Economy

Chinese slowdown taking toll on South Korean economy

SEOUL -- South Korea is starting to pay the price for its heavy reliance on China as exports to the Asian giant slump. July-September exports slipped 2.6% from the preceding quarter, the sharpest drop since the financial crisis, according to prel...

  • Robust housing starts offer hope for Australian recovery

    SYDNEY -- Hopes for a recovery in Australia's economy have been given a boost from strong growth in home construction, which has hit a 19-year high. With the country's large mining sector suffering from weak commodity prices, government officials...

  • Oil exporters hit by falling crude prices, supply issues

    DUBAI -- Falling crude oil prices are threatening oil-reliant economies around the world, as the benchmark North Sea Brent price hovers at its lowest level in about four years. Crude oil prices have already fallen below fiscal break-even points for R...

  • China's new economic indicator shrouded in mystery

    TOKYO -- About a month ago, the Chinese government proudly announced to the world that it has devised a new indicator to gauge improvement in the "quality of the economy." But China watchers have largely been left in the dark as to what information t...

  • China moves to protect its coal producers and the environment

    BANGKOK -- China, the world's biggest consumer of coal, is set to shake up the seaborne market for the commodity with a series of new taxes and policies, partly designed to help struggling domestic producers compete against cheap imports from Indones...

  • Asia a bright spot in Japan's dim export picture

    TOKYO -- Japan's government and central bank are counting on export growth to help the economy overcome April's domestic-demand-dampening consumption tax hike. The latest figures show that despite a weak yen, overall shipments remain sluggish, though...

  • Global factors at play in Japan's battle with deflation

    TOKYO -- In its struggle to pull itself out of deflation, Japan faces market-triggered challenges beyond its borders and beyond its control. Recent developments in the U.S. and China, in particular, have the potential to drastically affect the countr...

  • Japan on course to host 13 million foreign visitors this year

    TOKYO -- Japan is enjoying a tourism boom, with the number of foreign visitors rising at a rapid clip and their voracious spending propping up the domestic economy. Some 9.73 million foreign travelers visited Japan in the first nine months of thi...

  • Bank of Japan touting economic benefits of foreign tourists

    TOKYO -- The Bank of Japan is hoping the growing ranks of foreign tourists will help underpin the country's stalling economy and prove that a weak yen can, indeed, be beneficial. Atsushi Miyanoya, who heads the BOJ's Osaka branch, told the press ...

  • Aquino mulls fresh tender on $790 million road project

    MANILA -- The Philippine government is likely to re-launch a 35.4 billion peso ($790 million) public-private partnership project that has pitted two influential business groups against each other. "So how do we meet ... the goal of getting the be...

  • Fears of new Europe crisis fueling market jitters: Sumner

    WASHINGTON -- Investor concerns about a possible return of the sovereign debt crisis in the eurozone are a major reason for the recent turbulence in the world's financial markets, according to Scott Sumner. Sumner, an economist who teaches at Be...

  • India's first smart city takes shape

    NEW DELHI -- Gujarat, one of India's largest manufacturing hubs and Prime Minister Narendra Modi's home state, is the site of the country's first smart city built from scratch. Launched in 2007, Gujarat International Finance Tec-City (GIFT) is Mo...

  • Japan logs record trade deficit for April-Sept.

    TOKYO (Kyodo) --Japan logged a record deficit of 5,427.1 billion yen in goods trade for the first half of fiscal 2014, against a backdrop of continuous rises in fossil energy imports amid the prolonged halt in nuclear power plant operations, the gove...

  • Slowing economic growth a challenge for Beijing leaders

    BEIJING -- Even as China's economic growth sank to the lowest level in more than five years, Beijing policymakers remain cautious about rolling out major stimulus measures, leaving China watchers concerned about the impact on the global economy. ...

  • Buoyant job market keeping Japan's economy afloat

    TOKYO -- The Japanese government on Tuesday issued a somewhat dimmer economic assessment for October but stood by its view of an overall recovery, with employment holding strong amid softness in production and consumption. The downgrade was the s...

  • High growth in Asia-Pacific of high net worth individuals

    SINGAPORE -- The wealth held by high net worth individuals (HNWIs) in emerging Asia is predicted to grow at about 12.3% annually from 2013 to 2016, and at about 8.4% for their counterparts in more mature Asian economies, according to the Asia-Pacific...

  • Resignations could be turning point in Abe's economic drive

    TOKYO -- The resignation on Monday of two ministers in the Japanese cabinet over money scandals is a major political setback for Prime Minister Shinzo Abe. Not only have these scandals broken at a crucial time for Abe's efforts to rejuvenate the ...

  • China's GDP growth falls to five and a half year low

    BEIJING -- China's National Bureau of Statistics said Tuesday the country's gross domestic product rose 7.3% on the year for three months through September, the slowest growth since the first quarter of 2009. Inflation-adjusted economic growth sl...

  • China's third quarter economic growth slows to 7.3%

    BEIJING (Kyodo) -- China's economy grew 7.3 percent in the July-September quarter from a year earlier, the National Bureau of Statistics said Tuesday, the slowest pace since the peak of the global financial crisis in 2009. It is yet another sign ...

  • BOJ maintains most regional assessments despite tax-hike impact

    TOKYO (Kyodo) -- The Bank of Japan maintained on Monday most of its regional economic assessments, downgrading only one of nine regions, saying the Japanese economy has been recovering moderately, despite some weakness following the consumption tax i...