Micron Technology Inc. agreed to acquire troubled Japanese rival Elpida Memory Inc. for about $2.5 billion, as the U.S. memory maker bulks up to compete against rivals in South Korea and Taiwan, The Wall Street Journal reported. The deal would make Micron No. 2 in the market for memory chips, second only to Samsung Electronics Co. Micron, based in Boise, Idaho, currently ranks third, behind SK Hynix Inc., another Korean company that until earlier this year was called Hynix Semiconductor Inc.

Many Chinese exporters are starting to hoard the dollars they earn, betting that the yuan is unlikely to appreciate much more, a shift in strategy that is having a ripple effect throughout the country's financial system, The Wall Street Journal reported. Until recently, Chinese exporters like state-owned Huihong International Group and privately held Saijia Co. had rushed to sell their dollar earnings to banks as soon as they got paid, in exchange for the appreciating yuan.

A fifth euro zone country turned to Brussels for emergency funding on Monday when Cyprus announced it was seeking a lifeline for its banks and its budget, hours after Spain submitted a formal request to bail out its banks, Reuters reported. Global share prices and the euro slid as investors bet that European leaders - due to meet this week for the 20th time since the currency zone's debt crisis hit Greece in 2010 - would fail to come up with radical measures to back up weak countries.

Tokyo Electric Power Co will receive fresh funding at interest rates below 1 percent from its top 10 lenders, Japanese business daily the Nikkei reported. The additional funding will total 1.07 trillion yen ($13.44 billion) - 500 billion yen of new loans, a 400 billion yen credit line and 170 billion yen in loan rollovers, the daily reported. The lenders to Japan's biggest utility, known as Tepco, include three of the largest banks in the country, three trust banks and four life insurers.

China’s manufacturing sector has slowed further in June and a decline in new orders shows that the weakness is likely to drag on, according to a survey released on Thursday, the Financial Times reported. HSBC said its Chinese purchasing managers’ index was on track to fall to 48.1 in June from 48.4 in May, which would mark a seven-month low. In dipping further below the 50 threshold, the flash figure, which is the earliest piece of monthly economic data for China, indicates a steepening contraction of factory activity.

Lenders to Hotel Leela, a 5-star chain that is more than two months behind in payments on $700 million of debt, are likely to bite the bullet and amend the loan terms rather than declare it in default, say bankers involved in the talks, Reuters reported. Restructuring corporate loans - allowing banks to dilute payment terms without classifying loans as bad - is on the rise in Asia's third-largest economy, providing a lifeline to borrowers struggling in a sharp economic slowdown, but piling more stress on bank balance sheets.

Greek elections may have assuaged fears of a European financial contagion spreading to Asia, at least for the moment. But as troubles brew in Spain, where borrowing costs shot up again Tuesday, and as Greece faces more painful cuts to meet bailout targets by September, many wonder who in Asia is most exposed should Europe's economy and financial system finally crack, The Wall Street Journal reported.

Several emerging-market countries Monday detailed their plans to boost the International Monetary Fund's coffers by more than $90 billion, to push the total new commitments to about $456 billion, The Wall Street Journal reported. China is pledging $43 billion, while India, Russia, Brazil and Mexico told Group of 20 officials they would commit around $10 billion each. Turkey committed $5 billion, and a handful of others offered about $1 billion.

Creditors of Ssangyong Engineering & Construction (E&C) have decided to relinquish a controlling stake in the company by means of a private contract after open bids failed to achieve this end, The Korea Times reported. A German engineering firm, which took part in three previous bids, has emerged as the most likely to acquire one of Korea’s largest builders, according to industry officials Monday.

Woori Finance Holdings Co. and Hana Financial Group Inc. are among the bidders that have submitted initial offers to buy the troubled savings banks put up for sale by the government, people familiar with the matter said Friday, The Wall Street Journal reported. South Korea's laws stipulate that the government can intervene in a faltering financial firm, and the country's financial regulator put the four second-tier financial firms up for sale when it suspended their operations last month for six months due to their weak financial standing.