Japan's industrial output dips 4% on yen and flooding

Japan's industrial production fell in November, pulled down by a strong yen, weak global demand, and after flooding in Thailand damaged many suppliers.

China's fiscal deficit to fall in 2012: source

(Reuters) - China's central government will run a smaller fiscal deficit in 2012, according to a report by local media.

Japan and India eye new currency swap agreement

Japan and India are set to unveil a new currency swap agreement aimed at easing potential short-term liquidity problems.

China's Mengniu says destroys tainted milk

(Reuters) - China Mengniu Dairy Co Ltd, the nation's biggest dairy firm, said it had destroyed milk found to be contaminated with a cancer-causing substance, the latest food safety problem to hit the country's dairy industry.

Japan, China look to trade talks, debt buys

(Reuters) - Japan and China agreed to start formal talks early next year on a free trade pact that would also include South Korea, Japanese Prime Minister Yoshihiko Noda said on Sunday after talks that showed the deepening bonds between Asia's two biggest economies.

Chinese scientist Huang Kexue jailed for trade theft

A Chinese scientist who admitted to stealing trade secrets from two US firms has been sentenced to more than seven years in prison.

Japanese exports fall on strong yen and euro troubles

Japanese exports have fallen again as demand for the country's goods continues to suffer.

Trade Deficit Would Test Beijing

SINGAPORE — China could record a rare trade deficit next year, which would test both Beijing’s resolve to go slowly on easing monetary policy and its trading partners’ ability to adapt.

China's house prices fall amid curbs

House prices in most Chinese cities have fallen as government policies aimed at cooling the property market start to take effect.

US the loser in Asia push

In his remarks to the Australian parliament on November 17, President Barack Obama declared that the United States was making the Asia-Pacific region a top priority. While promising a continued US military presence in the region, Obama also expressed his intention to strengthen US-China cooperation.

China's Economy At A Turning Point

All this year, the drumbeat with respect to China’s economy has been consistent. As the economies in Europe and the United States — China’s two largest export markets — have continued to struggle, and China has tightened credit in its war against inflation, the China economy has been slowing noticeably.

Hong Kong 'most developed' financial market, says WEF

Hong Kong is the world's most developed financial market, according to a World Economic Forum report, overtaking the US and the UK for the first time.

Chinese Economy Likely To Remain Resilient: Capital Economics

(RTTNews.com) - The Chinese economy is set to remain resilient helped by the strength of the country's stable international trade, despite increasing risks of slowdown, Mark Williams and Qinwei Wang, economists at Capital Economics, said in a note Monday.

Samsung to sell Galaxy tablets in Australia

Australia's High Court has lifted a ban on the sale of Samsung's Galaxy tablet in the country in time for the Christmas shopping season.

China's inflation rate falls to 4.2% in November

China's rate of inflation has fallen in November to its slowest pace in 14-months.

Japan Machinery Orders Unexpectedly Slide on Strong Yen, Global Slowdown

Japan’s machinery orders unexpectedly fell for a second straight month in October, signaling that a slowing global economy and the strong yen are prompting companies to postpone investment.

China warns of 'severe challenges' to exports to West

China faces "severe challenges" to its exports due to economic difficulties in key Western markets, the country's commerce ministry has warned.

Jeweller Chow Tai Fook launches Hong Kong share sale

Jeweller Chow Tai Fook says it aims to raise up to HK$22bn ($2.8bn) by going public on the Hong Kong stock exchange.

Mallya plays down Mumbai Airports' cash-and-carry decision

Playing down the Mumbai Airport decision asking Kingfisher Airlines to operate under cash-and-carry mode from Saturday, promoter Vijay Mallya on Friday said there was nothing 'big' about it and the airline would fly full schedule.

China non-manufacturing sector contracts

China's non-manufacturing sector contracted in November, according to the latest data, as Beijing begins to ease its monetary policy amid signs of a slowdown in the world's second largest economy.

Minister: Japan corp governance on par with US

TOKYO (AP) — Economy Minister Yukio Edano defended Japan's corporate governance practices Friday amid an ongoing accounting scandal at Olympus Corp. that has tainted the country's image.

Thai Corporate Bond Offerings Plunge 91% in November as Floods Curb Growth

Thai companies sold the least amount of baht-denominated bonds in November since January 2008, as the nation’s worst flooding in almost 70 years curbs growth and saps demand from private investors.

Bounce - and drop

MONTREAL - Asian equity markets were down sharply last week, and volatility was very highly (0.91) correlated with the extent of individual indexes' move.

President Obama: New Asia Policy is like the Old Policy, Japan beware

The government of Japan should take a step back and think wisely before following the “containment” policies of President Obama of America towards China.

China's economy to rise at slower pace in 2012

BEIJING: China's economy is expected to grow at a rate of 8.5 percent in 2012, which is a slower pace than 2011, said an official of a Chinese government think tank.

Cash-strapped carriers seek PM's intervention to face crisis

Cash-strapped Indian airlines on Saturday sought Prime Minister Manmohan Singh's intervention to help them face the ‘bad operating climate’ and come out of the deep financial crisis.

Asia stocks muted after poor German debt auction

BANGKOK (AP) — Asian stock markets edged higher Thursday as speculation that China might ease its monetary policy soothed fears that the German economy — Europe's strongest — may be succumbing to the continent's debt crisis.

The World Bank says weak demand has hit Asian economies

Growth in the developing economies of East Asia is moderating because of weakening external demand, said the World Bank in a report.

Indian jitters over freefalling rupee

India's rupee, Asia's worst performing currency this year, could be bound for 'uncharted waters,' analysts say, as fears about eurozone debt and a slowing economy pump demand for the dollar.

Asia Stocks Fall on U.S. Budget Impasse, Weaker Economic Growth

Asian stocks fell for a fifth day, the longest streak in almost four months, amid concern economic growth in Asia is slowing and U.S. lawmakers may fail to agree on measures to cut the nation’s budget deficit.

Obama’s Weekly Address: Asia Pacific Region Vital to US Economic Growth

Following his nine-day trip through the Asia-Pacific, President Obama argued the region is vital to creating jobs back home and “building an economy that lasts.”

Why the Japanese state is more solvent than you think

Is Japan bust? Will it be the next Greece? The next Italy? I looked at this very briefly last week (How the euro-crisis could affect your investments) but I think the answer is a pretty clear no.

Japan farm radioactive levels probed

The findings provide the first comprehensive estimates of contamination across Japan following the nuclear accident in 2011.

China Shock of 5% Growth Seen Deferred by Manufacturers’ Inland Migration

Guangzhou Constant Shoes Co. is set to abandon Guangdong, the southeastern province at the center of China’s exporting boom since the 1980s, by shifting most of its production 500 kilometers (311 miles) inland.

Asia-Pacific leaders to cut taxes on green goods

Asia-Pacific leaders representing more than half of the global economy committed Sunday to cutting tariffs on environmental goods to no more than five percent and reducing energy intensity.

US urges Asia to help save global economy

The United States urged Asia to do more to stimulate growth to offset the eurozone crisis, ahead of a summit in which Washington is seeking to shape the rules for the emerging Pacific region.

Asia economy at risk, Fed official says

Asia's economy has improved, but continued sluggishness in the U.S. labor market as well as Europe's financial woes threaten recovery — which could mean serious implications for Hawaii tourism.

Asia stocks mostly up on Italian news, China data

SYDNEY (MarketWatch) — Asia markets traded mostly higher on Wednesday, as cooling inflation in China gave some banking and property shares a boost, and investors cheered plans by Italian Prime Minister Silvio Berlusconi to resign as a step toward resolving crippling debt problems in Europe.

Eurozone crisis: What it means for East and West

Eurozone leaders have brought their begging bowl to China, looking for help in boosting their bailout fund. So what does this say about the shift in the global balance of power?

Asian shares up after Greece vote U-turn

Asian markets rose Friday as Greece scrapped plans for a national vote on last week's eurozone rescue package, which had drawn condemnation and shocked world markets.

Oil hovers above $94 in Asia amid signs of US economy improving

Oil prices hovered above $94 a barrel Friday in Asia amid signs the U.S. economy may be improving.

Some 335,000 tons of oil products delivered to Tajikistan in Jan-Sep 2011

Over the first nine months of this year, some 335,000 of oil products have been delivered to Tajikistan, according to the Ministry of Energy and Industries (MoEI).

Pakistan grants India 'most favoured' trade status

Pakistan's cabinet has unanimously approved the award of "most favoured nation" trading status to India.

Central bank finally takes knife to rate

Australia's central bank lowered its benchmark interest rate yesterday for the first time since April 2009 as inflation eases and weaker global growth threatens to slow the nation's resource-driven economy.

China-US trade ties too important to fear

President Barack Obama joked during Chinese President Hu Jintao's state visit to the United States in January that his nation wants to sell China "all kinds of stuff" but significant impediments to a freer and more fruitful trade relationship remain - on both sides.

Asian stocks surge

Asian stocks put in a strong performance over the past five days, posting their best week since early May 2009 and driving the bellwether MSCI Asia Pacific Index up 7.4% to 124.54 as of early afternoon Tokyo local time on Friday, with high volatility across the region.

Asia Currencies Jump Most Since 2009, Led by Won, as Europe Combats Crisis

Asian currencies strengthened this week by the most in more than two years, led by South Korea’s won, after European leaders agreed measures to tackle a debt crisis that drove investors from emerging-market assets.

Lessons From Li Ning's China Stumble

The ongoing turmoil at Li Ning, China’s leading sporting-goods company, holds important lessons for Chinese as well as foreign companies about how to win in the country’s rapidly growing and constantly changing market.

Oil above $US88 amid signs of Asia economic strength

OIL prices rose above $88 a barrel today in Asia amid signs of resilience in the economies of Japan and China.

Myths About China and India's Africa Race

The two Asian giants are focusing on Africa as never before, write columnists Anil K. Gupta and Haiyan Wang, leading to many misconceptions about the role Chinese and Indian companies are playing there

India cabinet approves manufacturing push

India's cabinet has approved a major new policy to develop national manufacturing.

Thailand floods: Crisis 'to last four to six weeks'

Thailand's worst flooding in decades is set to last another four to six weeks, the country's prime minister has said.

Powerful earthquake strikes poor eastern Turkey

Istanbul, Turkey (CNN) -- As night fell over eastern Turkey on Sunday following the most powerful earthquake in at least a decade, citizens were using flashlights and shovels as they clambered over the rubble of collapsed buildings looking for survivors.

Japan approves $157bn quake budget for reconstruction

Japan's government has approved a 12.1tn yen ($157bn; £100bn) budget for the reconstruction of areas devastated by the earthquake and tsunami. 

The extra budget is the latest effort by authorities to stimulate growth in the Japanese economy, which is currently in recession.

A part of the budget will also be used towards measures to help businesses counter the rising yen.
The budget will be presented to parliament next week.

This is the third extra budget introduced by the government this year after taking the size of the overall budget to a record 106.4tn yen.
Delayed implementation The proposal is the second-biggest extra budget ever approved by the Japanese government.

It comes after a 4tn yen supplementary budget in May and a 2tn yen special budget in July.
However, analysts said that although the government had been quick in sanctioning extra money, its impact had yet to be noticed.

"So far, we haven't seen any strong evidence of increase in public works projects," Takuji Okubo of Societe Generale told the BBC.

Mr Okubo added that the delay in implementation of plans was due to a lack of political will.
"Former prime minister Naoto Kan lingered on in his position and wasted precious time just pondering what to do with the money," he said.

Yen trouble The government said it will use almost 2tn yen from the extra budget to implement measures to keep the yen's price in check.

The move comes amid concerns over the long-term future of the manufacturing sector in the country as the Japanese currency continues to strengthen, despite recent efforts by the authorities to stem its rise.
Global economic uncertainty has seen investors flock to the yen, traditionally seen as a safe asset, sending the currency to record highs against the US dollar.

It was trading close to 76.78 yen against a US dollar in Asia trade on Friday.
A strong currency hurts Japanese exporters by not only making their goods more expensive but also denting their profits.

According to a recent survey by the government, 46% of big Japanese manufacturers said they would consider shifting their production oversees if the yen remained as high as current level for six months.
Any such moves by the big exporters could have a big impact on the country's economic growth.

Source: www.bbc.co.uk

Lessons From Li Ning's China Stumble

Companies can learn from the Chinese sporting-goods maker's failed attempt to reposition itself as an upscale brand, say columnists Anil K. Gupta and Haiyan Wang

 

The ongoing turmoil at Li Ning, China’s leading sporting-goods company, holds important lessons for Chinese as well as foreign companies about how to win in the country’s rapidly growing and constantly changing market. Founded in 1989 by the famous gymnast of the same name, Li Ning has established itself as a solid No. 2 in China’s sports footwear and apparel market—behind Nike (NKE) but just ahead of Adidas. With an unbroken record of rapid growth in both sales and profits, the company delivered 2010 revenue of more than $1.5 billion and aftertax profits of more than $170 million.
Over the last 12 months, however, Li Ning has stumbled badly, largely as a result of a major brand repositioning in mid-2010 that has gone awry. In the first half of 2011, the company’s revenues declined, in stark contrast to an average annual growth of more than 30 percent during the previous 10 years. In the 18 months to June 30, 2011, Li Ning’s stock price dropped by 55 percent, compared with a 20 percent gain for its downscale Chinese rival Anta  and 36 percent and 45 percent gains, respectively, for the global giants Nike and Adidas.
Li Ning’s missteps centered around an attempt to take its flagship brand upscale. Accompanied by a revamped logo and a new ad campaign (“Make the change”), the company hiked prices and started shifting its distribution focus from lower-tier markets to first-tier cities such as Beijing and Shanghai. These moves failed to attract brand-conscious youngsters who were happy to spend a bit more to buy Nike or Adidas. Worse, the price hikes gave Anta an opening to steal value-conscious customers away from Li Ning.
The Li Ning episode yields several important observations about the quest for the hearts, minds, and wallets of Chinese customers.

Two Economies

First, it is useful to think of China as two economies—China-1 (comprising most consumer goods and services such as sportswear, personal care products, food and beverages, fast food, and retailing) and China-2 (comprising many “strategic” industries such as steel, airlines, telecoms, financial services, and energy).
In China-1 industries, competitive battles are won or lost largely by the logic of the market. In these industries, who emerges as the market leader depends on company-specific advantages, strategic smarts, and timing. Depending on the context, victory could easily go either way: to a global giant or a Chinese champion. Nike is the favorite of Chinese customers in sports shoes and apparel. Procter & Gamble dominates fast-moving consumer goods, and Yum! Brands  is the clear leader in fast foods. In contrast, Haier dominates the home appliance sector and, in electronics retailing, the market leaders are the Chinese companies Gome and Suning rather than Best Buy .
China-2 industries are an entirely different story. In these industries, the government has an explicitly stated goal to help domestic companies emerge as first national and then global champions. Foreign companies face a tough challenge from state-owned or state-supported Chinese players. Often the best option for multinationals in these industries is to partner with Chinese players while lobbying (through their governments) for open markets. The wind turbine industry—where the Chinese company Goldwind has rapidly moved ahead of General Electric  and Denmark-headquartered Vestas—is a classic example of a China-2 industry.
Because the competitive dynamics differ radically across China-1 vs. China-2, it is important for corporate leaders as well as analysts to take note of the type of industry the company competes in.

Multi-Segmented Industries

Second, as the Chinese economy continues to power ahead, most industries are becoming even more multi-segmented than before. At the upper end, China is creating billionaires, millionaires, and the merely affluent in larger numbers than any other country. Even the top 2 percent wealthiest people in China add up to nearly 30 million—a large and very diverse customer base. At the lower end, the next 10 years will see about 150 million people move up from poverty to lower middle income status. Their buying power and needs will be very different from those of their less as well as more fortunate compatriots.

Li Ning was justified in wanting to compete not just in the mid- and low-tier segments (with its Li-Ning and Z-Do brands, respectively) but also the upper end of the market. It stumbled because it pursued an ill-conceived strategy to do so. Companies such as Nike and Adidas face a reverse challenge. They are well-positioned at the top end; however, given the multi-segmented nature of China’s market, they must figure out how to compete effectively against players such as Li Ning and Anta in the mid- and low-tier segments without diluting the brand cachet at the top end.

A Recipe for Disaster

Third, trying to reposition a solid mid-tier brand as an upscale brand is nearly always a recipe for disaster. Brand cachet is a far more important attribute at higher levels on the price spectrum. By definition, an established mid-tier brand does not have the cachet needed to attract brand-conscious customers at the top end. Trying to reposition the mid-tier brand is thus tantamount to competing without competitive advantage.
Companies such as Li Ning need to draw lessons from the strategies of other mid-tier players such as Tata Motors, Geely, and Toyota. It is hard to imagine how any of these brands could ever be associated with a luxury car. That is why Tata Motors acquired Jaguar and Land Rover, Geely acquired Volvo, and Toyota cracked open the luxury segment by launching an entirely new brand, Lexus.
In its zeal to carve out a share of the top end, Li Ning should also remember that, in China as well as other emerging economies, the middle income segment is and will remain the largest market segment for many decades to come. Thus, as the company attempts to diversify into adjacent segments, it should avoid, at all costs, any risk to its lock on this most important market segment.

Ani K. Guptais a professor of strategy at the Smith School of Business at the University of Maryland and a visiting professor in strategy at INSEAD. Haiyan Wang is managing partner of the China India Institute. They are the co-authors of Getting China and India Right (Wiley, 2009) and The Quest for Global Dominance (Wiley, 2008).

Source: www.businessweek.com

China cuts holdings of US debt after ratings downgrade

China has reduced its holdings of US debt to their lowest level in a year, after the US's credit rating was downgraded by Standard & Poor's (S&P).

China sold $36.5bn (£23.2bn) in US Treasuries or bonds to cut its holding to $1,137bn in August, latest data by the US Treasury department showed.

Thai interest rates kept on hold despite floods

Thailand's central bank has left interest rates on hold at 3.5%, despite calls for them to be cut to help the economy recover from the worst floods the country has seen in decades.

Instead, the Bank of Thailand said government spending to aid the flood recovery could raise inflation.

Thai flooding: Floodwalls reinforced to protect Bangkok

Thai soldiers and civilians worked frantically to shore up sandbag defences on the northern edge of the Bangkok on Tuesday.

The action came after the city's governor warned that the threat posed by the worst flooding in Thailand in half a century was not yet past.

China's Economic Growth Slows

BEIJING—China's economic growth slowed in the third quarter but remained at a relatively healthy pace, adding to evidence that the Chinese economy is headed for a soft landing.

Economists are now divided on whether a loosening of Beijing's economic policies is imminent.

Thailand floods disrupt production and supply chains

Factories and supply chains are facing disruption as some of the worst flooding in decades starts to affect Thailand's economy.

Western Digital, Honda Motor and many other companies have been forced to suspend production in central Thailand because of the floods.

Most of the factory closures are due to disruptions to local supply chains.

IMF says China has scope to respond to global risks

TOKYO: China has the scope to respond if global economic risks materialise, and the country's response could partially but not entirely offset the impact of a global crisis, the International Monetary Fund's Asia and Pacific director said on Thursday.

Anoop Singh, director of the IMF's Asia and Pacific department, added that the yen's current level did not pose an immediate risk to Japan's economic recovery and that recent data reinforced the Bank of Japan's view that the economic recovery was taking hold.

S Korean banks' household lending growth slows in September

SEOUL, Oct. 12 (Xinhua) -- South Korean banks' lending to households grew at a slower pace in September than a month before due to a reduction in credit loans, the central bank said Wednesday.

Household loans extended by local banks reached 448.7 trillion won (382.65 billion U.S. dollars) as of the end of September, up 0.6 trillion won from a month earlier, the Bank of Korea (BOK) said in a statement.

China expands resource tax across the country

China will expand a tax on oil and natural gas sales to the entire country as of 1 November, to try and reduce consumption.

The tax will be 5-10% of sales, the State Council said Monday.

A 5% experimental resource tax was introduced in the western province of Xinjiang in July last year, with revenues going to the local government.

Asian stocks higher on ECB, Bank of England moves

HONG KONG (AP) — Asian stocks climbed Friday after Europe's move to backstop troubled banks and Britain's plan to pump more stimulus into its fading economy gave a boost to confidence.

After a week of wild gyrations stemming from Europe's debt crisis, investors in Asia reacted positively to news that the Bank of England will turn on its stimulus taps and that the European Central Bank will offer new short-terms to banks that are facing difficulties securing funding.

U.S. and China moving toward trade war?

Hong Kong (CNN) – China says it could be on the march to a trade war with the United States. That’s after the U.S. Senate on Monday passed a key test vote that targets countries believed to keep their currencies artificially weak.

If the bill passes in the Senate – perhaps as early as this week – it would be the next step at shooting new tariffs onto exports from those countries. Looking between those Congressional crosshairs, this week’s legislation is clearly aimed at China.

Japan's big manufacturers expect conditions to improve

Japan's big manufacturers expect conditions to improve in the next three months, according to the Bank of Japan's Tankan survey.

The business sentiment index stood at plus two for September, up from minus nine in June, the survey showed.

Confidence was badly damaged by the March 11 earthquake, but factory output is now increasing as supply chains are restored and infrastructure rebuilt.

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.

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.

China state media agency Xinhua criticises US on debt

China's state-run media have labelled US domestic politicians "dangerously irresponsible" for wrangling over debt.

In an editorial, Xinhua news agency accused US politicians of playing a "game of chicken" over the issue, saying the rest of the world had been "kidnapped" by American politics.

Beijing has not officially commented on the US battle to avoid a debt default.

Japan's industrial output and household spending rise

Japan's economy has continued to recover from the aftermath of the earthquake and tsunami, latest government data showed.

Factory output rose 3.9% in June from the previous month as supply chain concerns eased, while household spending increased by 0.8%.

Japan's retail sales rise for first time since quake

Retail sales in Japan have risen for the first time since the earthquake and tsunami hit the country in March.

According to the latest official data, retail sales rose 1.1% in June from a year earlier, indicating that the economy is beginning to recover.

The rise comes after three successive months of falling sales as consumers stayed away from shops in wake of the devastation caused.

China's economic miracle may be about to come off the rails

Largely invisible to a radar screen dominated by concerns over the US and eurozone debt crises, the Chinese economic miracle, one of the few apparent bright spots that remains in a world beset by trouble, has in recent weeks also been showing unnerving signs of strain. Indeed, it may even be about to come off the rails entirely – quite literally.

Last weekend, one of China's new bullet trains, a showcase of the country's growing economic prowess, rammed into the back of another, killing 39 passengers and injuring nearly 200 more.

Rising prices have hurt East Asia's growth, says report

Rising consumer prices have hurt growth in emerging East Asian economies, the Asian Development Bank (ADB) has said.

Annual growth in the region's ten largest economies moderated to 8.1%, in the first quarter of 2011, down from 8.4% in the previous three months.

China 'guarantees' South China Sea trade

NUSA DUA: China on Saturday "guaranteed" freedom of navigation in the South China Sea, as it came under renewed US pressure over its perceived aggression in the disputed waterway.

Chinese Foreign Minister Yang Jiechi told his counterparts from around the Asia Pacific at a security forum in Indonesia that tensions between China and its rival claimants to the sea would not affect vital shipping trade.

"What I told the summit is that freedom of navigation in this region is guaranteed," Yang said in a briefing to reporters after his speech.

Vietnam’s Inflation Accelerates to 22%, Highest Among Economies in Asia

Vietnamese inflation accelerated for an 11th month in July after the central bank cut a key interest rate even as the nation faces the fastest price gains in Asia.

Consumer prices rose 22.16 percent from a year earlier, compared with June’s 20.82 percent pace, data released by the General Statistics Office in Hanoi showed today. Prices climbed 1.17 percent from June.

Demand from Asia boosts economic recovery

The latest quarterly economic forecasts from ASB say demand from Asia is playing a key role in New Zealand's economic recovery.

Chief Economist Nick Tuffley says GDP grew strongly over the March quarter, despite the February earthquake, highlighting the improving state of the underlying economy.

All Nippon and Air Asia in Japanese joint venture

Japan's All Nippon Airways and budget carrier Air Asia have agreed a joint venture to serve the Japanese market.

Air Asia Japan will be the first budget carrier to be based at Tokyo's Narita International Airport, the partners said, and is expected begin service in August 2012.

China stocks mixed in Asia as economy accelerates

July 20, 2011 (Chinavestor) News that China's GDP strengthened for the third month in a row sent investors cautious on the Mainland, fearing that more monetary tightening will follow. The Shanghai Composite Index (SHA:000001) made a comeback in the afternoon session, trimming losses to a mere 2.8 points or 0.1%. But the picture was different in Hong Kong where investors got clues from the U.S. where bulls grabbed the horn of the market. The DJIA advanced 202.3 points or 1.6% with all but three of its components ending the day in the black. The broad rally in the U.S. helped push the Hang Seng Index (INDEXHANGSENG:.HSI), the main gauge of the city state, back to above the 22,000 level. Large caps did well in Hong Kong on Wednesday, boding well for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). Stocks that took beating the last week were the strongest for the day. China Mobile (HKG:0941) surged 3.0% while BYD Company (HKG:1211), Buffet backed electric car maker, jumped 3.7%.

China’s economic chess game

What would stagflation with Chinese characteristics look like? While the traditional meaning of the word is negative or sluggish growth coupled with rising inflation, China could be experiencing its own version, based on recent data.

Weekend figures for trade and CPI showed that, yes, China is slowing while inflation is picking up.

Inflation in June hit 6.4 per cent, above market consensus, while import figures pointed to softening domestic demand.

Japan Prime Minister Naoto Kan sorry for nuclear mix-up

Japan's prime minister has apologised for causing confusion by ordering nuclear firms to carry out safety tests on their reactors, weeks after his government said the plants were safe.

Naoto Kan said his order for "stress tests" on Wednesday came too late.

Local officials and energy firms say they no longer know whether they can restart their reactors or not.

Are thes Chinese leading

In a busy week for economic data, perhaps the most important statistic won’t come from America or even a U.S. corporation.

It’s the general direction of prices in China that could shape investment markets, our economic outlook and influence our food and fuel costs.

Chinese consumer prices are rising by about twice the annual pace of America’s inflation rate. Imagine finding pork chop prices higher by the month.

China raises interest rates to try to tackle inflation

China has increased its main interest rates for the third time this year to try to curb inflation.

The Chinese central bank, the People's Bank of China, said its one-year lending rate would rise to 6.56% from 6.31% and its one-year deposit rate to 3.5% from 3.25%.

The country's consumer price measure of inflation hit 5.5% in May, the highest rate for almost three years.

China broke trade law on metals, says WTO

The World Trade Organization (WTO) has ruled that China broke international rules by restricting the exports of certain metals.

The case, which dates back to 2009, was brought after China imposed quotas, saying it had to conserve resources of magnesium and other exports.

The US said this left non-Chinese manufacturers with shortages of the necessary metals.

The US was supported in its case by the EU and Mexico.

Bank of Japan Report Signals Recovery

TOKYO—Japan is quickly recovering from the impact of the March 11 earthquake and tsunami, a Bank of Japan report on regional economies showed Monday.

Seven of Japan's nine regions, including the northeast area directly hit by the disaster, upgraded their assessments in the July edition of the quarterly Regional Economic Report from the April edition.

Asian Stocks Gain a Second Week on Greek Debt, U.S. Optimism

Asian stocks rose, driving the region’s benchmark index up for a second straight week and paring a quarterly decline, amid optimism Greece will avoid default, and signs a U.S. economic recovery is strengthening, boosting prospects for Asian exports and bank earnings. Mitsubishi UFJ Financial Group Inc. (8306), Japan’s largest publicly traded bank, jumped 5.9 percent this week in Tokyo on speculation Greece will avoid a default that might destabilize the region’s banking system. LG Electronics Inc., which gets 30 percent of its revenue in North America, rose 2.8 percent in Seoul. BHP Billiton Ltd. (BHP), the world’s largest mining company and Australia’s No. 1 oil producer, increased 3.4 percent in Sydney as oil and metal prices climbed.

Asia Economy Slows As Policy Tightening Cools Growth

SINGAPORE—Asia's economy continued to gear down in June, with manufacturing activity in China slowing for a third straight month as price pressures eased, suggesting that Beijing's efforts to reduce inflation are bearing fruit.

Purchasing manufacturers indexes for India and South Korea released Friday also slipped in June, while a Taiwan PMI plunged, with activity there registering the first contraction since October.

BOJ likely to tone up optimism on economy

(Reuters) - The Bank of Japan is likely to upgrade its view of output and the economy this month, encouraged by progress in restoring supply chains and expected improvement in business sentiment in months ahead, sources said.

But the central bank will strike a note of caution about signs of a global economic slowdown, including those for emerging nations when it reviews policy later this month, sources familiar with the BOJ's thinking said.

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.

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

South Korea factory output misses forecasts

South Korea's factories were less busy in March than had been expected.

The latest government data showed industrial output expanding by 1.4% in March from February.

Analysts had forecast growth of 1.9%.

China's yuan rises past 6.50 against the US dollar

China's currency, the yuan, strengthened past a key level against the US dollar on Friday, as part of wider efforts to contain inflation on the mainland.

The yuan broke past 6.50 against the dollar, a level not seen since 1993.

Traders and currency strategists believe the move is a sign that China's central bank is prepared to allow the currency to appreciate further.

India chooses European fighters over US rivals

India has shortlisted two European fighter jets, ruling out two US rivals for a key $11bn (£6.6bn) military contract.

The Indian defence ministry picked the pan-European Eurofighter and France-based Dessault's Rafale ahead of jets made by Boeing and Lockheed Martin.

The US ambassador in India said the US was "deeply disappointed" by the news.

China and US plan talks to solve currency issues

China and the US will hold economic talks next month as the two countries work towards reaching a common ground on currency policy.

The US has accused of China on keeping the value of its currency, the yuan, artificially low in order to help its exporters.

China has said that a sudden rise in its currency will be detrimental not only to its export sector but also to its overall economy.

China strikers win concessions, as ugly protests underline inflation fears

Striking Chinese truck drivers have won concessions in their battle against rising costs that threatened to disrupt Shanghai, the world's biggest port.

The regional Government has intervened to reduce some of the increase in fees that triggered strike action in an attempt to take the heat out of an issue that has demonstrated China may be encountering growing social unrest as it wrestles with an inflationary surge.

Chinese truckers' protest increases inflation fears

Chinese authorities have moved to halt a strike by Chinese truck drivers over soaring fuel costs, amid government concern that civil unrest about runaway inflation could spread throughout the country.

The Chinese government has raised fuel prices three times since December and China's consumer price index rose 5.4pc year-on-year in March, the fastest rate of increase since July 2008. It is running much higher than the government's 2011 target of 4pc.

Chinese protectionism harming British companies, says European Chamber of Commerce report

British and European firms are losing out on billions of pounds-worth of government projects in China thanks to a tangled web of legal barriers, back-door protectionism and widespread corruption, a report by the European Chamber of Commerce in China has claimed.

China’s local and national government holds the keys to more than £700bn-worth of spending a year as the world’s second-largest economy continues a massive programme of infrastructure spending on everything from smart electricity grids to modernising hospitals.

Toyota's low-emission cars to be manufactured in China

Toyota is planning to start production of low-emission cars in China as it looks to tap into growing demand for in the country.

Akio Toyoda, the president of Toyota Motors said the company was keen on introducing its latest technologies to the Chinese market.

China looks to expand currency’s global reach

The shop assistant thumbs the red, 100-yuan bills that bear Mao Zedong's distinctive face, checks the amount is correct and places it in the till next to Hong Kong dollar notes and coins, without a sideways glance.

It's a typical day in Bonjour, a cosmetics store popular with the vast numbers of shoppers from mainland China who are spending their newfound wealth in the former British colony.

Asia markets decline on China economic data

Most equities markets in the Asia-Pacific region were lower Friday after China said that its economy grew by 9.7 percent in the first quarter and that consumer prices were up 5.4 percent in March from last year at the same time, news which renewed concerns that China will raise interest rates again or make others moves to cool inflation there.

The Nikkei 225 was down 0.65 percent to 9,591.52 in Tokyo, while the Topix index added 0.64 percent to 841.29 but the Mothers market managed to add 0.62 percent to 436.38.

Asian economic power to rival US in global markets soon, says RBA governor Glenn Stevens

ASIA'S economic power is increasing at a rapid rate, and the region will take on heightened prominence such that it will soon rival the US as the main source of direction for global markets, Reserve Bank of Australia governor Glenn Stevens said today.

"It is not just the center of gravity of economic activity that is shifting to Asia, the weight of financial assets is also shifting too," Mr Stevens said in a speech in New York to the American Australian Association.

Asia's economic forum addresses income inequality

The view along the road to Boao, a sleepy fishing village in the South China Sea, is a visual reminder of how unequal China has become.

Instead of palm trees and rice paddies, visitors are now greeted by mile after mile of luxury condominiums.

India proposes telecom policy changes as scandals hit

India's telecom minister, Kapil Sibal, has proposed a slew of changes to the country's telecom policy in an attempt to streamline the industry.

He said that merger and acquisition rules will be relaxed to allow consolidation in the sector.

Mr Sibal also indicated that as part of the new policy, the government will separate mobile licences from spectrum fees.

China sees first quarterly trade deficit in seven years

China has posted its first quarterly trade deficit in seven years, as it continues efforts to rebalance its economy.

The deficit for the first three months of the year stood at $1.02bn (£622m), according to the latest data by the General Administration of Customs.

For the month of March, the country reported a tiny trade surplus of $140m.

Japan sets power-saving targets to avoid blackouts

Japan has set power-saving targets during the peak summer season to avoid a wider collapse of power grids.

Major power users have been asked to cut consumption by 25%, said the trade minister according to the Reuters news agency.

Two challenges for Asia’s economy in 2011

Asia’s recovery is firm and the region is expected to continue to grow by 7.8 percent in 2011 and 7.7 percent in 2012, despite the modest and still uncertain recovery in the major industrial economies and the recent hardship in Japan.

However, maintaining high growth could be more difficult than Asia seems prepared to admit. In order to sustain its growth, the region needs to address two important challenges.

Growing economic links with Asia to benefit growth prospects in Gulf

Dubai: The growing econ-omic ties with emerging economies of Asia will benefit economic stability and growth prospects of Gulf economies, said financial experts speaking at the annual Standard Chartered Forum in Dubai yesterday.

"Emerging economies of the world are going through a super cycle of sustained growth over the next two decades. The Gulf region's proximity to some of these markets like India will certainly benefit the region. With India gradually opening up its economy, the Gulf countries stand to benefit the way East Asia benefited from China's growth," said Dr Gerard Lyons, Chief Economist, Standard Chartered Group.

China raises interest rates again to tackle inflation

China's central bank has raised key interest rates by a quarter-point in a further effort to curb bank lending and rein in inflation.

The latest move takes the one-year deposit and lending rates to 3.25% and 6.31% respectively.

China's Minmetals in bid for copper rival Equinox

China's Minmetals Resources has made a $6.5bn (£4bn) bid for Equinox Minerals, an Australian-Canadian copper miner.

It is thought to be the largest unsolicited bid by a Chinese mining company, and reflects the sector's acquisition spree.

Christchurch job market lightens with new flights

As Christchurch moves on with the rebuilding of the city, concern is growing about the state of the region's economy.

Low fare airline Air Asia X's first flight has landed in the city, just in time to help boost the weakening economy.

Every day more jobs are being lost and when the rescue package runs out in seven weeks many are expected to go on the benefit.

India charges ex-minister, firms in telecom scandal

A former government minister in India is among a dozen defendants charged in a multi-billion-dollar corruption scandal that has rocked the country's coalition government and investor confidence in Asia's third-largest economy, federal police said Saturday.

Andimuthu Raja, a former telecommunication minister, is accused of being involved in a scheme involving the underselling of cell phone licenses at the height of India's lucrative telecom boom.

UBS to boost Asia-Pac IB headcount by 20 pct in 2011

HONG KONG, March 31 (Reuters) - Swiss bank UBS AG (UBSN.VX), the leader in equity underwriting in the Asia Pacific region, plans to double its China staff in three to four years and boost its investment banking head count in the region by 20 percent this year, two top officials said on Thursday.

UBS is betting on continued strong equity issuances in the region, led by Chinese companies. The pipeline of initial public offerings (IPOs) is stronger than last year this time, Matthew Hanning, head of investment banking (IB) for Asia Pacific, told Reuters in an interview.

Analysis: Asia braces for its date with demographic destiny

(Reuters) - If demography is destiny, as the French philosopher Auguste Comte put it, then Asia faces daunting challenges in the coming decades.

Markets understandably track the rate and composition of gross domestic product to gauge short-term economic shifts.

But it is changes to the underlying productive capacity of an economy that count in the long run. Swing factors include openness to outside capital and ideas as well as the quality of education and governance.

UPS Joins FedEx in Adding Asia Flights as Economic Recovery Stokes Demand

United Parcel Service Inc. (UPS) is adding four flights a week from Hong Kong to Europe and FedEx Corp. (FDX) will start a new nonstop route to South Korea as growth in Asian shipping demand outpaces expansion in the U.S.

Asia is “a growth market and they need to keep adding capacity and speed,” said David Campbell, an analyst with Thompson Davis & Co., in Richmond, Virginia. “If they have more direct service, they’re going to get more traffic because it’s easier for the customers there to use them.”

India Sensex Has Biggest Weekly Jump in 20 Months; Infosys Leads

Indian stocks rallied, with the benchmark index posting its biggest weekly gain in 20 months, as speculation that global economic recovery will be sustained spurred gains in equities across Asia. Software makers jumped.

Infosys Technologies Ltd., the nation’s second-largest software-services provider, climbed 5.3 percent, the most since July 2009. Asian stocks increased, tracking a rally in U.S. equities, after U.S. initial jobless claims data signaled the labor market in the largest economy is mending. Wipro Ltd., the third-biggest, advanced 3.7 percent. Tata Consultancy Services Ltd., the largest, added 2.4 percent.

Global growth tipped to fuel resources rise

Asia's economic pace has been moderating after a sharp rebound from the global financial crisis, said the World Bank this week.

However, the bank said, "over the medium term, East Asia has the potential to sustain rapid increases in living standards, even as the global economy enters a more challenging phase".

China inflation looms large for mining

Global miners and smelters face difficult times after two years of easy growth, as a battle against inflation by Asia's economic powerhouses holds back demand, though Japan's reconstruction after its disastrous earthquake could bring a mild lift.

China, the engine of global growth in demand for industrial metals, is the major concern shared by giants such as BHP Billiton (BHP.AX) BHP.L and Rio Tinto (RIO.AX) (RIO.L), as well as thousands of junior miners.

World Bank tells East Asia to tighten

Speaking at a forum in Singapore, the country's Finance Minister Tharman Shanmugaratnam said Japan's nuclear crisis could hurt consumer and business confidence.

"Confidence is affected in a different way from a one-off natural disaster," said Tharman, tipped to be the next head of the International Monetary Fund's International Monetary and Financial Committee.

Asia set to ride out quake’s economic shock

As the tragedy from the Japanese earthquake continues to unfold, a natural assumption is that the severe economic dislocation in the world’s third-largest economy must be having a serious impact on its neighbours.

The truth, though, is that Japan’s suffering is unlikely to be more than a temporary blip on economic growth in most of Asia, which will probably keep growing at 8 per cent or so on average – unless there is a massive nuclear accident that directly affects neighbouring countries.

Economic aftershocks of Japan quake roil Asia, but Japan Inc.’s long decline cushions impact

Economic aftershocks of the devastation in Japan are rolling through Asia. It is here, among Japan’s neighbors, that the reverberations of the catastrophe are being felt hardest.

Automakers in Thailand are slowing production. South Korean electronics manufacturers face shortages of critical parts. Thousands of Japanese have canceled trips to Taiwan. Panic buying has driven up prices of Japanese cameras in China, while Indian policymakers brace for higher oil prices.

US, EU stabilizing, but Asia poses economic worry: S&P

SINGAPORE -- Just as growth is stabilizing in the long-troubled United States and Europe, concerns are now emerging about Asia's economic health.

The unfolding disaster in Japan following last Friday's earthquake, along with the turmoil in the Arab world, have raised questions about economic growth in these regions, said ratings agency Standard & Poor's chief global economist David Wyss.

Inflation a major challenge for Asia-Pacific: S&P

Controlling inflationary pressure is a major challenge for policymakers in many Asia-Pacific economies even though these economies remain strong in 2011.

Labour shortages, capacity constraints, along with rising commodity and food prices would push inflation ahead of many central bank comfort ranges, according to David Wyss, Standard & Poor's (S&P) Global Chief Economist, and Dharmakirti Joshi, Chief Economist at CRISIL, a Standard & Poor's company. S&P is a leading global rating company.

When the world's third largest economy gets a battering, we all suffer

Of the 725 foreign-owned firms operating in Northern Ireland, just 10 are Japanese owned.

However, despite Japan's small share of foreign-direct investment and tourist traffic into Northern Ireland, the impact of recent developments will still have a significant impact on the local economy.

China rules out faster yuan rise despite soaring prices

The Chinese Premier Wen Jiabao has ruled out any changes to China's policy on its currency, the yuan.

China has been battling inflation, with consumer prices rising 4.9% in February from the same month a year ago.

Analysts had suggested that allowing the yuan to strengthen against the US dollar could make imports cheaper, thus reducing costs.

Japan looks for market stability after quake

Japan's central bank will hold an emergency meeting tomorrow to discuss how to maintain financial stability in the markets following the devastating earthquake and the nuclear alert.

The authorities said yesterday they want to ensure there is enough liquidity in the financial system so that companies and investors can start rebuilding. They will also put emergency plans in place for the public to have access to cash as so many banks and cash machines have been wiped out by the quake.

Japan earthquake: Production halted at factories

Production has been halted at many factories in Japan, as companies assess the damage of the earthquake and tsunami on the north-east coast.

Sony, Toyota, Nissan and Honda are among firms to have closed plants.

Economists say the earthquake and tsunami could have a "profound" impact on Japan's economy - the world's third largest - although it is too early to make any judgements.