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Always as a global girl, the world most famous face, “Barbie” celebrates her 50th anniversary globally. The fashion icon will throw a grand birthday bash at Beijing’s China Century Monument this upcoming Labor Day holiday in May.

By the time, Chinese fans of Barbie will be able to see a big display of about 2,000 Barbie dolls from 139 collections including Princess, Wedding, Holiday angel and Hollywood series.
As a reflection of fashion trend, pop culture and aspirations, Barbie, though 50 years old is still looking good and going strong.

Introduced to China just nine years ago, Barbie has appealed not only to Chinese kids but also adults who are well into their 20s. Despite a slump in global sales last year, the Chinese market is still lucrative and in March Mattel opened its first Barbie flagship store in Shanghai.

But many people in China don’t know this fashion girl beyond her pretty image and signature pink. So the exhibition will be a good chance to walk closer to the adorable beauty.

Many other services under the Barbie brand will also roll out during the event.

U.S. Federal Reserve Chairman Ben Bernanke Thursday expressed confidence on the country’s banking sector while the European central banks (ECB) cut its key interest rate to a record low to combat the recession.

Nearly all the banks have sufficient capital “to absorb the higher losses envisioned under the hypothetical adverse scenario,” Bernanke said after the U.S. regulators unveiled results of the government’s stress tests.

The long-awaited results “should provide considerable comfort to investors and the public,” he said.

The assessment results are “just one important element of the government’s broader and ongoing efforts to strengthen the financial system and the economy,” said the U.S. central bank chief in a statement.

Nevertheless, Bernanke urged 10 of the nation’s 19 largest banks to raise about 75 billion U.S. dollars in new capital to withstand future losses if the recession worsened.

“Roughly half the firms, though, need to enhance their capital structure to put greater emphasis on common equity, which provides institutions with the best protection during periods of stress,” he said.

The United States recently has seen tentative signs of recovery thanks to a series of stimulus measures, and observers have pointed to possible bottom-out for the U.S. economy by the end of this year.

Many of the observers have pinned hopes on the United States, where a worldwide downturn started, to lead a recovery of the global economy.

The Wall Street has enjoyed a nearly two-month rally dotted only by sporadic drops, which has pushed the major indexes up more than 30 percent since the stock market hit a 12-year low in March.

The trends of the three major stock indicators look similar to their historical performances when the market bottomed out in other economic crises.

According to statistics since 1932, the S&P 500 has gained an average of 46 percent in the year after stocks hit a bottom. The index is now drawing a similar trail.

The scenarios at the opposite sides of the Atlantic are different. The European Central Bank (ECB) on Thursday cut its main interest rate by 0.25 basis points to a record-low 1 percent.

This has been the fourth cut of the ECB rate this year to combat the ongoing international financial crisis.

ECB President Jean-Claude Trichet said the current level of rates was “appropriate,” but he left the door open for further rate cuts.

“We have not decided today that the new level of our policy rates was the lowest level, that we could never cross whatever future circumstances could be,” Trichet told a news conference.

Following the rate cut, Trichet announced a surprising decision to buy bonds denominated in euros. “We expect to engage in a program which could be around 60 billion euros,” Trichet said.

The ECB plan targets “covered bonds,” or securities issued by banks and backed by mortgages or other loans, a move to greatly relieve pressures on the banks in Europe.

Trichet did not explain how the purchases would be financed, saying the details of the plan would be decided at the next ECB meeting on June 4.

U.S. Federal Reserve Chairman Ben Bernanke Thursday expressed confidence on the country’s banking sector while the European central banks (ECB) cut its key interest rate to a record low to combat the recession.

Nearly all the banks have sufficient capital “to absorb the higher losses envisioned under the hypothetical adverse scenario,” Bernanke said after the U.S. regulators unveiled results of the government’s stress tests.

The long-awaited results “should provide considerable comfort to investors and the public,” he said.

The assessment results are “just one important element of the government’s broader and ongoing efforts to strengthen the financial system and the economy,” said the U.S. central bank chief in a statement.

Nevertheless, Bernanke urged 10 of the nation’s 19 largest banks to raise about 75 billion U.S. dollars in new capital to withstand future losses if the recession worsened.

“Roughly half the firms, though, need to enhance their capital structure to put greater emphasis on common equity, which provides institutions with the best protection during periods of stress,” he said.

The United States recently has seen tentative signs of recovery thanks to a series of stimulus measures, and observers have pointed to possible bottom-out for the U.S. economy by the end of this year.

Many of the observers have pinned hopes on the United States, where a worldwide downturn started, to lead a recovery of the global economy.

The Wall Street has enjoyed a nearly two-month rally dotted only by sporadic drops, which has pushed the major indexes up more than 30 percent since the stock market hit a 12-year low in March.

The trends of the three major stock indicators look similar to their historical performances when the market bottomed out in other economic crises.

According to statistics since 1932, the S&P 500 has gained an average of 46 percent in the year after stocks hit a bottom. The index is now drawing a similar trail.

The scenarios at the opposite sides of the Atlantic are different. The European Central Bank (ECB) on Thursday cut its main interest rate by 0.25 basis points to a record-low 1 percent.

This has been the fourth cut of the ECB rate this year to combat the ongoing international financial crisis.

ECB President Jean-Claude Trichet said the current level of rates was “appropriate,” but he left the door open for further rate cuts.

“We have not decided today that the new level of our policy rates was the lowest level, that we could never cross whatever future circumstances could be,” Trichet told a news conference.

Following the rate cut, Trichet announced a surprising decision to buy bonds denominated in euros. “We expect to engage in a program which could be around 60 billion euros,” Trichet said.

The ECB plan targets “covered bonds,” or securities issued by banks and backed by mortgages or other loans, a move to greatly relieve pressures on the banks in Europe.

Trichet did not explain how the purchases would be financed, saying the details of the plan would be decided at the next ECB meeting on June 4.

Mexico on Tuesday asked the Group of Seven (G7) to lift the trade and tourism restrictions on the nations worst hit by the A/H1N1 influenza, a Health Ministry statement said.

Mexican Health Minister Jose Angel Cordova Villalobos made this call at the 62nd annual meeting of the World Health Organization (WHO) in Geneva, said the statement.

The most industrialized nations, including the United States, Germany, Canada, France, Italy, Japan and the United Kingdom, should “send a clear signal to the world that it is safe to continue trade (with the flu-hit countries and regions),” said Cordova.

The minister said that such moves of solidarity are more important than trade restrictions when faced with a pandemic like the current one, because it will be an example for similar scenarios in the future.

Updating the death toll to 74 with 3,734 confirmed cases in the country, he also restated his conviction that the disease is on a downward trend.

Only seven of those deaths are in people who caught the disease after April 23, the day that Mexico declared a health emergency and ordered the closure of all educational institutions, added the minister.

Cordova reiterated his call to restart economic activities as quickly as possible, while at the same time calling for strengthening sanitary measures.

The WHO has now reported 9,869 cases of A/H1N1 flu. The United States outstripped Mexico’s confirmed cases with 5,123 cases, or around 52 percent of the total.

Chinese Premier Wen Jiabao’s brief visit to Europe has put a spotlight on the mutual political trust, pragmatic cooperation and friendship that China shares with the European Union, Foreign Minister Yang Jiechi said Wednesday. The world currently is undergoing complicated and profound changes, Yang said after Wen’s visit to Europe. He noted that the international financial crisis continues to deepen and spread and the world is facing increasingly tougher global challenges such as climate change and energy security.

In facing the new opportunities and challenges, Yang said, China and the EU urgently need to enhance their coordination and cooperation. During the visit, Chinese and EU leaders had extensive exchanges of views on Sino-EU relations and cooperation.

Five African leaders will attend the World Economic Forum on Africa in Cape Town next week.

Speaking at a media briefing in Johannesburg on Friday, the forum’s director head of Africa Katherine Tweedie said heads of state who had confirmed their participation included presidents South Africa’s Jacob Zuma, Kenya’s Raila Odinga, Lesotho’s Pakalitha Mosisili, Rwanda’s Paul Kagame and Zambia’s Rupiah Bwezani Banda.

The World Economic Forum, which takes place from June 10 to 12,will feature over 800 participants from 50 countries.

“Most of South Africa’s Cabinet will be there too,” Tweedie said.

She added there was a need now, more than ever before, “to explore how macro-economic shifts are shaping the global agenda and how these trends are affecting Africa’s diverse economies”.

She said the meeting would facilitate discussions among leaders on the immediate problems the global economic crisis posed to Africa.

The forum would also allow leaders to “fully explore the unique opportunities that Africa has on its doorstep in the new global arena”, Tweedie added.

While the forum was in progress, the one year mark to the kickoff of the 2010 World Cup would be celebrated, Tweedie said.

“The forum will discuss the World Cup, both the economic and social impact of it.”

China would also be represented at the forum by the Chairman of the Industrial and Commercial Bank of China, Jiang Jianqing.

“China is usually thought of in relation to resources, but this time it’s finance,” Tweedie said, adding that it was this Chinese bank that had bought 20 percent of South Africa’s Standard Bank.

The group chief executive of Standard Bank, Jacko Maree, would also participate in the forum’s discussion entitled “Exploring China’s New Silk Road”, she said.

Another important discussion would be held on the G20 meeting and would be led by those who had attended the recent G20 discussions such as SA’s Minister of the National Planning Commission Trevor Manuel, Donald Kaberuke, president of the African Development Bank and Ngozi Okonjo-Iweala of the World Bank.

Agriculture would also feature on the forum’s agenda.

“We want to know what is stopping Africa from becoming the breadbasket of the world,” Tweedie said.

Former secretary general of the United Nations Kofi Annan would join the discussion on agriculture, Tweedie added.

It was important to note that 20 percent of the participants at this year’s forum were women.

“It is fitting that we have discussions about women,” she noted.

The interactive session entitled “The Girl Effect in Africa” would deal with the issue of empowering young girls in order to break the cycle of intergenerational poverty and help build a sustainable economy.

“Investing in girls’ education, sexual and reproductive health and economic empowerment has powerful multiplier effects on families and communities.”

Tweedie said that former president Nelson Mandela’s wife Graca Machel, who would attend the forum in her capacity as president of the Foundation for Community Development in Mozambique, had been particularly supportive of the forum in its endeavor to address women’s issues.

Leaders from the BRIC nations — Brazil, Russia, India and China — held their first official meeting on Tuesday, marking a crucial step by the emerging countries to seek broader consensus and a greater voice in addressing global issues.

After the summit in Russia’s Ural city of Yekaterinburg, the leaders put their hands firmly together, a move considered symbolic eight years after the term “BRIC” was coined. The four nations have eventually translated an economic concept into tangible dialogue and cooperation.

The BRIC meeting comes as the world is undergoing a major economic crisis and profound changes.

Apart from efforts to overcome the economic downturn, the world is seeking reform of the existing financial system and a new order of sustainable development after the crisis. It may take a long time to achieve that goal but the BRIC summit is taking a meaningful step in that direction.

The four countries, accounting for 42 percent of the world’s population, 14.6 percent of global GDP and 12.8 percent of the global trade volume in 2008, are no doubt a significant part of a modern harmonious world based on equality and fairness.

As Jim O’Neill, the Goldman Sachs economist who coined the term “BRIC” pointed out, the road ahead for the BRICs were loaded with both huge opportunities and challenges.

The BRICs, which span across Asia, Europe and Latin America, feature huge political and cultural diversity. The group needs to establish a sound mechanism for long-term cooperation.

Meanwhile, the BRICs have yet to strengthen mutual trust among themselves, promote the common development of all developing countries, and make the emerging nations a bigger player on the international stage.

The leaders have underlined that dialogue and cooperation between the BRICs should remain open, transparent and not directed against a third party. It is a principle in line with the trend of globalisation and multi-polarization.

Brick by brick, the emerging countries have started to contribute to building a harmonious world. It takes responsibility, confidence and hard efforts for even more BRICs to play their fair part in the global blueprint for development.

Chinese shares edged up 0.23 percent at opening Thursday, to continue the rising trend that pushed the country’s benchmark index above the 3,000-point level for the first time in a year a day earlier.

The benchmark Shanghai Composite Index advanced 6.93 points to open at 3,015.08. The Shenzhen Component Index also climbed 0.23 percent, up 27.11 points to 11,875.86 at the opening.

Gains in Shanghai were expanded to about 0.7 percent in 10 minutes after the opening.

Despite decade long Cultural Revolution, China has learned best to preserve cultural values for future generation, said Nepali writer in an interview with Xinhua on Friday.

The decade long Cultural Revolution indeed had invited the trend of preservation and conservation in China though it is regarded dark times in the history. Such preserved cultural heritage of past have become one of the best economic source in China through the door of tourism, said Dr Tulsi Bhattarai, former executive chairman of state run newspaper Gorkhapatra.

Impressed with cultural diversity and development in China, Bhattarai expressed his experience of recent visit in China. Bhattarai along with 55 more members went to China for 15 days people-to-people cultural visit in June.

The huge cultural delegation comprising of 19 writers, artists, composers and 37 industrialists, business people and intellectuals visited Lhasa, Xi’an, Beijing, Tianjin, Shanghai, Shenzhen, Guangzhou, and returned back to home through the way of Hong Kong.

“I had heard of Lhasa since my childhood and China has been changed a lot since 1949 under the leadership of Mao Zedong. And the current image of China, dominating world as a rising economical power because of all these issues I was curious to observe China through my own eyes,” said Bhattarai.

“I had been to Lhasa in 2001 and this time our team also succeeded the visit commencing from the same route of Lhasa,” he added.

According to him, Lhasa has been developed rapidly within eight years, adding “appearance of Potala Palace has become more beautiful and clean.”

“This people-to-people cultural visit in China has become fruitful for me since it enabled me to see China by myself,” he said.

Bhattarai, who is former general manager of “Sajha Publication”, government owned publication, said that modern development and economical progress in China is not just influential but also an example. “China has successfully applied modernism without destroying cultural values. They have adopted the best model of development that fits the country”, he added.

“While interacting with writers and literary figures during the visit to many places of China, we came to know that most of the writers were unaware of origin of Lord Gautam Buddha,” said Bhattarai.

He said that most of the Chinese writers and readers read Indian books that interpret Lord Buddha’s origin in India instead of Nepal. “Language has become the main barrier between Nepal and China to communicate from people to people level.”

According to Bhattarai, the members of Chinese writers association who interacted with Nepalese visiting delegation have agreed to translate few of both country’s book in both language to facilitate better understanding.

Bhattarai, also the former member secretary of Nepal Academy, noted that human sensitivity depicted in Chinese literature somehow resembles with social aspects of Nepalese literature. “Chinese literature used to portray revolution, patriotism and awareness relevant issues till 80’s. But these days, they are inclined toward romanticism and human behavior issues,” he said.

Bhattarai said, “after visiting China I came to know that unity and stability are the essential for development. Without strong leadership, development is hard to achieve. In our country, we also need good leadership to lead people of the country to take right way to make development like China.”

“Nepal needs to maintain close relationship not only with India but also with China,” he said, adding that Nepal also needs to increase exchange programs in a bid to strengthen relationship between Nepal and China.

The average OPEC oil prices last week increased 1.94 U.S. dollars to 67.66 U.S. dollars per barrel, the Vienna-based cartel said on Monday.

The prices nearly reached the same level of the first week of July, which was 68.23 U.S. dollars per barrel.

OPEC’s daily prices showed a clear trend in V-shape last week. First they reached 69.01 dollars per barrel last Monday, the second peak last month after topping 69.26 dollars on July 1. Then the prices dropped continuously to 65.81 dollars on Wednesday before rising significantly again. The prices rebounded to 68.59 dollars last Friday.

The weakening U.S. dollar and strengthening U.S. stock market are still major factors that boosted the oil prices last week.

In addition, the latest statistics of the U.S gross domestic product (GDP) in the second quarter showed the GDP shrinkage was lower than previously expected.

U.S. President Barack Obama also said he was “cautiously optimistic” about the U.S. economic development, as statistics indicated that the U.S. economy was developing in the right direction.

All these are considered by investors as signals that the economic recession is slowing down.

Some analysts believed that the movement of the dollar would determine the oil prices to a large extent in the following months.

Federal Reserve Chairman Ben Bernanke clearly stated that the development of the U.S. dollar would not be concerned in medium and long term.

However, economists believed that fund withdrawal due to rise in the stock market and the weakened hedging effect of the U.S. dollar, as well as the over trillion U.S. budget deficit would exert great impact on the dollar exchange rate. The exchange rate of the dollar will remain weakened in short term, pushing up the U.S. dollar quoted prices including the crude oil.

Analysts also said that as the current U.S. dollar index has dropped to a low level around 78, a recent rebound is also possible, which may in turn prevent the oil prices from rising in short term. However, the rebound, if any, will also be to a limited extent. Therefore, in the near future, the crude oil prices may still fluctuate upward.