Economy picking up: BOJ
The Bank of Japan (BOJ) yesterday said the economy was “picking up” and held off ramping up April’s huge stimulus scheme, but warned of possible headwinds caused by uncertainty in Europe and the US. “Japan’s economy been picking up,” the bank said in a statement, adding that capital spending by companies “appears to have stopped weakening on the whole.” The bank repeated its determination to press on with the aggressive monetary easing for “as long as it is necessary.”
Indian car sales dip 12%
Car sales in India slid more than 12 percent last month from a year earlier, data showed yesterday, the seventh consecutive month of decline. Domestic passenger car sales, seen as an indicator of overall economic health, fell 12.26 percent to 143,216 last month from a year earlier. The weak demand has forced automakers to introduce “buy now, pay later” schemes, interest-free repayments and double-digit discounts.
AirAsia, ANA may break up
Malaysian budget carrier AirAsia yesterday said it was considering ending its near two-year tie-up with Japan’s All Nippon Airways (ANA), blaming management tensions. Asia’s biggest budget airline said that AirAsia Japan had been “facing some challenges attributed to a difference of opinion in management, most critically on the points of how to operate a low-cost business.” “The problem is not with the model, it’s with management,” AirAsia chief Tony Fernandes told the Wall Street Journal.
Siemens to lay off 1,000
German engineering giant Siemens plans to cut 1,000 more domestic jobs at its energy division over the next few years, the Frankfurter Allgemeine Zeitung reported yesterday. The company plans to initially cut 340 jobs in its energy-solutions unit in Erlangen and Offenbach, the daily newspaper said. Siemens then plans to scrap another 650 jobs at those sites, while it creates new ones in South Korea, strengthening its position in Asia. The conglomerate had already announced in December that it intended to slash 1,100 jobs in its energy division in Germany.
Banker took costly nap
A tired German bank employee fell asleep on his keyboard and accidentally transformed a minor transfer into a 222 million euro (US$293 million) order, a court heard on Monday. The Hessen labor court heard that the man was supposed to transfer just 62.40 euros from a bank account belonging to a retiree, but instead “fell asleep for an instant, while pushing onto the number 2 key on the keyboard” — making it a huge 222,222,222.22 euro order. The bank discovered the mistake shortly afterwards and corrected the error. The court ruled that the plaintiff should be reinstated in his job.
Lululemon CEO resigns
Lululemon, the yoga clothing firm that made headlines earlier this year for its see-through pants mixup, said on Monday that CEO Christine Day would step down as head of the company after a successor is named. The Canadian firm made the announcement as it reported a slight increase in fiscal first-quarter profit on higher revenue. Lululemon added that it plans to delist from the Toronto Stock Exchange on June 24. It will continue to trade on the NASDAQ.