Centro Properties Group today disclosed that it has just 50% of its Australian dollar borrowings hedged and 40% of its U.S. dollar borrowings. The latest development comes after the group's failure to extend interest rate hedges on its debt.

The Group said that any interest rates changes might result in a cut in its earnings. Centro the Australian owner of U.S. malls that put itself up for sale and invited bids of its assets as it struggled to raise money to refinance its $3.9 billion of debt.

The group lost 90% of its market value over two days in December resulting in it becoming the worst Asian casualty of the global credit squeeze. Centro shares closed up 14.7% and Centro Retail Group rose 2.6%.

Energy Resources of Australia Ltd today indicated that it has been forced to halt mining activities at its Ranger operation in the Northern Territory due to heavy rain from Tropical Cyclone Helen.

The Australian Bureau of Meteorology indicated that tropical Cyclone Helen may cross the coast and move closer to Ranger and Alcan Inc.'s Gove alumina refinery as early as tonight.

Energy Resources missed contracted deliveries last year after a flood at Ranger stopped production in February. The company's share fell 0.2% after rising as much as 2.1% during trade.

Rams Home Loans said it has completed the sale of its brand and distribution business to Westpac. The company was Australia's first high profile casualty of the subprime crisis.

RAMS Home Loans Group has been renamed RHG Ltd with effect from today. RAMS outgoing chief executive Greg Kolivos has been replaced by Glenn Goddard.

The sale follows the October approvals by RAMS shareholders of the sale of the group's franchise network and all of the future business it writes to Westpac, at $140 million with RAMS retaining its existing mortgage book.

RAMS stock was up 3.3%.

The Australian dollar rose to 0.9589 from 0.9540 yesterday. The dollar has been falling from 0.9837 late last week, after investors decided to reduce holdings of higher yielding assets bought with Japanese loans following losses in global stock markets.

Of the ASX 200 index shares, Centro Properties led the gainers with a rise of 14.7% followed by increases in Lynas Corp Limited of 11%, in Aquarius platinum of 6.4%, in ABB Grain Limited of 4.8%, and in Macmahon Holdings of 4.4%.

Of the ASX 200 index stocks Fortescue Metals led the decliners with a fall of 6.5% followed by losses in APN News & Media of 6%, in Pacific Brands of 5.3%, in Flight Centre of 3.9% and in Boart Longyear of 3.8%.

In Tokyo Nikkei 225 Index closed lower 616.37 or 4.03% to 14,691.41, in Hong Kong Hang Seng index closed higher 632.41 or 2.35% to 27,519.69, in Australia ASX 200 increased 12.80 or 0.20% to close 6,385.40.

In South Korea Kospi Index close higher 11.17 or 0.60% to close at 1,863.90, in Thailand SET index closed lower 10.92 or 1.31% to 821.71, and Indonesia JSE Index edged higher 50.13 or 1.85% to 2,765.19. Sensex index in India closed higher 341.69 or 1.68% to 20,686.89.