Fitch warns it may downgrade China's yuan debt rating

Credit ratings agency Fitch has warned that it may cut China's yuan debt rating on concerns of rising defaults.

Fitch's current rating for China's yuan-denominated debt stands at AA-.

The warning comes after Fitch revised its outlook on China's local currency debt from "stable" to "negative" in April this year.

Indian GDP growth slows to 7.7%

India's economy grew 7.7% in the three months from April to June, compared with the same period of 2010.

It was India's weakest growth for six quarters, but still better than had been expected.

The gross domestic product (GDP) growth figure from the finance ministry compares with the annual rate of 7.8% in the first three months of the year.

Philippines economic growth slows more than expected

The Philippines economy slowed more than expected in the second quarter, as weak demand in key markets hurt the country's manufacturing sector.

Growth was 3.4% in the three months to the end of June compared with the same period last year. That is down from annual growth of 4.6% in the previous quarter.

Japanese and South Korean factory outputs slow in July

Manufacturing activity in two of Asia's biggest economies has slowed raising fresh concerns about global economic recovery faltering.

Factory output in Japan rose 0.6% in July, compared with the previous month, much lower than the 3.8% increase in June.

Tesco bids sayonara to 'unscalable' Japan business

Tesco has announced that it intends to sell off its Japan business after eight years trying to break into the market.

The firm owns 129 small stores in the Greater Tokyo area, half of which it says are profitable.

"We have concluded that we cannot build a sufficiently scalable business," said chief executive Philip Clarke.

Sinopec shares jump 5% on better-than-expected earnings

Shares of China Petroleum & Chemical Corp (Sinopec) jumped at the Hong Kong Stock Exchange after the company reported better-than-expected earnings.

Sinopec's shares closed 6.6% higher on Monday after it reported a net profit of 41.2bn yuan ($6.4bn; £3.9bn) for the first six months of the year.

Asia to lead global economy out of crisis

Although the world economy has been dragged down by the European and U.S. debt crises, China's exports reached a record 175.1 billion U.S. dollars in July, with an increase of 20 percent from a year earlier, after dropping four consecutive months. The exports of India and some other countries have also increased significantly, and even Japan is showing signs of recovery.

Yoshihiko Noda wins Japan leadership race

Japan's governing Democratic Party (DPJ) has chosen Finance Minister Yoshihiko Noda as its leader, lining him up to become the country's sixth prime minister in five years.

Mr Noda secured victory in a run-off against Trade Minister Banri Kaieda, after a first-round vote in which no candidate won a clear majority.

Japan PM Naoto Kan announces resignation amid criticism

Japan's beleaguered Prime Minister Naoto Kan has announced his resignation, clearing the way for the country's sixth leader in five years.

Mr Kan has been criticised for failing to show leadership after the devastating 11 March earthquake and tsunami, and ensuing nuclear crisis.

Carmaker BYD's shares drop as profit outlook is trimmed

BYD, the Chinese carmaker backed by Warren Buffett, has seen its shares tumble after analysts cut the firm's earnings outlook.

Shares lost 8.2% in Hong Kong, closing near a two-and-a-half year low.

BYD has lost more than a quarter of its market value this week after its earnings fell 89% and it issued a profit warning.

Japan consumer prices rise in wake of high energy costs

Core consumer prices, which do not include the price of food, rose 0.1% from the same month last year, official figures from the statistical bureau showed.

Japan has been fighting falling prices amid slowing consumer demand.

However, analysts said the latest data is unlikely to end the country's fight against deflation.

Bank of China profits jump 30%

China's third biggest bank, Bank of China, has reported a 28% rise in profits for the first half of 2011.

Profit after income tax was 70.1bn yuan ($11bn;£6.7bn), compared with 54.4bn yuan in the same period a year earlier.

BHP Billiton profits jump as commodity prices rise

Mining giant BHP Billiton has reported a big jump in annual profits thanks to soaring prices for commodities.

The firm recorded a profit of $23.6bn (£14.3bn) for the year to 30 June, up from $12.7bn a year ago.

The price of commodities has been pushed higher in recent years because of strong demand from emerging economies, and BHP said it expected this trend to continue.

Apple's Asian rivals see stock lift as Steve Jobs quits

Apple's two main rivals in Asia got a lift in their share price after Apple boss Steve Jobs stepped down.

Taiwan-based phone maker HTC rose 1.3%, while South Korea's Samsung Electronics gained 2.4%.

The firms compete with Apple in the smartphone and tablet-PC sector, and have been involved in legal battles with Apple over patent rights.

Japan opens $100bn fund to help firms beat yen strength

The Japanese government has announced a new $100bn (£61bn) fund to help companies combat the strength of the yen.

The Ministry of Finance said the fund will help firms expand their overseas operations and secure energy resources.

The move comes as the yen hovers near record levels against the US dollar.

Moody's cuts Japan's debt rating on deficit concerns

Rating agency Moody's has cut Japan's long-term sovereign debt rating, citing concerns about the size of the country's deficit and borrowing levels.

The rating was cut to Aa3 from Aa2, though Moody's also said the country's outlook was stable.

Japan, the world's third-largest economy, has the highest public-debt level amongst developed economies.

Asia’s Economic Institutions Need Place on Global Stage

With no clear leader and few strong incentives for deep integration, Asian cooperation for the foreseeable future is likely to be intergovernmental, with little pooling of sovereignty to create supranational institutions or agreements on common rules and disciplines.

As Asia’s weight in the world economy grows, however, its interests will also be served by a strong commitment to global institutions. Asia is unlikely to see the institutionalization or pooling of sovereignty that occurred earlier in Europe as the region lacks the same incentives for doing so. Tariffs on goods are now relatively low as governments have reduced barriers through spontaneous unilateral liberalization, but sensitivities remain to giving up some sovereignty necessary for deeper integration — even within Asean, the default leader. The China-Asean Free Trade Agreement, however, created incentives for other large economies to counter potential discrimination with similar deals of their own.

European stocks rally as economy worries remain

LONDON — European stock markets rallied Tuesday following gains in Asia and overnight on Wall Street, although gains were capped by weak German data and lingering fears about a return to recession.

Analysts said that sentiment could quickly reverse direction, noting that investors again piled into safe-haven gold amid worries for the global economy, sending the precious metal above $1,900 an ounce for the first time.

Asian stocks dip as global economic growth fears return

Asian stocks have fallen after fears about a global economic slowdown were fanned by weak US data.

South Korea's Kospi dropped 6.2%, Japan's Nikkei 225 fell 2.5% and Australia's ASX shed 3.5%.

Investors are worried global growth is slowing more than first thought, and are concerned that major economies are heading back into recession.

All aboard for Asia's bumpy decade ahead

As investors ponder a re-run of the GFC, Reserve Bank officials were last week warned of the potential for another AFC - Asian financial crisis.

Distinguished Peking University economists, Yiping Huang and Bijun Wang, presented a paper at the bank's annual closed-door conference that assessed Asia's economic performance over the past decade and looked ahead to the prospects for the next 10 years.

Japan's Economy Shrinks Less Than Expected on Quake Rebuilding

Aug. 15 (Bloomberg) -- Japan's economy contracted less than economists estimated in the second quarter as reconstruction work limits the slump from the record earthquake and tsunami on March 11.

Gross domestic product shrank at an annualized 1.3 percent rate in the three months ended June 30, marking three consecutive quarters of declines, the Cabinet office said today in Tokyo. The median forecast of 25 economists surveyed by Bloomberg News was for a 2.5 percent drop.

Women And Economy In Central Asia

More than 200 women entrepreneurs, policy makers, educators and civil society leaders met in Bishkek, Kyrgyzstan, recently, to discuss economic opportunities.

More than 200 women entrepreneurs, policy makers, educators and civil society leaders met in Bishkek, Kyrgyzstan, recently, to discuss economic opportunities for women in Central Asia and Afghanistan. U.S. Ambassador-at-Large for Global Women's Issues Melanne Verveer and U.S. Assistant Secretary of State for South and Central Asia Robert Blake addressed the group to regarding strategies to take women in business to the next level.

GLOBAL MARKETS-Asia stocks slide as economy fears rattle markets

By Alex Richardson

SINGAPORE, Aug 3 (Reuters) - Asian stocks fell more than 2 percent and gold sat near a record above $1,660 an ounce on Wednesday, with fears increasing that Washington's efforts to cut spending will slow growth at a time when global factory output is already stagnating.

Analysis: Asia decoupling? Not without more help from China

(Reuters) - Asia's best hope for insulation against a worsening economic outlook in the United States and Europe rests on China, and it may not be willing or able to do the job.

With inflation running at a three-year high, Beijing has pulled every lever at its disposal to try to brake economic growth, yet price pressures persist. That argues against a repeat of 2008, when China ramped up government spending to counter the global recession, buoying Asia and the world.