Business

Japanese economy sinks amid fears about virus impact

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The Japanese economy shrank at an annual pace of 6.3% last quarter as growth was battered by typhoons and crimped consumer spending. The seasonally adjusted economic data released Monday by the Cabinet Office comes amid looming fears about the economic damage expected from the new viral illness COVID-19 that began… Read

Business

GM plans to pull out of Australia, New Zealand and Thailand

5 Comments

General Motors decision to pull out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don't produce adequate returns on investments raised dismay Monday from officials concerned over job losses. The company said in a statement Sunday that plans to wind down sales, engineering… Read

Business

Asian plane makers struggle to take off in crowded market

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Asian plane makers have thrown huge sums at building jets but flagship projects have suffered repeated setbacks, and they face a tough time breaking into a market dominated by established players. The Asia-Pacific region is the world's biggest aviation market for commercial aircraft and Japanese and Chinese firms have embarked… Read

Business

Japan may lose $1.3 bil in tourism revenue due to virus outbreak

28 Comments

Japan could lose $1.29 billion in tourism revenue in the January-March period due to international flight restrictions stemming from the new coronavirus outbreak, according to an estimate by a U.N. agency. The International Civil Aviation Organization, or ICAO, attributed the estimate to reductions in Chinese air travelers, with the central… Read

Business

Tax-free retailer Laox to solicit early retirements due to new virus

40 Comments

Tax-free store operator Laox Co will solicit 140 employees, or 20 percent of its total workforce, to take early retirement, due to falls in inbound tourists amid the coronavirus outbreak. Laox said the retirement program, starting from Monday to March 6, will target sales clerks as well as regular and… Read

Business

Toyota to resume output at three plants in China

2 Comments

Toyota Motor Corp said on Saturday it plans to resume output at three of its four main auto plants in China next week. The resumption of production had initially been slated for Feb 3 following the Chinese Lunar New Year holidays, but was delayed because of the new coronavirus outbreak… Read

Business

As nations bicker, a greener future evolves in finance

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Away from the toxic atmosphere at climate summit talks, in boardrooms, banks and trading houses, a transformation in green finance is under way. Its backers hope it could profitably help save the planet. Regardless of the politics of climate change, there is real money to be made today in the… Read

Business

Asahi says Korean beer boycott cost it ¥3 billion last year

27 Comments

Japanese beer and beverage maker Asahi Group Holdings said Friday a South Korean consumer boycott of Japanese goods cost it around 3 billion yen ($27.32 million) last year. “The impact is continuing in the current year,” Atsushi Katsuki, a senior Asahi executive told reporters. In addition to lost sales, the… Read

Business

Renault reports first loss in a decade

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Renault reported its first loss in a decade and cut its 2020 margin target on Friday, as it attempts to draw a line under the Carlos Ghosn affair and reboot its Nissan alliance. The French carmaker is trying to move on from the internal turmoil sparked by the scandal involving… Read

Business

Rakuten to go ahead with free shipping despite ongoing investigation

10 Comments

Rakuten Inc. said Thursday it will go ahead next month with its plan to make merchants on its online marketplace shoulder the cost of free shipping, despite an ongoing investigation by Japan's antitrust watchdog. Rakuten President Hiroshi Mikitani said the new policy is essential for the future growth of the… Read

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