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LOS ANGELES, May 12 (Xinhua) -- A subsurface ocean of molten or partially molten magma exists beneath the surface of Jupiter's volcanic moon Io, the Jet Propulsion Laboratory (JPL) said on Thursday."The finding heralds the first direct confirmation of this kind of magma layer at Io and explains why the moon is the most volcanic object known in the solar system," JPL said in a press release posted on its website.The finding was based on new data analysis from NASA's Galileo spacecraft, said JPL.The research was conducted by scientists at the University of California, Los Angeles; the University of California, Santa Cruz;, and the University of Michigan, Ann Arbor. The study is published this week in the journal Science, JPL said."Scientists are excited we finally understand where Io's magma is coming from and have an explanation for some of the mysterious signatures we saw in some of the Galileo's magnetic field data," said Krishan Khurana, lead author of the study and former co- investigator on Galileo's magnetometer team at UCLA."It turns out Io was continually giving off a 'sounding signal' in Jupiter's rotating magnetic field that matched what would be expected from molten or partially molten rocks deep beneath the surface."Io produces about 100 times more lava each year than all the volcanoes on Earth, according to data released by JPL in Pasadena, Los Angeles.While Earth's volcanoes occur in localized hotspots like the "Ring of Fire" around the Pacific Ocean, Io's volcanoes are distributed all over its surface, JPL said, adding that a global magma ocean about 30 to 50 km beneath Io's crust helps explain the moon's activity."It has been suggested that both the Earth and its moon may have had similar magma oceans billions of years ago at the time of their formation, but they have long since cooled," said Torrence Johnson, a former Galileo project scientist based at JPL, an affiliation with NASA."Io's volcanism informs us how volcanoes work and provides a window in time to styles of volcanic activity that may have occurred on the Earth and moon during their earliest history," said Johnson, who was not directly involved in the study.NASA's Voyager spacecraft discovered Io's volcanoes in 1979, making that moon the only body in the solar system other than Earth known to have active magma volcanoes. The energy for the volcanic activity comes from the squeezing and stretching of the moon by Jupiter's gravity as Io orbits the largest planet in the solar system.Galileo was launched in 1989 and began orbiting Jupiter in 1995. Unexplained signatures appeared in magnetic field data from Galileo flybys of Io in October 1999 and February 2000. After a successful mission, the spacecraft was intentionally sent into Jupiter's atmosphere in 2003.

SAN FRANCISCO, April 20 (Xinhua) -- Apple Inc. on Wednesday reported record second fiscal quarter results that blow out analysts'expectations, citing strong demands for its products.For its fiscal 2011 second quarter ended on March 26, Apple posted net income of 5.99 billion U.S dollars or 6.4 dollars per share, compared with 3.07 billion, or 3.33 dollars per share a year ago. Its revenue reached 24.67 billion dollars, compare with 13.5 billion in the same period a year earlier.Analysts polled by Thomson Reuters gave an average estimate of 5.35 dollars earning per share on revenue of 23.3 billion."With quarterly revenue growth of 83 percent and profit growth of 95 percent, we're firing on all cylinders," said Steve Jobs, Apple's CEO. "We will continue to innovate on all fronts throughout the remainder of the year."As the most valuable business for the company, Apple sold 18.65 million iPhones in the second quarter, representing 113 percent unit growth over the year-ago quarter. In February, Apple announced that iPhone4 would come on Verizon network, enabling it to attract some 90 million Verizon subscribers to adopt the popular smartphone.The company sold 3.76 million Macs during the quarter, a 28 percent increase over the year-ago quarter, and 9.02 million iPods during the quarter, representing a 17 percent unit decline from the year-ago quarter.The company also sold 4.69 million iPads during the quarter, which is below analysts' projection. Analysts said Apple could have sold more tablets without supply constraints.Wall Street analysts estimated sales of iPad to reach about 6 million in the fiscal second quarter, alongside about 16 million iPhones and 3-4 million Macs.Apple also reported a gross margin of 41.4 percent compared to 41.7 percent in the year-ago quarter. Analyst said the decline of Apple's gross margins can be attributed to two reasons. One reason is the introduction of iPad in 2010 as it is a lower gross margin product than the iPhone. The other is the decline of iPhone margins over years.Supply chain related issues have been analysts' concern in the past quarter as Apple indicated in the Q1 earnings conference call that it could have sold more iPhones and faced some supply related issues. Meanwhile, the Japanese earthquake created more supply related issues for the company as its Japanese suppliers Mitsubishi Gas Chemical and Toshiba are both temporarily shut down to assess damage from the natural disaster.For the third fiscal quarter, Apple CFO Peter Oppenheimer gave an estimated revenue of about 23 billion and profit of 5.03 dollars per share.

BEIJING, Jan. 27 (Xinhua) -- The State Council, China's cabinet, has approved on a trial basis the launch of property tax reforms in some cities.The pilot reform will tax property owner-occupiers for the first time, officials from the Ministry of Finance, the State Administration of Taxation and the Ministry of Housing and Urban-Rural Development said Thursday.China's 1986 provisional property tax regulations did not tax owner-occupiers.The cities themselves will decide the details of the real estate levy. File photo taken on Apr. 23, 2010 shows residential areas in Shanghai, east China. The State Council, China's cabinet, has approved on a trial basis the launch of property tax reforms in some cities. Shanghai and Chongqing are cities that will trial the tax first. Shanghai sets its property tax rate at 0.4 to 0.6 percent. Municipalities impose property taxes on owners of real estate based upon the value of the property.Shanghai and Chongqing are cities that will trial the tax first.Shanghai set its property tax rate at 0.4 to 0.6 percent. Chongqing sets its at 0.5 to 1.2 percent. 

NEW YORK, March 9 (Xinhua) -- The U.S. stocks dropped on Wednesday, the two-year anniversary of the beginning of a bull market, as concerns of oil prices and Middle East unrest continued to weigh on investors' minds.U.S. crude oil price dipped on Wednesday as crude inventories rose more than expected, though Brent crude rose on fears caused by continued violence in Libya.Meanwhile, Rex Tillerson, the CEO of energy giant Exxon Mobil Corp., said on Wednesday that he didn't think the recent jump in oil prices was hurting the U.S. economy just yet, but it's getting close.The market was worrying that the surging oil prices would hurt global economic recovery. Adding to those concerns, the Portuguese government's two-year cost of borrowing hit the highest level since it joined the eurozone in a bond auction on Wednesday.Wednesday marked the two-year anniversary of the beginning of a bull market. On March 9, 2009, the Dow Jones Industrial Average closed at 6,547 and the Standard & Poor's 500 Index closed at 677. The Dow is back above 12,000 now and the S&P 500 index has almost doubled.Meanwhile, the wholesale report was slightly positive, but still failed to boost the market. According to the U.S. Commerce Department, the wholesale inventories climbed 1.1 percent in January. Sales at the wholesale level rose 3.4 percent, the largest gain since November 2009.Economists expected that as businesses kept expanding, demands for products would continue to grow. And larger sales may also encourage businesses to keep restocking their shelves and boost factory production.According to the report, a 10.6-percent rise in demand for petroleum helped lift sales, reflecting higher oil and gas prices.While some investors were concerned that surging oil prices might have a negative impact on economy, some others believed the boost in sales and inventories in January hinted that the economy could withstand the impact.The Dow Jones industrial average lost 1.29 points, or 0.01 percent, to 12,213.09. The Standard & Poor's 500 Index was down 1. 80 points, or 0.14 percent, to 1,320.02. The Nasdaq declined 14.05 points, or 0.51 percent, to 2,751.72.

BEIJING, Jan. 27 (Xinhua) -- China's foreign exchange watchdog said Thursday that the surplus of Chinese banks' foreign exchange purchases to sales in client transactions increased 51 percent through 2010 to stand at 397.7 billion U.S. dollars at year-end.China' s institutional and individual clients sold 1.33 trillion U.S. dollars in foreign exchange to banks in 2010 while purchasing 932.7 billion U.S. dollars, said the State Administration of Foreign Exchange (SAFE) in an online statement.In 2009, the annual surplus fell 42 percent to 263.5 billion U.S. dollars, according to SAFE's data released in March 2010.The statement noted the figures did not include banks' own forex transactions and interbank transactions.The forex surplus in December 2010 totaled 51.5 billion U.S. dollars, as clients sold 146.2 billion U.S. dollars of foreign exchange, up 13 percent from November, while purchasing 94.7 billion U.S. dollars, up 12 percent, it said.Chinese banks received 1.89 trillion U.S. dollars for their clients in overseas business in 2010 and paid 1.59 trillion U.S. dollars to overseas business, it added.The SAFE only began releasing monthly and quarterly data on bank foreign exchange transactions in 2010.