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SHIJIAZHUANG, May 12 (Xinhua) -- The brand of Sanlu Group, the dairy company embroiled in China's tainted-milk scandal, was sold at an auction Tuesday for 7.3 million yuan (1.07 million U.S. dollars), court officials said. An unidentified individual entrepreneur from south China won the bid at an auction in the Shijiazhuang Intermediate People's Court in northern Hebei Province. No further information about the bidder was released. The auction started at 7 million yuan and drew three bids from only two bidders. The "Sanlu" brand was worth 14.9 billion yuan in 2006, according to the China Brand Asset Evaluation Center. Sanlu Group, which was based in Shijiazhuang, had been China's leading seller of milk powder for 15 years until the melamine adulteration scandal broke last September. The group's revenue hit 10 billion yuan in 2007. The company's tainted baby milk powder was found to have caused the deaths of at least six children and sickened more than 300,000others. Beijing-based dairy producer Sanyuan bought the core assets of Sanlu, which went bankrupt in February, for 616.5 million yuan at an auction on March 4. Also Tuesday, Sanlu sold 51-percent stakes in three dairy companies for 22.8 million yuan. The purchasers' identities were not immediately known. But it failed to sell 51 percent stakes in another two dairy firms and withdrew 12 patent techniques from auction. The bankruptcy trustee is to announce plans to dispose of Sanlu's last remaining assets, which include a 51-percent stake in a third dairy firm in Hebei's Baoding City
WASHINGTON, April 22 (Xinhua) -- A senior official of the U.S. mortgage giant company was found dead as a result of an apparent suicide incident, said police on Wednesday. According to police, David Kellermann, the Freddie Mac's acting chief financial officer and senior vice president, was found hanging himself at the basement of his house in Vienna, Virginia, early in the morning. Fairfax County Police control access to the home of David Kellermann, acting chief financial officer of mortgage giant Freddie Mac, in Vienna, Virginia, April 22, 2009. Kellermann, acting chief financial officer of troubled U.S. mortgage giant Freddie Mac, was found dead on Wednesday in his suburban Virginia home after apparently committing suicide, a local police source said Police said that they arrived at the scene after receiving an alert from Kellermann's wife, Donna, but did not provide more details. David Kellermann, acting chief financial officer of mortgage giant Freddie Mac, is pictured in this undated photograph, released on April 22, 2009The incident was considered as another blow to the company that owns or guarantees about 13 million mortgages but lost more than 50 billion U.S. dollars last year. The 41-year-old man was appointed to the post in September last year after the Treasury Department took over the company and its sibling Frannie Mae, both of which were criticized for financing risky loans that led to lots of foreclosure. Fairfax County Police stand on the front step of the home of David Kellermann, acting chief financial officer of mortgage giant Freddie Mac, in Vienna, Virginia, April 22, 2009. Kellermann, acting chief financial officer of troubled U.S. mortgage giant Freddie Mac, was found dead on Wednesday in his suburban Virginia home after apparently committing suicide, a local police source said. Quoted by U.S. local media, neighbors said that Kellermann, who worked for Freddie Mac for the past 16 years, lost an amount of weight after he took the new job. Despite persuasion by neighbors that he should quit his job to release the pressure, Kellermann insisted that he would stay and help the company through its problems. After Kellermann's death, John Koskinen, the company's interim chief executive, said in a statement that Kellermann is "a man of great talents," and "his extraordinary work ethic and integrity inspired all who worked with him." Treasury Secretary Timothy Geithner said in a statement "our deepest sympathies are with his family and his colleagues at Freddie Mac during this difficult time." According to a report from the New York Times, Kellermann had received a bonus of about 800,000 dollars since the government take-over, which, as a part of totaled 210 million dollars for executives at Freddie Mac and Fannie Mae, has prompted scrutiny from lawmakers who have questioned bonuses for executives of firms receiving government bailouts.
UNITED NATIONS, May 11 (Xinhua) -- China voiced its support for the resumption of the Middle East peace process on Monday, calling upon all the parties concerned to create an environment conducive to the Middle East peace talks. The statement came as Zhang Yesui, the Chinese permanent representative to the United Nations, was speaking at an open Security Council meeting on behalf of Chinese Foreign Minister Yang Jiechi. "At present, the situation in the Middle East is at a very critical stage," Zhang said. "We hope that parties concerned will stay firm to their conviction of resolving the issue through political negotiations, refrain from moves that may ruin mutual trust and reconciliation so as to create the condition for resumptions of negotiation," Zhang said. Zhang Yesui, Chinese permanent representative to the United Nations, speaks on behalf of Chinese Foreign Minister Yang Jiechi during an open Security Council meeting on the Middle East issue at UN headquarters in New York, the U.S., May 11, 2009"Political negotiation is the only way to lasting peace in the Middle East. The use of force will not bring about peace. On the contrary, the cycle of violence will only exacerbate hatred," he said. He said the Security Council Resolution 1860 is the result of arduous efforts by all the parties concerned, and brought about the Israeli-Palestinian cease-fire and created conditions for resumption of Middle East peace process. The resolution, adopted by the Security Council in January, called for mutually respected and last cease-fire in the Middle East following Israel's 22-day military offensive in the Gaza Strip. It is hoped that the Resolution 1860 could be implemented comprehensively and effectively, said the ambassador. "At the center of the Middle East problem is the Palestine issue," Zhang said. "The ultimate way out for the Palestinian issue is the realization of two states, Israel and Palestine, living side-by-side in peace." Therefore, the Chinese ambassador called on parties concerned to continue to act in the spirit enshrined in relevant UN resolutions and adhere to the principle of "the Land for Peace" and "the two-state solution," saying that they should push for the earlier achievement of reconciliation between Israel and Palestine, the establishment of an independent state of Palestine and the peaceful coexistence between Arabs and Jews. The realization of a comprehensive, just and lasting peace in the Middle East depends on the settlement of all relevant issues in the region, he said. Describing both the Syria-Israel talks and the Lebanon-Israel negotiations as "important components of the Middle-East peace process," Zhang called for a holistic approach to promote such talks. Meanwhile, he said other hot-spot issues in the region should also be "properly addressed so as to create a favorable environment for the peace process." On the other hand, "the Middle East peace process cannot be achieved without the help and support of the international community," Zhang said, calling on the international community to continue to support the development of Palestine and immediately implement its commitment to the reconstruction in Gaza. "Parties concerned should uphold just and strengthen the mediation efforts and at the same time consider the establishment of a broadly-represented, balanced and effective multilateral mechanism which will provide oversight and support for the peace process in the Middle East," Zhang said. Zhang said China supports the efforts of the Quartet, a diplomatic group of the United Nations, the European Union, Russia and the United States in search of the Middle East peace, and Russia's proposal to hold an international conference on Middle East in Moscow. The open council meeting, chaired by Russian Foreign Minister Sergey Lavrov whose country holds the rotating presidency of the 15-nation council this month, came at a time when the new Israeli government was headed by hawkish Prime Minister Benjam Netanyahu. Netanyhu has so far refused to publicly endorse the creation of an independent Palestine state, the key element of an international plan to bring about a comprehensive, just and lasting peace in the Middle East. Also present at the open debate are UN Secretary-General Ban Ki-moon, British Foreign Minister David Miliband, French Foreign Minister Bernard Kouchner, Turkish Foreign Minister Ahmet Davutoglu and UN ambassadors from other Council members. Israel, Palestine and Arab states were not invited to address the meeting.
BEIJING, May 14 (Xinhua) -- Two revised rules involving a planned Nasdaq-style stock market, the Growth Enterprise Market (GEM), will take effect on June 14, according to the China Securities Regulatory Commission (CSRC) Thursday. The two rules involve establishing an independent committee to approve listings for the GEM and the management of sponsors of IPOs. The two rules are taken as a key step closer toward introducing the much-anticipated GEM, a board intended to nurture innovation-driven start-ups as the government tries to help smaller companies get financing and encourage technological advances. The rules are the same as the drafts issued on April 17 to solicit public opinions, said the CSRC. Under the rules, the new panel will have 35 members. Five will come from the CSRC and the others from the accounting, law and other sectors. The panel won't include members of the review panel for IPO application on the main board. Under the rules, the sponsors of IPOs on the GEM are required to monitor the companies' performance for three years, up from two for companies on the main board.