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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.

NEW YORK, Aug 31 (Reuters) - U.S. stocks surged on Friday after a speech by Fed Chairman Ben Bernanke spurred speculation for a benchmark interest rate cut next month and President Bush said he would help struggling subprime mortgage borrowers avoid foreclosure.

All three major indexes rose more than 1 percent, led by financial service and energy companies.

Shares of financial services companies rose in thin pre-holiday trade, including Citigroup (C.N: Quote, Profile, Research), the largest U.S. bank, which climbed 1.5 percent to $46.94. Energy company shares were spurred by a rise in crude oil prices.

Bernanke said in a speech at a symposium in Jackson Hole, Wyoming, that the U.S. central bank will take the necessary steps to shelter the economy from turmoil in financial markets but will not bail out investors who made bad decisions.

“We’re of the opinion that the playing field has tilted in investors favor and the odds are extremely good that they will lower rates in September,” said Bruce Zaro, chief technical analyst at Delta Global Advisors, Inc. in Huntington Beach, California.

The Dow Jones industrial average (.DJI: Quote, Profile, Research) was up 170.63 points, or 1.29 percent, at 13,409.36. The Standard & Poor’s 500 Index (.SPX: Quote, Profile, Research) was up 20.59 points, or 1.41 percent, at 1,478.23. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) was up 30.00 points, or 1.17 percent, at 2,595.30.

President George W. Bush tried to calm financial market turmoil from the credit crisis by announcing proposals intended to prevent homeowners from defaulting on risky mortgages.

Bush urged lenders to work with homeowners to renegotiate their mortgages to prevent default and called on Congress to approve legislation he proposed last year to modernize the Federal Housing Administration, which provides mortgage insurance to borrowers through a network of private sector lenders. But Bush also said it was not the government’s job to bail out “speculators,” a remark that briefly caused stocks to pare gains.

Bush and Bernanke were the market’s main focus, pushing economic data to the back seat. Reports on Friday showed inflation under control in July while U.S. factories were busier than forecast, portraying a resilient economy in little need of an interest rate cut.

But other reports showed U.S. consumer sentiment worsened in August from July, while the outlook for economic growth weakened.

Among bank shares, JPMorgan Chase (JPM.N: Quote, Profile, Research) was up 2 percent at $44.88, while Bank of America Corp (BAC.N: Quote, Profile, Research), the No. 2 U.S. bank, advanced 1.9 percent to $51.15. Financials, along with the home builders, are among shares that have suffered most in the credit market turmoil.

The Dow Jones home builder index (.DJUSHB: Quote, Profile, Research) rose 3.1 percent to $413.03.

Shares of Accredited Home Lenders Holding Co (LEND.O: Quote, Profile, Research) rose almost 40 percent to $8.82 after Lone Star Funds said it was prepared to buy the subprime lender at a lower price than it had previously agreed to, easing fears that the acquisition might fall apart.

Among major oil companies, Exxon Mobil’s (XOM.N: Quote, Profile, Research) shares rose 1.8 percent to $86.91.

By Kristina Cooke

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. $76-million reserve price for radio spectrum auction
The government will hold its second auction of radio spectrum in late October or early November with a reserve price of $76-million. The auction will be for spectrum to serve 3G mobile phone services. The winner will have one year to roll out its network. The head of the Office of the Telecommunications Authority Marion Lai denied that the reserve price was low.

7. Hang Seng 407 higher in morning trading
The Hang Seng Index ended the morning at 23892 - that’s 407 up on the last close. Turnover was 57.8 billion dollars.

8. Hang Seng higher
A short time ago the Hang Seng index was 23601 - that’s 117 up on the previous close. In currencies the American dollar’s trading at 116.02 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 71 cents.

9. Wall Street closes lower
Business and financial news..Wall Street closed mostly lower this morning as investors braced for a speech that Federal Reserve chairman Ben Bernanke is due to deliver on housing and interest rate policy. The major US stock indexes reflected ongoing volatility as fresh reports of mortgage and credit problems played havoc with investors’ nerves. The Dow Jones Industrial Average finished down 0.38 percent. The broad-market Standard & Poor’s 500 index closed nearly half a per cent down. But the technology stocks fared better as the tech-rich Nasdaq composite ended up 0.08 percent. All this happened despite figures being released that showed the US economy growing at an annual rate of 4 per cent in the second quarter. At the close in Europe London’s FTSE 100 index showed a gain of 1.30; in Frankfurt the DAX 30 added 1.09 percent and the Paris CAC 40 closed 1.31 percent higher.

10. Toys ‘R’ Us recalls colouring cases
The American retail chain Toys “R” Us is recalling 27000 wooden colouring cases that were made in China and sold under its Imaginarium brand. The US Consumer Product Safety Commission said the printed ink on the outer packaging of the case contains lead and some of the black watercolor paint inside contains excessive levels of lead. Lead paint has been linked to health problems in children including brain damage.

11. 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.

12. 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.

13. 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.

14. $76-million reserve price for radio spectrum auction
The government will hold its second auction of radio spectrum in late October or early November with a reserve price of $76-million. The auction will be for spectrum to serve 3G mobile phone services. The winner will have one year to roll out its network. The head of the Office of the Telecommunications Authority Marion Lai denied that the reserve price was low.

15. Hang Seng 407 higher in morning trading
The Hang Seng Index ended the morning at 23892 - that’s 407 up on the last close. Turnover was 57.8 billion dollars.

16. Hang Seng higher
A short time ago the Hang Seng index was 23601 - that’s 117 up on the previous close. In currencies the American dollar’s trading at 116.02 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 71 cents.

17. Wall Street closes lower
Business and financial news..Wall Street closed mostly lower this morning as investors braced for a speech that Federal Reserve chairman Ben Bernanke is due to deliver on housing and interest rate policy. The major US stock indexes reflected ongoing volatility as fresh reports of mortgage and credit problems played havoc with investors’ nerves. The Dow Jones Industrial Average finished down 0.38 percent. The broad-market Standard & Poor’s 500 index closed nearly half a per cent down. But the technology stocks fared better as the tech-rich Nasdaq composite ended up 0.08 percent. All this happened despite figures being released that showed the US economy growing at an annual rate of 4 per cent in the second quarter. At the close in Europe London’s FTSE 100 index showed a gain of 1.30; in Frankfurt the DAX 30 added 1.09 percent and the Paris CAC 40 closed 1.31 percent higher.

18. US stocks stumble ahead of Bernanke speech
US stocks closed mostly lower as investors braced for a speech that Federal Reserve chairman Ben Bernanke is due to deliver on housing and interest rate policy. The Dow Jones Industrial Average finished down 50 points at 13238 after plunging over 100 points in morning trading and rebounding back into positive territory briefly. The broad-market Standard & Poor’s 500 index closed 6 points lower at 1457. Technology stocks fared better as the tech-rich Nasdaq composite ended up 2 points at 2565.

19. Toys ‘R’ Us recalls colouring cases
The American retail chain Toys “R” Us is recalling 27000 wooden colouring cases that were made in China and sold under its Imaginarium brand. The US Consumer Product Safety Commission said the printed ink on the outer packaging of the case contains lead and some of the black watercolor paint inside contains excessive levels of lead. Lead paint has been linked to health problems in children including brain damage.

20. Hang Seng closes 463 higher
The Hang Seng Index ended the day at 23484 - that’s 463 up on the previous close. In currenciesthe American dollar’s trading at 115.45 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 68 cents.

Central Bank Rates
Bank Rates - New Zealand NZD
NZD 8.25%

Bank Rates - Australia AUD
AUD 6.50%

Bank Rates - United Kingdon GBP
GBP 5.75%

Bank Rates - United States USD
USD 5.25%

Bank Rates - Canada CAD
CAD 4.50%

Bank Rates - EURO EUR
EUR 4.00%

Bank Rates - Switzerland CHF
CHF 2.50%

Bank Rates - Japan JPY
JPY 0.50%

1. Hang Seng closes 213 lower (Tue 28 Aug 2007 16:22:00 0800)
The Hang Seng Index ended the day at 23363 - that’s 213 down on the previous close. In currenciesthe American dollar’s trading at 115.45 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 64 cents.

2. Big rise in Smartone profits (Tue 28 Aug 2007 18:28:43 0800)
Smartone Telecommunications says full-year profit more than doubled on increased use of its third generation wireless network. Net income for the year was $158-million compared with $70- million a year earlier. Sales rose to over $4-million. Smartone is the territory’s third largest mobile phone service provider.

3. Competition cuts China Telecom profits (Tue 28 Aug 2007 18:33:36 0800)
China Telecom - the nation’s biggest fixed line operator - has reported a decline in first half profit due to competition from China Mobile and China Unicom. Net income fell to 13.48 billion yuan from a restated 14.17 billion yuan a year earlier. Sales rose to 88 billion yuan. Reports say more and more people are siging up for wireless phone services rather than fixed lines lured by lower rates from China Mobile and China Unicom.

4. Hang Seng higher (Tue 28 Aug 2007 11:15:40 0800)
A short time ago the Hang Seng index was 23710 - that’s 133 points up on the previous close. In currencies the American dollar’s trading at 115.67 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 66 cents.

5. Hang Seng lower (Tue 28 Aug 2007 15:04:19 0800)
A short time ago the Hang Seng index was 23539 - that’s 38 down on the previous close. In currencies the American dollar’s trading at 115.63 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 64 cents.

6. Hang Seng closes 213 lower (Tue 28 Aug 2007 16:22:00 0800)
The Hang Seng Index ended the day at 23363 - that’s 213 down on the previous close. In currenciesthe American dollar’s trading at 115.45 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 64 cents.

7. Big rise in Smartone profits (Tue 28 Aug 2007 18:28:43 0800)
Smartone Telecommunications says full-year profit more than doubled on increased use of its third generation wireless network. Net income for the year was $158-million compared with $70- million a year earlier. Sales rose to over $4-million. Smartone is the territory’s third largest mobile phone service provider.

8. Competition cuts China Telecom profits (Tue 28 Aug 2007 18:33:36 0800)
China Telecom - the nation’s biggest fixed line operator - has reported a decline in first half profit due to competition from China Mobile and China Unicom. Net income fell to 13.48 billion yuan from a restated 14.17 billion yuan a year earlier. Sales rose to 88 billion yuan. Reports say more and more people are siging up for wireless phone services rather than fixed lines lured by lower rates from China Mobile and China Unicom.

9. China says design fault mainly to blame for US toy giant’s product recall (Tue 28 Aug 2007 00:32:01 0800)
China has again defended the quality of its exports and says a design fault was mostly to blame for US toy giant Mattel’s recent recall of millions of products. The Director of the General Administration of Quality Supervision Inspection and Quarantine Li Changjiang said 85 per cent of the roughly 20-million toys that Mattel recalled had design faults. He said only 15 per cent were deemed unsafe because Chinese manufacturers used dangerous levels of lead in the paint.

10. Hong Kong stock market closes at record high (Tue 28 Aug 2007 01:32:38 0800)
The Hong Kong stock market has closed at a record high on the strongest ever turnover. The Hang Seng Index rose 655-points to 23577. Turnover reached 126.3 billion dollars.

11. Overseas labour unions come to support HK metal workers (Tue 28 Aug 2007 01:33:44 0800)
Three overseas labour unions have come to Hong Kong to support metal workers who are now into the 20th day of a strike for higher pay and shorter working hours. The groups say they plan to donate money to the fighting fund set up by the Confederation of Trade Unions to support the strike. The leader of the Transport Workers Union of Australia Tony Sheldon said the industrial action here was more difficult to resolve than in other places.

12. IATA clears way for air travel based entirely on electronic ticketing (Tue 28 Aug 2007 09:27:59 0800)
The global airline body IATA has placed its last order for paper tickets - clearing the way for air travel to be based entirely on electronic ticketing from June next year. The changeover from paper will not only cut airlines’ costs but will also mean the industry will save the equivalent in paper of 50000 trees a year. China host to next year’s Olympic Games is destined to become the first country in the world to operate an entirely paper-free ticketing system by the end of this year.

13. Hang Seng higher (Tue 28 Aug 2007 11:15:40 0800)
A short time ago the Hang Seng index was 23710 - that’s 133 points up on the previous close. In currencies the American dollar’s trading at 115.67 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 66 cents.

14. Hang Seng lower (Tue 28 Aug 2007 15:04:19 0800)
A short time ago the Hang Seng index was 23539 - that’s 38 down on the previous close. In currencies the American dollar’s trading at 115.63 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 64 cents.

15. Hang Seng closes 213 lower (Tue 28 Aug 2007 16:22:00 0800)
The Hang Seng Index ended the day at 23363 - that’s 213 down on the previous close. In currenciesthe American dollar’s trading at 115.45 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 64 cents.

16. Big rise in Smartone profits (Tue 28 Aug 2007 18:28:43 0800)
Smartone Telecommunications says full-year profit more than doubled on increased use of its third generation wireless network. Net income for the year was $158-million compared with $70- million a year earlier. Sales rose to over $4-million. Smartone is the territory’s third largest mobile phone service provider.

17. Competition cuts China Telecom profits (Tue 28 Aug 2007 18:33:36 0800)
China Telecom - the nation’s biggest fixed line operator - has reported a decline in first half profit due to competition from China Mobile and China Unicom. Net income fell to 13.48 billion yuan from a restated 14.17 billion yuan a year earlier. Sales rose to 88 billion yuan. Reports say more and more people are siging up for wireless phone services rather than fixed lines lured by lower rates from China Mobile and China Unicom.

18. China says design fault mainly to blame for US toy giant’s product recall (Tue 28 Aug 2007 00:32:01 0800)
China has again defended the quality of its exports and says a design fault was mostly to blame for US toy giant Mattel’s recent recall of millions of products. The Director of the General Administration of Quality Supervision Inspection and Quarantine Li Changjiang said 85 per cent of the roughly 20-million toys that Mattel recalled had design faults. He said only 15 per cent were deemed unsafe because Chinese manufacturers used dangerous levels of lead in the paint.

19. Hong Kong stock market closes at record high (Tue 28 Aug 2007 01:32:38 0800)
The Hong Kong stock market has closed at a record high on the strongest ever turnover. The Hang Seng Index rose 655-points to 23577. Turnover reached 126.3 billion dollars.

20. Overseas labour unions come to support HK metal workers (Tue 28 Aug 2007 01:33:44 0800)
Three overseas labour unions have come to Hong Kong to support metal workers who are now into the 20th day of a strike for higher pay and shorter working hours. The groups say they plan to donate money to the fighting fund set up by the Confederation of Trade Unions to support the strike. The leader of the Transport Workers Union of Australia Tony Sheldon said the industrial action here was more difficult to resolve than in other places.

21. IATA clears way for air travel based entirely on electronic ticketing (Tue 28 Aug 2007 09:27:59 0800)
The global airline body IATA has placed its last order for paper tickets - clearing the way for air travel to be based entirely on electronic ticketing from June next year. The changeover from paper will not only cut airlines’ costs but will also mean the industry will save the equivalent in paper of 50000 trees a year. China host to next year’s Olympic Games is destined to become the first country in the world to operate an entirely paper-free ticketing system by the end of this year.

22. Hang Seng higher (Tue 28 Aug 2007 11:15:40 0800)
A short time ago the Hang Seng index was 23710 - that’s 133 points up on the previous close. In currencies the American dollar’s trading at 115.67 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 66 cents.

23. Hang Seng lower (Tue 28 Aug 2007 15:04:19 0800)
A short time ago the Hang Seng index was 23539 - that’s 38 down on the previous close. In currencies the American dollar’s trading at 115.63 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 64 cents.

24. Hang Seng closes 213 lower (Tue 28 Aug 2007 16:22:00 0800)
The Hang Seng Index ended the day at 23363 - that’s 213 down on the previous close. In currenciesthe American dollar’s trading at 115.45 yen. The euro is standing at 1 American dollar 36 cents. And the pound is worth 15 Hong Kong dollars 64 cents.

25. Big rise in Smartone profits (Tue 28 Aug 2007 18:28:43 0800)
Smartone Telecommunications says full-year profit more than doubled on increased use of its third generation wireless network. Net income for the year was $158-million compared with $70- million a year earlier. Sales rose to over $4-million. Smartone is the territory’s third largest mobile phone service provider.

26. Competition cuts China Telecom profits (Tue 28 Aug 2007 18:33:36 0800)
China Telecom - the nation’s biggest fixed line operator - has reported a decline in first half profit due to competition from China Mobile and China Unicom. Net income fell to 13.48 billion yuan from a restated 14.17 billion yuan a year earlier. Sales rose to 88 billion yuan. Reports say more and more people are siging up for wireless phone services rather than fixed lines lured by lower rates from China Mobile and China Unicom.

27. China says design fault mainly to blame for US toy giant’s product recall (Tue 28 Aug 2007 00:32:01 0800)
China has again defended the quality of its exports and says a design fault was mostly to blame for US toy giant Mattel’s recent recall of millions of products. The Director of the General Administration of Quality Supervision Inspection and Quarantine Li Changjiang said 85 per cent of the roughly 20-million toys that Mattel recalled had design faults. He said only 15 per cent were deemed unsafe because Chinese manufacturers used dangerous levels of lead in the paint.

28. Hong Kong stock market closes at record high (Tue 28 Aug 2007 01:32:38 0800)
The Hong Kong stock market has closed at a record high on the strongest ever turnover. The Hang Seng Index rose 655-points to 23577. Turnover reached 126.3 billion dollars.

29. Overseas labour unions come to support HK metal workers (Tue 28 Aug 2007 01:33:44 0800)
Three overseas labour unions have come to Hong Kong to support metal workers who are now into the 20th day of a strike for higher pay and shorter working hours. The groups say they plan to donate money to the fighting fund set up by the Confederation of Trade Unions to support the strike. The leader of the Transport Workers Union of Australia Tony Sheldon said the industrial action here was more difficult to resolve than in other places.

30. IATA clears way for air travel based entirely on electronic ticketing (Tue 28 Aug 2007 09:27:59 0800)
The global airline body IATA has placed its last order for paper tickets - clearing the way for air travel to be based entirely on electronic ticketing from June next year. The changeover from paper will not only cut airlines’ costs but will also mean the industry will save the equivalent in paper of 50000 trees a year. China host to next year’s Olympic Games is destined to become the first country in the world to operate an entirely paper-free ticketing system by the end of this year.