Even when they found new jobs, workers displaced by job loss to China saw their earnings decrease by an average of $8,146 each year because the new jobs paid less, according to the report, funded in part by labor unions.

US manufacturers, labor unions and many lawmakers have long accused China of manipulating its currency to give Chinese companies an unfair advantage in international trade, and are pressing China to continue to allow the yuan to rise against the US dollar to help level the playing field.

China has said the United States should recognize how much its yuan currency has already risen against the US dollar - it is about 20 percent higher since China revalued its currency in July 2005. China has also said the fact that Americans save much less of their incomes than do the Chinese has fueled the trade deficit. Chinese-made goods have been snapped up in recent years by US consumers looking for low prices.

A total of seven U.S. companies with more than a billion dollars in assets have filed for bankruptcy protection so far this year, it said. Fremont General Corp, which was one of the largest U.S. providers of subprime mortgages before regulators ordered it to stop making the loans, was the largest filing of the year with $13 billion in pre-petition assets, BankruptcyData.com said. Fremont filed for Chapter 11 bankruptcy protection in May, after arranging to sell bank branches and deposits to CapitalSource Inc.

SemGroup LP, the energy trader which filed for bankruptcy protection from creditors last week, was the second-largest bankruptcy filing of the year with $6 billion in pre-petition assets.

"We seem to be in the midst of a 'PERFECT STORM' leading to more bankruptcies: HIGH LEVELS OF DEBT, HIGH ENERGY AND RAW MATERIALS COSTS AND WEAKNESS IN THE U.S. ECONOMY," George Putnam, III of New Generation Research, which publishes BankruptcyData.com said in a statement.

"The nanotechnology initiative was announced in Russia in 2007 and it envisions financing in two directions: research in the sphere of nanotechnology, coordinated by the Kurchatov institute; and commercialization of nanotechnology projects, which the Rosnanotech corporation is responsible for," Leonid Melamed said.

He added that another $1 billion was to be spent outfitting scientific labs with modern equipment, and that the corporation's total budget was about $5.5 billion.

Clayton Teague, who heads the U.S. National Nanotechnology Coordination Office, earlier said at a meeting with the management of Rosnanotech in Washington that each year the United States allocated an average of $1.5 billion in federal funds to nanotech projects.

The Wall Street investment bank and brokerage announced its plans less than two weeks after posting a $4.9 billion second-quarter loss, hurt by more than $9 billion of write-downs.

Merrill said its stock sale includes $3.4 billion to Singapore's state-run Temasek Holdings Pte Ltd TEM.UL, one of its largest investors, and may grow to $9.8 billion to meet demand. Management also plans to buy 750,000 shares, it said.

Monday's write-down and plans to raise capital may raise further questions about Chief Executive John Thain's ability to turn around Merrill. The company has lost $19.2 billion in the last year and suffered MORE THAN $40 BILLION of write-downs from subprime mortgages and other risky debt.

Fee changes include an increase from $25 to $50 to check a second bag for domestic travel. Fees for specialty items that require special handling, such as surfboards or ski equipment, will increase on domestic and international flights, Delta said. Delta said that as fuel costs remain high, it believes revising its fee structure for excess bags and specialty items is essential to generate the necessary revenues to offset its higher costs.

Delta warned on its website that if a customer has an extra piece of baggage that goes over the weight limit and the size limit, the passenger will be charged three times - once for the extra bag, once for going over the size limit and once for going over the weight limit.

Delta currently does not charge passengers for checking a first bag on domestic flights. It has said it is studying a decision by several other major carriers to impose that fee. DELTA CUSTOMERS CHECKING BAGS ON INTERNATIONAL FLIGHTS CAN CHECK A FIRST AND SECOND BAG AT NO CHARGE.

The epicentre was 29 miles (46km) south-east of central Los Angeles, near Chino Hills in San Bernardino County, officials said. The quake was felt as far south as San Diego but there were no reports of any serious casualties or damage.

The BBC's Peter Bowes in Los Angeles said the quake initially felt like a rolling motion - followed by a sudden shaking sensation that lasted about 10 seconds. "It was dramatic. The whole building moved," said Los Angeles County sheriff's spokesman Steve Whitmore, who was in the sheriff's Monterey Park offices east of Los Angeles. Many other buildings swayed across central Los Angeles and office workers quickly poured out onto the streets. More than 20 aftershocks were reported following the quake, the strongest measured at 3.8.

In 1994, a 6.7 magnitude earthquake in Northridge, California, killed 72 people, injured another 9,000 and caused $25bn (£12.5bn) worth of damage in the area.

For a country that has built its name on its cautious and dependable nature, the events of the last 12 months have come as a shock to many in Switzerland. The public reputation of bankers in Switzerland was already poor, with many balking at their often huge salaries and conspicuous consumption. But since the massive profits turned into enormous write downs, their reputation has fallen even further in the eyes of the general public.

Urs Roth, Swiss Bankers Association said, "Switzerland should not take unilateral action and impose its own rules, We operate in a global market and we should compete according to global rules."

( Under the heading - "TOO IMPORTANT TO FAIL" - the article continues)

"This crisis has damaged the Swiss reputation and the banks will need to do something to recover," he says. "But I'm convinced that it will recover simply because it is so important to the country's economy and because so many people work in the financial sector."

Pascal Lamy confirmed the failure, which officials have blamed on China, India and the US failing to agree on import rules. EU Trade Commissioner Peter Mandelson said the result was "heartbreaking". The talks were launched in 2001 in Doha and were seen as providing a cornerstone for future global trade.

The main stumbling block was farm import rules, which allow countries to protect poor farmers by imposing a tariff on certain goods in the event of a drop in prices or a surge in imports. India, China and the US could not agree on the tariff threshold for such an event. Washington said that the "safeguard clause" protecting developing nations from unrestricted imports had been set too low.

Trade officials had struck an optimistic tone on Friday, but this evaporated over the weekend amid acrimonious exchanges with the US accusing India and China of blocking progress. The US says they are being overly protective towards their own farmers and are failing to do enough to open their markets. India's Commerce Minister Kamal Nath rejected the charge, saying: "The US is looking at enhancing its commercial interests whereas I am looking at protecting the livelihood of farmers." Chinese Commerce Minister Chen Deming echoed Mr Nath, saying the US was "asking a price as high as heaven".

According to the Irish Times, Irish Farm Association President Padraig Walshe said he was delighted with President Sarkozy's protectionist stance: "France and Ireland have always stood together in support of Europe's unique family farm structure, which is now in peril because of Mandelson's reckless concessions to multinational traders, international shippers and South American ranchers".

However, Brazilian President Luiz Inacio Lula da Silva blamed the US and the EU for not taking sufficient steps towards liberalising agriculture, and warned that they were jeopardising the round: "With no effective reduction in US farm subsidies nor an effective opening of the European farm market, there will be no deal and everyone will have to face their responsibilities".

However, he emphasized, both Israel and America would prefer a diplomatic resolution to the confrontation with Iran. During a press conference for Israeli media in Washington on Wednesday, Lt.-Gen. Ashkenazi said: "We are all united in the view that Iran needs to be prevented from obtaining a nuclear weapon. There is no doubt that diplomatic activity and sanctions are the best way to accomplish that. I think that is the preferred method, through international activity. "

"That is also the Israeli policy, insofar as I understand it, and it is also the American preference. In addition, I think we all understand - the Americans and certainly us - that we need to prepare all the other options." As for himself, the IDF commander-in-chief said: "My duty is to ready the army for war, to fight and to win."

The new measure would allow public transportation to run and permit many recreation and entertainment-oriented businesses to open. Government agencies and services would still remain closed. The proposal, which states "the freedom of movement must not be harmed on Shabbat," was initiated by Likud MK Gilad Erdan and Kadima MK Elchanan Glazer. If passed, it will require buses that operate on the Sabbath to avoid neighbourhoods populated primarily by observant Jews.

"In places in which a predominantly religious population lives, we don't need to operate public transportation. We can also conclude that since it is not a work day, the frequency will be much lower. But there has to be permanent public transportation, so the public knows it has an alternative," said Erdan.

Special bus lines already run on the Sabbath, albeit in an extremely restricted manner, primarily in routes leading to hospitals and other essential services.

The latest figure on Web use at the end of June is a 56 percent increase over the same time last year, the China Internet Network Information Center said. It said the share of the Chinese public using the Internet is still just 19.1 percent, leaving more room for rapid growth.

The United States had an estimated 223.1 million Internet users in June, according to Nielsen Online, a research firm. The Pew Internet and American Life Project puts U.S. online penetration at 71 percent. "This is the first time the number has drastically surpassed the United States, becoming the world's No. 1," a CNNIC statement said.

The communist government encourages Internet use for business and education but tries to block access to Web sites deemed pornographic or subversive. Web surfers have been jailed for posting or e-mailing material that criticizes communist rule or is deemed a violation of vague national security laws.

The economy expanded by just 0.2% between April and June - the slowest pace since the first three months of 2005, although in line with City forecasts. The impact of the credit crunch on a struggling housing market was underlined as construction output fell by 0.7% due to a "particularly large" fall in new house-building, according to the Office for National Statistics' (ONS) first estimates.

A raft of the UK's house-builders have shelved new projects since March as would-be buyers struggle to get mortgages because lenders hit by the credit squeeze have hiked borrowing costs. In recent weeks, builders have axed around 5,000 jobs as the market heads downwards.

The figures come amid fears of recession after recent industry surveys signalled contracting activity in construction, services and manufacturing sectors during June.

Dr. Hugh Cort, president of the American Foundation for Counter-Terrorism Policy and Research, believes the answer to all of these questions is yes. Cort has assembled a body of evidence which he claims supports the view that bin Laden has a plan for an "American Hiroshima" which will be implemented in the near future. He has sent this material to various U.S. officials, including Robert S. Mueller III, director of the Federal Bureau of Investigation (FBI). Cort believes that the government is not doing enough to prevent an attack.

Much of his evidence centres around one Hamid Mir, a Pakistani journalist who has conducted the only interview of bin Laden after 9/11. Bin Laden told Mir that he had acquired 20 suitcase nuclear bombs from the former Soviet Union. Mir told Cort that bin Laden's men have smuggled these bombs into the United States.

His men supposedly are waiting for bin Laden to give them the signal, then seven to ten American cities will be struck. If true it is little wonder that Iran's leader confidently predicts that the United States will be bombed back to the Stone Age. Bin Laden supposedly has fulfilled Islamic law by warning the United States that an attack is coming and offering a truce - convert to Islam and you will not be attacked. Refusal to convert to Islam means that an attack against America is justified. Three weeks prior to 9/11 bin Laden warned that the United States would be attacked in an unprecedented way for its support of Israel.

In its annual report, the EU's Rapid Alert System for Food and Feed (RASFF), released by commissioner Androulla Vassiliou on Wednesday (23 July), recorded 7,354 notifications of health risks from food or animal feed that were passed on to the European Commission in 2007 - an "all-time high", according to the commissioner, and up 13.5 percent on the previous year.

The RASFF allows a rapid, round-the-clock exchange of information between EU member states (and non-member-states Iceland, Liechtenstein and Norway) and the commission when risks to human health are detected in the food and feed chain.