Office of National Statistics reported production of commercial vehicles in the three months to July increased by 2.2% compared to three prior three months and from a year ago sales were up 9.9%. Total car production, during the review period rose 5.4%. Home production decreased by 5.9% in this period while export production increased by 9%. The Office said on an average 131,000 cars a month were produced. At least 103,000 cars were for the export market and 28,000 for domestic market.

European Union veterinary experts agreed Thursday to lift the two-week old London meat export ban next week. EU said UK had made satisfactory progress on controlling foot and mouth disease. Restrictions will be limited to farms in a 10km zone around the source of the outbreak southwest of London. The UK Meat and Livestock Commission said it has lost more than 30 million pounds to foot and mouth.

Financial and consumer stocks reasonably rose. Banks and mortgage lenders gained after the news that Bank of America has invested $2 billion in subprime lender Countrywide Financial. The stocks of northern Roc and HBOS gained. Of the FTSE 100 index stocks, Schroders plc led gainers rising 3.83% followed by Schroders plc NV up 3.05%. Northern Rock added 2.82%, Tesco plc and Sabmiller plc gained 2.70% respectively. Financials Experian Group, Man Group and Intercontinental all rose more than 1%. Hammerson led the decliners falling 2.91% followed by Segro plc down 2.68%. Persimmon lost 2.31% while British Land Co plc and Land Securities dropped 2.18% and 1.99% respectively. Xstrata, Lonmin plc and Rolls Royce fell after leading gains yesterday.

The Competition Commission said today it will allow Barclays, HSBC, Lloyds TSB and Royal Bank of Scotland to charge for market prices on small and medium sized business banking products. The controls were imposed after a two-year study of the market for banking services for SMEs concluded in 2002 that the four big banks had been making excess profits of £725m a year in England and that the market did not operate in the public interest. Competition Commission Deputy Chairman Christopher Clarke said in the statement that the measures “are no longer appropriate”.

HSBC, Barclays plc and Royal Bank of Scotland finished lower 1.05%, 1.16% and 0.87% respectively. Lloyds TSB group ended higher 0.27%.

12:30PM New York, 10:00PM Hong Kong - Stocks in Asia rose across the region. The Bank of Japan left rates unchanged. Stocks in shanghai closed higher, fourth record close in a row. ICBC and the Bank of China profit jump.

Asian markets climbed higher across the region. Philippines and Taiwan led the region with a gain of 2.8% followed by rises of 2.7% in Hong Kong, 2.5% in Australia and Indonesia, and 2.8% in Taiwan. Japan jumped 2.6% on the Bank of Japan decision to leave the rates unchanged. India fell on the worries that sharp division within ruling coalition on the proposed nuclear deal with the U.S. may threaten the government.

In Shanghai trading CSI 300 gained 1.7% or 84.24 to close at 5,135.93. The Shanghai Composite Index jumped 1.1% to close at 1,415.18.

Industrial & Commercial Bank of China first half income jumped 61% to Rmb41 billion from Rmb25.4 billion a year ago. Net fees and commissions jumped 89% to Rmb14.9 billion. The number of credit cards issued jumped 60% to 16.8 million and bank card issues rose 12% to 211 million in the last six months. Capital adequacy ratio was reported at 13.7% at the end of the first half. Assets under custody jumped 74%, wealth management sales increased 92%, and investment banking business income rose 33%.

The banks in China have come under pressure to raise their capital base in the last three years. Several banks have sought the funds from capital markets to lift the equity in the company.

The Bank of china, third largest bank, reported first half income of Rmb29.5 billion, an increase of 52% from a year ago and return on equity increased 1.8% to 15.18% and return on assets increased to 1.16%. The net interest income at the bank rose 29.6% to Rmb71.027 billion. Net interest spread and net interest margin widened by 0.37% to 2.49% and 0.39% to 2.66%. Total domestic personal lending rose 16% and deposits increased 6.4%. Capital adequacy rose to 13.39%.

Citic Securities surged 6% after the news that the company plans to raise Rmb25 billion or more than $3 billion to expand in asset management and investment banking business. China Vanke, the largest real estate developer in China, added 2.3% in addition to 3% rise in yesterday’s trading. The company plans to raise Rmb10 billion and expand its residential construction business.

Australian shares finished stronger on gains in metal and mining sector and strength in U.S. and European markets. Sydney climbed 2.6%, rising together with several Asian shares. Of the 201 shares in the ASX 200 index, 175 gained, 18 dropped, and 8 were unchanged. Of the index stocks, 10 gained between 6% and 11%.

In Sydney trading ASX 200 Index gained 2.58% or 154.7 to 6,159.70 on firming metal shares. The Aussie dollar firmed marginally to 80.33 cents for one American dollar after Bank of America invested $2 billion in Countrywide Financial. The investment is widely viewed as a vote of confidence in the company and mortgage market.

Of the Sydney shares, metals rallied sharply on rising world mineral prices. In the ASX 200 index, Minara Resources paced gainers rising 10.71% followed by Compass Resource closing higher 10.03% Fortescue Metals rose 9.83 % with Energy Resources and Pacific brands surging 9.4% and 8.6% respectively. Strong results from BHP Billiton yesterday added further flair to metals. BHP, Mincor Resources, Murchison Metals, Jubilee Mines, Rio Tinto Ltd and Acquarius Platinum all gained over 6.3%. Financial and real estate shares participated in the rally.

Of the ASX 200 Index stocks, media shares fell. Dyno Nobel Ltd sank 7.84% followed by Onesteel down 3.62%. Aristocrat Leisu lost 3.6%, Western Australia Newspaper fell 3.4% and Allco Finance Group dropped 3.16%. Fairfax Media shed 2.07% while News Corp CDI B eased 0.37%.

Gunns Ltd is now majority shareholder of timber products company Auspine after receiving wider interest in its takeover offer of A$332 million. The firm now controls over 50% of Auspine, up from 49.83% yesterday. Gunns is offering A$6.15 or 1.83 Gunns shares for each Auspine share. The offer closes at the end of this month lifting the stock by 2.65%.

Amalgamated Holdings said today full-year to June 30 net profit rose 38.3% to A$82.2 million (versus A$59.441 million 2006) underpinned by higher earnings from its international cinema business, Thredbo Alpine resort and property. The result was after one-off items and income tax. On a normalised basis, net profit was $81.914 million, up 11.2 % on prior year.

Ford Motor announced Thursday it had suspended more than 1,200 striking workers. Workers claim the firm owes them in excess of A$25 million in unpaid bonuses and entitlements. The negotiated settlement between the striking workers and the company is expected in a week.