Yuan at record high versus dollar after Treasury report

China's yuan has hit a record high against the US dollar after the US Treasury department said the Chinese currency was undervalued but not manipulated.

The People's Bank of China (PBOC) fixed the yuan's mid-point at 6.4856 against the US dollar on Monday.

China has been accused by the US and other developed economies of keeping the value of its currency artificially low to boost its exports.

Indonesia targets faster growth

JAKARTA - Indonesian President Susilo Bambang Yudhoyono on Friday unveiled a plan to boost economic growth to as high as 9.0 percent a year between 2015 and 2025, from the 6.1 percent expansion last year.

Southeast Asia's biggest economy will focus on investments in six designated growth centres in four provinces, while slashing inflation to 3.0 percent annually, he said.

Japan's Ricoh to cut 10,000 jobs

Japan office equipment maker Ricoh has said it plans to cut its global workforce by about 10,000 people, in order to reduce costs.

The company currently has about 110,000 employees around the world.

Shares in Ricoh surged more than 7% on the news

China 'treats foreign firms unfairly'

A growing number of European companies operating in China believe they are being treated unfairly by the government and expect discrimination to increase, a survey suggests.


The European Union Chamber of Commerce in China report found 43% of firms said Beijing discriminated against foreign businesses, up from 33% last year.

Thailand's economy grows by 3% due to strong exports

Thailand's economy has grown by 3% in the first three months of 2011, helped by increases in both exports and consumer spending.

This growth from a year earlier compares with a 3.8% rise in the last three months of 2010, said the National Economic and Social Development Board.

Thailand has been trying to boost growth after civil unrest last year.

Japan, China and S Korea to speed up free-trade pact

The leaders of Japan, China and South Korea have agreed to boost trade in Asia by speeding up discussions on a possible free-trade deal.

They agreed to complete joint studies on a trilateral pact this year, which is a year earlier than expected.

The studies would pave the way for free-trade negotiations, which are expected to be contentious.

Thai economy accelerates in Q1, June rate rise seen

Thailand's economy grew 2 per cent in the first quarter from the previous three months due to strong exports and a steady rise in consumer spending, data showed on Monday, reinforcing expectations of a June interest rate rise to curb inflation.

Southeast Asia's second-largest economy accelerated from 1.3 per cent growth in the December quarter and has firmly bounced back from mid-2010 weakness when it contracted for two straight quarters amid weeks of deadly political unrest.

Japan nuclear: Kan, Lee and Wen agree early warning

The leaders of Japan, China and South Korea have agreed to set up an early warning system to alert each other of emergencies at nuclear facilities.

Japan's Prime Minister Naoto Kan agreed to the measure after a meeting in Tokyo with Chinese Premier Wen Jiabao and South Korean President Lee Myung-bak.

The leaders said nuclear experts would also share more data in future.

Asian Currencies Rise on Outlook for Economic Growth in Region, Fed Policy

Asian currencies rose this week, led by South Korea’s won, on optimism funds will increase purchases of the region’s assets after economic data showed accelerating growth and the U.S. signaled rates will remain low.

The Bloomberg-JPMorgan Asia Dollar Index halted two weeks of declines as European Union leaders sought to resolve Greece’s debt crisis, shoring up appetite for higher-yielding assets. Taiwan’s economy grew more than initially estimated in the first quarter and Singapore raised its growth forecast for 2011.

Foxconn factory explosion in China kills two

An explosion at a Chinese factory owned by Foxconn has killed at least two people and injured 16, three of them seriously.

The incident happened on a production line for Apple's iPad 2 in Chengdu in the south-western province of Sichuan, according to local media reports.

Economic managers want Asian IMF chief

IT’S HIGH TIME that an Asian takes the helm at the International Monetary Fund (IMF), Philippine economic managers yesterday said in the wake of Dominique Strauss-Khan’s resignation.

The IMF managing director, in a May 18 letter released yesterday, said he was quitting to concentrate on fighting charges that he had sexually assaulted a hotel maid in New York.

Economic outlook: Asia

Much has been made of the ongoing inflationary issues affecting India, but this is a much wider concern with several government and central banks tightening policy again this month.

Declared earnings have been a mixed bag and JP Morgan pinpoints the consensus at around 14 per cent earnings growth in the region for 2011 and Asian valuations remain reasonable, trading close to mid-cycle historical valuations.

As China rises, geopolitical talks turn to the Asian economy and media

The economic power shift from West to East is changing priorities in the world’s geopolitical chess game, as ‘war on terror’ gives way to economic and political discussions in Asia.

As China and other new powers rise, foreign ministries, think tanks and international relations schools are focusing once again on interstate “grand strategy” in a way not seen since the Cold War.

Securing global economic security

Inflation is a significant factor of global economic security and has the innate capacity to upend carefully laid plans

Finding Work for Asia's Underemployed, Undertrained Women

The International Labor Organization (ILO), in a new report, paints an ugly picture of East Asia's economic rebound, and electronics manufacturers would do well to pay attention. The report, "Women and Labor Markets in Asia," found that women are twice as likely as men to be unemployed in Asia, and that global economic recovery is passing by Asia's female workforce.

"In some developing countries, particularly in East Asia, job growth is back, but the quality of jobs being created is a major concern," the ILO found. "In particular, 45 per cent of the vast productive potential of Asian women remains untapped, compared to just 19 per cent for Asian men."

Plans set for women and economy summit in S.F.

Plans are growing for an international economic gathering set for San Francisco later this year.

Organizers of the 21-nation Asia-Pacific Economic Cooperation "pre-summit" meeting said Thursday a centerpiece event will be Secretary of State Hillary Rodham Clinton's hosting of a "Women and the Economy Summit," with approximately 500 women from Asia and the United States in attendance.

Indonesia Refrains From Raising Key Interest Rate as Economic Growth Eases

Indonesia’s central bank kept interest rates unchanged for a third straight month to bolster slowing economic growth, relying on an appreciating currency to contain inflation.

Bank Indonesia kept its benchmark reference rate at 6.75 percent, it said in a statement in Jakarta today. The decision was predicted by all 10 economists surveyed by Bloomberg News.

Mind the gap: Asian income gulf shows economic model's flaws

(Reuters) - Asia should have a smile on its face. The region's economy is displaying resilience in the teeth of a structural rise in oil and commodity prices. Overheating is a greater threat than a swoon in growth.

Yet the tone of some officials' recent comments has been strikingly cautious, reflecting an awareness that Asia has failed to seize the chance during the past decade of strength to address long-standing vulnerabilities.

Gov. McDonnell, Virginia delegation on job creation, economic development mission in Asia

RICHMOND, Va. — Gov. Bob McDonnell and other Virginia officials are embarking on a job creation and economic development mission to Asia.

McDonnell’s office says the delegation began the 11-day trip on Friday. The group will meet with business leaders in Japan, China, and South Korea.

Indonesian GDP Shows Continued Strength

JAKARTA—Indonesia's economy continued to expand robustly in the first quarter, supported by rising investments, exports and healthy consumption, the government said, raising the possibility that the central bank may tighten monetary policy.

The official statistics agency said Thursday that Southeast Asia's largest economy grew 6.5% in the quarter ended March compared with the year-earlier period, and 1.5% from the previous quarter. The year-to-year figure was roughly what analysts expected, while the quarter-to-quarter growth was slightly slower.

Indonesia economy grows by 6.5% in the first quarter

Indonesia's economy has expanded by 6.5% in the first three months of the year, helped by strong growth in consumption and investment.

The figure was largely in line with what economists had expected.

Consumption, which accounts for two-thirds of South East Asia's largest economy, stayed buoyant between January and March.

Asia Stocks Fall on Concern U.S. Economic Recovery Waning; Bharti Slides

Asian stocks declined, dragging a regional benchmark index lower for a third day, as lower-than- forecast growth in U.S. service industries and jobs sparked concern the recovery in the world’s biggest economy is faltering.

James Hardie Industries SE (JHX), the largest seller of home siding in the U.S., and Billabong International Ltd., the world’s biggest surfwear maker, dropped at least 1.6 percent. Bharti Airtel Ltd., India’s largest mobile-phone operator, sank 3.2 percent in Mumbai after posting a worse-than-estimated decline in earnings. TPK Holding Co., the maker of touch screens for computers and hand-held devices, jumped 6.9 percent in Taipei after earnings that exceeded analysts’ estimates.

Japan passes budget for emergency earthquake relief

Japan's parliament has passed a 4tn yen ($49bn, £30bn) emergency budget for reconstruction following the 11 March earthquake and tsunami.

The bill, unveiled last month, passed the lower house on Saturday and was approved unanimously by the upper house budget committee early on Monday.

China manufacturing slows down in April

China's manufacturing growth slowed in April, according to official figures.

The country's purchasing managers' index (PMI), which is designed to provide a snapshot of conditions in the manufacturing sector, fell to 52.9 in April, from 53.4 in March