JAPAN
China imports fall by half
Imports from China almost halved last month from a year earlier, as the nation logged the steepest fall since 1986 as the COVID-19 pandemic disrupted trade, official data showed yesterday. Last month’s imports from China, Japan’s biggest trade partner along with the US, fell 47.1 percent to ￥673.4 billion (US$6.27 billion) while exports slipped 0.4 percent to ￥1.14 trillion. In trade with the rest of the world, Japan posted an overall surplus of ￥1.11 trillion, more than a three-fold jump from a year earlier and the first black-ink figure in four months.
NORWAY
Central bank to buy more
The central bank is to increase its daily purchase of Norwegian kroner to 1.6 billion (US$151.68 million) per day from 500 million kroner earlier, selling foreign currency to secure funds for government spending, it said yesterday. “The effects of the coronavirus outbreak on the Norwegian economy and the measures implemented to limit the consequences of the outbreak entail an increase in government spending and a decline in government revenues,” Norges Bank said.
STOCK EXCHANGES
Italy bans short selling
Italy’s market regulator banned short selling for three months as it attempts to curb volatility amid a sell-off caused by the coronavirus pandemic. France and Belgium imposed similar prohibitions for a month each. The Italian ban started yesterday and applies to all stocks, a statement from the regulator said. France’s AMF said its ban would last 30 days, while Belgium’s FSMA said its decision would be in force until April 17. Greece’s securities regulator also banned short-selling on the Athens Stock Exchange effective from yesterday until April 24.
RETAIL
Adidas closes stores
German sportswear maker Adidas AG on Tuesday joined rivals in announcing store closures in response to the coronavirus pandemic. Adidas and Reebok-owned stores in Europe, North America and Canada are to close temporarily, the company said in an e-mailed statement. Stores would be closed from yesterday to March 29 in Europe. In the US and Canada they would be closed from Tuesday to March 29.
RETAIL
Laura Ashley talks collapse
Long-struggling clothing and household goods retailer Laura Ashley Holdings PLC on Tuesday collapsed into near bankruptcy as refinancing talks failed on coronavirus turmoil, risking 2,700 jobs. The British company said that “increased uncertainty” arising from the COVID-19 outbreak meant it was unable to secure necessary funds from stakeholders. Laura Ashley said it had hired advisers from financial services firm PricewaterhouseCoopers to oversee administration. Despite some poor trading, the retailer said it had experienced rising sales in recent weeks.
BANKING
HSBC names CEO
Asia-focused banking giant HSBC Holdings PLC on Tuesday appointed Noel Quinn as its chief executive, ending months of speculation as the COVID-19 crisis hits banks hard. Quinn had been serving as interim CEO and has already launched a broad restructuring plan for the troubled bank. He took over as acting CEO after John Flint’s ousting in August last year, and was tasked with transforming the sprawling international bank, which spans more than 50 countries, but makes the vast majority of its profit in Asia.
‘SWASTICAR’: Tesla CEO Elon Musk’s close association with Donald Trump has prompted opponents to brand him a ‘Nazi’ and resulted in a dramatic drop in sales Demonstrators descended on Tesla Inc dealerships across the US, and in Europe and Canada on Saturday to protest company chief Elon Musk, who has amassed extraordinary power as a top adviser to US President Donald Trump. Waving signs with messages such as “Musk is stealing our money” and “Reclaim our country,” the protests largely took place peacefully following fiery episodes of vandalism on Tesla vehicles, dealerships and other facilities in recent weeks that US officials have denounced as terrorism. Hundreds rallied on Saturday outside the Tesla dealership in Manhattan. Some blasted Musk, the world’s richest man, while others demanded the shuttering of his
ADVERSARIES: The new list includes 11 entities in China and one in Taiwan, which is a local branch of Chinese cloud computing firm Inspur Group The US added dozens of entities to a trade blacklist on Tuesday, the US Department of Commerce said, in part to disrupt Beijing’s artificial intelligence (AI) and advanced computing capabilities. The action affects 80 entities from countries including China, the United Arab Emirates and Iran, with the commerce department citing their “activities contrary to US national security and foreign policy.” Those added to the “entity list” are restricted from obtaining US items and technologies without government authorization. “We will not allow adversaries to exploit American technology to bolster their own militaries and threaten American lives,” US Secretary of Commerce Howard Lutnick said. The entities
Taiwan’s official purchasing managers’ index (PMI) last month rose 0.2 percentage points to 54.2, in a second consecutive month of expansion, thanks to front-loading demand intended to avoid potential US tariff hikes, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. While short-term demand appeared robust, uncertainties rose due to US President Donald Trump’s unpredictable trade policy, CIER president Lien Hsien-ming (連賢明) told a news conference in Taipei. Taiwan’s economy this year would be characterized by high-level fluctuations and the volatility would be wilder than most expect, Lien said Demand for electronics, particularly semiconductors, continues to benefit from US technology giants’ effort
Minister of Finance Chuang Tsui-yun (莊翠雲) yesterday told lawmakers that she “would not speculate,” but a “response plan” has been prepared in case Taiwan is targeted by US President Donald Trump’s reciprocal tariffs, which are to be announced on Wednesday next week. The Trump administration, including US Secretary of the Treasury Scott Bessent, has said that much of the proposed reciprocal tariffs would focus on the 15 countries that have the highest trade surpluses with the US. Bessent has referred to those countries as the “dirty 15,” but has not named them. Last year, Taiwan’s US$73.9 billion trade surplus with the US
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