SUPPLY CONCERNS: The sharp and unexpected decline in US inventories and the US Fed's announcement of an interest rate cut sent oil prices to a high of US$96.24 a barrel
The price of oil rose to a new record above US$96 a barrel yesterday after a surprise drop in US crude stockpiles raised concerns about supplies for coming winter demand. Other energy futures also gained.

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DOUBLED-EDGED SWORD: While the new rate cut may lower borrowing costs for consumers, it also sent the dollar plunging, which could affect the cost of imports
The US Federal Reserve cut short-term interest rates on Wednesday in a widely anticipated move, saying it had acted because of concerns economic growth would likely cool in coming months.

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More than 700 toy factories in booming southern China have been banned from exporting what they produce as part of a crackdown on shoddy products, the government said yesterday.

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Major Japanese toymaker Tomy plans to slash production in China by one-third because of surging labor costs, shifting it to other Asian countries, a spokeswoman said yesterday.

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