All things shall pass, the saying goes, unless, perhaps, you are a Republican Congressman voting on the Emergency Economic Stabilization Act of 2008.  ┬á In a quite unexpected turnaround yesterday, the US House of Representatives rejected by 228 votes to 205 the $700 billion rescue package that the top brains from the Treasury, the Federal Reserve, the administration and both political parties had spent the latter half of last week and the whole weekend thrashing into a workable compromise.┬á┬á It was a shocking decision, in more ways than one.

Politicians have reached agreement on a $700 billion rescue plan for the US financial system which they hope will end the credit crunch.   ┬á Republican and Democratic leaders have both backed the deal, which allows the US Treasury to spend up to $700 billion to buy bad debts from ailing banks. ┬á┬á The bill must still be approved by both Houses of Congress, which President Bush has urged them to do.

Talks are set to resume in Washington DC this morning after a late night session yesterday ended without agreement on the governmentÔÇÖs $700 billion bailout plan for the troubled US finance sector.  ┬á A day that started with high hopes after President Bush told the nation that Congress had to approve the plan quickly to avoid a potentially ÔÇ£long and deep recessionÔÇØ ended at 10pm with Republicans in revolt.┬á┬á Legislators appeared close to an agreement earlier in the day, before senior members of Congress met the president at the White House, but the deal went sour

After bailing out the banking sector, the US government is now on the verge of offering loans of up to $25 billion to help US automobile manufacturers build greener vehicles.  ┬á The House of Representatives has already voted to back a spending bill that includes a low interest loan to auto makers, and the bill is expected to pass in the Senate this week. Its sponsors hope that President Bush will sign it off by 1 October, when the government begins its new financial year.

Internet search giant Google has joined cellular carrier T-Mobile to unveil the first cell phone powered by GoogleÔÇÖs Android software.

Internet search giant joins cellular carrier T-Mobile to unveil first cell phone powered by GoogleÔÇÖs Android software.

Internet search giant joins cellular carrier T-Mobile to unveil first cell phone powered by GoogleÔÇÖs Android software.

A burning issueElectricity generation is at the heart of the climate change debate. Wayne Leonard, CEO of Entergy Corporation, tells Martin Ashcroft about the urgent action he believes is required. "For every generation there is a defining issueÔÇöan issue it must resolve if society is to continue and thrive; an issue it cannot ignore.

Newfound prosperityAfter more than two decades, operations are starting again in Ming Mine in Newfoundland, Rambler Metals & MiningÔÇÖs CEO George Ogilvie tells Ruari McCallion. Newfoundland has tended to be somewhere people come from rather than go to. The prosperity and energy of Montreal, Toronto and points west have proved to be magnets for the energetic and ambitious, and it has been easy to understand why.   Lack of resources and the sheer distance to markets have contributed to long-term economic struggles.