Asia This Day:Diamond Jeweler Expands

China's industrial earnings fell 2.2% year over year in April,a survey across more than 40 industries indicates.The cause is an export slump on account of the Greek crisis and weakened global demand.For 2012,the profit growth is estimated to reach 10-20%,following a 25.4% increse in 2011.China's inflation is at 3.4%,which is below the government target.Former Malaysian Prime Minister Mahatir Mohammad said that if just Greece alone leaves the euro currency,it will not affect Asia that much.It will still be possible to confine the effect to Europe,instead of the rest of the world,Dr.Mahatir believes.On Thursday,the World Economic Forum Asia opens in Bangkok,Thailand.Leaders attending will discuss the region's economic health and how to sustain its growth.Graff Diamonds Corporation,Ltd. is having a one billion dollar initial public offering in Hong Kong.In addition,the London-based jeweler plans to open 11 new stores in Asia,with 8 of them being in China.They already have 18 direct-owned stores worldwide,catering to the super rich.Only 20 customers generate nearly half their revenue.Most Asian markets have opened for trading today,Monday,but South Korea's is closed for Buddha's birthday.The MSCI Asia Pacific Index was down 0.26% in early trading.

Asia This Day:Petronas To Make Big Canadian Acquisition

The Malaysian state-owned oil and gas company,Petronas,intends to make a major Canadian acquisition.The firm is expected to spend about five billion dollars for a substantial foothold in North America.It's following China's lead in seeking global energy assets.In June 2011,the company aqcuired a stake in Canadian shale gas assets for just over a billion dollars.
China's purchasing managers' index came in stronger than expected.The PMI reading was at 53.1,with 50 showing economic expansion.The index is focused on large enterprises and is affected by seasonality.Natural resources such as rubber and copper will be more in demand on the China and U.S. outlooks.
Tropical Storm Pakhar has hit the coast of Vietnam.The first storm of the year,it will also be troubling Thailand.
Mainland Chinese and Vietnam markets are closed today,Monday,for holidays.It is Tomb Sweeping in China and the Hung Kings' Anniversary in Vietnam.China's markets will remain closed through Wednesday.The rest of the Asian markets opened largely higher this morning,with the MSCI Asia Pacific Index up 0.28%.Japan's markets rose despite a gloomy Bank of Japan Tankan survey of business sentiment,which logged a -4 reading,showing more pessimists than optimists among large businesses.
It was partly cloudy in Kuala Lumpur,Malaysia this morning,with a temperature of 82F.

Shop Talk

Dear Readers,
In one of his first major initiatives,Apple CEO Tim Cook has made an epic journey to China.Find out why and what he has promised the Chinese Vice Premier.Also consider whether the company can possibly grow even more than the current 600 dollar-plus share price indicates.You can do all this at International Daybook,a sister blog to this one that is accessible from the link list in the right hand column.Hope to see you there.
Thank you for visiting today,
Andrew Taylor

Gillard Holds On To PM Post

Australian Prime Minister Julia Gillard is unpopular with the electorate,but she still commands the loyalty of her Labour Party.Labour MPs have just given their backing for her to remain in office.
Gillard wants to get the controversial carbon tax legislation through Parliament.She has been in office since June,2010.In her favor,the Australian services industry has reported growth for the first time in four months.
According to a Bank of New Zealand survey,New Zealand business confidence has risen in September.
China's service sector Purchasing Managers Index has fallen from 59.6 in July to 57.6 in August,indicating continuing but slower growth in the sector.
Three Chinese companies are buying most of Bank of America's stake in China Construction Bank.They are joined by Singapore and Qatar sovereign wealth funds in the acquisition.
In Sydney,it was 68F on Monday under clear skies.Winds were W at 6 mph,while the humidity was 60%.

Asia This Day

FoxConn,a major outsourcer for Apple,Hewlett-Packard and Sony,has suffered a tragic fire and explosion in Chengdu,China.Three workers were killed.All operations at that plant and similar plants were shut down.
Computers are assembled at the stricken facility.iPad and iPhone production may also be hindered by the blast in a dust duct there,which caused smoke to billow from the plant.
FoxConn is based in Taipei,Taiwan.It was plagued by a rash of worker suicides last year.
Elsewhere in Asia,Thailand's GDP growth has exceeded expectations.It grew 3.0% on the year.The growth is being attributed to very strong exports,as well as robust domestic demand.
Asian markets were lower today,Monday,on account of fears about European debt and a Chinese regulator's call for better risk management by banks.
Hong Kong saw a temperature of 73F under mostly cloudy skies,with thunderstorms in the forecast.
Apple(AAPL),Sony(SNY),Hewlett-Packard(HPQ)