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WSJA-030510-A-COMPLETE - As of 4 p.m ET DJIA 11008.61 g...

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VO L . X X X I V NO. 169 * * Monday, May 3, 2010 ASIA As of 4 p.m. ET DJIA 11008.61 g 1.42% FTSE 100 5553.29 g 1.15% Nikkei 225 11057.40 À 1.21% ShanghaiComp. 2870.61 À 0.08% Hang Seng 21108.59 À 1.59% Sensex 17558.71 À 0.32% S&P/ASX 200 4807.37 À 0.46% asia.WSJ.com Swire’s long example of ‘buy low and sell high’ THE VIEW FROM HONG KONG 17 The U.S. recovery has yet to kick into high gear EDITORIAL & OPINION 11 (India facsimile Vol. 1 No. 230) Australia: A$6.00(Incl GST), Brunei: B$5.00, China: RMB25.00, Hong Kong: HK$18.00, India: Rs25.00, Indonesia: Rp18,000(Incl PPN), Japan: Yen500(Incl JCT), Korea: Won2,500, Malaysia: RM6.00, Pakistan: Rs140.00, Philippines: Peso80.00, Singapore: S$4.00(Incl GST), Sri Lanka: Slrs180(Incl VAT), Taiwan: NT$60.00, Thailand: Baht50.00, Vietnam: US$2.50 KKDN PPS 648/11/2010 (028507) KKDN PP 9315/10/2010 (025811) MICA (P) NO. 048/10/2009 SK. MENPEN R.I. NO: 01/SK/MENPEN/SCJJ/1998 TGL. 4 SEPT 1998 Greece seals bailout deal Fresh budget cuts, higher taxes trigger unrest, but ‘we have no other choice’ Greece reached a historic deal with other euro-zone countries and the Interna- tional Monetary Fund for a three-year, €110 billion ($146.5 billion) bailout, as the country’s prime minister on Sunday exhorted his nation to bear the sacrifices needed to mend broken public finances and vowed that his govern- ment won’t “allow the coun- try to become bankrupt.” The rescue involves out- side aid on a scale not at- tempted in Europe since the U.S.-led effort to reanimate the Continent after World War II. No euro-zone country has ever taken a bailout from a peer. Besides its 2008 res- cue of Iceland, the IMF’s last intervention in Western Eu- rope was in 1976, when it lent £2.3 billion ($3.5 billion at current exchange rates) to the U.K. “We have no other choices and no time, so accessing the bailout is inevitable,” Prime Minister George Papandreou said in a televised speech. Greece needs cash to pay back Please turn to page 16 By Charles Forelle in Brussels and Nick Skrekas in Athens Greek Finance Minister George Papaconstantinou outlines the rescue package at the finance ministry in Athens on Sunday. Bloomberg News Yuan gains world-wide clout, rivals dollar A new heavyweight is flex- ing its muscles in the $3 tril- lion-a-day market for cur- rency trading: China. It is an unusual sort of in- fluence given that the Chinese currency, the yuan, doesn’t readily trade in f o r e i g n - e x - change markets and its value is fixed against the dollar. Yet China’s economy, and speculation that the yuan’s value vis-a-vis the dollar will soon be allowed to rise, is moving currencies around the world. This is especially true in Asia, where the U.S. dollar has long reigned as the most con- sequential currency. It’s also making waves in countries that are major raw-materials suppliers to China such as Australia, Canada and Brazil. “The U.S. dollar used to be the center of the earth,” says David Bloom, currency strate- gist for HSBC in London.
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