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.
MULTIFACETED: A task force has analyzed possible scenarios and created responses to assist domestic industries in dealing with US tariffs, the economics minister said The Executive Yuan is tomorrow to announce countermeasures to US President Donald Trump’s planned reciprocal tariffs, although the details of the plan would not be made public until Monday next week, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. The Cabinet established an economic and trade task force in November last year to deal with US trade and tariff related issues, Kuo told reporters outside the legislature in Taipei. The task force has been analyzing and evaluating all kinds of scenarios to identify suitable responses and determine how best to assist domestic industries in managing the effects of Trump’s tariffs, he
TIGHT-LIPPED: UMC said it had no merger plans at the moment, after Nikkei Asia reported that the firm and GlobalFoundries were considering restarting merger talks United Microelectronics Corp (UMC, 聯電), the world’s No. 4 contract chipmaker, yesterday launched a new US$5 billion 12-inch chip factory in Singapore as part of its latest effort to diversify its manufacturing footprint amid growing geopolitical risks. The new factory, adjacent to UMC’s existing Singapore fab in the Pasir Res Wafer Fab Park, is scheduled to enter volume production next year, utilizing mature 22-nanometer and 28-nanometer process technologies, UMC said in a statement. The company plans to invest US$5 billion during the first phase of the new fab, which would have an installed capacity of 30,000 12-inch wafers per month, it said. The
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
‘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
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