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Wagoner said the job cuts will come primarily through attrition and early-retirement packages to mitigate the impact on workers.
China's banking regulator on Friday published detailed rules for the implementation of provisions to manage money brokers.
Hong Kong blockbusters swept the major prizes of Taiwan's 42nd Golden Horse Film Awards, considered one of the top awards events of the Chinese-language film industry.
The accord is aimed at smoothing over a rough spot in the US-China trade relationship before President George Bush visits Beijing in the middle of this month.
A financial reshuffle by the Industrial and Commercial Bank of China, which was transformed into a joint stock company, is more or less finished.
"Laying of workers is a tough decision to make because of the strong relation with workers and the high severance pay," he said.
China's monthly personal income tax cutoff point was lifted to 1,600 yuan from 1,500 yuan after drawing on public opinions from the first-ever legislature hearing held on Sept. 27.
Reform measures, including 2 billion yuan (US$246 million) in central bank bills to help write off bad loans as well as efforts to improve management, have already yielded results.
Facing intense competition both from global rivals like General Motors Corp. and domestic upstarts like Chery Automobile Co., VW has seen its market share drop to 18 percent, from well over 50 percent in the 1990s.
Once finalized, the deal would mark the European firm's first direct investment in China's banking industry, after it lost a bid to buy into Bank of Beijing in March to Dutch rival ING and the World Bank's International Finance Corp.
Stephen Liu Yiu-keung and Yeo Boon-ann have been appointed as joint liquidatorsof the company, to implement the transactions outlined in the Settlement Deed.
It is estimated that the sales volume of gold and jewelry during the week-long holiday saw a year-on-year increase of around 35 percent as business was brisk throughout the country
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