Wed, Aug 09, 2017 - Page 10 News List

World Business Quick Take

Agencies

SOUTH KOREA

Mitsubishi to pay ex-slaves

A court ruled yesterday that Japan’s Mitsubishi Heavy Industries should pay compensation to former wartime slave workers. The district court in the southern city of Gwangju ruled Mitsubishi Heavy Industries should pay 120 million won (US$106,700) in compensation to Kim Young-ok, 85, and 3.25 million won to a relative of the late Choe Jeong-rye, activists said. It is the second such ruling in four years. The victims, both in their teens, worked without pay at a Mitsubishi aircraft manufacturing plant in Nagoya in 1944.

GERMANY

Trade surplus grows

The nation’s trade surplus grew in June, official figures showed yesterday, while saber-rattling continues in Washington and Brussels over possible US protectionist moves. Europe’s largest economy exported 21.2 billion euros (US$25 billion) worth of goods more than it imported in June, the federal statistics authority, Destatis, calculated in figures adjusted for seasonal and calendar effects. In absolute terms, the amount of goods sold abroad amounted to 104.9 billion euros in June, a drop of 2.8 percent from the figure for May, while the total amount of goods bought from abroad totaled 83.7 billion euros, down 4.5 percent on the month. Germany increased both its imports and its exports to the EU in June, but while its imports to the rest of the world grew strongly, exports shrank slightly.

JAPAN

Current account in surplus

The nation recorded a 36th consecutive current account surplus in June, supported by returns on overseas investments and a trade balance that returned to positive territory. The current account surplus was ¥934.6 billion (US$8.44 billion), versus an estimate of ¥860.5 billion. The primary income surplus was ¥507.2 billion. The surplus in goods trade was ¥518.5 billion, compared with an estimate of ¥571.5 billion. The return of a trade surplus after a deficit in May supported the current account. The benefits from Japan’s overseas investments, shown as the primary income surplus, anchored the account, but Japanese companies paying dividends overseas in June did somewhat reduce the primary income surplus during the month. Yesterday’s data add to evidence that Japan’s economy is in a good position as the recovery continues, JPMorgan Chase & Co senior economist senior economist Masamichi Adachi said.

AUTOMAKERS

China vehicle sales rise

China’s passenger-vehicle sales rose for a third consecutive month last month, with General Motors Co and Nissan Motor Co selling more automobiles as the impact of higher sales tax waned. Retail sales of cars, SUVs and multipurpose vehicles climbed 5.5 percent to 1.7 million units last month, the China Passenger Car Association said in a statement yesterday. Deliveries rose 0.6 percent to 12.5 million units in the first seven months this year, according to the association. Chinese consumers brought forward car purchases after the government announced it would raise the levy on small-engine cars to 7.5 percent from 5 percent from the start of this year, rolling back a tax cut instituted in 2015. That weighed on demand in the first half, when auto sales dropped for the first time in at least 13 years. The impact started to fade out and is partly offset by discounts automakers and car dealers are offering.

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