Fri, May 14, 2010 page10

• World Business Quick Take

  • AGENCIES
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  ■AUTOMOBILES

  Electric cars booming

  Nissan chief executive Carlos Ghosn says the automaker has received 13,000 orders in the US and Japan for its new electric car, the Leaf, exceeding production capacity. Ghosn said yesterday the company was seeking to add capacity to meet demand. The first models of the zero-­emissions Leaf will be delivered to customers in December. Ghosn said he was bullish about Nissan’s future as demand grows in emerging markets like China, and consumers warm to electric cars.

  ■ELECTRONICS

  Pioneer net loss down

  Japanese electronics maker Pioneer Corp said yesterday its net loss had narrowed by more than 50 percent on-year thanks to cost cutting, and forecast a return to profit in the year to March next year. Pioneer, scrambling to tackle its poor financial health, has quit the television business and slashed 10,000 jobs. In March, it completed a 4.5 percent stake sale to Honda Motor for ¥2.5 billion (US$26.88 million). Pioneer said its group net loss contracted to ¥58.3 billion for the fiscal year from ¥130.5 billion a year earlier. For the year to March next year, the company forecast a net profit of ¥11 billion on sales of ¥480 billion.

  ■SUPERMARKETS

  Sainsbury profits soar

  British supermarket chain Sainsbury said yesterday that profits more than doubled in 2009-2010, as new floor space and non-food products boosted the group despite tough trading conditions. Net profit soared to £585 million (US$865 million) in the year to March 20, compared with £289 million in the previous fiscal year. Sales rose 5.6 percent to £19.964 billion. Chief executive Justin King warned that the trading environment would remain “challenging” for the time being.

  ■TELECOMS

  SingTel profit rises 12%

  Southeast Asian leader Singapore Telecom (SingTel) said yesterday its net profit rose 12 percent in the fourth quarter to March from a year earlier on strong performances at home and by its associates. SingTel, which has business footprints across the Asia-Pacific region, said net profit in the three months to March was S$1.02 billion (US$740 million), beating market expectations. Fourth quarter revenue totaled S$4.47 billion, up 25.4 percent on last year. For the full year ended on March 31, SingTel earned S$3.91 billion on revenue of S$16.87 billion.

  ■JAPAN

  Account surplus surges

  The current account surplus in March surged by 65.1 percent from a year ago, thanks to a strong rise in exports outpacing the growth of imports, the finance ministry said yesterday. The surplus in the current account — the broadest measure of trade with the rest of the world —reached ¥2.53 trillion, up ¥999.6 billion from a year ago. Exports rose 45.4 percent to ¥5.71 trillion, while imports rose 22.0 percent to ¥4.63 trillion.

  ■UNITED STATES

  Trade deficit widens

  The trade deficit struck a 15-month high in March, the government said on Wednesday, as growth in both exports and imports suggested economic recovery is gaining steam. The trade deficit widened for the second consecutive month in March to US$40.4 billion, an increase of 2.5 percent from February’s downwardly revised US$39.4 billion, the US Commerce Department said.
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