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