Kay Aviles

Japan's economy shrank further and exceeded more than the government's initial estimates in the second quarter as the stronger currency diminished efforts for the country to fully bounce back since the March earthquake. The G-7 member-countries will likely be asked for fiscal intervention to weaken the appreciating yen, that so far did more bad than good to the entire economy.

In a meeting held in Tokyo on Wednesday, Sep 7, Japan's Economy, Trade and Industry Minister Yoshio Hachiro has asked assistance from Australia's Minister for Resources, Energy and Tourism, Martin Ferguson in acquiring coal and other resources for power-generation needs, NHK World report says

With still no reprise from a harm's way, Japan's newly elected Prime Minister Yoshihiko Noda set foot on the devastated Fukushima Daiichi nuclear power plant to personally see the extent of the damage and massive efforts in decontaminating the areas plagued with high radiation.

Australia now leads over New Zealand out of the best-of-three Oceania qualifying series for the Olympic men's basketball qualifying match. Team Australia beat NZ, 91-78 on Wednesday, after two tight second-half fights and the eviction from the game of Kiwi defense man Mark Dickel.

The World Economic Forum listed China as the world's 26th most competitive nation on its Global Competitiveness Report 2011-2012 released on Wednesday.

Amidst the public apology issued on Wednesday by U.S. energy giant ConocoPhillips, over oil spills in Bohai Bay, Beijing has ordered a thorough investigation of the affected area to know the exact damage to the environment, reports said.

Google has confirmed that China has renewed its ICP license to operate for another year in spite the tension between the two for more than a year.

Even giant corporations are affected by the continuing global economic slack. In Hong Kong, one of Asia’s iconic banks, HSBC will furlough 3,000 employees over the next three years, reports have confirmed

A Chinese Foreign Ministry spokeswoman said on Wednesday that the pending sale of 66 F-16 aircrafts from the United States to Taiwan may sever the peaceful development of Sino-US and cross-Strait relations.

Driven by fears that its soaring yen may thwart its economic recovery following a destructive earthquake and tsunami in March, the Japanese government has played a hand in the currency market on August 4.

After a three-month long of oil spills in China’s Bohai Bay, Energy Giant ConocoPhillips has issued an apology to China and vowed to release funds to ameliorate the conditions of the affected environment, says a Reuters report.

Beijing-COSCO Group, a giant state-owned conglomerate shipping company in China demands to small ship owners in dry bulk freight to reduce their rental costs.

The Chinese government through its Foreign Ministry Spokeswoman Jiang Yu has validated Libyan opposition spokesman Abdel Raham Busim’s statement that earlier this year, communist China accommodated Muammar Gaddafi’s forces in hope to purchase firearms and other high-caliber guns following the Libyan rebellion, reports said.

Jakarta, Indonesia was caught off guard as a 6.6 magnitude earthquake shook the western island of Sumatra at 0100 on Tuesday, Sept. 6, compelling some residents to flee their homes.

North Korean dictator Kim Jong-il expressed his distrust in his country's number own trade partner and political ally China, in spite the support the latter has extended to the communist nation, reports said.

The Australian dollar suffered at early morning trade treading the range of 105.52 to 105.60 cents path against the U.S. dollar but is expected to trade higher by mid-day in anticipation of the RBA meeting to deliberate on the cash rate on Tuesday afternoon.

Australia's Retailers Association's executive director Russell Zimmerman, has appealed for the abolition of paying employees time-and-a-half on Saturdays and double-time on Sundays, to maintain the industry's competitiveness amidst the backdrop of a low consumer spending environment in the country.

In spite the persisting low consumer demand, Australian companies have recorded a 6.7 percent growth on their gross profits, according to the seasonally adjusted data from the Australian Bureau of Statistics.