Jaguar aid talks with British government near collapse

Special Report:Global Financial Crisis

LONDON, May 6 (Xinhua) -- Jaguar Land Rover, a British automobile brand owned by India's Tata Group, will either have to cut its jobs and investment or turn to its parent company for help, as talks between the carmaker and the British government on financial support are nearing a collapse.

The carmaker received what it was told was a final offer from the business department on Friday, which it has not formally rejected, but is understood to feel that the tough conditions demanded in return for guaranteeing a loan are unacceptable, according to a BBC report late Wednesday.

If no financial help is provided, jobs and important investment could be cut, the report said.

The government is understood to want a right to veto management decisions, appoint its own chairman and have a say in any future redundancies at the company which employs 14,500 people.

Jaguar is said to have viewed the proposal as backdoor nationalization -- and is minded to turn the offer down.

The dispute centers on financial support from the European Investment Bank (EIB) and conditions the UK government is imposing in return for guaranteeing the loan.

At the heart of the dispute is the degree of control the UK government would be given in return for putting taxpayers money at risk by guaranteeing the EIB loan, the BBC said.

A spokesperson for the Department for Business, Enterprise and Regulatory Reform (BERR) insisted the government was "prepared to help, although not on any terms."

Sichuan residents move to new homes

Special Report:One Year after 5.12 Quake

The largest relocation and residential migration is taking place in China's quake hit Sichuan Province.

With reconstruction work smoothly entering its final phase, many new projects are being launched to further improve the living conditions in the quake zone.

Withreconstructionworksmoothlyenteringitsfinal
phase,manynewprojectsarebeinglaunchedtofurther
improvethelivingconditionsinthequakezone.
(CCTV.com)

Friday was a big day for 145 households from Longxi Township of Wenchuan County - the quake's epicenter.

They lost their fields and homes in the disaster and now they are beginning their journey to a new home,in Qionglai City.

Although they became emotional at leaving their hometown, most of them are looking forward to a brand new life.

ECB announces combined new measures to fight downturns

FRANKFURT, May 7 (Xinhua) -- The European Central Bank (ECB) on Thursday renewed its efforts to fight against economic downturns, with combined measures including cutting its key interest rate to a new low and buying up bonds, surprising most market players.

RATE CUT

The ECB cut its key interest rate by 25 basis points to a record-low 1 percent on Thursday.

ECB President Jean-Claude Trichet told reporters after the ratecut this was not necessarily the lowest point of the cycle, which has slashed the main refinancing rate by 325 basis points since October.

The ECB said the rate cut is due to the fact that the inflation threat to the eurozone continue easing, while the recession deepens.

According to the International Monetary Fund, the 16-nation economy will shrink 4.2 percent this year, more than the projected2.8 percent contraction in the United States and 4.1 percent in the United Kingdom.

Inflation was 0.6 percent in April. The ECB, which aims to keep the rate just below 2 percent, said the figure may drop below zero in 2009.

Hollywood actors union to hold town hall meetings on new contract

LOS ANGELES, May 8 (Xinhua) -- Hollywood's largest actors union announced Friday it is holding two town hall meetings in coming weeks over its feature-primetime contract with major studios and television networks.

The 12,000-member Screen Actor Guild (SAG) reached a tentative agreement with a group of entertainment executives last month, nearly 11 months after its previous feature-primetime contract expired.

The union is planning to hold two members-only meetings, one in Hollywood on May 21 and another in New York on June 1, to allow its members to discuss the new agreement, which will be later ratified through a referendum-style vote.

SAG had originally planned to send out the ratification ballots last week, but the union needed more time to prepare the pro and con statements going out with the ballot to its 120,000 members, mostly in Los Angeles and New York.

Ballots will go out May 19 with a June 9 return date, union officials said.

S Korean court says Ssangyong Motors survival viable

Special Report:Global Financial Crisis

SEOUL, May 6 (Xinhua) -- A South Korean court said Wednesday that Ssangyong Motor Co.'s survival is valuable, citing audit results by a local accounting firm.

The audit results by the accounting firm Samjong KPMG Inc. were favorable to the survival of Ssangyong Motor Co. over its liquidation, which raised hopes on the company's viability, according to the Seoul Central District Court.

The value of Ssangyong, which has been under bankruptcy protection since February, came in at 1.32 trillion won (1.03 billion U.S. dollars), larger than the 938.6 billion won (735 million U.S. dollars) to be gained if liquidated, according to the court.

Creditors of Ssangyong will hold a meeting later in the month to decide on whether to save or liquidate the automaker.

Ssangyong, as part of its turnaround bid, announced to cut 36 percent of its workforce, or 2,646 jobs.

Ssangyong, a former affiliate of Shanghai Automotive Industry Corp. (SAIC) was abandoned by its parent company in January as SAIC decided to stop making any major effort to save its affiliate.

SAIC, which still owns a 51-percent stake in Ssangyong, relinquished its control in the company as it went under the bankruptcy protection.

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Song of Youth becomes an opera

Published in 1958, the novel "Song of Youth" is a patriotic tale about Lin Daojing, who was called into the War of Resistance Against Japanese Aggression in the 1930s. It became a classic in Chinese red literature, being translated into 20 languages and with five million copies published. The story has been made into an opera which debuted during the weekend to mark the 90th anniversary of the May 4th Movement.

The literature has influenced generations of Chinese since its publication. Given its huge popularity among Chinese readers, the novel's crossover into a theatrical production demanded elaborate attention to both the casting and adaptation.

Thestoryhasbeenmadeintoanoperawhichdebutedduringtheweekend
tomarkthe90thanniversaryoftheMay4thMovement.

Jin Man, winner of the premier Plum Awards, takes the mantle as the leading heroine, Lin Daojing. Chinese tenor Dai Yuqiang plays Lu Jiachun, Lin's mentor and role model. Chi Liming from Shanghai plays the second male lead.

Wang Liangbo from the Central Academy of Drama takes the directorial chair, and Tang Jianping from the Central Academy of Music was put in charge of composition. Though it's deemed as largely a mainstream story, the opera is being brought to life with lively and passionate music, designed to suit a younger audience.

Students from Peking University have also been awarded roles in the opera.

Click for more news in Culture Express

Nostalgic foreign restaurants in Beijing

In Beijing, you can find almost every kind of Chinese food. But international cuisines have also made their way onto the capital's menus, and many people's appetites. For some Chinese, the mention of certain foreign restaurants stirs a sense of nostalgia for the days of their childhood.

The Moscow Restaurant was first foreign restaurant to open in Beijing in the 1950s. Its distinctive architecture and cuisine quickly earned it a good reputation. People affectionately called it "Laomo", roughly translated as "Old Moscow."

In 2000, the Moscow Restaurant renovated and redecorated, but still preserved its splendid Russian style. It resembles a small palace with its multi-story high ceilings and ornate fixtures.

The restaurant can seat six hundred people at a time. But the big charm for the many Chinese patrons is the Russian culture reflected here.

The exotic food and elegant atmosphere keep Beijingers lining up for a different dining experience. The Moscow Restaurant has developed a lot in its 50 years. But people can still taste the same traditional foods of yesteryear.

Another restaurant serving up a Russian flavor, or more accurately a Ukraninian one, is the Kiev.

Much smaller and younger than Moscow Restaurant, the Kiev has its own style with Ukrainian Vodka and oil paintings. It also showcases the Ukrainian love of singing and dancing. Many of the members of the restaurant's singing group are well-known and respected back home.

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