Asia

Financial News

China Railway Draws $420 Billion of Orders for Shanghai IPO, People Say China Railway Construction Corp. drew about 3 trillion yuan ($420 billion) in the fourth-most popular initial public share sale in Shanghai, said two people with direct knowledge of preliminary numbers.

Asian Stocks Advance for Third Day; BHP Billiton, Marui, Banks Lead Gains Asian stocks rose, sending a regional benchmark to a six-week high, as a rally in commodity prices and profit reports at Standard Chartered Plc and Marui Group Co. stoked optimism earnings will withstand a global slowdown.

Dollar Falls to Record Low of $1.50 per Euro on Outlook for Fed Rate Cuts The dollar fell to a record low of $1.50 per euro on speculation Federal Reserve Chairman Ben S. Bernanke will indicate the U.S. central bank is prepared to keep lowering interest rates.

Hong Kong's Economic Expansion to Cool as Global Growth Slows, Tsang Says Hong Kong's economic expansion will slow in 2008, Financial Secretary John Tsang said, after the city reported the fastest expansion in seven quarters.

Komatsu Forecasts Sales Growth of at Least 10% on China, Russia Excavators Komatsu Ltd., the world's second- biggest maker of earthmovers after Caterpillar Inc., forecast sales will rise by at least 10 percent for a fourth year on demand in Asia and Eastern Europe.

ABC Learning Chief Executive Groves, Directors Cut Stakes as Shares Plunge Eddy Groves, Chief Executive Officer of ABC Learning Centres Ltd., led four directors who sold part of their stakes in the world's biggest publicly traded owner of child-care centers amid a slump in its share price.

Japan Postpones Nomination of Central Bank Chief, May Create Policy Vacuum Japan postponed the nomination of a new central bank governor for at least the second time, indicating that the government can't reach agreement with the opposition Democratic Party of Japan.

Noble Group Jumps After Profit Almost Doubles, Raw-Material Prices Advance Noble Group Ltd., a Hong Kong-based supplier of raw materials from coffee to energy, surged to the highest in more than two months in Singapore after fourth- quarter profit rose and an executive forecast further growth.

General News

Hong Kong Government Abolishes Wine, Beer Taxes on Record Budget Surplus Hong Kong's government abolished taxes on wine and beer after posting a record surplus, to boost efforts to turn the city into a wine-trading hub.

Al-Qaeda Directing Terrorist Groups on Pakistani-Afghan Border, U.S. Says Osama bin Laden's al-Qaeda network is funding Islamic militant groups on Afghanistan's border with Pakistan and coordinating attacks against international troops, the U.S. military said.

Nuclear Arms, Not Music, Hold Key to North Korea Talks, White House Says The New York Philharmonic Orchestra's concert in Pyongyang doesn't represent a ``diplomatic coup'' and relations will only improve when North Korea discloses its nuclear programs, a White House spokeswoman said.