Chinese Stocks Nosedive, Beijing Measures Not Stemming the Selling

Chinese stock markets continue to nosedive even as Beijing tries to step in with measure to prop up the market. Within 10 minutes of the open of trading, more than 1000 shares across China's two stock markets had dropped by the daily limit of 10% and had their shares automatically halted. About 1400 Chinese companies-more than half those listed-filed for a trading halt in an attempt to prevent further losses. Hong Kong's Hang Seng Stock Index fell more than 7%. The Container Store (TCS) reported a smaller loss for the recent quarter than what was expected. The retailer lost $5.2 million or 11 cents a share. Virgin America Airlines (VA) says it will be able to offer wifi in flight that allows for video and audio streaming. In a partnership with Viasat, the service will be available for test flights to Hawaii in 2016.