Asia Economy

China's top four state-owned banks extended 166 billion yuan ($26.42 billion) in new loans in September, down from 220 billion yuan the previous month, the 21st Century Business Herald reported on Thursday.

South Korea's central bank sharply cut its economic growth forecasts for this year and next after trimming interest rates for the second time this year to shore up Asia's fourth-largest economy on Thursday, its governor said.

Australian employment rose by more than expected in September but unemployment also jumped to the highest in over two years as more people looked for work, a mixed report that should not  challenge market expectations for more cuts in interest rates.

Japan's core machinery orders fell 3.3 percent in August from the previous month, government data showed on Thursday, a sign that slowing demand in China and the broadening pain from Europe's debt crisis are sapping corporate appetite to spend.

China will offer 2.5 billion yuan ($398 million) in loan subsidies to importers for purchases of advanced technological equipment, raw materials and other components, the Ministry of Finance said on Wednesday.

Singapore conglomerate Fraser and Neave (F&N), the takeover target of a Thai tycoon, said it had rebuffed a S$1.4 billion ($1.14 billion) bid for its hospitality and serviced residence business.

The International Monetary Fund said on Wednesday that China's central bank governor will not lead the Chinese delegation at the IMF's semi-annual meeting this week, in what appeared to be a snub to host Japan.

India's new drive to reform its economy will spur growth in private investment and income, U.S. Treasury Secretary Timothy Geithner said on Tuesday, welcoming recent steps that have ended more than a year of policy paralysis in New Delhi.

Average home prices in China's 100 big cities edged up for a fourth straight month in September, a private survey showed, reinforcing signs of a mild recovery as the government seeks to boost growth while avoiding a real estate bubble.

The Indian government ruled out an inquiry into allegations of improper dealings between the son-in-law of India's most powerful politician, Sonia Gandhi, and property developer DLF Ltd, even as the firm's shares plunged on the claims.

The Philippines has long been among Asia's most aggressive sovereign borrowers. Now it is about to become one of its most attractive to foreign investors, too.

Australian business conditions weakened in September as retailers and wholesalers suffered from slack demand, while inflationary pressures remained very subdued, adding to the case for further cuts in interest rates.

Japan's current account surplus unexpectedly rose in August from a year earlier due to an increase in earnings on overseas investments, but sagging exports due to the faltering Chinese economy and Europe's debt crisis still cloud the outlook.

China's economic growth is expected to weaken to 7.8 percent this year, the International Monetary Fund said on Tuesday as it warned of risks to emerging Asia if the euro zone crisis worsens and the United States does not avoid its "fiscal cliff".

India will unveil a "credible and feasible" fiscal consolidation path for the next five years, Finance Minister P.Chidambaram said on Monday, days after a government panel said the economy was on the edge of a fiscal precipice.