Shell refinery fire in Singapore contained

Royal Dutch Shell said a fire that broke out at a refinery in Singapore - its biggest globally - has been contained.

The fire started on the plant on Bukom island, five kilometres off Singapore, on Wednesday and affected a unit that helps make diesel fuel.

US trade body to probe HTC's Apple technology complaint

A US trade watchdog will investigate a claim by Taiwanese phone firm HTC that its rival Apple has infringed its patents.

HTC filed the complaint with the US International Trade Commission (USITC) in August.

It is one of three that HTC has filed against Apple.

Shanghai train crash injures 200

A Shanghai subway train has hit the rear end of another train, injuring at least 200 passengers, the train company says.

Most of the injuries were slight, Shanghai Shentong Metro Group Company said after the incident on Line 10.

It happened after signal system failure at one station, China's official Xinhua news agency reported.

Japan's ruling DPJ party outlines plans for quake-tax

Japan's government and the ruling Democratic Party (DPJ) have agreed to temporarily raise taxes to pay for reconstruction after the deadly March earthquake.

The plan to raise 9.2tn yen ($120bn; £77bn) needs approval by the DPJ's coalition partner and the opposition party.

Gold dispensing ATMs arrive in China

(CNN) – China’s wealthy now can get up to 2.5 kilograms of gold via ATMs in the city’s upscale clubs and private banks, state media reported.

The machines made their debut in a Beijing shopping district on Sunday, according to AFP. Limit for maximum withdrawal is set at 1 million yuan, or about $157,000 worth of gold. Cash or credit card accepted.

South Korea and Indonesia move on currencies

The Bank of Korea has become the latest central bank to step into the money markets in a bid to stabilise its currency.

The Korean won has declined by 10% against the US dollar in the past month, and the bank said it was taking appropriate steps to stem the falls.

The move follows a similar action by the Indonesian central bank on Thursday to shore up the rupiah.

Mongolia eyes 50% stake in key Oyu Tolgoi project

Mongolia is seeking greater control of one the biggest mining projects in the country, which is being developed by Rio Tinto and Ivanhoe Mines.

The government said it wants to raise its stake in the Oyu Tolgoi project to 50% from 34%.

According to the original contract signed in 2009, Mongolia can increase its stake only after 30 years.

China's Economic Expansionism

Throughout history, generals have tended to prepare for the next war by fighting the last one, failing to take into account the fact that circumstances seldom remain constant.

In this vein, a top U.S. defense official recently warned that China’s military buildup is “potentially destabilizing” in the Pacific. Michael Schiffer, the deputy assistant secretary of defense for East Asia, made this comment at a news briefing about a report, titled “Military and Security Developments Involving the People’s Republic of China 2011,” that is submitted every year to Congress. While Pentagon officials may be pre-occupied with China’s military expansion, I’ve never regarded China as a military threat, particularly when the country has another, peaceful way to extend its influence throughout the world — by using its cash!

China hits out at US deal on Taiwan F-16 fighters

China has reacted angrily to a US deal to upgrade Taiwan's ageing fleet of US-built F-16 fighter planes.

Vice-Foreign Minister Zhang Zhijun said the $5.85bn (£3.77bn) deal would "inevitably undermine bilateral relations", including military and security co-operation.

He also summoned US Ambassador Gary Locke to protest against the deal.

South Korea and Indonesia move on currencies

The Bank of Korea has become the latest central bank to step into the money markets in a bid to stabilise its currency.

The Korean won has declined by 10% against the US dollar in the past month, and the bank said it was taking appropriate steps to stem the falls.

China 'losing edge' as low-cost manufacturer, says KPMG

China is losing its edge as the world's cheapest place to manufacture goods, a new report suggests.

Indonesia and Bangladesh are benefiting most as rising costs in China force firms to switch production, it says.

The report by consultants KPMG says that minimum wage levels in China are now four times greater than other places in South and South East Asia.

Manchester United get approval for Singapore share sale

Manchester United have received approval to float the company on the Singapore Stock Exchange.

The club wants to raise $1bn (£635m) to pay off some of its debts by selling about 25% of the parent company's shares.

United want to complete the process, which is known as an initial public offering (IPO), by the end of the year.

India raises interest rate to fight inflation

India's central bank has raised interest rates for the 12th time in 18 months to try to curb inflation.

The Reserve Bank of India raised the policy lending rate, called the repo rate, by 25 basis points to 8.25%.

India has been struggling to contain inflation which is at a 13-month high of 9.78%.

Global shares rise on central banks' loan move

European shares have risen further, following gains in Asia, as markets continue to react to Thursday's news of emergency measures by central banks.

Frankfurt's Dax was up 1.1%, London's FTSE 100 rose 0.7% and the Cac 40 in Paris added 0.6% by mid-afternoon.

Earlier, Japan's Nikkei 225 index had risen 2.3% and South Korea's Kospi index gained 3.7%.

Ageing populations could hurt Asian growth, says ADB

Fast aging populations in Asian countries need to be properly managed, to ensure future growth said the Asian Development Bank (ADB).

In its outlook update report, the ADB said structural reforms were needed in coming years.

The bank also cut its growth forecast for developing Asia to 7.5% in 2011, from its earlier projection of 7.8%.

Chinese Premier says country cannot grow in isolation

Chinese Premier Wen Jiabao has said the country cannot grow in an isolated way, and it will look to develop global and domestic growth.

He added that more open economic and trade policies would help it and the wider world.

Premier Wen said that he was confident the US and Europe would fully recover from their current economic problems.

Australian PM Julia Gillard presents carbon tax bill

Australian Prime Minister Julia Gillard has presented her bill for a controversial carbon tax to parliament.

The legislation would force about 500 of the biggest polluters to pay for each tonne of carbon dioxide they emit.

The tax is central to the government's strategy to combat climate change, but the opposition say it will cause job losses and raise the cost of living.

Rugby World Cup 'to boost New Zealand by $1.2bn'

The Rugby World Cup will boost New Zealand's economy by as much as $1.2bn (£756m) in the long run, according to a report by MasterCard.

It said it expected rugby-related spending by overseas visitors to total $654m during the event.

New Zealand's economy will also benefit from increased business activity and tourism, the report said.

London to 'develop as Chinese yuan trading hub'

China and the UK are to develop an offshore trading hub for the yuan based in London.

UK Chancellor George Osborne confirmed the agreement after meeting with Chinese vice-premier Wang Qishan in the UK.

"We agreed to collaborate on the development of renminbi-denominated financial products and services in London," he said.

China rich list topped by construction magnate

A former weapons plant manager has topped an annual list of China's richest people.

Liang Wengen, 55, chairman of construction firm Sany was at the summit of the Hurun Rich List, with a doubling of the company's share price sending his fortune to $11bn (£7bn).

The number of US-dollar billionaires increased to 271 this year, up from 189 in 2010.

Indian PM Manmohan Singh in 'historic' Bangladesh trip

Indian Prime Minister Manmohan Singh has begun a visit to Bangladesh during which he is expected to sign major border security and trade deals.

It is the first visit by an Indian prime minister in 12 years and is being seen as a landmark in relations.

Correspondents say the two-day trip is partly aimed at countering growing Chinese influence in the region.

China manufacturing sees first expansion in four months

Manufacturing activity in China expanded for the first time in four months despite concerns of a slowdown in its key markets.

China's Purchasing Managers Index (PMI) rose to 50.9 in August from 50.7 the previous month, the China Federation of Logistics and Purchasing (CFLP) said.