Washington - The US House of Representatives on Wednesday passed major legislation aimed at limiting the economic fallout from the US housing crisis and providing relief to struggling homeowners.

The long-awaited bill expands a programme that helps struggling homeowners refinance into government-insured mortgages - effectively guaranteeing up to 300-billion-dollars worth of loans - and approved a government contingency plan in the event of the collapse of lending giants Fannie Mae and Freddie Mac.

New Delhi, July 23 : China’s economic growth is likely to be 9.9 per cent this year and 9.7 per cent in 2009 due to a global economic slowdown, volatile financial markets and a sharp rise in food and energy prices, according to an Asian Development Bank (ADB) report.

According to the China Daily, the worse-than-expected US economy has fuelled global worries that the global economic slowdown may continue following revelations that government-sponsored Fannie Mae and Freddie Mac are in serious trouble. This will have an impact on the Chinese economy.

Hong Kong - Hong Kong shares surged on the back of falling oil
prices Wednesday with the benchmark Hang Seng index climbing above
23,000 points for the first time in five weeks to end 2.69 per cent up
at 23,134.5.

Confidence was also buoyed by better than expected results from the United States banking sector.

Shares worth some 75.76 billion Hong Kong dollars (9.71 billion dollars) were traded.

Cathay Pacific Airways was the biggest gainer among Hang Seng
constituent stocks, rising 6.25 per cent to end at 15.64 Hong Kong
dollars. Analysts said lower oil prices would ease pressure on the
airline's operating costs.

Banking stocks showed renewed vigour with the Bank of East Asia

Manila - Economic growth in East Asia will slow down in 2008 and 2009, weighed down by higher-than-expected inflation and a protracted slowdown in the United States, the Asian Development Bank (ADB) said Tuesday.

In the July issue of its Asia Economic Monitor report, the Manila-based ADB said East Asia's economic growth will moderate to 7.6 per cent in 2008, from 9 per cent in 2007.

The same growth rate is forecast for 2009.

The forecast covers China, Hong Kong, South Korea, Taiwan and the members of the Association of South-East Asian Nations (ASEAN) - Brunei, Indonesia, Malaysia, the Philippines, Thailand, Singapore, Vietnam, Laos, Cambodia and Myanmar.

Frankfurt - The Italian-owned bank HypoVereinsbank said Monday it had taken over a stake of about 10 per cent in German erotic company, Beate Uhse AG.

Washington  - A key gauge of US economic growth fell 0.1 per cent in June, its second straight monthly decline, according to an independent survey released Monday.