A slowing Chinese economy will cool growth in East Asia this year, but  China has significant fiscal resources to help engineer a “soft landing” and could cut taxes and raise s welfare spending, according to the World Bank. In its twice-yearly report on the region, the Bank said Chinese gross domestic product (GDP) would grow by 8.2% in 2012 compared with its previous forecast of 8.4% - - before recovering to 8.6% in 2013.

Principal news stories from the Irish Independent, Irish Times and Irish Examiner.

The Gallup Economic Confidence Index broke through a barrier last week, surpassing -17 for the first time in the four years of Gallup Daily tracking in the United States. The index now stands at -16 for the week ending May 20, up from -18 in each of the prior two weeks in May, and from -21 in late April.

Minister for Jobs, Enterprise and Innovation, Richard Bruton, TD, today announced that US firm Smartbox, one of Europe’s leading players in the production of gift vouchers and rewards, is to establish an ‘International Strategy, B2B, Project Management, Digital, Supply Chain and IT Centre of Excellence’ and expand its Financial Shared Services Centre in Dublin. The company is already transferring its data centre to Ireland and has started recruiting for 50 new jobs with the potential to create a further 20 new jobs over the next 18 months. The investment is partially funded by the Irish Government through IDA Ireland.

Irish Economy 2012: Irish family farm income increased by 32% in 2011, bringing the average income figure for the farming sector to €24,861, according to a preliminary estimate of the Teagasc National Farm Survey results. Income increases were entirely driven by output gains, as production costs increased and the value of direct payments declined marginally.

Sales of previously owned homes in the US grew in April, adding to signs that the housing market is recovering gradually from a nearly six-year downturn.

The Organisation for Economic Co-operation and Development (OECD) has proposed the issue of jointly-guaranteed eurobonds in its twice-yearly economic outlook. The Paris-based think-tank for 34 mainly developed country governments said today that a vicious circle exists in the Eurozone, “involving high and rising sovereign indebtedness, weak banking systems, excessive fiscal consolidation and lower growth.”

Markets news on stocks, currencies and commodities: Greencore reports jump in revenues following 2011 UK acquisition; Vodafone hit by European woes.

Principal news stories from the Irish Independent, Irish Times and Irish Examiner.

Dr Peter Morici: The European summit this week will feature a standoff between Chancellor Angela Merkel advocating austerity and President François Hollande promoting stimulus to boost growth.