Print

Mail

wiki links

World Business Quick Take

■ AUTOMOBILES
Nissan's profit plummets
Nissan Motor Co, Japan's third-largest automaker, said yesterday its first-half net profit slumped 22.5 percent from a year earlier owing to higher taxes and weak domestic sales. Nissan posted net earnings of ?212.4 billion (US$1.86 billion) for the first six months of the year, down from ?274.2 billion a year earlier. But operating profit rose 5.3 percent to ?367.1 billion as sales climbed 11.7 percent to ?5.06 trillion. Nissan kept its forecast for an annual net profit of ?480 billion, up 4.2 percent from the previous year, when the automaker reported the first drop in annual profits under chief executive Carlos Ghosn.

■ CURRENCIES
Dollar hits new low
The US dollar slumped to a record low against the euro yesterday after weak US economic data heightened expectations of a fresh cut to US interest rates next week, dealers said. Historically high oil prices, which could play a part in slowing the US economy, also kept the dollar under pressure, they added. In early European trade, the euro struck US$1.4374 -- the highest level since the single currency's creation in 1999. It later stood at US$1.437. US government data published on Thursday showed new home sales last month falling 23 percent from a year earlier. On Wednesday, separate data revealed a sharper-than-expected drop in sales of existing homes.

■ EDUCATION
Nova files for protection
The scandal-plagued operator of Japan's largest chain of private foreign language schools has filed for court protection from creditors, a court official said yesterday. Nova Corp filed the request with the Osaka District Court yesterday. Following the court filing, the JASDAQ Securities Exchange for start-ups and venture firms suspended trading in Nova shares for the day and said the firm would be delisted on Nov. 27. The Osaka-based language school chain has debts estimated at ?43.9 billion (US$385 million), Kyodo News agency reported.

■ INTERNET
Baidu's profit doubles in 3Q
Search engine Baidu.com Inc (百度) said yesterday its third-quarter profits more than doubled on strong traffic growth despite search giant Google Inc's efforts to expand in China. Its profits reached 181.7 million yuan (US$24.2 million), up from 85.3 million yuan in the same period a year ago. Earnings per share were 5.23 yuan, up from 2.46 yuan a year earlier. Revenue jumped to 496.5 million yuan from 237.6 million yuan. Baidu had 60.5 percent of China's search-engine market in the third quarter, Beijing-based research firm Analysys International said. Google was in second place with 23.7 percent, while Yahoo's China arm was in third place with 10.4 percent.

■ GAMING
No price cuts for Wii
Fresh off bumper earnings, Nintendo Co yesterday ruled out a price cut for its smash-hit Wii video game console and announced that the company will be selling the Wii in China next year. Profits at Nintendo have surged on the runaway success of the Wii and the portable Nintendo DS machine in North America, Europe and Japan, forcing rivals Sony Corp and Microsoft Corp to slash console prices in a desperate catch-up bid ahead of the holiday season. The Wii sells for US$249.99 in North America, 249 euros (US$355) in Europe and ?25,000 (US$219) in Japan -- all less than Sony's PlayStation 3 or Microsoft's Xbox 360.


This story has been viewed 1030 times.