DIRS.INFO The most relevant business & tech news

☆ Japan orders ‘drastic reforms’ for Toyota after fresh certification violations
▼ + stars: | 2024-07-31 | by ( ) edition.cnn.com time to read: +2 min

Tokyo Reuters —The Japanese government ordered Toyota Motor on Wednesday to make “drastic reforms” after discovering new violations in the automaker’s vehicle certification procedures. In a so-called corrective order, the Transport Ministry said on-site inspections had uncovered widespread, intentional misconduct and irregularities in seven additional models that had not been previously disclosed. Toyota and four other vehicle makers admitted in June they had submitted either flawed or manipulated data when applying for certification of vehicles. Toyota said it was planning to resume production of these models from the beginning of September after the Transport Ministry confirmed they met compliance requirements. The ministry said six of the seven additional Toyota models with irregularities were also certified in other countries, and it had alerted overseas authorities about the issues.

Persons: Noah, Voxy Organizations: Tokyo Reuters, Toyota Motor, Transport Ministry, Toyota, Corolla Fielder, Corolla, Lexus, Daihatsu, Lexus LM Locations: Tokyo

☆ Japan’s economy contracts in first quarter
▼ + stars: | 2024-05-15 | by ( ) edition.cnn.com time to read: +2 min

Tokyo Reuters —Japan’s economy contracted in the first quarter, squeezed by weaker consumption and external demand and throwing a fresh challenge to policymakers as the central bank looks to lift interest rates away from near-zero levels. The reading translates into a quarterly contraction of 0.5%, versus a 0.4% decline expected by economists. “Japan’s economy hit the bottom in the first quarter,” said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. “The economy will certainly rebound this quarter thanks to rising wages although uncertainty remains on service consumption.”Capital spending, a key driver of private demand, fell 0.8% in the first quarter, versus an expected decline of 0.7%, despite hefty corporate earnings. External demand, or exports minus imports, knocked 0.3 of a percentage point off first quarter GDP estimates.

Persons: Downwardly, ”, Yoshimasa Maruyama Organizations: Tokyo Reuters, Nikko Securities, ”, Daihatsu, Bank of Japan Locations: Tokyo, “, Noto, Toyota’s

☆ Japan economy: Avoids recession after quarterly growth data is revised up
▼ + stars: | 2024-03-10 | by ( ) edition.cnn.com time to read: +1 min

Tokyo Reuters —Japan’s economy expanded at an annualized clip of 0.4% in October to December from the previous quarter, better than the initial estimate for a 0.4% contraction, government data showed on Monday. The revised figure for gross domestic product (GDP) released by the Cabinet Office compared with economists’ median forecast for a 1.1% uptick in a Reuters poll. The fresh data meant Japan’s economy, now the world’s fourth-largest behind Germany, avoided a technical recession thanks to companies’ stronger-than-expected spending on plants and equipments. On a quarter-on-quarter basis, GDP grew 0.1%, compared with the initial 0.1.% drop reading and a median forecast for a 0.3% rise. Meanwhile, private consumption, which makes up about 60% of Japan’s economy, fell 0.3% in October to December, slightly worse than the 0.2% drop in the initial estimate.

Organizations: Tokyo Reuters, Bank of Japan Locations: Tokyo, Germany, Japan

☆ Japan’s Nikkei hits 34-year high
▼ + stars: | 2024-02-13 | by ( ) edition.cnn.com time to read: +2 min

Tokyo Reuters —Japan’s Nikkei share average closed at a fresh 34-year high on Tuesday as trading resumed after a long holiday weekend, with tech-related shares and strong corporate earnings supporting the benchmark stock index. The Nikkei climbed 2.89% to 37,963.97 to its highest since January 1990, after briefly breaching 38,000 points. The broader Topix rose 2.12%. Among other top gainers, Tokio Marine Holdings Inc and MS&AD Insurance Group Holdings Inc gained 11% and 10.82%, respectively. As the Nikkei climbs toward its all-time high, the US consumer price index (CPI) report out later on Tuesday will be in focus.

Persons: SoftBank, “, ” JP Morgan, ”, Charu Chanana Organizations: Tokyo Reuters, Japan’s Nikkei, Nikkei, Tokyo, SoftBank, ARM Holding, Tokio Marine Holdings Inc, Insurance, Holdings, CPI, Saxo Markets, Otsuka Holdings Locations: Tokyo

☆ SoftBank CEO says artificial general intelligence will come within 10 years
▼ + stars: | 2023-10-04 | by ( ) edition.cnn.com time to read: +2 min

Tokyo Reuters —SoftBank CEO Masayoshi Son said he believes artificial general intelligence (AGI), artificial intelligence that surpasses human intelligence in almost all areas, will be realized within 10 years. Speaking at the SoftBank World corporate conference, Son said he believes AGI will be ten times more intelligent than the sum total of all human intelligence. He noted the rapid progress in generative AI that he said has already exceeded human intelligence in certain areas. He also introduced the idea of “Artificial Super Intelligence” at the conference which he claimed would be realized in 20 years and would surpass human intelligence by a factor of 10,000. Son said he thinks he is the only person who believes AGI will come within a decade.

Persons: Masayoshi Son, Son, AGI, ”, He’s, Rene Haas, Haas Organizations: Tokyo Reuters —, ” Locations: Tokyo

☆ Toshiba is set to delist in Japan after 74 years as part of $14 billion deal
▼ + stars: | 2023-09-21 | by ( ) edition.cnn.com time to read: +3 min

Tokyo Reuters —Toshiba said on Thursday that a $14 billion tender offer from private equity firm Japan Industrial Partners (JIP) had ended in success — a deal which paves the way for the embattled industrial conglomerate to go private. The deal puts the 148-year-old electronics-to-power stations maker in domestic hands after years of battles with overseas activist investors. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price, Toshiba argued that there was no prospect of a higher offer or competing bid. It will mark the largest M&A deal in Japan this year.

Persons: —, ”, Travis Lundy, Taro Shimada, Toshiba “, Shimada, “, ” Lundy, JIP, chipmaker Rohm Organizations: Tokyo Reuters, Toshiba, Japan Industrial Partners, “, Quiddity Advisors, ” Toshiba, Sony, Chubu Electric Power Locations: Tokyo, Orix, Japan, Asia

☆ Japan’s economic growth beats forecasts as exports zoom
▼ + stars: | 2023-08-14 | by ( ) edition.cnn.com time to read: +3 min

While the headline GDP data provides some relief to policymakers seeking to balance economic growth with sustainable inflation, it masks underlying weakness in the household sector. Marcel Thieliant, head of Asia-Pacific at Capital Economics, said the export-driven momentum in growth is unlikely to be sustained. Exports expanded 3.2% in the second quarter led by car exports and inbound tourism, while capital expenditure was flat. Strong US and European demand has also supported exports while the post-COVID boom in foreign tourists has given the economy a much-needed tailwind. That boost in external demand, or net exports, added 1.8 percentage points to second quarter growth.

Persons: Marcel Thieliant, ” Thieliant, ”, Takumi Tsunoda, Shigeyuki Goto, ” Goto Organizations: Tokyo Reuters, Capital Economics, Private, Shinkin Central Bank Research Institute, The Bank of Japan Locations: Tokyo, Asia, China

☆ Nissan to invest up to 600 million euro in new Renault EV unit
▼ + stars: | 2023-07-26 | by ( ) edition.cnn.com time to read: +1 min

Tokyo Reuters —Nissan and Renault on Wednesday finalized the terms of their revamped alliance, with the Japanese automaker committing to invest up to 600 million euros ($663 million) in its partner’s electric vehicle unit Ampere. The investment in Ampere is consistent with Nissan (NSANF) being a strategic investor and securing a board seat on the new company, Nissan (NSANF) said. Sources have said Ampere could be valued at up to 10 billion euros. That would put Nissan’s investment of up to 600 million euros in Ampere at about 6%, lower than the 15% it had flagged as a maximum share in February. With the agreement, Renault (RNLSY) confirmed its commitment to reduce its stake in Nissan from around 43% by transferring 28.4% of its Nissan shares into a French trust, which would put the automakers on equal ground.

Persons: Ampere, Makoto Uchida Organizations: Tokyo Reuters, Nissan, Renault, Wednesday Locations: Tokyo, Ampere, Europe

☆ Bank of Japan keeps low rates as Kuroda sticks to script at swan song meeting
▼ + stars: | 2023-03-10 | by ( ) edition.cnn.com time to read: +4 min

At its two-day meeting that ended on Friday, the BOJ maintained its short-term interest rate target at -0.1% and that for the 10-year bond yield around 0%. It also left unchanged a band set around the 10-year yield target that allows the yield to rise up to 0.5%. “The decision to uphold policy rates comes at a cost. Many investors expect the central bank to phase out YCC when Kuroda’s successor, Kazuo Ueda, takes the helm in April. “The BOJ will likely abandon its 10-year bond yield target, while maintaining negative interest rates, to arrest distortions in the yield curve,” he said.

☆ Toyota accepts union demands for biggest wage hike in two decades
▼ + stars: | 2023-02-23 | by ( ) edition.cnn.com time to read: +3 min

As one of Japan’s biggest employers, Toyota (TM) has long served as a bellwether of the spring labor talks, which are in full swing at major companies. Toyota and the union federation representing 357,000 Toyota group workers said the base pay rise was the biggest in two decades, though they both declined to provide the percentage increase. Successful talksToyota said its wage increase would also apply to part-time workers and senior contract workers. Takaaki Sakagami, deputy secretary-general of the Federation of All Toyota Workers’ Union, said the union was pleased it had been able to reach a deal with the company quickly. Video game maker Nintendo (NTDOF) said earlier this month that it planned to lift workers’ base pay by 10%, despite trimming its full-year profit forecast.

Search resuls for: "Tokyo Reuters —"

10 mentions found