Business
Asia Development Bank president to step down
The president of the Asia Development Bank, Takehiko Nakao, plans to step down early next year, the regional lender said Tuesday. Japan has usually headed the ADB as a top donor. Finance Minister Taro Aso said in a statement that Tokyo would soon nominate a "high-caliber candidate" as Nakao's successor.… Read
Japan will consider release of oil reserves if necessary
Japan will consider coordinated release of oil reserves and other measures if needed to ensure sufficient supplies after attacks on Saudi Arabia's oil facilities, its minister of economy trade and industry, Isshu Sugawara, said on Tuesday. Sugawara has previously said that Japan has oil reserves that are enough to cover… Read
S Korean beer imports from Japan plunge 97%
South Korean imports of Japanese beer slumped almost to zero last month in the face of a consumer boycott sparked by a bitter trade and historical dispute between Seoul and Tokyo, data showed Monday. Japanese companies shipped $223,000 worth of beer to South Korea in August, figures from the Korea… Read
Oil jumps nearly 15% in record trading after attack on Saudi facilities
Oil ended nearly 15% higher on Monday, with Brent logging its biggest jump in over 30 years and a record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom's production in half and intensified concerns of retaliation in the Middle East. Brent crude futures settled at… Read
China's slowdown deepens in August; industrial output growth falls to 17 1/2 year low
The slowdown in China's economy deepened in August, with industrial production growing at its weakest pace in 17-1/2 years amid rising U.S. trade pressure and softening domestic demand. Retail sales and investment gauges also worsened, data on Monday showed, reinforcing views that China is likely to cut some of its… Read
Nissan CEO Saikawa resigns; new chief to face challenge of reviving profitability
Nissan Motor Co CEO Hiroto Saikawa resigned from his post Monday after admitting to overpayment of remuneration and his successor, to be picked next month, will face immense pressure to revive profitability and repair ties with alliance partner Renault SA. Chief Operating Officer Yasuhiro Yamauchi, a 63-year-old longtime Nissan director,… Read
Japan to eliminate tariffs on U.S. wine in trade deal: Nikkei
Japan has agreed to phase out tariffs on U.S. wine imports as part of a bilateral trade deal expected to be signed at the end of the month, the Nikkei newspaper reported on Sunday. Japan will eliminate the tariffs on U.S. wine within five to seven years after the trade… Read
General Motors auto workers call strike in U.S.
The United Auto Workers union called a nationwide strike against General Motors Sunday, with some 46,000 members set to walk off the job beginning at midnight amid an impasse in contract talks. The decision, which the Wall Street Journal described as the first major stoppage at GM in more than… Read
Japan Inc increasingly hit by trade war, but few shifting from China: poll
Half of Japanese companies have seen their profits hurt by the U.S.-China trade war, although few firms are planning to shift operations or supply chains out of China yet, a Reuters poll found. The Reuters Corporate Survey highlights the worsening collateral damage to global trade, beyond the immediate China-U.S. relationship,… Read
U.S. fines Japan Airlines $300,000 over long flight delays
The U.S. government is fining Japan Airlines $300,000 for delays that trapped passengers on two grounded planes for hours. Under an agreement with the Transportation Department, the airline gets credit for $60,000 spent compensating passengers, and $120,000 will be waived if the airline avoids similar incidents for one year. The… Read
