The Chinese premier, Wen Jiabao, expressed concern about his country's $US1 trillion ($1.5 trillion) holdings of US government bonds.

"We've lent a huge amount of capital to the US, and of course we're concerned about the security of our assets. And to speak truthfully, I am a little bit worried."

That was all it took.

The Obama administration yesterday made a concerted push to boost confidence in downward-spiraling financial markets, assuring Americans that officials are taking the steps necessary to contain the worsening economic damage and to restore the nation's long-term fiscal health.

 

Manufacturer Pacific Brands may be about to get millions of dollars in Federal Government grants, just days after it axed 1,800 jobs across Australia.

The majority of the job losses are in Victoria, Queensland and New South Wales.

It has been revealed the company might be entitled to a refund for money it has already spent on research and development, and on manufacturing equipment.