GLOBAL IMPACT: The tone was set in Sydney, where Macquarie Bank said two funds faced losses of up to US$258 million because of problems in US sub-prime home loans
Asian stocks tumbled yesterday as the fallout from growing problems in the US mortgage market snagged one of Australia's highest flying banks and stoked concerns over how much the debacle may ultimately cost.

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APEC finance ministers will discuss how the Asia-Pacific region can deal with climate change while also meeting ever-expanding energy needs at a gathering in Australia beginning today.

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US Treasury chief Henry Paulson voiced his opposition to a bill that would enable Washington to punish China for its weak currency, ahead of a meeting yesterday with Chinese President Hu Jintao (胡錦濤).

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Credit Suisse and Citigroup are vying for a joint venture with China's Founder Securities as global players seek a partnership in China's lucrative brokerage sector, state press said yesterday.

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UNFAIR PLAY: The firm admitted that between August 2004 and January last year it colluded with rival Virgin Atlantic over surcharges added to fares
A British regulator yesterday fined British Airways PLC (BA) ?121.5 million (US$246 million) after the airline admitted colluding with a rival over surcharges on long-haul flights.

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US-based shoe giant Nike and two Indonesian subcontractors have agreed to production contract extensions in the wake of worker protests last month, the factories' parent firm said yesterday.

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■ REAL ESTATE
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