Asia

Financial News

Asian Stocks Fall for First Time in Three Days; Banks Decline on Earnings Asian stocks dropped for the first time in three days as declines in financial companies overcame gains in producers of raw materials.

Surging Food, Energy Prices Hurting 1 Billion Asians, ADB's Kuroda Says Surging food prices are hurting 1 billion Asians as the region's poor struggle to cope with rising food and energy costs that are stoking inflation, Asian Development Bank President Haruhiko Kuroda said.

Australia Keeps Benchmark Interest Rate Unchanged at 12-Year High of 7.25% Australia's central bank left interest rates unchanged for a second month, saying there is mounting evidence the highest borrowing costs in 12 years will slow the economy enough to cool the fastest inflation since 1991.

Hyundai Heavy Wins Order for Three Oil Tankers From Greece at Record Price Hyundai Heavy Industries Co., the world's largest shipbuilder, won an order for three oil tankers from Greece at a record price of more than $156 million each as rising crude prices spur demand.

Indonesia May Leave OPEC Next Year as Country's Oil Production Dwindles Indonesia, the only OPEC member in Southeast Asia, may leave the group as early as next year because shrinking production has made the country a net importer of oil.

Malaysia's Export Growth Slowed in March on Weaker Electronics Shipments Malaysia's exports grew at the slowest pace in three months in March as electronics shipments declined, hurt by the U.S. slowdown and a stronger currency.

Australian Wheat Output May Jump 92% as Soil Conditions Improve, Bank Says Australia, the world's second-biggest wheat exporter before two years of drought ravaged crops, may almost double its harvest this year as higher prices and better weather encourage planting, National Australia Bank Ltd. said.

Bharti Airtel Falls on Concern Bid for Africa's MTN May Strain Finances Bharti Airtel Ltd., India's biggest mobile-phone company, fell the most in almost four months in Mumbai trading on concern that it may have to raise debt or sell shares to fund a takeover of African operator MTN Group Ltd.

General News

Myanmar Cyclone Killed at Least 22,000 People; Tens of Thousands Missing The tropical cyclone that slammed into Myanmar May 3 killed as many as 22,000 people and left tens of thousands missing, making the storm Southeast Asia's deadliest natural disaster since the 2004 tsunami.

Hu Jintao Arrives in Japan, First Visit by a Chinese President in a Decade Hu Jintao arrived in Japan today for the first visit by a Chinese president in a decade, marking the culmination of two years of improving relations.

China Says No Date Has Been Set for Further Talks With Dalai Lama's Envoys China's Foreign Ministry said no date has been set for more talks between the government and aides to Tibet's spiritual leader, the Dalai Lama, after the two sides met in Shenzhen on May 4.