Toyota recalls 110,000 hybrid cars on safety concerns

The world's biggest carmaker Toyota is to recall more than 110,000 hybrid vehicles over concerns about a problem with the power supply circuit.

The Japanese carmaker said the recall involves the Highlander hybrid and Lexus RX400h models globally.

The vehicles could stop suddenly because of an electrical problem leading to a blown fuse, the company said in a statement.

Yuan Forwards Weaken as Global Slowdown Tames Inflation Outlook

Yuan forwards weakened, extending last week’s decline, as signs global economic growth is losing momentum damped China’s inflation outlook, easing appreciation pressure on the currency.

Premier Wen Jiabao said he’s confident China will keep inflation at or below 5 percent this year, although it will be difficult to meet the official target of 4 percent, according to a Radio Television Hong Kong report today. Wen also said economic growth may exceed 8 percent this year, compared with 10.3 percent in 2010, according to the report. Global commodity prices have fallen more than 8 percent in the past two weeks.

Samruk-Kazyna plans to acquire up to 25% in Alliance Bank, BTA Bank, Narodny Bank and Kazkommertsbank, advisor to Kazakhstan prime minister says

Samruk-Kazyna, a Kazakhstan state-owned fund, is planning to acquire up to 25% of the ordinary voting shares in the four largest banks in Kazakhstan, said Alexander Mirtchev, one of the directors of Kazyna Fund and advisor to the prime minister of Kazakhstan.

China is winning its price growth war, premier Wen says

Chinese premier Wen Jiabao has said that China can control inflation and maintain its robust growth.

Writing in the Financial Times newspaper, Mr Wen said "price rises will be firmly under control this year".

He said while the world is still recovering from the global financial crisis, new challenges have emerged.

Mr Wen said countries must 'co-operate closely' to deal with those risks.

Nissan forecasts profits fall after earthquake

Japanese carmaker Nissan has forecast a fall in profits this financial year, following March's massive earthquake and resulting tsunami.

It said net profit for the year to the end of March would be 270bn yen ($3.4bn; £2.1bn), a 15% fall on the 319bn yen the company made last year.

'China's Evian' seeks stock market listing

A mineral water company based in Tibet is seeking to raise up to HK$1.6bn ($205.3m) by listing in Hong Kong.

Tibet 5100 Water Resources says it will use the money to increase production capacity as it seeks to take market share from foreign rivals.

Sometime called China's Evian, its bottles cost five to six times more than other Chinese brands of mineral water.

Shanghai to ration electricity due to power shortage

Offices and shopping malls in the Chinese city of Shanghai will be urged to close their doors on the hottest days of the year this summer.

The power rationing is necessary due to the country's shortage of electricity.

The electricity grid serving China's financial hub does not have the capacity to meet peak demand the authorities say.

Japan exports drop more than expected in May

Japanese exports dropped more than expected in May, renewing worries about the pace of Japan's recovery from an earthquake and tsunami.

Exports fell 10.3% from a year earlier, the finance ministry said. Analysts were expecting a drop of 8.4%.

Power shortages and supply chain issues in manufacturing continue to disrupt production and hurt overseas sales.

Tokyo Electric stock surges after approval of rescue plan

(CNN) -- Japan's beleaguered Tokyo Electric Power Co. received some rare good financial news Wednesday as its stock soared 32% after the government approved a rescue plan a day earlier.

TEPCO shares added 80 yen to close at 329 yen.

Speculators were in a buying mood after Japan's government approved the rescue plan for the owner of the crippled Fukushima Daiichi Nuclear Plant. The plan also must be approved by the Japanese parliament.

S&P lowers outlook on China property

(FT) -- The outlook for the Chinese property development sector was downgraded to negative by Standard & Poor's on Wednesday, as the rating agency pointed to worsening credit conditions and the likelihood of a fall in transaction volumes.

The downgrade comes as analysts warn of a potential impending "price war" among property developers starved of cash by Beijing's efforts to rein in the red-hot residential property sector

China's property rating downgraded on tightening credit

Rating agency Standard & Poor's has downgraded its outlook for China's property market from stable to negative due to the country's tightening credit policy.

The agency said as credit becomes more restricted there was a possibility of a downturn in the sector.

China inflation at 34-month high on rising food prices

Inflation in China hit its highest level in 34 months despite the government's efforts to rein in rising prices.

Consumer prices in China rose by 5.5% in May, compared with the same month last year, according to the National Bureau of Statistics.

Food prices continued to be the biggest factor as they surged by 11.7%

India to lead global economic growth: OECD

NEW DELHI: India is poised to register strong economic growth in 2011 that will offset the impact of slowdown in some developed economies, Secretary General of the Organisation for Economic Cooperation and Development (OECD) Angel Gurria said Monday.

"The prospects of growth of Indian economy is pretty strong. It played a substantial role in global recovery... It is helping average growth of the global economy look good," Gurria said while addressing a joint press conference with Finance Minister Pranab Mukherjee here.

World Economic Forum on East Asia opened in Indonesia

JAKARTA, June 12 (Xinhua) -- The World Economic Forum on East Asia was officially opened in Indonesia's capital city of Jakarta on Sunday by President Susilo Bambang Yudhoyono, in which he stressed the importance of Asian strength in helping the world in sustaining a strong and sustainable economic growth.

Yudhoyono said that Asia's moment has come with a much brighter future lying ahead. "But we cannot take these things for granted."

China to develop N. Korea trade zones

(FT) -- China has broken ground on two economic development zones in North Korea, in a tentative sign that the secretive Leninist state is warming to Chinese-style economic reforms.

China's commerce ministry said on Thursday the countries would develop two "government-led, enterprise-based and market-oriented" economic zones close to the Chinese border.

Asia's inflation to stay hot as economy cools: World Bank

(Reuters) - Growth in most of Asia will cool this year because of tighter credit conditions and a slowdown in advanced economies, although inflation may take longer to subside, the World Bank said in a report on the global economy on Wednesday.

After a torrid 2010, some moderation was welcome in order to ease food and energy price pressures that hit low-income households especially hard, the World Bank said.

Tepco shares plunge to record-low on future concerns

Shares of Tokyo Electric Power Company (Tepco) have plunged to a record-low on the Tokyo Stock Exchange.

The company's shares nosedived by as much as 28% after news reports that the company was expected to report a loss of $7bn (£4.7bn) in the current financial year.

Nintendo server attacked by hacking group Lulz Security

Nintendo has become the latest company to suffer an online security breach due to an attack by hackers, Lulz Security.

The Japanese game company said that a server of one of its affiliates in the US was attacked by the group some weeks ago.

Lulz Security is the same group that attacked the websites of Sony over the past few weeks.

Biggest change yet to come as tiger economies roar back Read Biggest change yet to come as tiger economies roar back

THE world economy is returning to normal, dominated by Asia, after an aberration of a few hundred years. But for Australians, it will not feel anything like normal.

For the past 2000 years, it was normal and natural that Asia made up most of the world economy. When Christ was born, three-quarters of the globe's economic activity took place in Asia.

Asia: Besieged by political and US economic gloom

LONDON (SHARECAST) - Uncertainty about the future of Japan’s Prime Minister Naoto Kan sent stocks in Tokyo sharply lower on Thursday.

Naoto Kan indicated that he would resign once the country's post earthquake crisis was over. He later survived a no-confidence vote after offering to step down.

Asia: Besieged by political and US economic gloom

LONDON (SHARECAST) - Uncertainty about the future of Japan’s Prime Minister Naoto Kan sent stocks in Tokyo sharply lower on Thursday.

Naoto Kan indicated that he would resign once the country's post earthquake crisis was over. He later survived a no-confidence vote after offering to step down.

O’Malley hopes Asia trip a boon for Md. economy

Maryland Gov. Martin O'Malley’s trip to Asia will cost taxpayers more than $80,000, but officials hope the economic-development mission will bring far greater benefits to the state.

Mr. O'Malley, a Democrat, is one of 68 state officials, educators and business leaders who departed Tuesday for a 10-day tour of China, South Korea and Vietnam to encourage trade and business opportunities in Maryland.