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IHI says subsidiary rigged data for over 4,000 engines at least since 2003
Japanese leading engine maker IHI Corp said Wednesday a subsidiary has falsified fuel efficiency data for 4,361 engines, mostly for ships, produced at least since 2003 for the domestic and overseas markets. The data-rigging was found at IHI Power Systems Co's plants in Niigata and Gunma prefectures, with data doctored… Read
Volkswagen revamps its approach in China in bid to overtake upstart EV makers
As auto giant Volkswagen AG races to catch up with upstart Chinese competitors, it has drivers like 26-year-old Ren Yiling in mind. She is young and wants to play video games in her car. The digital features of her Zeekr 001, a European-designed electric car from China's Geely Holding Group,… Read
Nikkei leads Asian gains following Wall Street rally
Asian shares rose on Wednesday, led by an 2% gain in Japan’s Nikkei 225 after U.S. stocks rallied for a second straight day Tuesday, blunting the blow from what’s been a rough April. U.S. futures rose while oil prices edged lower. Japan’s benchmark Nikkei 225 jumped 2.1% in morning trading… Read
Gov't estimates Jan 1 quake cut Japan growth by ¥115 bil
The government on Tuesday estimated that a deadly earthquake that hit central Japan on New Year's Day had a negative economic impact of up to 115.0 billion yen in the first quarter of 2024, equivalent to less than 0.1 percent of nominal gross domestic product. The Cabinet Office released the… Read
Japan Post Bank system glitch delays 1.2 million money transfers
Japan Post Bank Co said Tuesday that a nationwide system failure has caused delays in receiving nearly 1.2 million money transfers from other banks. The bank said the system failure began at 8:40 a.m. and was resolved by 10:07 p.m. It said there is no evidence indicating a cyberattack. The… Read
Tensions between Beijing and Washington are biggest worry for U.S. companies in China, report says
Simmering tensions between Beijing and Washington remain the top worry for American companies operating in China, according to a report by the American Chamber of Commerce in China released Tuesday. The survey of U.S. companies said inconsistent and unclear policies and enforcement, rising labor costs and data security issues were… Read
Tesla profits tumble but shares rise on new vehicle plan
Tesla reported a big drop in quarterly profits Tuesday, pointing to elevated pressure on the electric vehicle market that has led to deep cost-cutting. But shares of Elon Musk's EV company rallied after Tesla signaled pledged to "accelerate" new more affordable autos -- something Wall Street analysts have been clamoring… Read
Starbucks set for talks with unionized U.S. stores
Starbucks is set to hold talks with labor representatives from stores that have voted to unionize in a key step towards reaching contracts, both sides said Tuesday. The labor group, Workers United, plans to send representatives of 425 stores that have voted to unionize in the United State to the… Read
Jeep maker Stellantis to lay off unspecified number of factory workers in coming months
Jeep maker Stellantis is planning to lay off an unspecified number of workers at its U.S. factories in the coming months to deal with a rapidly changing global auto market, the company said Tuesday. The statement comes as the company faces increased capital spending to make the transition from gasoline… Read
Problems reported with some services in V Point program after Monday launch
The new V Point reward program had issues with some of its services on Monday, the day of its launch. Sumitomo Mitsui Card Co said it had fixed the glitch at around 3 a.m. Tuesday, Sankei Shimbun reported. Points program members are required to link their IDs using a smartphone… Read
