News Highlights: Top Economic Stories Of The Day


2ND UPDATE: JAPAN MARCH EXPORTS DROP AS QUAKE HITS CAR OUTPUT
Japanese exports declined for the first time in 16 months in March, as production was disrupted by the March 11 earthquake, with exports of cars marking the biggest fall since the global financial crisis. (published 0257 GMT)


SOARING AUSTRALIAN DOLLAR TO SAVAGE GOVERNMENT BUDGET -SOURCES
Australia's soaring currency has carved a A$10 billion hole in the government's budget, say government sources, making the goal of a return to surplus by 2012-13 much more difficult to reach. (published 0059 GMT)


AUSTRALIA'S LEADING ECONOMIC INDEX +4.7% ANNUALIZED IN FEB
A leading index of the Australian economy released Wednesday grew at an annualized rate of 4.7% in February, compared with growth of 4.8% in January. (published 0030 GMT)


UPDATE: AUSTRALIA CONSIDERS TAX BREAK ON SOVEREIGN INVESTMENTS
Australia is considering a tax break on passive investments from sovereign bodies in a move designed to bring the country in line with international practice and boost Australia as a foreign investment destination. (published 0311 GMT)


CHINA BANKING SYSTEM'S MARCH NET FOREX PURCHASES CNY407.9 BLN
China's central bank and financial institutions bought a net CNY407.9 billion worth of foreign exchange in March, up from CNY214.5 billion in February, according to a Dow Jones Newswires calculation based on central bank data. (published 0227 GMT)


BOK GOVERNOR: EXPECT APRIL INFLATION AT SLIGHTLY ABOVE 4%
Bank of Korea Gov. Kim Choong-soo said Wednesday he expects the country's consumer price inflation to come in slightly above 4% in April. (published 0305 GMT)


UPDATE: US GEITHNER SAYS OUTLOOK IMPROVING TO TACKLE US DEFICIT
U.S. Treasury Secretary Timothy Geithner on Tuesday gave an optimistic view of the prospects for tackling the budget deficit, a day after a Standard & Poor's lowered its outlook on the U.S. credit rating. (published 2135 GMT)


UPDATE: WHITE HOUSE STARTS TALKS WITH CONGRESS ON TRADE DEALS - OFFICIAL
The White House has begun talks with Congress on the timing of passing trade deals with South Korea, Colombia and Panama, a senior Obama administration official said Tuesday. (published 2131 GMT)


BRAZIL JOBLESS RATE STAYS AT RECORD LOW, PRESSURING CENTRAL BANK
Brazil's unemployment remained at an all-time low in March, while the country keeps adding formal jobs, prompting further concerns about inflation and heaping pressure on the central bank on the eve of its next decision on interest rates. (published 0321 GMT)


UK COMMITTEE SAYS GOVT SHOULD ENFORCE BANK LENDING TARGETS
Part state-owned Royal Bank of Scotland Group PLC and Lloyds Banking Group PLC should face U.K. government action if they fail to meet lending targets, a parliamentary committee said Wednesday, in some of the sharpest criticism yet of the government's oversight of the two banks. (published 2305 GMT)


UNITED OVERSEAS BANK PLANS TO SELL A$300 MLN BOND AT BBSW +95-98 BPS - SOURCE
United Overseas Bank plans to sell a three-year bond worth A$300 million today at 95 to 98 basis points over the Bank Bill Swap rate, a person familiar with the proposed deal said Wednesday. (published 0225 GMT)


SUN HUNG KAI & CO.: UNIT SELLS CNY500 MLN YUAN-DENOMINATED BONDS
Sun Hung Kai & Co.'s consumer finance subsidiary, United Asia Finance Ltd., has raised CNY500 million by selling yuan-denominated bonds, the company said late Tuesday. (published 0348 GMT)


CNPC PLANS TO SELL UP TO $3 BLN THREE-TRANCHE GLOBAL DOLLAR BOND TODAY - SOURCE
CNPC Overseas Capital Ltd. plans to sell a three-tranche global bond worth up to $3 billion in New York time today, a person familiar with the proposed deal said Wednesday. (published 0149 GMT)


BYD CO. HK UNIT TO ISSUE 3-YEAR CNY1 BLN YUAN-DENOMINATED BONDS AT 4.5%
Chinese battery and car maker BYD Co. said Wednesday its Hong Kong unit will issue CNY1 billion worth of yuan-denominated bonds to fund the development and expansion of its business in Hong Kong. (published 0018 GMT)


Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=%2FIXpPv7pmiK%2FB1JmS7CbIg%3D%3D. You can use this link on the day this article is published and the following day.