Asian shares crumbled under heavy selling pressure, with resource and financial stocks hit the hardest on a retreat in commodity prices and a tumble on Wall Street overnight. Japan's Nikkei lost 4.9%.
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Mitsubishi UFJ Financial Group will write down the value of its securities portfolio by about $3.2 billion.
Pakistan said it has arrested the entire leadership of Lashkar-e-Taiba, the outlawed Pakistani militant group linked to November's attacks in Mumbai.
Sri Lankan forces have surrounded a shrinking number of Tamil Tiger rebels in the northeast of the country.
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Rio Tinto is considering another wave of production cuts and asset divestitures, as the global economy shows no clear sign of recovery.
Foreign direct investment in China jumped nearly 24% to a record $92.4 billion in 2008, rising for the third straight year, but the worsening economic slowdown continued to keep investment inflows in check.
Japanese machinery orders fell at their fastest rate on record in November as the global slowdown severely curbed manufacturers' spending -- the latest indication that the nation's economy weakened in the final months of 2008.
Australia's economy lost 1,200 jobs in December, well short of the expected 20,000 loss, lifting hopes that the labor market will remain resilient despite the global financial crisis. The news also removes some of the pressure for further interest rate cuts.
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South Korean steelmaker Posco said it is seeking a new CEO as it posted a smaller-than-expected net profit in the fourth quarter.
Sanyo Electric, saying it no longer expects to post a profit for the current fiscal year, announced plans to close factories and cut about 1,200 jobs.
China's stock-market regulator outlined priorities for 2009, drawing heavily on plans promoted a year ago that weren't fulfilled after the market entered a downturn that erased more than $3 trillion in value from listed companies.
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News from the Wall Street Journal and Dow Jones Newswires
A change in China's tax regime aimed at raising revenue from foreign businesses could instead saddle the country's ailing airline industry with tens of millions of dollars in additional costs.
At least three directors of Satyam asked questions about the proposed acquisitions of companies before the board wound up approving them.
Singapore has a small-business problem, which could feature big when the country unveils its 2009 budget next week.
Even as U.S. and European governments have plowed money into banks, getting them to start lending again isn't proving easy. No such problem in China, where top banks remain state-owned.
American conductor Kent Nagano led the Singapore Symphony Orchestra in a performance of interpretive intelligence.
—Nissan spokesman Steve Parrett“We were taking it pretty much month by month.”
* at close Source: Dow Jones, Reuters | |||
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