Manila - Asia must act swiftly to counter the huge economic impact expected from an aging population as the region is poised to become the oldest in the world within a few decades, an Asian Development Bank (ADB) report said Tuesday.

The report, "Aging in Asia," noted that Asia's share of the global elderly was projected to rise to 62 per cent by 2050, with the demographic shift more advanced in such developed economies as Japan, Hong Kong and Singapore.

"Population aging will touch every aspect of our lives and unless we start making difficult policy choices soon there is very little chance that Asia will age gracefully," said Jayant Menon, co-author of the ADB report.

Singapore - Singapore share prices fell 2.11 per cent

Manila  - More than 140 million people in Asia could be pushed into extreme poverty in 2009 as unemployment surges due to the global economic slowdown, an International Labour Organization (ILO) report warned Wednesday.

According to the report, The Fallout in Asia, the number of unemployed in the Asia-Pacific region could rise by as many as 23.3 million in 2009 while vulnerable employment could grow by an alarming 60 million.

Singapore - Following the global economic downturn, profits at Singapore's largest insurance group, Great Eastern Holdings, halved in 2008, the company said on Tuesday.

Full year profit for 2008 tumbled to 272.4 million Singapore dollars (178.56 million US dollars), a 50 per cent drop compared to the record high of 546.9 million Singapore dollars the group achieved in 2007.

"For 2008, the group's performance was affected by the financial downturn which directly impacted the investment performance of all the funds," the company said in a statement.

For the fourth quarter of 2008, Great Eastern reported a profit of 76.5 million Singapore dollars, a drop of 47 per cent on a year-on-year basis.

New York  - US Secretary of State Hillary Rodham Clinton on Friday pledged to strengthen ties with Asia, offering North Korea normalized relations if it abandoned nuclear weapons and appealing to China for a more cooperative relationship.

During a speech at the Asia Society in New York Friday, two days before she leaves on a four-nation tour of Asia, Clinton said she would deliver a "message about America's desire for more rigorous and persistent commitment and engagement" in Asia.

Beijing - Police have detained 12 people after a blaze caused by fireworks engulfed a new hotel tower in central Beijing, state media said on Thursday.

The 12 detained included four employees of state broadcaster China Central Television (CCTV), which owns the tower, and eight workers from the company which set off the fireworks on Monday night, the official Xinhua news agency said.

Among those detained was Xu Wei, CCTV's construction manager for the nearly completed tower, who was suspected of "starting the fire by using banned fireworks," the agency quoted Beijing police as saying.

The eight employees of the fireworks company were arrested in the nearby city of Langfang after they fled the scene of the fire, the police said.