Japan stocks plunge, other Asia markets fall after US losses

Japanese stocks plunged Tuesday and other Asian markets declined following heavy Wall Street losses triggered by President Donald Trump’s criticism of the US central bank.The Nikkei 225 fell by an unusually wide margin of 5 percent to 19,155.14. The Shanghai Composite Index ended off 0.9 percent at 2,504.82 after being down as much as 2.3 percent at midday. Benchmarks in Thailand and Taiwan also declined.Markets in Europe, Hong Kong, Australia and South Korea were closed for Christmas. (Yonhap)W

Dec. 25, 2018

[Graphic News] Korea’s gaming industry ranks among world’s top in sales

　South Korea’s gaming industry is the world’s fourth largest in sales, but none of the local companies rank among the top producers, a report said.　According to the Korea Creative Content Agency, the industry’s sales came to $5.76 billion in October, ranking fourth behind $34.4 billion for China, $31.53 billion for the US and $17.71 billion for Japan.　However, Korea would rank higher if internet connections are taken into consideration.   　For example, the internet-linked population in South Kor

Dec. 25, 2018

China's Huawei faces new setbacks in Europe's telecom market

The US dispute with China over a ban on tech giant Huawei is spilling over to Europe, the company's biggest foreign market, where some countries are also starting to shun its network systems over data security concerns.Some European governments and telecom companies are following the US's lead in questioning whether using Huawei for vital infrastructure for mobile networks could leave them exposed to snooping by the Chinese government. Bans in Europe could significantly increase the financial pr

Dec. 23, 2018

A decade-long rally on Wall Street looks like it's ending

After almost 10 years, Wall Street's rally looks like it's ending.Another day of big losses Friday left the US market with its worst week in more than seven years. All of the major indexes have lost 16 to 26 percent from their highs this summer and fall. Barring huge gains during the upcoming holiday period, this will be the worst December for stocks since 1931.There hasn't been one major shock that has sent stocks plunging. The US economy has been growing since 2009, and most experts think it w

Dec. 22, 2018

[Graphic News] Microsoft CEO ranks best in US

　Microsoft’s Satya Nadella was named the best CEO of 2018, according to compensation, culture and career website Comparably.　Other big names in the top 10 include Home Depot’s Craig Menear, Google’s Sundar Pichai, Amazon’s Jeff Bezos and Saleforce’s Marc Benioff.　Comparably asked employees to rank their CEOs using a numerical scale and received nearly 10 million ratings from employees at more than 50,000 US companies, the report said. 

Dec. 20, 2018

Elon Musk bores tunnel to revolutionize city driving

Elon Musk on Tuesday took a break from futuristic electric cars and private space travel to unveil a low-cost tunnel he sees as a godsend for city traffic.The billionaire behind Tesla and SpaceX late Tuesday put the spotlight on the a 1.14 mile (1.8 kilometer) tunnel created by his Boring Company for about $10 million.The sample tunnel is part of Musk's vision to have an underground network that cars, preferably Teslas, can be lowered to by lifts, then slotted into tracks and propelled along at

Dec. 20, 2018

China suspends tariff hikes on $126bil. of US goods

China has announced a 90-day suspension of tariff hikes on $126 billion of US cars, trucks and auto parts following its cease-fire in a trade battle with Washington that threatens global economic growth.The tax agency said the suspension that takes effect Jan. 1 is intended to carry out the agreement reached by Presidents Donald Trump and Xi Jinping during a Dec. 1 meeting in Argentina.The agency said Beijing will suspend a 25 percent import charge on $66 billion of cars and trucks and a 5 perce

Dec. 14, 2018

Detention of Nissan's Ghosn extended through Dec. 20

TOKYO (AP) — A Tokyo court ruled Tuesday that Nissan Motor Co.'s former chairman, Carlos Ghosn, and another executive will remain in custody through Dec. 20, more than a month after their arrest. Their detention could continue for months more under the Japanese legal system.  The Tokyo District Court said Tuesday that it had rejected a protest filed by Ghosn's lawyer against the prolonged detention.The court decision comes a day after Ghosn, fellow Nissan executive Greg Kelly and Nissan Motor we

Dec. 11, 2018

[Graphic News] Samsung world’s No. 1 advertiser last year

　According to Ad Age’s list of the world’s 100 largest advertisers, Samsung pumped $11.2 billion into its advertising and sales promotion in 2017, up 13 percent from the previous year.　Industry insiders say the increased spending was aimed at improving the company’s image after the highly publicized recall of the Galaxy Note 7 in 2016 due to battery explosions. It is the first time that Samsung has topped the list. 　Consumer goods corporation Procter & Gamble ranked second, spending $10.5 billio

Dec. 11, 2018

Chinese court bans some iPhones over Qualcomm dispute

NEW YORK (AP) — US chipmaker Qualcomm says it’s won an order in a Chinese court banning some Apple phones in China as part of a long-running dispute over patents.Qualcomm said Monday that the Fuzhou Intermediate People’s Court in China has granted preliminary injunctions ordering four Chinese subsidiaries of Apple to stop selling and importing iPhones.It’s not immediately clear what the full scope of the ruling is. While Qualcomm says the ban covers iPhones 6S through X, Apple says all iPhone mo

Dec. 11, 2018

China ups pressure as tech exec’s hearing goes into Tuesday

VANCOUVER, British Columbia (AP) — A jailed Chinese technology executive will have to wait at least one more day to see if she will be released on bail in a case that has raised US-China tensions and complicated efforts to resolve a trade dispute that has roiled financial markets and threatened global economic growth.Meng Wanzhou, the chief financial officer of Chinese telecommunications giant Huawei and daughter of its founder, was detained at the request of the US during a layover at the Vanco

Dec. 11, 2018

Canada arrests CFO of China’s Huawei Technologies

TORONTO (AP) — Canadian authorities said Wednesday that they have arrested the chief financial officer of China’s Huawei Technologies for possible extradition to the United States.China demanded her immediate release, and a former Canadian envoy to China warned the case might lead to retaliation by the Chinese against American and Canadian executives.Justice Department spokesman Ian McLeod said Meng Wanzhou was detained in Vancouver, British Columbia, on Saturday. (AP)The arrest took place on th

Dec. 6, 2018

China gets US tariff delay but movement on tech unclear

BEIJING (AP) — Buy more US exports? Done. Tinker with technology tactics that irk Washington and other trading partners? Maybe. But scrap those plans, seen by Beijing as a path to prosperity and influence? Probably never.The agreement by President Donald Trump and his Chinese counterpart Xi Jinping on a cease fire on tariffs postpones the threat of more disruption for China’s exporters and their Asian suppliers. Some economists said Xi might be ready to negotiate in earnest.Still, Beijing gave n

Dec. 4, 2018

World waits to see if Trump-Xi dinner brings trade peace

BUENOS AIRES, Argentina (AP) — Table talk at President Donald Trump’s dinner meeting Saturday with Chinese leader Xi Jinping will undoubtedly have a global impact.What they agree on — or don’t — will likely move markets up or down, determine whether the world economy gets some relief from destabilizing trade tensions and cast judgment on the wisdom of the American leader’s hard-nosed trade tactics.Trump and Xi are seeking a way out of a trade war between the world’s two biggest economies, while

Dec. 2, 2018

Stock markets downbeat after Trump Brexit, China comments

LONDON (AFP) -- Stock markets largely headed south once more Tuesday with traders on edge after US President Donald Trump warned he would ramp up his trade war with China should he fail to reach a deal with Chinese leader Xi Jinping at upcoming talks. Xi Jinping and Donald Trump (AP)The pound meanwhile suffered after Trump warned Prime Minister Theresa May's EU divorce agreement could hamper the chances of a trade deal between  Washington and London.Oil prices steadied after recent extreme volat

Nov. 27, 2018

Trump says he expects to raise China tariffs: Wall Street Journal

WASHINGTON (Reuters) - US President Donald Trump said on Monday he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from the current 10 percent and repeated his threat to slap tariffs on all remaining imports from China.In an interview with the Wall Street Journal four days ahead of his high-stakes meeting with Chinese President Xi Jinping in Argentina, Trump said it was “highly unlikely” he would accept China’s request to hold off on the increase, whi

Nov. 27, 2018

[Newsmaker] GM to lay off up to 14K workers, close as many as 5 plants

DETROIT (AP) — General Motors will cut up to 14,000 workers in North America and put five plants up for possible closure as it abandons many of its car models and restructures to focus more on autonomous and electric vehicles, the automaker announced Monday.The reductions could amount to as much as 8 percent of GM’s global workforce of 180,000 employees.The restructuring reflects changing North American auto markets as manufacturers continue to shift away from cars toward SUVs and trucks. In Oct

Nov. 27, 2018

Nissan board to vote on Ghosn's dismissal

The fate of Nissan's disgraced Carlos Ghosn as chairman of the Japanese car giant is set to be decided Thursday when board members meet to vote on his dismissal, days after the tycoon's arrest for financial misconduct.The fallen superstar executive credited with turning around the Nissan-Renault-Mitsubishi Motors alliance is in detention over allegations he under-reported his pay by millions of dollars.His arrest on Monday has sent shockwaves through the global car sector, corporate Japan and be

Nov. 22, 2018

Renault board: Ghosn to remain CEO while detained in Japan

PARIS (AP) — Carlos Ghosn will remain chairman and CEO of Renault despite being detained in Japan on allegations he misused assets of partner Nissan Motor Co. and under-reported millions of dollars in income.The French carmaker’s board of directors announced its decision after an emergency meeting in Paris on Tuesday.The board, however, said it was appointing the automaker’s No. 2 executive, Chief Operating Officer Thierry Bollore, to temporarily fill in for Ghosn. (AP)“Mr. Ghosn, temporarily in

Nov. 21, 2018

[Graphic News] India to see highest GDP growth rate in Asia

　The Asian Development Bank projected that India would see the highest gross domestic product growth rate in Asia in 2018 at 7.3 percent, though this is lower than the nation's growth rate of 6.7 percent in 2017. 　Vietnam and Bhutan are forecast to see the second-highest GDP growth rate in Asia at 7.1 percent. The former's growing workforce has been instrumental to its growth, boosted by export expansion, rising domestic consumption, strong investments, and a strengthening agriculture sector. Bh

Nov. 20, 2018