Bussiness News

SHANGHAI, China (AP) _ Cracked dams and buckled roads, collapsed buildings and toppled factories China has begun tallying losses from the calamitous earthquake that struck earlier this week, with estimates ranging to over US$20 billion.

SHANGHAI, China (AP) _ Chinese stocks fell Friday as investors sold electric utilities and steel companies following recent gains.

SEOUL, South Korea (AP) _ Leaders of South Korea and New Zealand have agreed to seek a free trade agreement.

MELBOURNE, Australia (AP) _ The Australia-listed shares of BHP Billiton Ltd. hit an intraday trading record of 50 Australian dollars (US$46.74; 30.21) amid further speculation about Chinese interest in a stake in the company.

TOKYO (AP) _ A student who had allegedly spread a computer virus was convicted Friday of copyright infringement charges in a case that has highlighted the lack of laws in Japan to police malicious programs in cyberspace.

TOKYO (AP) _ Tokyo stocks edged lower Friday after a four-day winning streak as investors sold recent gainers such as precision equipment and electronics makers.

TOKYO (AP) _ The dollar weakened Friday in Asia as the yen got a big boost from a report showing healthy economic growth in Japan. Data from the Cabinet Office showed Friday that Japan's gross domestic product or the value of a nation's goods and services grew 0.8 percent on quarter in the January-March period, equivalent to an annual rate of 3.3 percent.

BANGKOK, Thailand (AP) _ Oil rose Friday in Asia following a whipsaw overnight session during which the expiration of options and a mix of news played havoc with prices trading in a range almost US$6 wide.

TOKYO (AP) _ Japan's economy grew at a healthy, better-than-expected 3.3 percent annual pace in the first quarter, racking up its third straight quarter of growth.

HONG KONG (AP) _ Hong Kong shares dropped 0.1 percent Thursday as the deadly earthquake in central China continued to weigh on sentiment.

TOKYO (AP) _ Mizuho, Japan's No. 2 banking group, took a beating from U.S. subprime credit problems, reporting on Thursday a 50 percent drop in profit for the fiscal year.

TOKYO (AP) _ Japanese shares rose Thursday, lifted by an overnight gain on Wall Street and Sony Corp.'s upbeat earnings.

TOKYO (AP) _ Sony shares jumped nearly 9 percent in Thursday trading in Tokyo, a day after the Japanese electronics and entertainment company released upbeat earnings that included a record fiscal year profit.

BEIJING (AP) _ U.S. Commerce Secretary Carlos Gutierrez warned Thursday that rising economic nationalism in both China and the United States threatens to jeopardize beneficial ties.

TOKYO (AP) _ The dollar slipped against the yen in Asia on Thursday but analysts said there was underlying support in a better-than-expected report on U.S. consumer prices.

SINGAPORE (AP) _ Oil steadied above US$124 a barrel Thursday in Asia after the U.S. government issued a mixed report on the country's petroleum reserves and prices fell back from their record levels.

KUALA LUMPUR, Malaysia (AP) _ Budget carrier AirAsia urged the government Thursday to rein in unfair competition by rival Malaysia Airlines, but said it still expects to remain profitable this year despite rising jet fuel prices and the heightened competition.

TOKYO (AP) _ Toyota's Prius started out a decade ago as a risky experiment in green technology. Today, it's the world's first mass-produced gas-electric hybrid vehicle to hit the one million mark in sales. The Prius, which went on sale in Japan in 1997, has been a big hit with drivers around the world and is now sold in 40 countries and regions.

SHANGHAI, China (AP) _ China's spending on real estate and other fixed urban assets rose 25.7 percent in the first four months of the year compared with the same period a year ago, the National Statistics Bureau reported Thursday.