Sony posts US$1.3bn loss
Sony Corp sank to a ￥138 billion (US$1.3 billion) quarterly loss due to expenses from exiting its personal computer business and is forecasting more red ink as it struggles to execute a long-promised turnaround. The company also reported a loss of ￥128.4 billion for the fiscal year through March this year, about three times its loss of ￥41.5 billion the previous year. It forecast a ￥50 billion loss for the year ending March next year. Sony’s red ink is flowing despite an improvement in sales, which rose 14 percent to ￥7.7 trillion for the fiscal year.
Unemployment inches up
The unemployment rate rose slightly last month, with the number of newly created jobs falling for the second consecutive month, government data showed yesterday. The seasonally adjusted jobless rate stood at 3.7 percent, compared to 3.5 percent in March, Statistics Korea said. However, the employment market for young job seekers remained tough. The jobless rate for those aged 15-29 stood at 10 percent last month, up from 9.9 in March and 8.4 percent a year earlier.
Inflation rises slightly
Inflation in Germany, Europe’s biggest economy, accelerated slightly for the first time this year, official final data showed yesterday. The cost of living rose by 1.3 percent on a 12-month basis last month, up from 1 percent in March, the federal statistics office Destatis said in a statement. Inflation in France also edged up last month, French official data showed yesterday, as consumer prices rose by 0.7 percent on a 12-month basis, the statistics institute INSEE reported.
Telstra completes CSL sale
Australian telecommunications giant Telstra yesterday announced it had completed the sale of Hong Kong-based mobile business CSL to HKT Ltd (香港電訊), with proceeds for its stake totaling US$1.99 billion. Telstra revealed in December last year it planned to offload the operation, saying while revenue was growing strongly and market share was up, dynamics in the Hong Kong market meant it was time to sell. The sale equates to US$1.99 billion for Telstra’s 76.4 percent stake.
Citic chair fined for criticism
A Chinese brokerage has fined its chairman two months pay — nearly 1 million yuan (US$161,000) — after he publicly blasted the nation’s largest bank Industrial and Commercial Bank of China Ltd (ICBC, 中國工商銀行) over its profits, state media reported yesterday. The penalty will be levied on Citic Securities Co’s (中信證券) Wang Dongming (王東明), the 21st Century Business Herald newspaper said, basing its estimate on Wang’s salary last year of 5.83 million yuan. China’s “Big Four” banks, which include ICBC, have long been criticized for high charges, poor service and their reluctance to lend to private firms.
Firm aims for 20% of electric
Nissan’s joint venture firm in China has said it is aiming to secure one-fifth of the fledgling electric vehicle market, which it expects to boom as authorities get to grips with choking air pollution. Dongfeng Motor Co (東風) has ambitions of claiming a 20 percent segment share with its local Venucia brand, which will be rolled out in September, Jun Seki, who heads the joint venture, said on Tuesday.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
BAD RAP: The exchange said Tatung had seriously breached shareholders’ rights and failed to give a satisfactory explanation of its board election dispute Tatung Co (大同) shares yesterday plunged by the maximum daily limit of 10 percent to NT$18.90, the lowest in three months, after the Taiwan Stock Exchange (TWSE) on Tuesday evening changed the company’s classification to a full-delivery stock effective tomorrow. The TWSE’s move follows the company’s failure to give a clear and satisfactory explanation of why it deprived dozens of shareholders of their voting rights during a board election at the annual shareholders’ meeting on Tuesday morning. Under the exchange’s regulations, investors are not allowed to engage in margin trading of a full-delivery stock, TWSE spokeswoman Rebecca Chen (陳麗卿) told
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate