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BEIJING, July 27 (Xinhua) -- The China National Petroleum Corp. (CNPC), the country's largest oil producer, planned to cut its workforce by 5 percent in upcoming three years as its profits had been squeezed by heavy refining losses. The oil giant had 1.67 million staff last year, which meant more than 80,000 of them would be laid-off within three years, Beijing News reported. The move followed CNPC's earlier announcement to cut non-production spending by 10 percent from a year earlier, the paper said. The China National Petroleum Corp. (CNPC), the country's largest oil producer, planned to cut its workforce by 5 percent in upcoming three years as its profits had been squeezed by heavy refining losses. CNPC's profit before tax dropped by 39 percent year-on-year to 56.4 billion yuan (8.3 billion U.S. dollars) in the first half year as a result of refining loss and windfall taxes on crude oil sales. To reduce costs, CNPC halted or cut investment in 49 projects in June, saving the company up to 20.72 billion yuan. PetroChina, CNPC's listed arm, announced last month to issue no more than 60 billion yuan to "satisfy the operational needs of the company, further improve its debt structure, reduce financing costs and supplement working capital."
BEIJING, Sept.1 (Xinhua) -- China's securities watchdog on Monday required fund companies to make their information release more transparent and rolled out a draft regulation on brokers, its latest moves to boost the healthy development of the country's stock market. The information of stock-oriented funds, such as their periodic results, would be regularly publicized on the website of the China Securities Regulatory Commission, according to a standard format in the eXtensible Business Reporting Language (XBRL), starting from Jan. 1 next year, the CSRC said in a statement on Monday night. "The move was to further improve the quality of information release by fund companies," said the CSRC. The new rule was expected to help third-party agencies to appraise and supervise the management of fund companies. Previously it was difficult for a third party to collect and analyze the first-hand information of funds, which was not available to all. Meanwhile, the CSRC said a new regulation on securities brokers would prohibit them from surpassing their authority by manipulating customers' accounts or providing investment counseling. The dealers would also be forbidden to "offer or spread false, misleading information", or "tempt customers to make unnecessary deals," said the CSRC. Nor could they make agreements on sharing investment proceeds with customers, or promise gains or compensation for losses. "It was aimed at protecting the legal interests of fund investors and ward off risks caused by ill regulation of securities dealers," said the CSRC in a separate statement. The watchdog's actions were part of China's recent efforts to straighten out the stock market order and lay a sound foundation for a long-term development. The CSRC announced earlier this month it would raise the refinancing threshold for listed companies, saying the dividend they pay to shareholders in the recent three years should be no less than 30 percent of its distributed profits, compared with the previous set line of 20 percent. Refinancing plans of listed companies had led to share price declines and complaints in China as liquidity concerns loomed over the stock market. Investors also blamed their losses on insider trading and opacity of fund companies. Last week, a draft amendment to the Criminal Law was submitted to China's top legislature, stating that employees of financial institutes will face criminal prosecution for insider trading. Currently there were no relevant provisions in the Criminal Law. China's benchmark Shanghai Composite Index has shed more than 60 percent from its peak in mid October last year. In the first half, 364 funds in the country incurred a record loss of 1.08 trillion yuan (about 154 billion U.S. dollars), more than 90 percent coming from stock-oriented or hybrid funds, according to statistics from the TX Investment Consulting Co..

BEIJING, June 20 (Xinhua) -- The Ministry of Finance said late Friday it allocated another 3.78 billion yuan (548 million U.S. dollars) in subsidies to help low-income families against the latest fuel price hikes announced a day earlier. Of the total, 1.85 billion yuan will go to urban low-income families, and the rest will be offered to such families in rural areas, the ministry said. Low-income families in cities would get an extra 15 yuan for each person every month starting from July, 10 yuan for rural families, according to the announcement on Thursday. Vehicles line up at a gas station before the midnight deadline for price rises, in Qingdao, east China's Shandong Province, June 19, 2008 The ministry had earmarked early on Friday 19.8 billion yuan in subsidies to cover extra expenses of groups and sectors that could be affected, including grain producers, taxis and urban and rural buses. The subsidies were intended to "effectively ease the cost pressure on some low-income groups and public service industries exerted by the fuel price adjustment," said the ministry earlier. It was part of the government effort to blunt the impact of a surprise increase of fuel prices, since inflationary pressure is already high. China's benchmark gasoline and diesel oil retail prices were raised by 1,000 yuan per tonne and that of aviation kerosene went up by 1,500 yuan per tonne, effective on Friday, according to the National Development and Reform Commission (NDRC). However, fares for passenger rail services, urban and rural public transport and taxis would be unchanged, said the commission.
NANNING, Aug. 23 (Xinhua) -- Downpours brought by Typhoon Nuri swept south China's Guangdong and Guangxi from Friday to Saturday, but no casualties have been reported. From 8 a.m. Friday to 2 p.m. Saturday, rainstorms accompanied by winds of up to 68 km per hour, hit the southeastern areas of Guangxi Zhuang Autonomous Region, with the biggest precipitation of 350 mm in Beiliu County, according to the regional meteorological station. A float bridge is damaged by the gale at Dayawan sea area in Shenzhen, south China's Guangdong Province, Aug. 22, 2008 Heavy rain was forecast to continue in the region on Sunday and Monday. Typhoon Nuri was downgraded to a strong tropical storm on Friday afternoon after it landed in the coastal areas along Sai Kung of Hong Kong. The storm made another landfall in southern Guangdong late on Friday, packing winds of up to 90 km per hour. Heavy clouds are seen over the skyline in Zhuhai, south China's Guangdong Province, Aug. 22, 2008.In a farming yard in Guangzhou, Guangdong's capital, 186 tourists, including 55 foreigners, were evacuated to safe areas by police after the wooden house where they stayed were damaged by strong winds with power cut off.
BEIJING, May 13 (Xinhua) -- The death toll from a major earthquake in southwest China's Sichuan Province has climbed to 9,219, the Ministry of Civil Affairs said here Tuesday morning. The 7.8-magnitude quake has killed 9,219 people in eight affected provinces and municipality of Sichuan, Gansu, Shaanxi, Yunnan, Shanxi, Guizhou, Hubei and Chongqing, the ministry said in a release issued at 7 a.m.. Rescuers work in Dujiangyan city of southwest China's Sichuan Province, on May 13, 2008. A major eathquake measuring 7.8 on Richter scale jolted Wenchuan County of Sichuan Province at 2:28 p.m. on Monday.Of the killed, 8,993 were in Sichuan, 132 in Gansu, 85 in Shaanxi, eight in Chongqing and one in Yunnan, the ministry said. The quake jolted Wenchuan County of Sichuan at 2:28 p.m. Monday, which also leveled some 500,000 rooms in the affected areas. To cope with the catastrophe, the State Disaster Relief Commission and the Civil Affairs Ministry immediately initiated a "Level II emergency response plan" on Monday afternoon, and upgraded it to level I in the evening, the ministry said. According to China's regulations, natural disasters in the country are classified into four categories based on their severity. The Level I emergency plan covers the most serious class of natural disasters. A disaster relief work group of the State Council, China's Cabinet, rushed to the quake-hit county of Wenchuan on Monday evening to coordinate the rescue and relief work. Meanwhile, the ministry said strong winds and hailstorms lashed Hubei, Hebei and Jiangsu provinces from Sunday evening to early Monday morning, affecting more than 630,000 people. In central China's Hubei Province, the hailstorms attacked 10 counties, affecting 515,000 people, collapsing 85 rooms of 33 households and damaging another 4,761 rooms as of 11 a.m. Monday. The direct economic loss was estimated at 385 million yuan (55 million U.S. dollars). Hailstorms also lashed three counties of north China's Hebei Province on Sunday, affecting 92,100 locals and resulting in a direct economic loss of 7.65 million yuan. In east China's Jiangsu Province, 24,000 people also suffered from strong winds and hails Sunday evening. Four rooms were leveled and 60 others damaged with a direct economic loss of 1.46 million yuan. People try to find their property among the debris of collapsed buildings in Dujiangyan, in southwest China's Sichuan Province, on May 12, 2008
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