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Japan oil refiners to tap reserves in case of Middle East disruption
Japanese oil refiners see no immediate impact from escalating tensions in the Middle East on their crude procurement, but will use the country's reserves in case of contingencies to ensure stable oil supplies, the industry group's head said. "We don't believe that there are any obstacles to the procurement of… Read
BOJ chief points to hiking interest rates if inflation keeps rising
Bank of Japan chief Kazuo Ueda said Friday the central bank will "very likely" raise interest rates if underlying inflation continues to increase, stressing future decisions will be data dependent. After its first interest rate hike in 17 years at its previous policy meeting in March, Ueda acknowledged Japan's experience… Read
Nissan lowers FY2023 net profit forecast on weak sales volume
Nissan Motor Co on Friday lowered its net profit forecast for fiscal 2023 to 370 billion yen from an initial 390 billion yen, citing a larger-than-expected fall in sales volume and cost relief measures. The automaker also revised downward its operating profit estimate for the year ending March 2024 to… Read
France asks retailers to alert customers to cases of 'shrinkflation'
The French government announced a new rule on Friday that will require stores to tell customers when a product becomes smaller but its price stays the same or increases, a practice known as ‘’ shrinkflation. '' Finance Minister Bruno Le Maire announced the measure to tackle the common but often… Read
Advanced economies pledge $11 bil to boost World Bank lending
A group of advanced economies have pledged $11 billion in new funding commitments to boost the World Bank's lending capacity by up to $70 billion over a decade, the development lender announced Friday. The 11 countries -- including the United States, Germany and Japan -- committed the funds to three… Read
Nikkei leads Asian market retreat as Middle East tensions flare
Asian stocks tumbled Friday, with Japan’s Nikkei slumping 2.4% on heavy selling of semiconductor-related shares and other market heavyweights. Tensions in the Middle East were weighing on sentiment across the region, and U.S. futures were sharply lower. Oil prices jumped as the state-run IRNA news agency reported that Iran fired… Read
Japan's inflation slows to 2.6% in March but rate hike still likely
Japan's core inflation slowed to 2.6 percent in March as the effects of higher energy costs continued to fade, government data showed Friday, but the inflationary effect of the persistently weak yen is making it more likely the Bank of Japan will raise interest rates again. The rise in the… Read
Tesla shares tumble below $150 per share, giving up all gains made over the past year
Tesla's stock tumbled below $150 per share, giving up all of the gains made over the past year as the electric vehicle maker reels from falling sales and steep discounts intended to lure more buyers. Shares in the Elon Musk-owned company slid nearly 4% in intraday trading Thursday, in what… Read
Starbucks introducing cold drink cup made with less plastic
Booming sales of cold drinks at Starbucks have created a problem: growing amounts of plastic waste from the single-use cups that Frappuccinos, Refreshers, cold brews and other iced drinks are served in. The coffee giant said Thursday it plans to alleviate some of that waste with new disposable cups that… Read
Toshiba mulls cutting thousands of domestic jobs to reduce costs
Toshiba Corp is considering cutting thousands of workers in Japan as part of efforts to reduce costs and improve business efficiency, sources familiar with the matter said Wednesday. The job cuts, mainly targeting the company's back-office departments, are expected to be included in its business strategy due to be announced… Read
