Tokyo  Nikkei  8719.24  -2.51%
Seoul   KOSPI  1744.88  -6.22%
Shanghai SSEC  2534.36  -0.98%
Hong Kong HSI 19399.92  -3.08%
Singapore STI  2733.63  -3.23%
Mumbai    BSE 16141.67  -1.99%
Sydney   AORD  4171.90  -3.41% 
   
1. Asia Stocks Plunge on Recession Fear
Japan's Nikkei 225 index dived 2.5% to 8,719.24 and Hong Kong's Hang Seng Index dropped 3.1% to 19,399.92. South Korea's Kospi slid 6.2% to 1,744.88. China's Shanghai Composite Index fell 1%.
 
2. China Confident of US Economic Strength
Chinese Vice President Xi Jingping expressed confidence in the US economy as he met his visiting US counterpart Joe Biden. Beijing has repeatedly showed its concern on the weakening US dollar would erode the value of China's US$1.2 trillion reserve. 
 
3. S Korea Calls Off US$4.8B Woori Sales
The nation cancelled its 2nd attempt to sell a 57% stake in Woori Financial after it only received one bid. The government spent US$11.4 billion to aid Woori and has recouped US$5 billion through block sales of shares.
 
4. Taiwan Posts US$9.02B Q2 Current Account Surplus  
The figure was down from US$10.73 billion in the previous quarter. Export orders jumped 11.12% in July from a year earlier, which was slightly higher than expected.
 
5. Esprit Said to Consider Sales of US, Canada Operation
The HK-based cloth retailer reported sales in North American countries jumped 11% to US$84 million in the first half of this fiscal year ended Dec, equaling to just 3.7% of total revenue. 
 
6. S Korea Household Income Rises for 7th Quarter
The average monthly incomes of households advanced 4.7% to US$3,432 in Q2 from a year earlier, after gaining 3.5% in Q1. Households spending excluding tax and social security related expenses jumped 4.3% last quarter.
 
7. Vietnam May Release Rice Reserve
The government is considering to sell 1 million tons of rice stockpile to cool domestic rice prices, which jumped 10% in the last 2 weeks. Vietnam's consumer prices are rising at the fastest pace in Asia.
 
8. Thai Airway Launches Budget Carrier in 2012
The new low-fare unit was named Thai Smile and will only offer domestic flights in its first year of operation. The new airline will operate with 11 new aircrafts.
 
9. N Korea Accepts US Proposal to Discuss War Remains
About 8,000 US service members are listed as missing from the 1950-53 Korean War, including 5,500 in N Korea. Joint efforts to recover remains began in 1996, but work was suspended in 2005 after Washington said there wasn't enough security for its personnel.
 
10. Strong Offshore Quake Hits Japan's Northeast
A magnitude-6.8 earthquake struck off the nation's northeastern coast Friday, triggering a tsunami advisory that was later lifted. There were no immediate reports of damage or injuries in the temblor.