FAILING FIRMS: The chief of Countrywide and ex-CEOs of Merrill Lynch and Citigroup appeared before the panel, while Republicans questioned the need for the hearing
US lawmakers confronted corporate executives on Friday on how they managed to take home hundreds of millions of dollars in compensation while their companies were taking a financial nosedive from the subprime mortgage crisis.

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The US dollar's depreciation is "negative" for the Chinese economy, China's top currency regulator said yesterday.

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WANING CONFIDENCE: Analysts say further rate cuts may not be the solution and would only put more pressure on the US dollar and fuel prices
As more signs point to a US economy that is sinking fast, the US Federal Reserve is struggling to find ways to reignite growth even as confidence wanes among consumers, businesses and banks, analysts say.

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Boeing Co said late on Friday it would give "serious consideration" over the weekend to filing a formal protest of the US Air Force's decision to award a US$35 billion tanker contract to European Aeronautic Defence and Space Co (EADS) and Northrop Grumman Corp.

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Nissan wants to talk about more than a way to drive at its soon-to-be-finished headquarters in North America.

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Monsanto Co's seed research unit in southeastern Brazil was invaded by about 300 people on Friday.

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VOLATILE: Prices held near all-time highs, supported by the weakened US dollar and concerns about a possible conflict between oil producers Venezuela and Colombia
Oil prices jumped to a new record above US$106 on Friday but settled lower, extending their recent pattern of choppy trading after a weak jobs report convinced many traders that the US Federal Reserve's interest rate cutting campaign will continue.

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The New Taiwan dollar, Malaysian ringgit and Singapore dollar rose this week as accelerating inflation spurred speculation central banks will allow faster appreciation to rein in price increases. The South Korean won fell.

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The dollar sank to a new low on the euro on Friday on dismal US jobs data but later clawed back losses after the US Federal Reserve said it would pump more liquidity into the cash-strapped banking system.

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TUMBLING: After hitting a three-month high on Thursday, the TAIEX edged lower on Friday, while Japanese stocks slipped to a six-week low
Asian stocks fell the most this week since August on concern rising credit costs will dent bank earnings and slowing US growth will curb demand for televisions and cameras.

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With economic news getting bleaker by the day and worries growing about credit markets seizing up, Wall Street investors have been scurrying for cover.

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European stocks fell for a second straight week, led by technology and financial companies, as Intel Corp cut its profitability forecast and Warren Buffett said the "party is over" for insurers.

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■ ECONOMY

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