US auto sales slide in July
Detroit: U.S. auto sales fell 17 percent in July as Americans opted for more fuel-efficient cars as a result of which Toyota Motor Corp's sales zoomed past those of Ford Motor Co and GM. Sales of Japan's Honda Motor Co. gained 10 percent and South Korea's Hyundai Motor Co. added 6 percent, as all three Asian automakers market share of new vehicles in the US market rose.

General Motors Corp the biggest automaker worldwide posted a 19.5 percent drop in U.S. sales, in line with expectations.
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Australian central bank raises key interest rate
Sydney: Australia's central bank the Reserve Bank of Australia raised its key interest rate to 6.0 percent on Wednesday and warned of increasing inflation pressures. The quarter-percentage point rise took cash rates to their highest since early 2001, and had slight impact on bonds and the dollar. Analysts suspected the RBA might hike rates again this year should the global economy stay strong and commodity prices high.
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Bush pledges to restart Doha talks
Miami: President George W. Bush pledged to restart the collapsed Doha round of global trade talks, saying that opening up foreign markets would boost the US economy.

British Prime Minister Tony Blair said he and Bush had agreed to make "one final effort" to revive the talks. However, a European Union official said a pact could be years away. Washington has said it is willing to reduce the $20 billion it spends on farm subsidies but wants greater access to agricultural markets in the EU and India.

US trade representative Susan Schwab said a deal could be reached in six months or could take three years.

EU Trade Commissioner Peter Mandelson said an agreement was unlikely this year and if Bush's authority was not renewed, it could take years.
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