NORMAL: US Treasury Secretary Henry Paulson said the markets' 416-point drop on Tuesday did not reflect any fundamental problems with the US or global economies
Volatility is a normal part of financial markets and the recent turmoil is not a symptom of major problems facing the economy, US Treasury Secretary Henry Paulson said on Friday.

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Investors are girding for more turbulence after a grim week on Wall Street and other global markets, as analysts debate whether the slide was a normal "correction" or the start of a broader downturn.

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World oil prices dipped on Friday as traders kept a wary eye on global stock market turmoil and focused on the demand outlook for gasoline.

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REPERCUSSIONS: The weighted index lost 40.62 points yesterday. Traders around the region were still jittery after som sharp falls earlier in the week
Taiwanese share prices closed 0.53 percent lower yesterday as investors remained wary about volatile global markets following a big drop on Chinese markets this week and worries over the US economy, dealers said.

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The yen gathered momentum on Friday with anxious investors closely watching the Japanese currency, at the heart of this week's financial market turmoil.

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European shares failed to retain early gains for the second session in a row on Friday and turned in their worst weekly performance since the start of the Iraq war four years ago on a host of concerns, ranging from China's economy to US mortgages.

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HONEYMOON'S OVER: When China's legislature convenes tomorrow, it is expected to enact a law that would set taxes for both local and foreign companies at 25 percent
The tax honeymoon for foreign investors in China is ending.

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The British Broadcasting Corp began showing excerpts from its news and entertainment programs on the YouTube video-sharing Web site on Friday, after becoming the first international broadcaster to ink a major deal with the Google Inc-owned portal.

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United Parcel Service Inc (UPS), the last remaining customer for the cargo version of the Airbus A380 superjumbo jet, said on Friday that it was walking away from its order for 10 planes, citing concerns that Airbus would not be able to meet a revised delivery schedule.

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■ High-speed rail
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