Ghosn detention extended
The Tokyo District Court yesterday said it had extended Carlos Ghosn’s detention period by eight days, giving prosecutors until April 22 to bring formal charges against the former Nissan Motor Co chief executive or let him go. Ghosn’s initial detention period was set to expire tomorrow and had been widely expected to be extended by the maximum 10 days. Public broadcaster NHK said it was rare for prosecutors’ full extension request to be denied and shortened.
Amazon raises Prime rates
Amazon.com Inc has raised the price of its Prime service in Japan for the first time since launching the membership service in the country 11 years ago, citing rising costs. Effective yesterday, the annual price for the shipping, video-streaming and array of other services rose 26 percent to ￥4,900 (US$44), the Seattle-based company said in a statement. Monthly fees went up by ￥100 to ￥500.
Disney+ launch on Nov. 12
Walt Disney Co on Thursday announced that it would launch its video-streaming service in the US in November, spotlighting its blockbuster-making studios as it takes on powerhouse Netflix Inc. The company said that after launching in the US on Nov. 12 at US$6.99 per month, Disney+ would gradually expand internationally, starting in Europe. The company plans to make the streaming service available in all major regions of the world within two years. The service will offer Disney’s films and TV shows, along with the library it acquired from Rupert Murdoch’s 21st Century Fox. That includes the Star Wars and Marvel superhero franchises, and ABC television content.
Tesla starts car leasing
Tesla Inc on Thursday started leasing out its Model 3 sedan in the US, in a financing option that should increase the electric vehicle maker’s customer base. Customers in the US would be able to lease any Model 3 variant for a small down payment and monthly payments thereafter, but they will not have the option to buy the vehicle at the end of the lease, Tesla said. The company said it would also begin bundling its autopilot software as a standard feature on all vehicles, raising the base price.
CommBank to slash jobs
Commonwealth Bank of Australia (CommBank) is working on a plan to cut more than 10,000 jobs and about A$2 billion (US$1.4 billion) of costs, the Australian newspaper reported, without saying where it got the information. The nation’s largest lender is said to be considering closing as many as 300 of its almost 1,000 branches, the paper said. A reduction of 25 percent of its workforce could see 10,000 to 12,000 jobs go in coming years, the report said.
Central bank keeps rates
The central bank yesterday kept its monetary policy settings unchanged, striking a dovish tone as it sees the economy growing below potential. After tightening policy twice last year, the Monetary Authority of Singapore — which uses the exchange rate as its main policy tool — left the slope and width of the currency band unchanged, as well as the level at which it is centered. The stance is “consistent with a modest and gradual appreciation path” of the currency band, it said in a statement on its Web site.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to
The US stock market has been on a tear, yet the country’s economy is in the dumps. So why do so many people believe — undoubtedly incorrectly — that the stock market has decoupled from reality? The economy many people experience, while bleak, is local, personal and, for the most part, either not publicly traded or plays only a small part in the stock market’s moves. To explain why these personal experiences have so little effect on equity markets, we must look more closely at the market role of the weakest industry sectors. The surprising conclusion: The most visible and economically vulnerable