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SHENYANG -- The Liaoning Provincial Higher People's Court on Monday made a final judgement to uphold the death penalty for a principal in a bogus ant-breeding project that raised 3 billion yuan (7 million) from investors.Last February, Wang Zhendong, board chairman of Yingkou Donghua Trading (Group) Co., Ltd. in northeastern Liaoning Province, was sentenced to death while 15 company managers were given jail sentences of between five and 10 years by the Yingkou Intermediate People's Court.However, Wang and the managers appealed to the provincial high court after the first instance.Wang promised returns of 35 to 60 percent for the fictitious project under the name of Donghua Zoology Culturing Co., Ltd and Donghua Spirit Co., Ltd. between 2002 and 2005.The ants were to be used for making liquor, herbal remedies and as aphrodisiacs.More than 10,000 investors signed contracts with the company before the case was investigated in June 2005.Wang, however, continued to swindle investors who visited the company and told them the business was doing very well. He misused 798 million yuan raised from investors, buying himself luxury goods and lending money to others.One investor committed suicide after realizing he had been duped, the Yingkou court heard. Wang's actions also caused huge economic losses for investors and many subsequently suffered depression, the court said.All of Wang's property was confiscated, while the managers received fines ranging from 100,000 yuan to 500,000 yuan.Also in Liaoning, police in December arrested the chairman of a company that went bust trying to make an aphrodisiac tonic from ants after thousands of angry ant farmers demanded payment.Wang Fengyou, chairman of the Liaoning Yilishen Tianxi Group, was in criminal custody on allegation of instigating social unrest.The company had organized thousands of ant farmers to supply it with insects on condition that they paid a contractual bond. However, it stopped paying its suppliers in November and the angry ant farmers feared they would lose their bonds and payments due.Thousands of ant farmers had gathered at the company offices to demand their money, but Wang allegedly paid company executives and employees to organize protests outside government buildings instead.

Walking up on a dais in traditional Chinese dress to receive your baccalaureate degree. Well, that can become a reality if a Peking University design contest throws up something novel and exciting enough to replace the Western-style gown, which till now have been worn by students. The prestigious seat of higher learning, long known for its tradition of innovation, launched the academic-gown designing contest on Thursday. The criterion: the costume has to be traditionally Chinese. The top design could become a must at the university's graduation ceremony in the not-so-distant future, according to the university's Communist Youth League committee, which is in charge of students' activities. "If the gown proves a success, we could introduce it in other universities, too," committee director Han Liu said. The contestants, students and teachers both, have been asked to submit their gown and cap designs before June 8. After the preliminary eliminations, the selected costumes will be displayed at this year's graduation ceremony on July 3. "It's an innovation because students in all Chinese colleges today use the same Western-style gown," said Lu Peng, another committee official. "It's also part of our campaign to promote culture and tradition on campus." Colleges students used to wear different types of gowns at the graduation ceremony till the State Council's Academic Degrees Committee promoted a standard one, the Western-style gown, in 1994. The degrees committee, however, told China Daily on Friday that it was not compulsory for all colleges to use the same gown. Scholars and students have been asking if Chinese people should wear traditional clothes on important occasions, such as graduation ceremonies. "Why should Chinese students wear Western gowns while receiving their degrees?" Sui Yue said. Sui is a sophomore and president of Peking University's Costume and Culture Association for Communication, a students' association that's helping organize the contest. The contest is open to all traditional Chinese clothes, she said, but "hanfu", the pre-17th century traditional dress of the Han Chinese, the majority ethnic group of China, has the edge because of its popularity among students. Wide sleeves, crossed collar-bands, layered robes and a fabric belt are the striking features of the hanfu. The contest reflects the revival of traditional Chinese culture, Li Zhisheng, a professor of history at Peking University, said.

SHANGHAI -- China will launch its first Mars probe in October 2009 as part of a joint mission with Russia, said sources with the Shanghai Space Administration, the main developer of the probe, on Monday. Researchers are "pressing ahead" with the project for a synchronized launching with a Russian probe, said Chen Changya, a researcher with the Shanghai Institute of Satellite Engineering, at a space technology exhibition. He said the home-developed Chinese probe is scheduled for completion by June 2009. The probe, 75 centimeters long, 75 centimeters wide, 60 centimeters high and weighing 110 kilograms, is designed to be able to serve a two-year mission, according to Chen. Its model is on display at the exhibition. The Chinese probe, with Russia's Phobos-Grunt, will be launched by a Russian carrier rocket, Chen said. They are expected to land on Mars in 2010 after 10 month's flight.

BEIJING -- China's first lunar probe Chang'e-1 will fly to the moon orbit with no more orbital corrections, a scientist told Xinhua on Saturday.Tang Geshi, a scientist with the Beijing Aerospace Control Center (BACC), said that the center will order the satellite to apply the first break at about 10:00 on Monday with no more planned orbital corrections.BACC carried out an orbital correction of Chang'e-1 on Friday, about nine days after its launch. "The correction has made the satellite run accurately in the transforming orbit heading to the moon, and another correction planned on November 4 will be unnecessary," Tang said.The Chang'e-1 lunar probe has been flying at a speed of 500-meter per second to the space where the moon's gravity could capture it.It has completed four orbital transforms and one halfway correction and is expected to enter the moon orbit on November 5.China's first lunar probe, Chang'e-1, named after a fairy-tale Chinese goddess who flew to the moon, blasted off on a Long March 3A carrier rocket on Oct. 24 from the Xichang Satellite Launch Center in southwestern Sichuan Province. 

BEIJING, March 24 (Xinhua) -- Chinese commercial banks will be allowed to trade gold futures in the domestic market, according to a notice released on the regulator's official website here on Monday.     China gold futures trading was launched in January, but domestic banks were barred from trading by the China Banking Regulatory Commission.     According to the notice, domestic banks that meet certain requirements, such as having capital adequacy ratio of more than 8percent, can apply for a trading permit.     "That's great news for the gold futures market, which is not operating that well," said Hu Yuyue, an expert with Beijing Technology and Business University.     "Commercial banks can provide more liquidity and stability to the market, after all, they hold huge capital," said Hu.     "Gold futures trading can also help domestic banks to improve competitiveness against overseas banks as financial derivatives are supposed to be the largest revenue sources for leading banks," he said.     Non-interest income usually accounts for at least 50 percent of bank revenues in developed countries and the proportion can reach 80 percent for some banks.     However, Chinese banks depend heavily on the margins between deposits and loans.

来源：资阳报