Asia News
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Asian stocks slumped the most in almost two years amid concerns a credit crunch in China is worsening and the Federal Reserve will reduce stimulus should the U.S. economy continue to the improve.
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Sony Corp. Chief Executive Officer Kazuo Hirai said movies and music are crucial to the company’s revival as he spoke to investors three days after billionaire Daniel Loeb strengthened his push to spin off the businesses.
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China’s manufacturing is shrinking at a faster pace this month, a trend that threatens to stem an economic recovery in the euro area from the currency bloc’s longest-ever recession.
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New Zealand’s economic growth slowed more than forecast last quarter as the nation’s worst drought in 30 years curbed farm output, sending the currency lower.
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