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Central Bank Rates
New Zealand NZD 8.25%

Australia AUD 6.50%

United Kingdon GBP 5.75%

United States USD 4.75%

Canada CAD 4.50%

EURO EUR 4.00%

Switzerland CHF 2.75% (NEW)

Japan JPY 0.50%

1. GM and union reach deal to end nationwide strike
The American car manufacturer General Motors and the United Auto Workers union say they’ve reached a tentative deal to end a nationwide strike which began several days ago. General Motors said a new national contract would include a historic agreement to cover the cost of workers’ health care after they retire.:

2. Japanese share prices close slightly higher
Japanese share prices closed higher as some buyers emerged hoping for an end to weeks of political uncertainty with a new government in place. With Wall Street offering no clear lead overnight the stock market cautiously welcomed Prime Minister Yasuo Fukuda’s new government despite some doubts about his appetite for economic reform. The Tokyo Stock Exchange’s Nikkei index edged up 34 points to 16435.

3. Singapore tops World Bank ratings for best place to do business
Singapore once again topped the World Bank’s ranks for the best place in the world to do business. Singapore unseated New Zealand in the annual rankings last year. In the latest report New Zealand held on to the number-two spot ahead of the United States in third place. Hong Kong Denmark Britain Canada Ireland Australia and Iceland rounded out the top 10 places for ease of doing business in the survey of 178 economies. China stood out for implementing far-reaching new private property rights and a new bankruptcy law.

4. Hang Seng closes 121 lower
The Hang Seng Index ended the day at 26430 - that’s down 121 points on the previous close. In currenciesthe American dollar’s trading at 114.64 yen. The euro is standing at 1 American dollar 40 cents. And the pound is worth 15 Hong Kong dollars 65 cents.

5. Hang Seng lower
A short time ago the Hang Seng index was 26448 - that’s down 103 points on the previous close. In currencies the American dollar’s trading at 114.71 yen. The euro is standing at 1 American dollar 40 cents. And the pound is worth 15 Hong Kong dollars 63 cents.

6. Hang Seng 29 higher in morning trading
The Hang Seng Index ended the morning at 26580 - that’s up 29 points on the last close. Turnover was just under 75 billion dollars.

7. Hang Seng lower
A short time ago the Hang Seng index was 26509 - that’s down 42 points on the previous close. In currencies the American dollar’s trading at 114.69 yen. The euro is standing at 1 American dollar 40 cents. And the pound is worth 15 Hong Kong dollars 66 cents.

8. Hong Kong share prices open lower
Hong Kong share prices opened lower as falls on Wall Street helped pushed down the main index. The Hang Seng Index opened down 163 points at 26388. Cathay and Air China shares fell sharply after resuming trade following Cathay’s announcement it had dropped plans to buy a stake in China Eastern Airlines. Trade was also cautious ahead of a public holiday Wednesday. Comments by the International Monetary Fund also prompted investors to lock in profits. It’s has warned that the credit upheaval hurting financial markets would likely be protracted.

9. Wall Street shifts to reverse after GM workers strike
Wall Street shares made a U-turn and closed lower as a strike at auto giant General Motors prompted investors to lock in profits from last week’s sizzling performance. At the closing bell the Dow Jones Industrial Average was down 61.05 points (0.44 percent) at 13759.14 after giving back gains of more than 50 points in early trade. The tech-heavy Nasdaq shed 3.27 points (0.12 percent) to 2667.95 and the broad-market Standard & Poor’s 500 index retreated 8.02 points (0.33 percent) to a preliminary close of 1517.93.

10. GM workers strike to protest failed contract talks
Some 73000 workers at General Motors plants across the United States have walked out on strike after contract talks broke down over the issue of health-care costs. Holding signs that said “UAW on strike” thousands of United Auto Workers members streamed out of plants 10 days after their contract expired. GM said it was disappointed in the UAW’s decision to call a national strike and pledged to continue focusing efforts on reaching an agreement as soon as possible. It is the first strike at the struggling automaker’s plants since 1998 when plants across North America were shuttered for 53 days costing GM some two billion dollars.

11. GM and union reach deal to end nationwide strike
The American car manufacturer General Motors and the United Auto Workers union say they’ve reached a tentative deal to end a nationwide strike which began several days ago. General Motors said a new national contract would include a historic agreement to cover the cost of workers’ health care after they retire.:

12. Japanese share prices close slightly higher
Japanese share prices closed higher as some buyers emerged hoping for an end to weeks of political uncertainty with a new government in place. With Wall Street offering no clear lead overnight the stock market cautiously welcomed Prime Minister Yasuo Fukuda’s new government despite some doubts about his appetite for economic reform. The Tokyo Stock Exchange’s Nikkei index edged up 34 points to 16435.

13. Singapore tops World Bank ratings for best place to do business
Singapore once again topped the World Bank’s ranks for the best place in the world to do business. Singapore unseated New Zealand in the annual rankings last year. In the latest report New Zealand held on to the number-two spot ahead of the United States in third place. Hong Kong Denmark Britain Canada Ireland Australia and Iceland rounded out the top 10 places for ease of doing business in the survey of 178 economies. China stood out for implementing far-reaching new private property rights and a new bankruptcy law.

14. Hang Seng closes 121 lower
The Hang Seng Index ended the day at 26430 - that’s down 121 points on the previous close. In currenciesthe American dollar’s trading at 114.64 yen. The euro is standing at 1 American dollar 40 cents. And the pound is worth 15 Hong Kong dollars 65 cents.

15. Hang Seng lower
A short time ago the Hang Seng index was 26448 - that’s down 103 points on the previous close. In currencies the American dollar’s trading at 114.71 yen. The euro is standing at 1 American dollar 40 cents. And the pound is worth 15 Hong Kong dollars 63 cents.

16. Hang Seng 29 higher in morning trading
The Hang Seng Index ended the morning at 26580 - that’s up 29 points on the last close. Turnover was just under 75 billion dollars.

17. Hang Seng lower
A short time ago the Hang Seng index was 26509 - that’s down 42 points on the previous close. In currencies the American dollar’s trading at 114.69 yen. The euro is standing at 1 American dollar 40 cents. And the pound is worth 15 Hong Kong dollars 66 cents.

18. Hong Kong share prices open lower
Hong Kong share prices opened lower as falls on Wall Street helped pushed down the main index. The Hang Seng Index opened down 163 points at 26388. Cathay and Air China shares fell sharply after resuming trade following Cathay’s announcement it had dropped plans to buy a stake in China Eastern Airlines. Trade was also cautious ahead of a public holiday Wednesday. Comments by the International Monetary Fund also prompted investors to lock in profits. It’s has warned that the credit upheaval hurting financial markets would likely be protracted.

19. Wall Street shifts to reverse after GM workers strike
Wall Street shares made a U-turn and closed lower as a strike at auto giant General Motors prompted investors to lock in profits from last week’s sizzling performance. At the closing bell the Dow Jones Industrial Average was down 61.05 points (0.44 percent) at 13759.14 after giving back gains of more than 50 points in early trade. The tech-heavy Nasdaq shed 3.27 points (0.12 percent) to 2667.95 and the broad-market Standard & Poor’s 500 index retreated 8.02 points (0.33 percent) to a preliminary close of 1517.93.

20. GM workers strike to protest failed contract talks
Some 73000 workers at General Motors plants across the United States have walked out on strike after contract talks broke down over the issue of health-care costs. Holding signs that said “UAW on strike” thousands of United Auto Workers members streamed out of plants 10 days after their contract expired. GM said it was disappointed in the UAW’s decision to call a national strike and pledged to continue focusing efforts on reaching an agreement as soon as possible. It is the first strike at the struggling automaker’s plants since 1998 when plants across North America were shuttered for 53 days costing GM some two billion dollars.

Central Bank Rates
New Zealand NZD 8.25%

Australia AUD 6.50%

United Kingdon GBP 5.75%

United States USD 4.75% (New)

Canada CAD 4.50%

EURO EUR 4.00%

Switzerland CHF 2.50%

Japan JPY 0.50%

1. Metal workers teachers & social workers mount protests for better pay
The Professional Teachers’ Union has organized a protest to fight for better pay. Dozens of teachers have marched from HSBC Headquarters to the Central Government Offices. Metal workers will gather at the Central Government offices tomorrow in continuance of their strike for higher pay and shorter working hours. And about 5000 social workers from Non-Governmental-Organisations will take half a day off work next week to march in support of a demand for higher wages.

2. South Korean car firm’s labour union votes to go on strike
South Korea’s Hyundai Motor Company says its labor union has voted in favor of going on strike amid annual wage negotiations. According to the automaker more than 28000 union members voted in favor of the strike while 12000 opposed it. It’s not immediately clear however when a walkout might begin.

3. U.S. stocks finish higher after Bernanke Bush speeches
Financial news… Wall Street closed out another erratic week with a big gain after investors took comments from President Bush and the Federal Reserve Chairman Ben Bernanke as reassuring signs that Wall Street won’t be left to deal with problems in the mortgage and credit markets on its own. The major indexes fluctuated but held their gains after Mr Bush spoke about details of a plan to help borrowers facing trouble paying their mortgages. The Dow rose 119 points or 0.90 percent to 13357. Broader stock indicators also rose. The Standard & Poor’s 500 index rose 16 points or 1.12 percent to 1473. And the Nasdaq composite index rose 31 points or 1.21 percent to 2596.

4. Bernanke says Fed will act as needed
US Federal Reserve Chairman Ben Bernanke has pledged Friday that the central bank will “act as needed” to keep the credit crisis that has unhinged Wall Street from hurting the US economy. In anxiously awaited remarks Mr Bernanke did not specify what the Fed’s next move will be but made clear policymakers are keeping close tabs on the problem. Many believe the odds are growing that the Fed will cut its most important interest rate now at 5.25 percent by at least one-quarter percentage point on or before September the 18th its next regularly scheduled meeting. The Fed hasn’t lowered this rate in four years.

5. Bush announces measures to tackle home loans crisis
President Bush has announced measures intended to tackle the home loans crisis that’s contributed to turmoil on the world’s financial markets. Many Americans with high-risk loans known as subprime mortgages have been defaulting on their debts because mortgage rates have risen sharply. Mr Bush announced help for borrowers struggling to keep up payments.

6. Bernanke says Fed will act as needed
US Federal Reserve Chairman Ben Bernanke has pledged Friday that the central bank will “act as needed” to keep the credit crisis that has unhinged Wall Street from hurting the US economy. In anxiously awaited remarks Mr Bernanke did not specify what the Fed’s next move will be but made clear policymakers are keeping close tabs on the problem. Many believe the odds are growing that the Fed will cut its most important interest rate now at 5.25 percent by at least one-quarter percentage point on or before September the 18th its next regularly scheduled meeting. The Fed hasn’t lowered this rate in four years.

7. Bush says markets turmoil will take time to play out
President Bush has announced a package of measures to help homeowners struggling to pay their mortgages amid the subprime loan crisis. Mr Bush said the market turmoil stemming from the problem will take time to play out. But he said the subprime market woes represent only a small part of the economy and would not undermine what he said were sound fundamentals.

8. Hang Seng hits new record high
Hongkong stocks have surged 499 points - or two percent - to end the week at a new record high of 23984. The Hang Seng Index broke above the 24000 level at one stage before falling back. Turnover was $113-billion. Global shares rose sharply following reports that President Bush will announce measures to tackle the US sub-prime crisis and ease fears of a world-wide credit crunch.

9. Hang Seng closes 499 higher
The Hang Seng index has closed at 23984 - that’s 499 up on the previous close. In currencies the American dollar’s trading at 116.19 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 70 cents.

10. Hang Seng soars
A short time ago the Hang Seng index was 24002 - that’s 518 up on the previous close. In currencies the American dollar’s trading at 116.30 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 72 cents.

11. Metal workers teachers & social workers mount protests for better pay
The Professional Teachers’ Union has organized a protest to fight for better pay. Dozens of teachers have marched from HSBC Headquarters to the Central Government Offices. Metal workers will gather at the Central Government offices tomorrow in continuance of their strike for higher pay and shorter working hours. And about 5000 social workers from Non-Governmental-Organisations will take half a day off work next week to march in support of a demand for higher wages.

12. South Korean car firm’s labour union votes to go on strike
South Korea’s Hyundai Motor Company says its labor union has voted in favor of going on strike amid annual wage negotiations. According to the automaker more than 28000 union members voted in favor of the strike while 12000 opposed it. It’s not immediately clear however when a walkout might begin.

13. U.S. stocks finish higher after Bernanke Bush speeches
Financial news… Wall Street closed out another erratic week with a big gain after investors took comments from President Bush and the Federal Reserve Chairman Ben Bernanke as reassuring signs that Wall Street won’t be left to deal with problems in the mortgage and credit markets on its own. The major indexes fluctuated but held their gains after Mr Bush spoke about details of a plan to help borrowers facing trouble paying their mortgages. The Dow rose 119 points or 0.90 percent to 13357. Broader stock indicators also rose. The Standard & Poor’s 500 index rose 16 points or 1.12 percent to 1473. And the Nasdaq composite index rose 31 points or 1.21 percent to 2596.

14. Bernanke says Fed will act as needed
US Federal Reserve Chairman Ben Bernanke has pledged Friday that the central bank will “act as needed” to keep the credit crisis that has unhinged Wall Street from hurting the US economy. In anxiously awaited remarks Mr Bernanke did not specify what the Fed’s next move will be but made clear policymakers are keeping close tabs on the problem. Many believe the odds are growing that the Fed will cut its most important interest rate now at 5.25 percent by at least one-quarter percentage point on or before September the 18th its next regularly scheduled meeting. The Fed hasn’t lowered this rate in four years.

15. Bush announces measures to tackle home loans crisis
President Bush has announced measures intended to tackle the home loans crisis that’s contributed to turmoil on the world’s financial markets. Many Americans with high-risk loans known as subprime mortgages have been defaulting on their debts because mortgage rates have risen sharply. Mr Bush announced help for borrowers struggling to keep up payments.

1. U.S. stocks finish higher after Bernanke Bush speeches
Financial news… Wall Street closed out another erratic week with a big gain after investors took comments from President Bush and the Federal Reserve Chairman Ben Bernanke as reassuring signs that Wall Street won’t be left to deal with problems in the mortgage and credit markets on its own. The major indexes fluctuated but held their gains after Mr Bush spoke about details of a plan to help borrowers facing trouble paying their mortgages. The Dow rose 119 points or 0.90 percent to 13357. Broader stock indicators also rose. The Standard & Poor’s 500 index rose 16 points or 1.12 percent to 1473. And the Nasdaq composite index rose 31 points or 1.21 percent to 2596.

2. Bernanke says Fed will act as needed
US Federal Reserve Chairman Ben Bernanke has pledged Friday that the central bank will “act as needed” to keep the credit crisis that has unhinged Wall Street from hurting the US economy. In anxiously awaited remarks Mr Bernanke did not specify what the Fed’s next move will be but made clear policymakers are keeping close tabs on the problem. Many believe the odds are growing that the Fed will cut its most important interest rate now at 5.25 percent by at least one-quarter percentage point on or before September the 18th its next regularly scheduled meeting. The Fed hasn’t lowered this rate in four years.

3. Bush announces measures to tackle home loans crisis
President Bush has announced measures intended to tackle the home loans crisis that’s contributed to turmoil on the world’s financial markets. Many Americans with high-risk loans known as subprime mortgages have been defaulting on their debts because mortgage rates have risen sharply. Mr Bush announced help for borrowers struggling to keep up payments.

4. Bernanke says Fed will act as needed
US Federal Reserve Chairman Ben Bernanke has pledged Friday that the central bank will “act as needed” to keep the credit crisis that has unhinged Wall Street from hurting the US economy. In anxiously awaited remarks Mr Bernanke did not specify what the Fed’s next move will be but made clear policymakers are keeping close tabs on the problem. Many believe the odds are growing that the Fed will cut its most important interest rate now at 5.25 percent by at least one-quarter percentage point on or before September the 18th its next regularly scheduled meeting. The Fed hasn’t lowered this rate in four years.

5. Bush says markets turmoil will take time to play out
President Bush has announced a package of measures to help homeowners struggling to pay their mortgages amid the subprime loan crisis. Mr Bush said the market turmoil stemming from the problem will take time to play out. But he said the subprime market woes represent only a small part of the economy and would not undermine what he said were sound fundamentals.

6. Hang Seng hits new record high
Hongkong stocks have surged 499 points - or two percent - to end the week at a new record high of 23984. The Hang Seng Index broke above the 24000 level at one stage before falling back. Turnover was $113-billion. Global shares rose sharply following reports that President Bush will announce measures to tackle the US sub-prime crisis and ease fears of a world-wide credit crunch.

7. Hang Seng closes 499 higher
The Hang Seng index has closed at 23984 - that’s 499 up on the previous close. In currencies the American dollar’s trading at 116.19 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 70 cents.