Asian shares fell last week, dragging the benchmark MSCI Asia Pacific Index to its biggest weekly drop since March, on concern the pace of economic growth will prompt central banks from China to India to curb price increases.
Aluminum Corp of China Ltd, the country’s largest producer of the metal, sank 9.1 percent in Hong Kong. Rio Tinto Group, the world’s third-largest mining company, slid 7.2 percent in Sydney as metal prices fell. Nomura Holdings Inc, Japan’s biggest investment bank, lost 8.8 percent in Tokyo after Credit Suisse Group AG cut its rating. Nissan Motor Co, which gets about 35 percent of its sales from North America, retreated 6.4 percent as US consumer confidence trailed estimates.
The MSCI Asia Pacific Index fell 3.5 percent to 122.39 for the first weekly drop in five. The gauge has jumped 48 percent in the past 12 months as growth in China helped the global economy emerge from the worst slowdown since World War II.
Japan’s Nikkei 225 Stock Average declined 3.6 percent this week, the steepest drop since the period ended on Nov. 27. Hong Kong’s Hang Seng Index lost 4.3 percent. Australia’s S&P/ASX 200 Index fell 3 percent amid concern the nation may raise taxes on mining projects.
Asian equities also fell in the week as US President Barack Obama proposed measures to reduce risk-taking at banks, raising concerns the plans would curb lenders’ profits and hurt the country’s economic recovery.
The Shanghai Composite Index dropped 3 percent as government reports on Thursday showed the country’s fourth-quarter GDP grew 10.7 percent, more than economists estimated, while inflation accelerated to a more-than-forecast 1.9 percent last month.
TAIPEI
Taipei was also dragged down by news from Wall Street, closing down 2.47 percent, or 200.56 points, to 7,927.31.
Other regional markets:
KUALA LUMPUR: The Composite Index lost 7.91 points, or 0.60 percent to close at 1,300.45.
JAKARTA: Indonesian shares fell1.06 percent, or 28.04 points, to 2,610.34.
WELLINGTON: New Zealand shares fell 1.08 percent, or 34.86 points, to 3,190.43.
MANILLA: Philippine shares fell 2.01 percent, or 62.11 points, to 3,023.47.
MUMBAI: Indian shares fell 1.12 percent with the 30-share benchmark SENSEX down 191.46 points at 16,859.68.
Taiwan last night blanked world No. 1 Japan 4-0 to win the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time. Taiwanese ace Lin Yu-min (林昱珉) held defending champions Japan to just one hit and no runs in the first four innings, before catcher Lin Chia-cheng (林家正) opened the fifth inning with a solo home run. That was soon followed by a three-run homer from Taiwanese captain Chen Chieh-hsien (陳傑憲) to put Taiwan ahead in the prestigious tournament of the world’s top 12 baseball teams. In addition to a superb performance from 21-year-old Arizona Diamondbacks prospect Lin, three more Taiwanese pitchers
SUPPORT: Arms sales to NATO Plus countries such as Japan, South Korea and Israel only have to be approved by the US Congress if they exceed US$25m The US should amend a law to add Taiwan to the list of “NATO Plus” allies and streamline future arms sales, a US commission said on Tuesday in its annual report to the US Congress. The recommendation was made in the annual report by the US-China Economic and Security Review Commission (USCC), which contained chapters on US-China economic and trade ties, security relations, and Taiwan and Hong Kong. In the chapter on Taiwan, the commission urged the US Congress to “amend the Arms Export Control Act of 1976 to include Taiwan on the list of ‘NATO Plus’ recipients,” referring to
Taiwan yesterday advanced to the gold medal match of the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time in history, despite last night losing 9-6 to Japan. Taiwan advanced after the US defeated Venezuela in the first game on the last day of the Super Round. However, the US had no chance of advancing to the championship game unless it defeated Venezuela by at least nine points. The US won 6-5. As a result, the two teams — who both had one win and two losses in the Super Round — are to face off again in the
Minister of Labor Ho Pei-shan (何佩珊) said she would tender her resignation following criticism of her handling of alleged bullying by Ministry of Labor Workforce Development Agency branch director Hsieh Yi-jung (謝宜容) resulting in the death of an employee. The ministry yesterday gave Hsieh two demerits and said she is subject to review by the Disciplinary Court. The severest possible punishment would be her removal from office and being barred from government jobs indefinitely. Workforce Development Agency Director-General Tsai Meng-liang (蔡孟良) also received a major demerit and was transferred to another position. Premier Cho Jung-tai (卓榮泰) issued a formal apology
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