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.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS