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.
TECH RACE: The Chinese firm showed off its new Mate XT hours after the latest iPhone launch, but its price tag and limited supply could be drawbacks China’s Huawei Technologies Co (華為) yesterday unveiled the world’s first tri-foldable phone, as it seeks to expand its lead in the world’s biggest smartphone market and steal the spotlight from Apple Inc hours after it debuted a new iPhone. The Chinese tech giant showed off its new Mate XT, which users can fold three ways like an accordion screen door, during a launch ceremony in Shenzhen. The Mate XT comes in red and black and has a 10.2-inch display screen. At 3.6mm thick, it is the world’s slimmest foldable smartphone, Huawei said. The company’s Web site showed that it has garnered more than
CROSS-STRAIT TENSIONS: The US company could switch orders from TSMC to alternative suppliers, but that would lower chip quality, CEO Jensen Huang said Nvidia Corp CEO Jensen Huang (黃仁勳), whose products have become the hottest commodity in the technology world, on Wednesday said that the scramble for a limited amount of supply has frustrated some customers and raised tensions. “The demand on it is so great, and everyone wants to be first and everyone wants to be most,” he told the audience at a Goldman Sachs Group Inc technology conference in San Francisco. “We probably have more emotional customers today. Deservedly so. It’s tense. We’re trying to do the best we can.” Huang’s company is experiencing strong demand for its latest generation of chips, called
ISSUES: Gogoro has been struggling with ballooning losses and was recently embroiled in alleged subsidy fraud, using Chinese-made components instead of locally made parts Gogoro Inc (睿能創意), the nation’s biggest electric scooter maker, yesterday said that its chairman and CEO Horace Luke (陸學森) has resigned amid chronic losses and probes into the company’s alleged involvement in subsidy fraud. The board of directors nominated Reuntex Group (潤泰集團) general counsel Tamon Tseng (曾夢達) as the company’s new chairman, Gogoro said in a statement. Ruentex is Gogoro’s biggest stakeholder. Gogoro Taiwan general manager Henry Chiang (姜家煒) is to serve as acting CEO during the interim period, the statement said. Luke’s departure came as a bombshell yesterday. As a company founder, he has played a key role in pushing for the
Vanguard International Semiconductor Corp (世界先進) and Episil Technologies Inc (漢磊) yesterday announced plans to jointly build an 8-inch fab to produce silicon carbide (SiC) chips through an equity acquisition deal. SiC chips offer higher efficiency and lower energy loss than pure silicon chips, and they are able to operate at higher temperatures. They have become crucial to the development of electric vehicles, artificial intelligence data centers, green energy storage and industrial devices. Vanguard, a contract chipmaker focused on making power management chips and driver ICs for displays, is to acquire a 13 percent stake in Episil for NT$2.48 billion (US$77.1 million).
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