quake, the stress in surrounding areas is readjusted, which causes some disturbance to surrounding faults."Among the reports of damage, border patrol officers in Kashgar were called to a winter grazing site where more than 20 houses and sheepfolds were damaged.

3 injured in Beijing residential building explosionThree people were slightly injured on Monday evening after a gas explosion at a residential building in western Beijing.

The accident happened in Shijingshan District where the explosion seriously damaged the first and second floors of the building.

Residents have been evacuated from the decades-old six-storey building.

China, Ethiopia adopt visa-free agreementDiplomatic or service passport holders from China and Ethiopia no longer need visas, following the implementation of a new exemption agreement between the two countries.

The move was agreed in May last year when Chinese Premier Li Keqiang paid an official visit to Ethiopia.

The arrangement means Chinese and Ethiopian diplomatic or service passport holders will now be able to enter, exit or pass through each others territories for periods of less than 30 days without needing to apply for a visa.

The Chinese Ambassador to Ethiopia, La Yifan, said China-Ethiopia cooperation had grown rapidly during the past decade, and the new policy would make bilateral relations much easier.

Israel Holds Chinese Food Workshops to Get Prepared for More Chinese VisitorsAnchorFour leading chefs from China have been making the rounds in Israel, teaching hotel and restaurant cooks around the country to prepare Chinese food amid the growing number of Chinese visitors making their way to Israel.

CRI's Wang Mengzhen has more.

ReporterAt a professional culinary school in central Israeli city of Tel Aviv, Chinese chef Chen Qing is giving a Chinese food workshop to Israeli hotel and restaurant chefs, as well as to the students of the culinary school itself.

Chen Qing is among 4 Chinese chefs who have been traveling Israel, offering free master classes around the country.

The workshops include teaching chefs how to prepare Chinese dishes suitable for breakfast, main courses and desserts.

This way, Israeli chefs are able to learn about the specific culinary requirements of most Chinese tourists, and how to best adapt their menus to welcome them.

Israeli chef Nor has taken a lot of notes during the workshop he attended.

"The taste, the spices… it's very delicious, and it's interesting. It's a new taste, not the old Israeli taste. We have now a lot of Chinese people that come to the hotel. We want to know the traditional food to cook for them, to start the Chinese style. It's a new taste, new culture."Chen Qing says he hopes these workshops are also a good way for him to exchange ideas with Israeli chefs.

"Normally they can't make proper Chinese food because they don't have the right ingredients. Beyond that, nobody was around to tell them whether they were cooking the food right or not. They ask me: can I make it like this? I say yes, I used to try it that way and it works, then they know it is OK. It opens up their minds. I can also see things from them that maybe I've missed. So it works well to help us both."The workshops are being sponsored by the Israeli Tourism Ministry.

The tourism agency is taking the step ahead of Hainan Airlines opening its Beijing-Tel Aviv direct flights this coming April.

Amir Halevi is the Director-General of the Israeli Tourism Ministry.

"For us the Chinese market is very important. The year 2016 is the first time that a Chinese airline is going to fly from China to Israel, so we want to be ready with the hotels, with the tour guides and with the food. Our goal is in 3 years to be with 100,000 Chinese coming to visit Israel, and hopefully we can make it."The Israeli Tourism Ministry is also working to ease visa requirements for Chinese people, and has opened a Chinese language course for Israeli tour guides to better serve Chinese visitors.

Around 34-thousand Chinese visitors went to Israel last year, an increase of around one-third compared with the year before.

But with the new direct flight route opening in the Spring, the numbers are expected to grow significantly.

For CRI, I'm Wang Mengzhen.

FBI: 'Radicalized' Killers Took Target PracticeThe FBI said on Monday that the couple who carried out the San Bernardino shooting had been "radicalized" and had taken part in target practice, once within days of the attack that killed 14 people.

David Bowdich is the assistant director of the FBI's Los Angeles office.

"Yes, we do have evidence that both of the subjects participated in target practice in some ranges within the metro area or within the Los Angeles area. That target practice in one occasion was done within days of this eventIn addition, authorities found 19 pipes in the couple's home in Redlands, California, that with the right components could be turned into bombs.

The couple opened fire with assault rifles on Wednesday on a holiday luncheon for Farook's colleagues from the San Bernardino health department, where he worked as a restaurant inspector.

Husband and wife were killed hours later in a shootout with police.

Syria condemns U.S.-led airstrikes on Syrian army positionsThe Syrian government is condemning air strikes by the U.S.-led coalition that hit Syrian Army positions on Sunday.

Syria's Foreign Ministry says four coalition warplanes targeted a Syrian military camp in an eastern Syrian province with nine rockets, killing three soldiers and wounding 13 others.

The statement says the attack is an impediment to the counter-terror efforts in the region, as the Syrian outpost was fighting terror groups in eastern Syria.

If the US-backed coalition intentionally targeted the Syrian army group, this would mark a major escalation in the coalition's mandate in Syria, as it has been focusing its airstrikes exclusively on Islamic State targets to this point.

The Obama administration has long been calling for the ouster of the Syrian government, but has not launched any attacks to back up that goal.

Turkey summons Russian envoy over "provocative" passing of BosphorusTurkey has summoned the Russian ambassador in Ankara to protest against what it sees as a recent "provocative" passing of a Russian warship through the Bosphorus Strait in Istanbul.

It's reported a Russian soldier was seen holding a surface-to-air missile in a firing position on the deck of the Russian warship when it was passing through the strait on Sunday.

Turkish Foreign Minister Mevlut Cavusoglu called on Russia to end such "provocative acts," saying Turkey obeys the Montreux Convention and has not blocked any Russian ships from passing through the Bosphorus.

At the same time, Cavusoglu also renewed a call for Moscow to halt punitive sanctions.

"But if Russia continues its sanctions against us, of course there will be measures we can take. We are evaluating all of these but right now we're waiting patiently. Good sense should prevail in Russia."Ties between Ankara and Moscow have soured after Turkey shot down a Russia's fighter jet in late November.

Turkey accused the Russian warplane of violating Turkish airspace.

Moscow has denied any violation, and responded by launching a series of economic sanctions.

During an interview with the commercial Turkish 24 TV, Cavusoglu also reiterated Turkey's respect for neighbouring Iraq's borders.

The comment comes on heels of a protest from Iraq over the deployment of Turkish troops in northern Iraq for the past five months. The Turkish Foreign Minister outlined the reason for their presence.

"That it was a move to reinforce our soldiers who are providing training there, as they well know. Our prime minister also wrote a letter to Iraqi Prime Minister Haider al Abadi , and said Turkey is the one nation that gives the most importance to Iraq's territorial integrity and independence, and that there would be no further deployments until Iraq's worries are eased."The Iraqi side has threatened Turkey with UN actions if Ankara fails to withdraw its forces by Tuesday.

Turkey announced on Sunday that any additional deployments to Iraq would be halted.

Biden announces $190 million US aid to UkraineU.S. Vice President Joe Biden has announced a new financial aid package of 190 million dollars for Ukraine to help the country fight corruption and carry out reforms.

Speaking on a trip to the capital Kiev, Biden said the next year would determine Ukraine's future.

"As I told the president at our meeting, as long as you continue to make progress to fight corruption and a build future of opportunity for all Ukraine, the United States will stand with you."In addition to the latest funds, the U.S. government has given Kiev 760 million dollars in direct economic assistance and signed two loan guarantees, each worth billion US dollarsFor his part, Ukrainian President Petro Poroshenko said his country strongly supported the Western coalition in Syria.

Alongside the US aid, the European Union on Monday also announced more than 100 million euros for Ukraine to support the country's "reform" and "local governance."Ukraine's Western backers have repeatedly urged Kiev authorities to stick to reform promises made under a $40 billion international bailout programme, which is aimed at shoring up the country's war-torn economy, which was brought close to bankruptcy by years of corruption and economic mismanagement.

Almost 1 mln refugee arrivals registered in Germany by Nov.

Germany's Interior Minister says nearly 1 million refugees have arrived in the country so far this year.

Interior Minister Thomas De Maiziere said the number had exceeded Germany's official prediction.

Around 206,000 refugee arrivals were registered in the month of November alone.

More than half of the newly-arrived asylum seekers so far this year came from Syria, followed by Afghanistan and Iraq.

Rescuers find six bodies from Azerbaijan oil rig ablaze, 23 workers still missingIt's reported that rescuers have found the remains of six workers who went missing following a fire at an Azerbaijani oil rig in the Caspian Sea.

The bodies were found by helicopters from the Azerbaijan Ministry of Emergency Situations about 70 kilometers away from the rig on Monday afternoon.

The state oil company SOCAR says it's still searching for 23 workers, and that the fire in the offshore Guneshli field was still burning, and had spread to more oil wells. Firefighters are struggling to bring the blaze under control.

There were 63 people on the platform before the fire broke out. 33 were rescued and the body of one other worker was recovered on Saturday.

The authorities say the fire was caused by storm damage.

WeatherBeijing will see smog with a high of 4 degrees Celsius.

Overnight temperatures should drop down to 2.

Shanghai will be cloudy with a high of 14 and a low of 10.

In Chongqing, it will be overcast with a high of 15 and lows of 9.

Elsewhere in the world, staying here in Asia,Islamabad will be cloudy with a high of 21.

Kabul will be cloudy with a high of 7.

Over to North America,New York will be cloudy with a high of 11 degrees.

Washington, overcast with a high of 12 degrees.

Honolulu, cloudy, 28.

Toronto will be overcast with a high of 7 degrees.

Finally, on to South America,Buenos Aires will be cloudy with a high of 33.

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

Headline newsBeijing Issues First Red Alert for SmogEmergency measures are now taking effect in the Chinese capital after the municipal government issued its highest level of warning for heavy smog.

A red alert, issued for the first time in three years, means that cars with odd and even number plates will be banned from driving on alternate days, starting from this morning.

Educational authorities have urged all schools to suspend classes during the alert period.

Industrial production has been curtailed further.

The red alert will last for 3 days, with a cold front on Thursday expected to help clear the air.

Most of the city's pollution is being blamed on coal-fired power plants, together with vehicle emissions and construction and factory work.

Neighboring regions such as Hebei and Anhui have also been affected.

An orange alert for the northern cities has been issued by the state weather observatory.

Chinese Academy of Engineering announces 70 new membersA total of 70 scientists have been elected as new members of the Chinese Academy of Engineering.

This brings the total number of academics at the CAE, one of China's top academic institutions, to 852.

The Newly-appointed scientists mostly specialize in satellite technology, big data and next-generation Internet.

The average age is 56, with the youngest 47-years old.

Meanwhile, 8 foreigners are also elected, pushing the foreign ranks of the Academy of Engineering ranks to 49.

Under the Academy of Engineering's new charter, the government or businesses aren't allowed to meddle in the nomination process.

At least three injured in blast at bus stop in central MoscowAt least three people were injured in a blast reportedly caused by a firecracker at a bus stop in central Moscow.

Preliminary information shows the blast may be caused by a self-made firecracker thrown by an unidentified person from a passing car or a nearby building.

Two women have been hospitalized, and a man with minor wounds was receiving medical treatment.

The blast site has been cordoned off, and investigators are there to determine the cause of the explosion.

Venezuela President Maduro concedes election defeatThe latest exit polling shows Venezuela's opposition has won a majority of seats in the country's National Assembly.

Venezuela's National Electoral Council has announced the opposition has won at least 99 seats in the 167-seat legislature.

The socialists have retained 46 seats, while another 22 races have not been declared yet.

Venezuela's President Nicolas Maduro has conceded defeat.

The opposition victory brings about an end to 17-years of Socialist rule in the country's legislature, which began under late-former President Hugo Chavez.

Biz ReportsAnchorTurning to business news. First, a quick look at the closing numbers across North America and Europe.

U.S. stocks closed lower on Monday, weighed by a sharp decline in energy as oil plunged to a seven-year low.

The country's crude oil futures settled down 5.8 percent, the lowest level since February 2009, while energy futures closed down 3.7 percent.

Meanwhile, the U.S. dollar increased against other major currencies on Monday on broad expectations that the Federal Reserve would raise interest rates next week.

At the closing bell,Both Dow Jones and S&P 500 fell 0.7 percent.

While the Nasdaq dropped 0.8 percent.

In Europe, shares closed mixed on Monday.

At the close of trading,UK's FTSE 100 dipped 0.2 percent.

Germany's DAX moved up 1.3 percent.

France's CAC 40 increased 0.9 percent.

Investment Environment in China Remains PositiveThe US Chamber of Commerce in China has revealed that over 70 percent of American enterprises here achieved profitability, and over 60 percent of its member companies regard china as one of the three most important places for investment.

Chinese vice Premier Wang Yang says this year has seen a remarkable amount of economic trade between China and the US.

"From January to October, there has been a 35-percent increase of the trade volume of American companies in China. Meantime, China's direct investment to the US in the non-financial sector achieved an over 30-percent rise. The temperature for China-US cooperation has been consistently rising."However, as the Chinese economy enters a period of self-restructuring, anaylists warn of a more challenging environment for foreign investment, such as rising labor costs, stricter market supervision and less preferential policies.

To create a better investment environment, China has adjusted economic structures and further advanced its policy of opening-up.

Senior inspector at the American chamber of Commerce in China, Zeng Jiang, says he remains optimistic and confident about China's investment environment in the future.

"I think the future is very bright. There are a number of things that need to be addressed. There are a certain part of businesses that are not allowed in china for foreign companies. But I think overall it is very positive. They could pass the bilateral investment treaty. That is the best thing they could do."Despite the "New Normal" stage of the Chinese economy, many investors still regard it as having huge potential with great opportunities, adding momentum to trade between the two countries.

China's forex reserves fall in NovemberAnchorLatest figures show China's foreign exchange reserves have fallen to their lowest level in more than two years.

They fell by 87.2 billion U.S. dollars, to 3.4 trillion U.S. dollars at the end of November.

The fall last month follows a 11.4 billion dollar month-on-month rise registered in October.

Before that, reserves declined for five months in a row from May to September.

Fuelled by exports, forex reserves grew for more than a decade before beginning their decline in the third quarter of last year.

In the third quarter of this year, forex reserves fell by 180 billion dollars, much more than the 40 billion dollar decrease in the second quarter, a fifth consecutive quarterly drop.

For more on this, we are now joined on the line by Gao Shang, senior analyst of Guantong Futures.

Talking PointsQ1: The fall in November was larger than expected. Do you think there are particular factors behind the decline this time?

Q2: What kind of an impact will the drop in forex have on liquidity in the domestic market? How will it affect the renminbi exchange rate?

Q3:Do you foresee this downward trend will continue in the short term or will it gradually stabilize?

Back Anchor:

That was Gao Shang, senior analyst of Guantong Futures.

Plunging iron ore price hits hard Chinese steel millsChina's steel industry is feeling the chill of winter as the price of iron ore continues to tumble.

The Bloomberg Commodity Index, composed of 22 commodity futures in seven sectors, shows the price of iron ore has dropped 43 percent this year alone, a far greater fall than oil and copper.

Here in China, the price of iron ore dropped 1.8 percent to 40 U.S. dollars per ton on Friday, hitting a new low since 2009.

China's steel prices have also seen a fall. Qiu Yuecheng, is a senior researcher at Xiben New Line Stock Company.

"The steel price has plunged to less than 2,000 yuan per ton, down one-third from the price at the beginning of the year. It is the lowest price over the past 20 years. The falling steel prices and widening losses have forced many steel makers to cut or halt their production in recent two months."Business insiders say iron ore prices have fallen as commodity prices generally have been dragged down by a stronger U.S. dollar.

In addition, weak demand and excessive oversupply have also played their part.

China has stockpiled nearly 90 million tons of iron ore, a seven month high.

Analysts believe that tepid demand and tumbling prices have also affected small mining operations overseas.

Consumer-related stocks likely to be investors' favorite in 2016: UBSA new report suggests that China's economic transition towards greater consumption will attract the interest of investors towards consumer-related stocks, listed on the A-share markets next year.

Research by UBS says the expansion of services and consumption contributed greatly to economic growth of China.

Services now account for around 50 percent of China's GDP.

The research also shows while the food and clothing sector have declined, expenditure on items such as education and housing now account for more than half of total consumption.

Stocks in the consumer discretionary sector such as medical care, insurance and media are also expected to benefit from this trend.

China issues first insurance indexChina has issued the country's first insurance development index.

Taking 2010 as a base year with an index of 100, the value indicates the health and development of the insurance sector in China.

The Insurance Association of China says the index for 2014 was 109.1, showing the sector is making progress with steady business.

The report also notes vehicle insurance made up more than 70 percent of all insurance fees in 2014.

The percentage is less than 25 percent in western developed countries, including the United States and Germany.

It's suggested that China's insurance system should be diversified and provide more residential cover.

AIG offering up to $1 bln stake in Chinese insurer PICC P&CAmerican International Group is selling a stake in China's PICC Property and Casualty Corporation worth nearly 1 billion US dollars to investors through a block deal.

The deal cuts AIG's shareholding in the Chinese state-owned insurer for the second time this year.

Its launch on Monday comes after AIG raised 500 million dollars by selling down its PICC P&C stake in March.

The planned sale also comes as AIG faces pressure from billionaire activist investor Carl Icahn to split the company into three.

SportsNBA's Golden State Warriors continue to dominateIn some NBA action:

The Golden State Warriors path of destruction remains intact after they steamed rolled the Brooklyn Nets 114-98 on Sunday.

It was a on the road win for the warriors, who extended their season-opening streak to 22 games after the recent victory.

Klay Thompson and Stephen Curry would prove vital to the warriors games as they were able to throw up the teams three pointers.

Brooklyn would come ahead for a brief moment during the game, but Oakland would take back control in the third with a 16-point lead.

In the game, NBA MVP Stephen Curry would score the match high 28 points.

The warriors are well on their way to becoming NBA legends as they approach the regular season record set by the 1972 Lakers of 33 consecutive wins.

CBA updateTomorrow will see a lot of games:

Bayi Fubang will play LiaoningGuangdong Southern will face Beijing ShougangJilin Northeast and Tianjin Ronggang will go head to headThe Sichuan Blue Whales will play Xinjiang GuanghuiShandong faces Jiangsu NangangShanxi Zhongyu is looking to beat North Control BeijingShanghai Dongfang plays Shenzen Yikanand finallyFujian will face Zhejiang ChouzhouWatson wins golf's Hero World ChallengeIn golf:

Bubba Watson has won the Hero World Challenge with a shot of six-under-par 66 on Sunday.

The 18-man tournament recently came to a close at the Albany Golf course in the Bahamas.

Rain during the final round slowed game play, but in the end helped those golfing by softening the green.

Watson seemed to get himself into trouble on the par-five eleventh hole when his second shot went into the sand, but was able to calmly collect himself and chip the ball for an easy putt.

This would be the story of Watson's day, as he was able to stay on top, 3 strokes ahead of Patrick Reed, by keeping calm and golfing on.

Watson spoke about what this win meant to him after the tournament.

You know, I believe that consistency's the biggest thing about this game and you know we've seen Tiger, we've seen Phil, we've seen Jim Furyk - I could keep naming names - but guys that have been up there every year. And that's what I'm looking at, that's what I want to do. I want my name to be posted on that leaderboard every tournament, every year so people are always talking about Bubba Watson and how consistent he is and how good he is so that's my whole, my whole focus right now is every year getting better and better."This isn't Watson's first big win in a tournament.

Last Season, Watson won the HSBC Champions title as well as the Travelers Championship.

Michel Platini to attend CAS hearingIn FIFA:

UEFA president Michel Platini and FIFA have been invited by the Court of Arbitration for Sports to attend a hearing on Tuesday.

The hearing will discuss whether Platini's 90-day suspension from football should be temporarily lifted.

Platini's suspension came during the recent FIFA corruption scandal and pending an investigation, the president is currently banned.

The final verdict on Platini is expected by the end of the month.

FIFA will hold an election for their next president in the near future and currently Platini is a registered candidate.

If Platini is cleared by the authorities, he might still be in the runningRafael Nadal talks about next tennis seasonIn tennisAfter playing the second round of the International Premier Tennis League in Manila on Sunday, Spaniard Rafael Nadal discussed his upcoming plan for next season's training.

Nadal played and won in both singles and doubles at the IPTL.

After finishing his game, he spoke about how he plans to prepare for next season.

I'm working hard to create opportunities to compete for the best tournaments and I'm working so hard to make that happen. I think it's always that I didn't have the best season possible, but I finish at number five in the world so actually it's not a disaster, number five in the world instead of number two, and I hope to be ready for the beginning of next season and to play at the right level.

The competition in Manila will continue until December 8th, with further events taking place in Dubai, New Delhi and Singapore.

Austria's Marcel Hirscher wins giant slalom at Beaver CreekIn some skiing news:

Austrian Marcel Hirscher won the giant slalom at Beaver Creek.

The win came as a surprise for many in attendance as American Ted Ligety, an Olympic and world slalom champion was hoping to win his sixth straight Beaver Creek competition.

Unfortunately for Ligety, his first run resulted in crash and Hirscher was able to stay on top with a time of 2 minutes, 32.58 seconds.

In second would be France's Victor Jeandet and third, Norway's Henrik Kristofferson.

Billy Kemper win's Hawaii's Big Wave Tour Eventin some warmer news:

Billy Kemper has won the World Surf league's Big Wave Tour event in Hawaii on Sunday.

Kemper, a local Hawaiian, competed against the best surfers in the world to win the Maui event.

After gaining his untouchable high score 16-out-of-20, Kemper spoke about how he was feeling.

"100 percent. This has been a pipe dream for many years. Actually paddling Pe'ahi has been a dream of mine for a long time. To now be out there competing in an event with my favorite and the best surfers in the world....at the best big wave in the world. It's a dream come true and to end up on top just leaves me speechless. I'm so high of emotions and adrenaline right now, I literally can't even say anything."Following Kemper were pro-surfers Albee Layer in Second and Greg Long in thirdEntertainmentCCTV Spring festival gala holds 3rd review sessionChina Central Television has held the 3rd review session for the annual Spring Festival Gala.

Four shows were presented during the session, including a group cross talk show, two sketches and a mime.

However, the much-anticipated comedian Ma Teng didn't show.

Sources close to Ma Teng revealed that his team is still working on the project.

Ma Teng, who has appeared on the Spring Festival galas several times, shot to huge fandom this year following the success of film "Goodbye Mr.Loser".

It is not clear at the moment if he will be able to catch the fourth, and final review session.

So far, the CCTV has reviewed ten programmes in the past two sessions.

The upcoming Spring Festival Gala falls on February 8th.

Shakespeare's historical play to head to China in FebruaryIt has been announced that the Royal Shakespeare Company is planning to bring Henry V to Beijing, Shanghai and Hong Kong in February next year.

It'll be the first time the RSC has brought the history play to China and has already played to rave reviews in London.

As one of the most famous and influential Shakespearean history plays, Henry V tells the story of the Battle of Agincourt during the Hundred Years' War.

The introduction to Chinese theatres is part of the troupe's "King & Country" tour to China, which will also see such acclaimed productions of Shakespeare's as Henry IV Part I and Part II.

Furthermore, a Chinese version of Henry V is to be staged in Shanghai in October next year.

It's being directed by the associate director of the English version Owen Horsley.

The Royal Shakespeare Company is also working with its Chinese partners on two other projects, namely "The Shakespeare Folio Project" and "The Chinese Classics Project," the latter aiming to translate Chinese classics into English.

Kendrick Lamar, The Weekend, and Taylor Swift lead field at Grammy nominationsKendrick Lamar dominated this year's Grammys nominations with 11 nods, including album of the year for "To Pimp a Butterfly" and song of the year for "Alright."The rapper has already won two Grammys at last year's edition.

His other nominations include best rap album and rap song of the year.

Lamar is followed by Taylor Swift and The Weekend who each earned seven nominations.

Swift is up for best pop vocal album for her top-selling "1989" and pop solo performance for "Blank Space".

She won album of the year with "Fearless" in 2010.

In addition to album of the year, Stapleton's "Traveller" is nominated for best country album, country song and country solo performance.

Justin Bieber, who made a strong comeback this year with a number of hit songs, has just one nomination for best dance recording for the hit "Where Are U Now" with Skrillex and Diplo.

Both Bieber and Adele's new albums were released after September 30th, losing the eligibility to enter the field this year.

The 58th edition of the Grammy Awards will air live on February 15, 2016, from the Staples Center in Los Angeles.

Fans highlight peace during 35th anniversary of John Lennon's deathToday is the 35th anniversary of the death of music legend John Lennon.

Fans have already been gathering at the Strawberry Fields memorial to Lennon in Central Park in New York.

They said the most important message in Lennon's music is peace.

"I think he still wants peace doesn't he. Peace and harmony and love in the world. But it's hard these days isn't it.""Well I can tell you a little bit about the meaning of his life and what we need him now for is that he represents peace and he represents the individual, the liberty of the individual and we sure miss him and we sure need him now."The Beatles guitarist was shot four times in the back at around 10:50pm outside his home at The Dakota apartments in New York by Mark Chapman.

Lennon was taken to the emergency room of nearby Roosevelt Hospital, but was pronounced dead on arrival at 11:07pm.

Earlier that evening, the 40-year-old musician had autographed a copy of 'Double Fantasy' for Chapman.

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

Recapping our top stories this morning...

Emergency measures come into force in Beijing as the city issues its first red alert for smog.

Climate change talks in Paris shift up a gear with the pressure building to reach a deal by Friday.

China's Nobel Laureate pleads for a focus on traditional treatments for Malaria.

On behalf of the rest of the Beijing Hour team, Bob Jones in Beijing hoping you'll join us for our next edition of the Beijing Hour to open a window to the world together.