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Asia-Pacific News Australasia

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  • ADELAIDE, Australia, Aug 26- Japan's effort to charm Australian politicians and the public over its bid for a A $50 billion submarine project appeared to stumble on Wednesday, with officials from Tokyo resisting pressure to commit to building the vessels in Australia. Once seen as the frontrunner to win the contract, the Japanese bid has since come under...

  • ADELAIDE, Australia, Aug 26- A Japanese consortium eyeing one of the world's most lucrative defence contracts, a A $50 billion project to build submarines for Australia, on Wednesday launched a public charm offensive to address local concerns over its bid. The consortium of Mitsubishi Heavy Industries and Kawasaki Heavy Industries has been hesitant to...

  • Currency volatility upsets Asian growth plans Tuesday, 25 Aug 2015 | 10:36 PM ET

    *China's devaluation upsets Asia's gentle depreciation. SINGAPORE, Aug 26- Faced with falling exports and deflation risks, it suited much of Asia to let their currencies drift lower, until China's abrupt devaluation triggered a tide of volatility that is upsetting not just their currency management but also their growth strategies. China's 2 percent...

  • WELLINGTON, New Zealand— New Zealand's national airline on Wednesday posted a 24 percent jump in annual profit after benefiting from lower fuel costs and continuing its expansion in Asia and North America. Air New Zealand announced after-tax profits of 327 million New Zealand dollars for the year to the end of June. The company said it plans to add routes to...

  • Magistrate Judge Jeremiah Lynch for arraignment in Missoula. Federal prosecutors accuse Canadadrugs.com, its CEO Kristjan Thorkelson and its affiliated companies and associates of selling $78 million in prescription drugs, primarily cancer treatment drugs, to U.S. doctors. "Canada Drugs purchased its inventory from questionable sources and ultimately...

  • *USDA corn, soybean conditions match expectations. WINNIPEG, Manitoba, Aug 25- U.S. soybeans rebounded on Tuesday off a more than six-year low, helped by China's decision to cut interest rates, although fears of a cooling economy in the world's largest buyer of the oilseed kept gains in check. Bargain buying and a bounce in other commodities, such as crude oil, nudged...

  • KLX tops 2Q profit forecasts Tuesday, 25 Aug 2015 | 10:18 AM ET

    WELLINGTON, Fla. _ KLX Inc. on Tuesday reported fiscal second-quarter profit of $7.4 million. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share. Four analysts surveyed by Zacks expected $424.9 million.

  • *Shanghai index crashes through key 3,000- point level. *RRR cut unleashes 650 billion yuan into economy- analyst. SHANGHAI, Aug 25- China's central bank cut interest rates and lowered the amount of reserves banks must hold for the second time in two months on Tuesday, ratcheting up support for a stuttering economy and a plunging stock market that has sent...

  • *Japan Finance Minister Aso says China equity bubble bursting. SHANGHAI, Aug 25- Chinese stocks tumbled again on Tuesday, despite a rebound in markets elsewhere in Asia, as investors despaired at the lack of policy action from Beijing in response to recent data suggesting the downturn in the world's second-largest economy is deepening. China, one of the main...

  • SYDNEY— BHP Billiton, the world's biggest miner, reported an 86 percent drop in annual profit on Tuesday amid plummeting commodity prices, as the company warned that China's slowing economy would lead to further market volatility. BHP saw a net profit of $1.9 billion for the 12 months to June 30, down from $13.8 billion a year ago, the Melbourne, Australia- based...

  • *Palladium tumbles over 7 pct to lowest since 2010. MANILA, Aug 25- Gold fell on Tuesday as Asian shares bounced off three-year lows and the U.S. dollar rebounded from a brutal selloff in the prior session that was fuelled by fears over the fate of the Chinese economy. Palladium was the worst hit among precious metals, slumping more than 7 percent at one stage to its...

  • For most of the day, it appeared that the market had shaken off some of its worries about the slowdown in China, and at one point the Dow was up by as much as 441. But then sell orders began pouring in in the last 15 minutes of trading. The rally came after China lowered interest rates to try to boost the world's second-biggest economy. "The return to a more traditional...

  • *Japan Finance Minister Aso says China equity bubble bursting. SHANGHAI, Aug 25- Chinese stocks sank again on Tuesday, despite a rebound in markets elsewhere in Asia, as investors despaired at the lack of policy action from Beijing in response to recent data suggesting the downturn in the world's second-largest economy is deepening. China, a key driver of the...

  • MANILA, Aug 25- Gold hovered below a seven-week high on Tuesday as equity markets and the U.S. dollar rebounded from a brutal selloff in the prior session that was fuelled by fears over the fate of the Chinese economy. "If that remains the case over the course of this session then buying interest in gold could dry up," said Michael McCarthy, chief market strategist at...

  • DIARY- Top Economic Events to Sept 7 Monday, 24 Aug 2015 | 8:01 PM ET

    MANNHEIM, Germany- European Central Bank Vice President Vitor Constancio speaks at the ECB session "Effects of non-standard monetary policy measures: evidence and challenges" at the 30th Annual Congress of the European Economic Association- 1040 GMT. MANNHEIM, Germany- European Central Bank Chief Economist Peter Praet speaks at the session "The Euro crisis...

  • *Corn, wheat futures advance into positive territory. CHICAGO, Aug 24- U.S. soybean futures dropped to their lowest levels in over six years on Monday and soyoil touched a nine-year low as concerns about China's faltering economy fueled selloffs in commodities and equities markets. Soybeans have dropped in six out of the last seven sessions on worries that signs...

  • CHICAGO, Aug 24- U.S. soybean futures pared losses and briefly traded higher on Monday after dropping to six-year lows as concerns about the faltering economy in top-importer China fueled deep sell-offs in commodities and equities. Broad selling pressure sank commodities and equities in early trading as investors rushed for the exits after China shares...

  • *Soybeans fall 2 pct as China growth fears spook investors. PARIS/ SYDNEY, Aug 24- U.S. soybeans fell to fresh six-year lows on Monday, caught up in a latest slide in commodity markets fanned by fears about the faltering economy in China, which is by far the largest importer of the oilseed. Soybeans were also under pressure from favourable crop weather in the United...

  • *Sydney house price surge has regulators worried. SYDNEY, Aug 24- When Ron Buxton bought his sprawling five-bedroom property in Sydney's Castle Hill for A $87,000 in 1979, his was one of only two houses on a dead-end street, ringed by orange groves. Sydney's population of 4.5 million people already spreads over 1,600 square km, twice the size of New York city.

  • President Barack Obama signed a federal declaration of emergency for Washington state on Friday, authorizing the U.S. Department of Homeland Security and the Federal Emergency Management Agency to coordinate relief efforts in 11 counties and several Indian reservations hard hit by wildfires. The Okanogan Complex includes the so-called Twisp River fire,...