News Journal

U.S. senate rejects rescue plan for motor companies

U.S. senate rejected to pass the bailout plan of $14- billion to rescue top motor companies of America that included General Motors Corp. and Chrysler LLC. The rejection of bailout package caused Australian dollar to drop from a month’s high value to a seven year low against Yen.

The chief economist and strategist at St. George Bank Ltd. in Sydney said that the Australian dollar will continue to stay under pressure.