Posts by Yurie Miyazawa
Maersk says Red Sea shipping disruption having global effects
DENMARK’S AP Moller-Maersk said on Wednesday (Jul 17) that disruption to its container shipping via the Red Sea had extended beyond trade routes in the far east of Europe to its entire global network. Shipping groups have diverted vessels around Africa’s Cape of Good Hope since December to avoid attacks by Iran-aligned Houthi militants in…
Read MoreUS to issue proposed rules limiting Chinese vehicle software in August
THE US Commerce Department plans to issue proposed rules on connected vehicles next month and expects to impose limits on some software made in China and other countries deemed adversaries, a senior official said on Tuesday (Jul 16). “We are looking at a few components and some software – not the whole car – but…
Read MoreSouth Korea seeks to arrest Kakao founder in price-rigging case
SOUTH Korean prosecutors are seeking an arrest warrant for billionaire Kakao founder Brian Kim, a surprise twist in their ongoing investigation into alleged stock market manipulation. The Seoul Southern District prosecutors’ office is seeking to detain the celebrated entrepreneur after conducting a probe into alleged price-rigging that took place during a bidding war over SM…
Read MoreNikon expands into 3D printing with eye on US defence market
NIKON is fielding interest from defence and aerospace companies in the United States for its metal 3D printers, according to the Japanese precision equipment maker’s president. “We are betting on many things…We are trying to expand the customer base,” Muneaki Tokunari, who is also Nikon chief financial officer, said on Wednesday (Jul 17). One foray…
Read MoreChina’s central bank uses hedge fund tactic to tame bond bulls
CHINA’S central bank is readying a bold new experiment in global monetary policy – taking a leaf out of the hedge fund playbook and arranging to short-sell bonds. As President Xi Jinping and his top Party colleagues prepared for this week’s once-in-five-year Third Plenum to chart the broad economic path ahead, governor Pan Gongsheng’s People’s…
Read MoreAdidas hikes 2024 earnings guidance after second-quarter beat
GERMAN sportswear maker Adidas is increasing its full-year earnings guidance after a better than expected second quarter, it said on Tuesday (Jul 16), in its second upgrade this year. The success of the company’s low-rise multi-coloured Samba and Gazelle sneakers, along with weaker sales at rival Nike, had been expected to help Adidas deliver strong…
Read MoreEU may cut China EV import tariffs for Volkswagen and BMW: sources
THE European Commission has signalled to Volkswagen and BMW that it may consider lowering tariffs on the two carmakers’ imports of China-made EVs, two sources with knowledge of the matter said. The European Commission was willing to classify the two carmakers as so-called cooperating companies, the sources said, making them eligible for a 20.8 per…
Read MoreSwiss luxury watch market succumbs to a brutal China-led slump
SALES of Swiss-made luxury watches are in sharp retreat as nervous consumers reconsider splashing out on expensive timepieces and demand slumps in one of the industry’s key markets. Fresh numbers this week from Switzerland’s two largest publicly traded watchmaking conglomerates, Richemont and Swatch Group, confirmed a brutal, China-led pullback that’s also tarnished luxury fashion brands…
Read MoreJapan aims to raise jet fuel production, imports to ease crunch
JAPAN plans to increase the production and import of jet fuel in an effort to ease an ongoing shortage that has hampered the operations of foreign airlines in the country. “We are requesting oil refineries to do all in their capacity as soon as they can,” Takehiko Nagai, a director at the Agency for Natural…
Read MoreJardine Cycle & Carriage appoints John Witt as new chairman
Witt will succeed Benjamin Keswick, who will be retiring after over 12 years in the role JARDINE Cycle & Carriage (Jardine C&C) has appointed John Witt as its new chairman, effective Aug 2. Witt will succeed Benjamin Keswick, who will be retiring as chairman after more than 12 years in the role. Witt will also…
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