Two of China's major mutual fund companies have managed to obtain quotas from foreign exchange regulators, which will now allow these firms to invest in overseas securities. The development is being taken by many as a sign that China is now all set to reopen its window to outbound securities. For over 17 months now, the country had refused to indulge in investing abroad.

According to reports released on Sunday, Japan Airlines (JAL), currently going through tough times, is looking at possible restructuring.

Sometime this week, the Japanese Government will be announcing a turnaround plan for Japan's international airline.

While, according to Japan's local media reports, the restructuring will happen under the support of the state-backed Enterprise Turnaround Initiative Corp. of Japan, an act which might breathe life back into a failing carrier, the Government is looking at a special law which will require the airline to cut its high pension payouts.

Third-quarter report released by one of the World's largest oil services company, Schlumberger Ltd., has shown a sharp 48% drop in the firm's net income. Despite this, the company, which is ranked among the top in the world, is optimistic of its future prospects and feels that from here on, things will only go good.

Recently released official figures have revealed that UK might soon be out of recession, making it one of the first countries to say goodbye to the economic downturn which has hit the whole world.

In what has come as a good news to many, and Chancellor Alistair Darling in particular, British economy might show a return to growth in the third quarter figures which are expected anytime soon.

The Taiwan government has announced that it will lift a ban on imports of a range of U. S. ‘beef in bone’ products including Porterhouse steak.

Taiwan has ended a six year long ban on import that was in place over fears of mad cow disease, and ushering improving ties with the U. S.

The import is likely to start in November this year.

Meanwhile, the health department announced all imported beef products will have to carry a label of approval from the U. S. Agriculture Department.

In what is seen as Owen Van Natta's first major change to MySpace's layout since he took over as the CEO of the News Corp. owned Social Networking website in April this year, it has been announced that the popular portal will be joining hands with music and recording companies to launch a music video service that will be a part of millions of user profiles across MySpace, and arch-rival Facebook as well.

Value of the Pound strengthened yesterday, much more than before, after Chancellor Alistair Darling promised that the Government would completely support the country's economy and put in every effort to prop it up until complete recovery has been achieved. Also, the Chancellor said that efforts will be made to ensure that soaring borrowing levels are brought down once the recession is over.