TOKYO — Japan's economy expanded at an annual pace of 4.8 percent in the third quarter, the government said today, marking the second straight quarter of growth and the biggest rise in real gross domestic product since 2007. On a quarterly basis, GDP was up 1.2 percent in July-September from the previous three-month period, according to the Cabinet Office's preliminary data.

Japan, heavily reliant on the world to buy its exports, fell into its worst recession since World War II earlier this year in the wake of the global financial crisis. According to Kyodo news agency, Deputy Prime Minister Naoto Kan said the figures reflected the economic recovery in Japan and the world.

SANDS WILL RESUME BIG MACAU PROJECTS

HONG KONG — U.S. casino operator Las Vegas Sands Corp. plans to resume work in January on its multibillion-dollar gambling resorts in Macau after suspending construction last year amid a massive funding crunch, the company said yesterday.

This week, Sands will seek to raise more than $3.3 billion from an initial public offering of shares in its casino businesses in the southern Chinese enclave, the world's largest casino market. About $500 million will be used to restart construction on the projects, executives said.

The projects, including casinos and Shangri-La and Sheraton hotels, were stalled last year by a cash shortage.

APEC WRAPS UP ON AN OPTIMISTIC NOTE

SINGAPORE — Open trade and people-centered strategies are key for sustained, stable growth, President Obama and Asia-Pacific leaders said yesterday, pledging to persist with stimulus spending until a global recovery is assured. The leaders wrapped up the annual meeting of the 21-member Asia-Pacific Economic Cooperation forum with a joint pledge to resist protectionism.

They also endorsed policies to encourage growth that is "balanced, inclusive and sustainable, to ensure a durable recovery that will create jobs and benefit our people."