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In This Edition

 

A man suspected of setting off a homemade gasoline bomb in Northwest China's Gansu Province is reportedly under police custody.

 

Taliban suicide bombers in Pakistani have killed at least 80 people at a paramilitary force academy in the country's northwest, and have vowed further bloodshed in retaliation for the death of Osama bin Laden.

 

The Japanese government has approved a plan to help Tokyo Electric Power to compensate victims of the nuclear crisis at the Fukushima Dai-ichi nuclear power plant.

 

China has increased its bank reserve requirements for the fifth time this year as it continues in its attempts to cool inflation.

 

 

Hot Issue Reports

 

Petrol Bomb Explodes in Gansu Bank, Hurts Dozens

A man suspected of setting off a homemade gasoline bomb in Northwest China's Gansu Province is reportedly now under police custody.

 

49 people were injured when a blast went off at a rural bank in Tianzhu, in Gansu.

 

Reporter Zhang Lei of China National Radio attended the press conference held by local authorities on the latest updates.

 

"All the injured have been sent to the county hospital for treatments. 19 people are severely injured. About 20 medical experts have arrived in Tianzhu to help the injured. The local government has allocated 60,000 yuan for the treatments of the severely injured."

 

Blast went off at the Gansu Rural Credit Union in Tianzhu Tibetan Autonomous County in the city of Wuwei, when bank employees were in a meeting.

 

Zhang Lei explains the details citing from local police.

 

"A former staff of the bank, Yang Xianwen, ignited a plastic container which was filled with gasoline and threw it into the meeting room on the fifth floor. As the room caught fire, some were burnt and some were injured as they jumped out of the window. Yang was once a cashier at the Rural Credit Union and was fired last month for embezzling public funds. The blast was believed to be motivated by revenge."

 

Tianzhu County is 128 kilometers from Lanzhou, the provincial capital.

 

Pakistan: Scores Killed in Two Explosions at Paramilitary Site

Pakistani Taliban suicide bombers have killed at least 80 people at a paramilitary force academy in the northwest, and have vowed further bloodshed in retaliation for the death of Osama bin Laden in a U.S. raid in the country.

 

The first major bombing in Pakistan since bin Laden's death is expected to reinforce the common view that his elimination will not ease violence because al Qaeda is not centralised and will keep inspiring groups, like the Pakistani Taliban, which are scattered globally and loosely bound by ideology.

 

Police said a suicide bomber detonated at least one of the blasts in the Shabqadar area of Charsadda district.

 

Dozens of people also were wounded when the explosions went off at a main gate of the Frontier Constabulary training site.

 

Many recruits were boarding vehicles to go home for a short break at the end of a recent training session.

 

Abdul Waheed Shah is a Paramilitary soldier at the site.

 

"I saw my colleagues off at the gate and returned to my room. Just as I entered the room, there was a blast. We rushed out and started collecting the dead and injured."

 

Militants have pledged to avenge bin Laden's May 2 killing, and many have been expecting reprisal strikes on Pakistani territory.

 

Many of the attacks in Pakistan have targeted security forces, including young cadets or recruits.

 

Japan Finalizes TEPCO Compensation Scheme

The Japanese government has approved a plan to help Tokyo Electric Power to compensate victims of the nuclear crisis at the Fukushima Dai-ichi nuclear power plant, which was crippled in March's earthquake and tsunami.

 

The plan involves establishing a fund financed by both public money and contributions from utilities that will provide support to TEPCO.

 

The plan has required TEPCO to take steps such as selling its assets and cutting the payrolls to streamline its management.

 

TEPCO has also agreed to drastic restructuring, cost-cutting and other conditions in exchange for government support in the compensation scheme.

 

Shinichi Ichikawa, an analyst of Credit Suisse, has welcomed the plan to compensate the earthquake victims.

 

"I think that it looks like it's a good solution because you know that the important thing is to keep the stability of the energy supply and compensate enough to the victims and not to give significant impact to the financial market. To achieve these three targets, the current program looks reasonable."

 

Meanwhile, possible rises in power bills are a concern for the people of Japan. Japanese Economy and Trade Minister Banri Kaeda has reassured the public that it is the government's duty to contain the price of electricity.

 

"We want to avoid big changes in the electricity bills and contain it as much as possible. After thorough observation, it is the government's duty to minimize the burden of the public."

 

At the same time, the operator of the Hamaoka nuclear plant in central Japan has begun the process of shutting down its reactors.

 

Japanese Prime Minister Naoto Kan has requested the temporary shutdown resulted from concerns an earthquake with a magnitude of 8 or higher could strike central Japan sometime within the next 30 years.

 

So far, a magnitude of 9.0 earthquake and its ensuring tsunami which hit northeastern Japan in mid-March has claimed around 27,000 deaths and injuries.

 

Japan Disaster Boost for Green Energy

The nuclear disaster at Japan's Fukushima Daiichi nuclear power plant in March has led many to question the safety of nuclear power. Japan itself recently announced plans to close its third biggest nuclear plant in Shizuoka prefecture following concerns it could be vulnerable to a future earthquake. The new uncertainty over the safety of nuclear power has led many to look for alternative sources of energy. And, as CRI's Dominic Swire finds out, the renewable energy sector is likely to benefit.

 

Sirens ringing out across Japan in March warning of the approaching tsunami.

 

The resulting nuclear disaster in Fukushima is leading many to look for alternate sources of energy.

 

Yugo Nakamura is an analyst for Bloomberg New Energy Finance in Tokyo.

 

"Apparently this incident changed the perception of the general public. Toward the coming future, given climate change concerns and other factors, nuclear has been seen as a viable option, and the government actually wanted to install new capacity reactors but it seems that policy plan has to be revisited."

 

The Chinese, too, are looking carefully at their nuclear plans. Vice chairman of the China Nuclear Energy Association Zhao Chengkun recently called for increased safety at the country's nuclear power plants. And the National Energy Administration said the country is likely to double its target for solar power.

 

Experts speaking at a renewable energy conference in Beijing suggest this move towards green technology is part of a wider trend.

 

Nigel Zhang is founder of Greenfield Environment, a Beijing-based consulting firm focusing on renewable energy.

 

"From my point of view more and more people will be interested in the green energy industry and it will rapidly grow after the earthquake in Japan because of the nuclear disaster."

 

The view is echoed by Ali Baghaei, CEO of Oceanlinx, an Australian company producing turbines that generate electricity from movement of the sea.

 

"I think it's had a significant effect on everybody's plan. We heard this morning at this conference how the Chinese government is rethinking their future nuclear policy. And I think that's welcoming news, I certainly support that."

 

Chinese investments in clean energy reached just under 55 and a half billion dollars in 2010, up 39 percent from 2009, according to figures cited by Xinhua news agency. Safety concerns about nuclear energy may result in this figure rising over the next few years.

 

For CRI, I'm Dominic Swire.

 

China Lifts Bank Reserve Ratios Again to Cool Inflation

China has increased its bank reserve requirements for the fifth time this year as it continues in its attempts to cool inflation.

 

The People's Bank of China has said reserve ratios will increase 0.5 percentage point from May 18.

 

The new move raised the reserve requirement ratio to a record 21% for China's biggest banks.

 

It comes a day after data showed China's factory output growth in April eased more than expected, suggesting that measures to slow the economy are starting to take effect.

 

Inflation in April stood at 5.3%.

 

Although this marked a slight fall from the 5.4% hit in March, it is still well above the 4% target the central bank has set for the year.

 

The central bank moved after reports showed inflation and lending exceeded economists' estimates in April, with consumer prices rising more than 5 percent.

 

Bank of China chief economist Cao Yuanzheng says the tightening measure is not a surprise.

 

"Consumer price rising is still a big concern, so tightening measures like interest rate hike and reserve ratios increase are not out of expectation."

 

By insisting banks hold more cash, the central bank hopes to restrict lending, which in turn will reduce spending.

 

Analysts say controlling inflation will definitely entail a slowdown in the growth, but the slowdown we've seen so far doesn't indicate there is a risk of hard landing.

 

Bernanke Warns against U.S. Debt Limit Brinkmanship

U.S. Federal Reserve Chairman Ben Bernanke has warned Congress not to use the national debt limit as a "bargaining chip."

 

Speaking to Congress, Bernanke says failing to raise the limit will cause interest rates to rise.

 

"Again the costs would be an increase in interest rates which would actually worsen our deficit and would hurt all borrowers in the economy, including mortgage borrowers and the like. The worst outcome would be one in which the financial system was again destabilized as we saw following a Lehman, for example, which, of course, would have extremely dire consequences."

 

Congressional Republicans have threatened not to approve the legal limit on government debt if President Barack Obama does not make deep spending cuts.

 

The government is not allowed to exceed a ceiling on its total outstanding debts, currently $14.3 trillion U.S. dollars, set by Congress.

 

But this does not prevent Congress from passing legislation that raises government spending and cuts taxation, implicitly requiring the federal government to run a deficit.

 

The U.S. government is set to run up against the debt ceiling in a matter of days unless the Republican-controlled Congress passes legislation raising the limit.

 

"Pirates of the Caribbean" 4 Premiers in London

Among all the movies that will be screened at the ongoing Cannes International Film Festival, "Pirates of the Caribbean: On Stranger Tides," is undoubtedly a much anticipated one, of course with the Hollywood heartthrob Johnny Depp.

 

In the fourth instalment of the popular franchise, Depp reprises his role as the ever unpredictable Captain Jack Sparrow and goes in search for the fountain of youth.

 

Speaking at the film's London premiere, Depp said it was thanks to the fans that Jack Sparrow kept on returning:

 

"I think mainly what keeps me coming back is that very thankfully people want to see him again. I feel like it's a character that I haven't really fully mined all the possibilities or the situations he could be placed on. So as long as the people want him, I feel we can deliver his character and the stories properly. "

 

Since the first Pirates film, "The Curse of the Black Pearl" made its debut in 2003, the franchise has grossed more than $2.6 billion US dollars worldwide, across all three films. And what makes it such a success?

 

Director Rob Marshall's answer is still, Johnny Depp.

 

"Well first of all, first and foremost, Jack Sparrow. Johnny's amazing character that he's created. You know it's ionic because it's so funny and so irreverent, and so free. I mean that's what Pirates are really aren't they."

 

"Pirates of the Caribbean: On Stranger Tides" is set to released globally on May 20th, including in China.

 

The Second China International (KingBonn) New Media Shorts Awards Underway in Shenzhen

The second China International KingBonn New Media Shorts Awards are underway in Shenzhen and a host of Chinese and international short film makers have gathered for the ceremony. CRI's Reel China team is there to cover the event. Karen has more.

 

China is home to a number of well-known festivals and award ceremonies for feature-length films. But what about short films? For lovers and makers of tiny movie masterpieces, Shenzhen was the place to be on Friday evening. The city, sweltering in the early summer heat, played host to the 2nd international King Bonn new media short film awards. A lavish ceremony, broadcast live on Shezhen TV, saw a 90 minute display of singing and dancing, as well as speeches and prize-giving. Among those who took to the stage was "City of Life and Death" director Lu Chuan, who was also president of the international selection panel.

 

Actually I see a lot of potential in the animated filmos. I wish I were young again and let's keep making good Chinese films together.

 

On the international front, best film was scooped by German production "Yuri Lennon's Landing on Alpha 46". The mini sci-fi marvel, about an astronaut on Jupiter who accidentally destroys the earth, beat out a total of nearly 30,000 short films from 35 countries and regions around the globe to pick up the grand prize of 300,000 yuan. With the director still in Germany, the producer came to the stage to receive the award.

 

Now to Antony. Antony you go ahead and work for the long feature. I wish we will see Yuri's Landing again but for long features.

 

In a world where bigger is often considered better, the King Bonn short film awards are a breath of fresh air. If the entries next year are as good as the ones this time around, the event certainly has a bright future.

 

For CRI, I'm Karen in Shenzhen!

 

All Finalists Are Chosen of the Eurovision Song Contest

As all the finalists for this year's Eurovision Song Contest has been chosen, the final countdown to the event has now begun.

 

Altogether, 20 acts were selected from 2 semi-finals will join those from Spain, Germany, Italy, France and UK in the grand final on May 14th.

 

Among all the acts, 19-year-old Lena from German, the winner of last year's contest, is defending her title with the song "Taken by a Stranger".

 

Representing UK, pop superstars Blue takes the contests quite seriously.

 

Group member Simon Webbe.

 

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More than 100 million people from 45 different countries are expected to watch the final of the contest in the western German city of Duesseldorf.

 

Eurovision has become the world's largest non-sporting live TV event.

 

Newspaper Picks

 

Shanghai Daily: Police in China have arrested 40 criminal suspects accused of being involved in child abduction in Yunnan Province and rescued 22 kidnapped children.

 

According to the Ministry of Public Security gang members involved in human trafficking were discovered kidnapping children in Yunnan and selling them in the southeastern Fujian Province.

 

200 Police officers from both provinces were involved in the raids leading to the arrests, which include some leading suspects and the rescue of the children.

 

China launched a campaign to crack down on kidnapping and human trafficking in 2009. Since then more than 13-thousand abducted children and 23-thousand women have been rescued.