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concerned about weaker economic growth being a reality for most advanced economies."Further mis-steps from European and US policymakers risk converting the cracks in their economies into a much deeper global system crisis which would have worrying economic and?social consequences," he warned.But Smith, whose bank is focusing on Asia to drive profit growth, remains optimistic for the outlook in the Asia-Pacific region.He said that the fact is that Australia is incredibly well positioned because of the nation's linkage to Asia, which remains the best performing part of the global economy.His comments came after ANZ reported a 1.45 billion U.S. dollars underlying profit for the June quarter, up 1.3 percent compared to the March quarter.

WASHINGTON, July 8 (Xinhua) -- U.S. President Barack Obama on Friday hailed space shuttle Atlantis' final flight in NASA's shuttle program, saying Americans across the country watched with pride as America reached for the heavens once more.Obama expressed his "sincere gratitude" to Atlantis astronauts and space workers because they "helped our country lead the space age.""Today's launch may mark the final flight of the space shuttle, " Obama said in a statement. "But it propels us into the next era of our never-ending adventure to push the very frontiers of exploration and discovery in space."Friday's flight is the 33rd voyage for Atlantis. Its return to the earth later this month will mark the end of the 30-year shuttle program."What a truly awesome day today," said NASA Associate Administrator for Space Operations Bill Gerstenmaier at the STS- 135 postlaunch news conference. "What you saw is the finest launch team and shuttle preparation teams in the world.""It truly was an awesome, spectacular launch," added Kennedy Space Center Director Bob Cabana, who looked ahead to plans for future development beyond the shuttle program as space station operations continue.Atlantis will be the last shuttle to be retired. Discovery was first in March, followed by Endeavour at the beginning of June. Each shuttle will head to a museum.When the U.S. space shuttle program officially ends later this year, the Russian space program's Soyuz capsule will be the only method for transporting astronauts to and from the station.

WASHINGTON, July 7 (Xinhua) -- Space shuttle Atlantis will soar into the sky Friday on NASA's 135th and final flight. Its scheduled return to Earth later this month will mark the end of NASA's 30-year space program.Since its onset with the launch of space shuttle Columbia, the program has been seen as a cheap, safe and reliable way for space exploration.Despite its great contributions to U.S. manned space flight, it has also left some grave and tragic lessons, making its termination inevitable.HIKING COSTSLaunched in 1972 by then President Richard Nixon, the shuttle program aimed to provide a new system of affordable space travel and proved to be NASA's most enduring project in its 50 years of existence.In 1981, shuttle Columbia made its first shuttle flight for two days. It was the ultimate hybrid and the first reusable spacecraft.Launched like a rocket and gliding back to Earth like an airplane, space shuttles not only can act as a space taxi to carry astronauts, but have the muscle of a long-distance trucker to haul heavy machinery.The spaceship boasts more than 3,500 subsystems and 2.5 million parts and is nine times faster than a speeding bullet as it climbs heavenward. That versatility, however, has translated into higher costs.NASA originally estimated the program would cost about 90 billion U.S. dollars. However, its actual cost stands at about 200 billion dollars, compared with the 151 billion dollars spent on Apollo which took Americans to the moon in 1969.In an article in Technology Review, John Logsdon, former head of the Space Policy Institute at George Washington University, drew a direct connection between the ravenous shuttle budget and the lack of other large advances in manned space flight."By operating the system for 30 years, with its high costs and high risk, rather than replacing it with a less expensive, less risky second-generation system, NASA compounded the original mistake of developing the most ambitious version of the vehicle," he wrote."The shuttle's cost has been an obstacle to NASA starting other major projects," he added.HIGH RISKIn terms of safety, the shuttles have never been as reliable as their designers had envisioned.On average, one out of every 67 flights ended up with fatal accidents. Based on the rate of deaths per million miles traveled, the space shuttle is 138 times riskier than a passenger jet.Seven astronauts onboard died when Challenger exploded about a minute after launch in 1986. Nearly two decades after the tragic blast, a new catastrophe descended when the shuttle Columbia disintegrated moments before landing in 2003, killing another seven spacemen.Again, the shuttle program was shelved for more than two years as NASA stepped up efforts to make it safer. But experts say the fundamental problem related to shuttles' safety cannot be solved due to their "birth defects.""It is in the nation's interest to replace the Shuttle as soon as possible," concluded the panel that investigated the 2003 Columbia accident.

WASHINGTON, July 18 (Xinhua) -- The U.S. National Aeronautics and Space Administration (NASA) on Monday commemorated the 90th birthday of astronaut John Glenn, the first U.S. astronaut to orbit the Earth and also the oldest person to fly to space when he launched on the space shuttle in 1998."John Glenn is a legend, and NASA sends him our best wishes on this major personal milestone," NASA Administrator Charles Bolden said in a statement. "John's legacy and contributions to the continued progress of human spaceflight are immense. His example is one we continue to emulate as we push toward farther destinations in the solar system."After a distinguished flying career with the Marines in World War II and Korea, Glenn joined NASA in 1959 as one of the country' s first astronauts in Project Mercury. On Feb. 20, 1962, Glenn piloted the Mercury-Atlas 6 "Friendship 7" spacecraft on the first U.S. manned orbital mission. He launched from NASA's Kennedy Space Center in Florida to successfully complete three orbits of the Earth.Glenn flew to space again on the STS-95 mission in 1998 aboard the space shuttle Discovery. As a mission specialist, Glenn supported deployment of a variety of research payloads and participated in investigations about spaceflight and the aging process.