DERRICK 17 EDITION
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ASIAN SHARES LOWER AS JAPAN CRISIS DRAGS ON Asian markets were mostly lower on Tuesday, as Japan‘s inability to tame a nuclear crisis cast a shadow over investment sentiment. Japan‘s benchmark Nikkei 225 index dropped 1.2% to 9,606.72, amid frantic — and unsuccessful — efforts to control a radioactive leak at a nuclear plant damaged by a monster earthquake and tsunami that struck off the country‘s northeastern coast on 11 March. Shares of Tokyo Electric Power Co. Inc., the utility known as TEPCO that operates the plant, have been in a free fall since the disaster, nose-diving a staggering 80%. On Tuesday, the stock hit an all-time low after dropping 12% in the morning session. TEPCO‘s coastal Fukushima Dai -ichi nuclear power plant has been leaking radiation since the quake and tsunami knocked out its crucial cooling systems, leading to explosion s and fires. The company is now struggling to contain radioactive water leaks. Shares in Japan‘s powerhouse export sector also skidded downward, hit hard by supply chain disruptions and power shortages that have forced many factories to suspend or reduce output. Toyota Motor Corp., the world‘s largest automaker, dropped 2.7%. Honda Motor Corp. slid 2.5%, and Nissan Motor Corp., slumped 2.7%. The central bank has pumped billions of yen into the economy to keep liquidity flowing through the system. It has also received international support to stem the export-sapping appreciation of the yen following last month‘s disaster. Benchmark crude for May delivery was down 24 cents to $108.23 on the New York Mercantile Exchange. The contract settled at $108.47 per barrel on Monday, a fresh 30- month high as fighting in Libya and unrest in the Middle East continued to raise doubts about future supplies. In currencies, the dollar rose to 84.33 Japanese yen from 84.04 late Monday in New York. The euro was lower at $1.4190, from $1.4216. Progress is often equal to the difference between mind and mindset. INSIDE THIS ISSUE: JAPAN CRISIS AND ASIAN SHARE MARKET CORPORATE watch ECONOMY watch INDUSTRY watch FACT OF WEEK INTERVIEW ZARGONOMICS ENTREPRENEUR Answers to BIZ WIZ-10
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