Vietnam, U.S. reach accord on WTO accession
Washington, USA: Vietnam and the U.S. have arrived at an in-principle agreement on the terms for the Asian nation's accession to the World Trade Organization. The accord was announced after the conclusion of a round of talks in Washington between the two countries.

A formal signing of the agreement will take place ``in the near future,'' the U.S. Trade Representative's office said in a statement.

Accession to the WTO will allow Vietnam to eliminate quotas on the export of its garments to the U.S., as well as to gain a seat at the table in ongoing global trade talks and attract more foreign investment.

WTO membership, when it happens, shall mark the crossing of a final milestone by the communist nation, which began to move toward capitalism two decades ago. Vietnam, which saw its economy double in size over the last decade, is trying to seal it's accession to the WTO by November, when it will be host to a meeting of Asian- Pacific heads of state, including President George W. Bush.
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Yuan breaks 8.0000 barrier for the first time
Shanghai, China: China's official exchange rate rose to 7.9982 yuan to the dollar on Monday, the highest level since last July's revaluation, the state-run Xinhua news agency reported. According to the China's National Foreign Exchange Center, the central parity rate broke the 8.0000 barrier for the first time.

China said in July 2005 it was abandoning the yuan's 11-year-old fixed link to the dollar in favor of a link to a basket of currencies. Since then the yuan has risen in value by only about 3 per cent, far less than what observers have expected.

With America's trade deficit with China reaching a record $202bn last year, the issue of the yuan's value is of particular interest to American manufacturers. They have been contending that China has kept the yuan artificially devalued by as much as 40 per cent against the dollar, giving Chinese companies a huge advantage over U.S. products.
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GM to phase out H1 version of Hummer SUV
Washington, USA: General Motors Corp said it will withdraw the H1, the largest version of its Hummer sport utility vehicle, from the market amid declining sales and rising fuel prices.

According to the company, demand for the high-end SUV, which features a 6.6 liter engine, and costs up to $150,000, has declined.

It said it will continue to produce and sell smaller models of the Hummer, which is co-produced with AM General, the contractor for the original military version of the vehicle.

Over 12,000 of the H1s have been sold since 1992
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