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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, May 22 -- The State Council yesterday ordered government departments to cut spending by 5 percent this year to free up money for quake reconstruction. The money will help to finance a 70 billion yuan (10 billion U.S. dollars) fund for rebuilding after the May 12 quake, which killed tens of thousands, the Cabinet said on its website. Chinese Premier Wen Jiabao speaks on the quake relief work during a meeting of the State Council, in Beijing, capital of China, May 21, 2008.The death toll from the quake rose to 41,353 by noon yesterday, and 274,683 were injured, according to the Information Office of the State Council. The number of missing has been put at 32,666. The overall impact of the quake on China's fast-growing economy is expected to be limited. Sichuan is a major source of coal, natural gas and some farm goods but has little industry. The quake destroyed thousands of buildings, knocked out power and phone services and damaged factories, mines and other facilities. State-owned and private companies suffered 67 billion yuan (9.5 billion U.S. dollars) in quake losses, according to the government's preliminary estimates. Yesterday's Cabinet statement gave no details of how much money the spending cuts were expected to raise. But the reported budget for the central government this year, including the military, is 1.3 trillion yuan (187 billion U.S. dollars) - and 5 percent of that would be 65 billion yuan (9.3 billion U.S. dollars). Beijing will set a moratorium on new government building projects, Premier Wen Jiabao told a State Council meeting. Wen said the quake "added uncertainties" to the economy but he said it was stable and its fundamentals were not affected, Xinhua reported. Donations to quake-hit regions reached 16 billion yuan (2.29 billion U.S. dollars), of which 1.76 billion yuan (250 million U.S. dollars) has been forwarded to affected areas, according to the information office. In addition, the Ministry of Finance announced yesterday that it has allocated another 660 million yuan (94.83 million U.S. dollars) in relief funds to quake-stricken areas. As the summer draws near, the quake-hit regions are facing mounting pressure to prevent epidemics. About 45,000 medical workers are working in all quake-hit counties and townships in Sichuan, according to the Ministry of Health. About 1,196 tons of disinfectants and bactericides were distributed, the ministry said in a statement. In seven out of the 11 worst-hit counties, sanitation work has been completed and in the other four, one-third of the townships have been covered. According to local health departments, doctors found 58 cases of gas gangrene, a bacterial infection that produces gas within gangrenous tissues, as of Sunday. But officials said the virus does not affect people without open wounds. Meanwhile, rescuers are still fighting time to find survivors. According to the Department of General Staff of the People's Liberation Army, rescuers saved and evacuated 396,811 people to safe places as of yesterday noon. A total of 6,452 have been dug out alive from the rubble, with 77 rescued in the 36 hours to noon yesterday. The Ministry of Health said that 3,424 people injured in the quake had died in hospitals. Hospitals have taken in 59,394 injured people since the quake, of whom 30,289 were discharged, the ministry said. Power has been restored in most parts of quake-hit areas but Beichuan County, one of the worst hit, remained blacked out and electricity in Hongyuan was cut off again due to aftershocks, the State Electricity Regulatory Commission said in a statement. Experts yesterday said there was no need to worry that the 33 lakes in Sichuan - formed after landslides blocked rivers - would burst their banks. "Generally speaking, those lakes are safe because the flood season is yet to come," said Liu Ning, general engineer of the Ministry of Water Resources. "We are monitoring the lakes round the clock," he added.
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. 18 (Xinhua) -- China's State Council, the country's Cabinet, issued an implementation regulation for Labor Contract Law here on Thursday in an effort to clarify confusion surrounding the law. The new law, which was put into effect on Jan. 1, was hailed as a landmark step in protecting employee's rights. But many complained the law increased a company's operational cost as it overemphasized protection of workers. One of the most debated terms was one that entitled employees of at least 10 years' standing to sign contracts without specific time limits. Some employers believed the "no-fixed-term contract" would bring a heavy burden to them and lower company vitality. "By issuing the regulation, we hope to make it clear that labor contracts with no fixed termination dates did not amount to lifetime contracts," a Legislative Affairs Office of the State Council official told Xinhua. The regulation listed 14 conditions under which an employer can terminate a labor contract. These included an employee's incompetence to live up to the job requirements, serious violations of regulations and dereliction of duty. Another 13 circumstances were also included in the regulation, under which an employee could terminate his or her contract with an employer, including delayed pay and forced labor. Compensation should be given if employers terminate the contract lawfully. Employers should double the amount of compensation if they terminated a contract at their own will. No further financial compensation was required, according to the regulation. China's top legislative body, the Standing Committee of the National People's Congress, adopted the Labor Contract Law in June2007, which was followed by a string of staff-sacking scandals. The best known was the "voluntary resignation" scheme by Huawei Technologies Co. Ltd., the country's telecom network equipment giant. The Guangdong Province-based company asked its staff who had worked for eight consecutive years to hand in "voluntary resignations." Staff would have to compete for their posts and sign new labor contracts with the firm once they were re-employed. Huawei later agreed to suspend the controversial scheme after talks with the All China Federation of Trade Unions. The NPC Standing Committee said on Thursday it would start a law enforcement inspection at the end of September in 15 provinces, municipalities and autonomous regions. The Legislative Affairs Office of the State Council issued a draft of the implementation regulation on May 8 to solicit public opinion. By May 20, the office had received 82,236 responses. On Sept. 3, the State Council approved the regulation.