ECONOMIC TIES: The NT dollar on Friday had its biggest decline since June 2006, but was still the best performer of the 10 most-active currencies in Asia excluding Japan
The New Taiwan dollar fell the most in 21 months on Friday, paring a weekly gain, on speculation the central bank sold the currency to temper its rally to the highest level in more than a decade.

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The US dollar was under pressure on Friday after the US government reported consumer spending, the main driver of the world's biggest economy, stalled last month.

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BOOSTED BY COMMODITIES: Expectations that business relations between Taiwan and China were on the verge of improving gave a boost to the Taipei stock market
Asian stocks completed their biggest weekly gain since November as BHP Billiton Ltd advanced on rising commodity prices and oil companies, including China National Offshore Oil Corp Ltd (CNOOC, 中國海洋石油), reported higher profit.

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As Wall Street appeared to settle down from a period of intense volatility, investors are debating whether the latest pause represents a "top" or a "bottom" for the market.

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World oil prices fell sharply on Friday on renewed concern that a slowdown in the US economy would dampen energy demand and on news that damage to an Iraqi pipeline was not as serious as first thought.

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European stocks had their biggest weekly gain since November, led by insurers and banks, after JPMorgan Chase & Co's increased bid for Bear Stearns Cos eased concern that financial firms would collapse and Swiss Life Holding reported better-than-estimated profit.

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REFORM: The fund boosted the voting shares of emerging economic powers China, South Korea, India and Brazil. Iran, Russia and Saudi Arabia opposed the share change
The IMF's directors approved a major change in its voting mechanism on Friday, giving some larger developing countries more of a say in how the 185-nation lending organization operates. The board stopped short of major reforms that critics had demanded.

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CONTROL: After Jerome Siegel fought for decades to share in the profits generated by his character, his wife and daughter finally won back his half of the copyright this week
Time Warner Inc, the world's largest media company, must share control its Superman copyright with the heirs of the comic hero's creator, Jerome Siegel, a US federal judge ruled.

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The yuan has appreciated in the past two years and that pace "should continue," a top US official said on Friday.

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US President George W. Bush said on Friday his administration was prepared to make "serious concessions" to help achieve a global trade liberalization pact if other countries reciprocate.

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Northwest Airlines has asked Delta Air Lines if it would like to restart merger talks, despite the inability of the carriers' pilots to agree on how to merge their all-important seniority lists.

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The maiden flight of China's first homegrown commercial jet was planned for this month, but has been postponed to September or October owing to delays in the delivery of key components, a government news agency said yesterday.

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■ COMPUTERS

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