July, 2018

• 31 July

  Lotte mulls selling China malls amid anti-Korean sentiment

  

  Bloomberg Lotte Group, reeling from a wave of anti-Korean sentiment in China for more than a year, is considering selling some of its department stores in the country, a move that would accelerate the conglomerate’s withdrawal from the world’s second-largest economy. The sale of some of Lotte Shopping Co.’s five malls is among options being reviewed in the country, a ...

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• 31 July

  Cathay plans job cuts overseas amid competition from China

  

  Bloomberg Cathay Pacific Airways Ltd. offered a voluntary early retirement package to employees in Japan as part of a three-year restructuring effort to revive earnings growth. Cathay is undergoing a “comprehensive review” of regional organisation including Northeast Asia, which consists of Japan, Taiwan and Korea, the airline’s Japan office said in emailed comments. Employees in Japan were briefed on the ...

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• 31 July

  Honda joins rivals predicting challenges for auto industry

  

  Bloomberg Honda Motor Co. joined the list of carmakers projecting challenges for the global auto industry hit by a trade war — though a weaker yen is helping the Japanese brand weather some of the storm. The Japanese company lowered its revenue forecast for the fiscal year as it shaved 75,000 vehicles off its sales projection for North America, citing ...

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• 31 July

  Sony raises revenue outlook as PlayStation console sales brighten

  

  Bloomberg Sony Corp. raised its outlook for the current fiscal year, thanks to robust sales of the PlayStation console and a stake in recently listed Spotify Technology SA. Net income will be 500 billion yen ($4.5 billion) on sales of 8.6 trillion yen through next March, the Tokyo-based company said. The prior forecast called for 480 billion yen and 8.3 ...

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• 31 July

  Beijing charges ex-internet censor head with corruption

  Bloomberg China has charged its former top internet censor with corruption, formalising the demise of an official who became synonymous with the country’s strict control of online information. Lu Wei was charged with accepting bribes, taking advantage of his official position and using other officials to seek profits, according to a statement issued by the Supreme People’s Procuratorate, China’s top ...

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• 31 July

  Nissan nearing decision on new assembly plant in China, says CEO

  

  Bloomberg Nissan Motor Co. may decide soon on building another factory in China as the company pursues a goal of expanding sales in the country by 1 million units by 2022, according to its CEO. “First step is adding capacity in the existing operation. We still have some room to expand,” Chief Executive Officer Hiroto Saikawa said Monday during an ...

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• 31 July

  JLR posts loss amid decline in demand

  

  Bloomberg Jaguar Land Rover posted a quarterly loss amid a decline in deliveries of its sport utility vehicles (SUV) F-Pace and Discovery Sport from a year earlier. The luxury unit of Tata Motors Ltd. reported a loss of $276 million in the three months ended on June 30, the automaker said. The parent also posted a loss of $277 million. ...

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• 31 July

  Starbucks to begin coffee delivery in China with Alibaba

  

  Bloomberg Starbucks Corp. will be joining forces with Alibaba Group Holding Ltd. to begin delivering its drinks and baked goods in China, according to people with knowledge of the plans, rolling out an effort to stave off competitors and turn around sales in the country. Ele.me, the meals delivery service owned by Alibaba, will handle the logistics in a deal ...

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• 31 July

  EU hurtles towards a pyrrhic Brexit victory

  

  There were a few “Amens” coming from the UK after Italy’s far-right deputy prime minister, Matteo Salvini, reportedly told The Sunday Times that “there is no objectivity or good faith from the European side” when it comes to the bargaining over the terms of the UK’s exit from the European Union. He urged UK Prime Minister Theresa May to hold ...

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• 31 July

  BoJ has found some cover for tapering

  

  When a central bank feels the need to tell the world that its monetary policy is “continuous” and “powerful,” you know investors will conclude that it’s neither. Bank of Japan Governor Haruhiko Kuroda has finally created some cover for stealth tapering. The BOJ left its main stance unchanged on Tuesday. It’s holding the short-term policy rate (which it charges banks ...

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