Fri, Jan 17, 2020 - Page 10 News List

World Business Quick Take



Lawyer drops Ghosn

The lawyer nicknamed the “Razor” who was spearheading Carlos Ghosn’s defense yesterday said he is quitting the case after his client skipped bail and fled the nation for Lebanon. Junichiro Hironaka’s office issued a brief statement saying it had “filed with the Tokyo District Court letters of resignation for all lawyers ... connected with all cases related to Mr Carlos Ghosn.” Hironaka, 74, has said he was “dumbfounded” by Ghosn’s escape, which he discovered through the media on the morning his client fled. Another member of Ghosn’s legal team, Takashi Takano, has also thrown in the towel on the case, a source close to his office said.


Hyundai invests in start-up

South Korea’s Hyundai Motor Co and its Kia Motors Corp affiliate yesterday announced plans for a major investment in London-based start-up Arrival to produce next-generation electric vehicles that cost less than standard-engine models. The 100 million euros (US$111.6 million) bet on the five-year-old technology firm comes as some manufacturers abandon Britain, because of uncertainties about how it would trade with EU nations once it leaves the bloc this month. Arrival is focused on designing and producing so-called Generation 2 electric vehicles, which are environmentally friendly autos made from scratch rather than being retrofitted, standard-engine production models.


India trade spat a challenge

The government is talking to India and trade officials in a bid to resolve concerns over New Delhi’s new palm oil import restrictions, a minister in Kuala Lumpur said yesterday amid a trade spat between the nations. A report on Wednesday said that New Delhi could also restrict imports of gasoline, aluminum ingots, liquefied natural gas, computer parts and microprocessors from the nation. However, no action has so far been taken. “This year, we foresee more challenges in some of our major markets,” Minister of Primary Industries Teresa Kok, who is in charge of the palm oil portfolio, told an industry conference, referring to India’s new palm import rules.


Bank ready for competition

Financial institutions are completely capable of coping with foreign competition as the US$40 trillion financial sector is freed up, the central bank said yesterday, after China and the US signed an initial deal on trade. The bank would strengthen financial supervision and prevent risks in the process of the sector’s opening, the People’s Bank of China added in a statement. Under the initial deal, China has promised improved access to its banking, insurance, asset management, payment and fund management services, and agreed to expedite by nine months a previous December deadline for removing foreign ownership caps on securities firms.


Inflation at 28-year high

Inflation ended last year at 53.8 percent, the highest figure since 1991 when the peso was pegged to the US dollar, data institute Indec said on Wednesday. Indec said the cost of living increased by 3.7 percent last month alone. The hardest hit sectors were health (72 percent), communications (64) and home maintenance equipment (64). The nation’s inflation rate is one of the highest in the world and second only in Latin America to crisis-hit Venezuela. Inflation in 2018 was 48 percent.

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