Car sales in Russia plummet 72%

MOSCOW (AFP) -- Cars sales in Russia plummeted by a historic 72.4 percent in April, manufacturers said Wednesday, after the industry was hit by the sweeping restrictions imposed to slow the coronavirus pandemic. Year-on-year sales in April totalled just 38,922 units across the country, according to the Association of European Businesses which represents foreign investors in Russia. This is "the biggest drop of monthly sales in the history of AEB statistics" since records began in 20

May 12, 2020

Saudi Aramco Q1 profits of $16b as virus impacts earnings

DUBAI (AP) -- Saudi Aramco, the kingdom's energy producer, announced on Tuesday a net income of $16.7 billion for the first three months of the year and dividends of $18.75 billion for shareholders. Despite posting the highest quarter dividends in 2020 of any listed company, its profits were 25 percent down, compared to the same time last year when earnings topped $22 billion.  Aramco President and CEO Amin Nasser said the company expects the impact of the coronavirus pandemic on gl

May 12, 2020

[Graphic News] Samsung tops 5G smartphone shipments in Q1: report

　Global 5G smartphone shipments grew to 24.1 million in the first quarter. 　Samsung Electronics was the top vendor of 5G smartphones, shipping 8.3 million units globally in the first quarter this year, according to market tracker Strategy Analytics. 　Huawei Technologies came in a close second, shipping 8 million 5G smartphones, as Vivo, Xiomi and OPPO rounded out the top five. 

May 12, 2020

[Graphic News] Global PC shipments slide amid pandemic supply problems

　Global personal computer shipments dropped the most since 2013 in the first quarter, after the COVID-19 pandemic ensnared the Chinese supply-chain and created production problems for major hardware companies. 　PC makers shipped 51.6 million laptops, desktops and workstations in the first three months of 2020, a 12 percent decrease compared with a year earlier, research firm Gartner said in a statement. 　China-based Lenovo Group kept the No. 1 spot among PC vendors, with about 24.4 percent

April 22, 2020

[Graphic News] China becomes top patent filer: UN

　China last year became the world leader in international patent filings, unseating the United States which had held the top spot for more than four decades, the UN said. 　The World Intellectual Property Organization said that China topped the ranking with 58,990 applications followed by US, Japan, Germany and South Korea. And for the third consecutive year, China-based telecoms giant Huawei Technologies topped the global rankingwith 4,411 PCT applications. (AFP)

April 21, 2020

SoftBank Group forecasts $7b full-year net loss

TOKYO (AFP) -- Struggling Japanese conglomerate SoftBank Group on Monday forecast a $7-billion net loss for the year ended March due to the negative impact of coronavirus and losses related to WeWork. The telecoms and investment giant, led by flamboyant entrepreneur Masayoshi Son, also said in a surprise press release it expected to suffer an operating loss of 1.35 trillion yen or $12.5 billion. The firm cited a 1.8-trillion yen loss at its SoftBank Vision Fund, blaming “the deteriorati

April 13, 2020

Moody's cuts South Africa's credit ratings to junk

Moody's has downgraded South Africa's credit rating to junk status, piling more anguish on an economy already in recession and battered by Africa's worst coronavirus outbreak. Two other major international rating agencies Fitch and S&P had cut the credit rating of Africa's most developed economy to subinvestment level in 2017. Losing its last investment grade rating will see the country being excluded from the FTSE World Government Bond Index. The downgrade late Friday came as South Afric

March 28, 2020

[Graphic News] Samsung retains top spot in S. American smartphone market: data

　Samsung Electronics retained its dominant position in the South American smartphone market last year, data showed. 　Samsung accounted for 38 percent of the South American smartphone market in 2019, up 1.4 percentage points from a year earlier, according to market researcher Counterpoint Research. 　Motorola was the runner-up with a 15.5 percent market share, up 2.7 percentage points from a year ago, while Huawei Technologies came in third place and LG Electronics and Apple were fourth and

March 16, 2020

Global economic coordination lacking in virus crisis

With the global economy melting down after the failure of Lehman Brothers in 2008, world leaders swiftly created an international forum that committed to boost economies by spending more and keeping trade open. Central banks announced rate cuts within seconds of each other. The approach to the economic shock from the coronavirus outbreak is, so far, looking very different. The disease for most people causes only mild or moderate symptoms. For some, it can cause more severe illness. With the w

March 15, 2020

Coronavirus puts 'fragile' global recovery at risk: IMF to G20

RIYADH (AFP) -- The deadly coronavirus epidemic could put an already fragile global economic recovery at risk, the IMF warned Sunday, as G20 financial chiefs voiced "real concern" over its economic ripple effects. Global growth was poised for a modest rebound to 3.3 percent this year, up from 2.9 percent last year, International Monetary Fund chief Kristalina Georgieva said after a two-day meeting of G20 finance ministers and central bank governors in Riyadh. But the projected recov

Feb. 24, 2020

Automakers in China gradually reopen after virus shutdown

BEIJING (AP) -- Automakers are reopening factories in China that were idled by anti-virus controls as they try to reverse a sales slump in their biggest market. Local officials have orders from the ruling Communist Party to get businesses functioning again while still enforcing anti-disease curbs that shut down much of the world's second-largest economy. "Local governments are putting their full weight behind helping businesses open,'' the president of the American Chamber of Commerce i

Feb. 17, 2020

IMF chief sees 'mild' virus impact on global economy

WASHINGTON (AFP) - It is too early to tell the economic toll from the virus outbreak in China, but the hit to global growth should be "mild," International Monetary Fund chief Kristalina Georgieva said Wednesday. The death toll from the new coronavirus epidemic in China has climbed past 1,350, but hopes have risen that the outbreak could peak later this month. The IMF is expecting a "V-shaped impact," with a sharp decline in activity in China followed by a sharp recovery,

Feb. 13, 2020

Under Armour may put NYC flagship store on ice, restructure

Under Armour is plunging in premarket trading after the company said it anticipates a big financial hit from the viral outbreak in China and saying separately that it may need to restructure this year at a cost of hundreds of millions of dollars.    The athletic gear company anticipates the virus outbreak in China will drag first-quarter sales down by $50 million to $60 million. It's also looking at pre-tax charges this year of between $325 million to $425 related to restructuring. Th

Feb. 11, 2020

Boeing says 737 MAX return delayed until mid-2020

NEW YORK (AFP) -- Boeing on Tuesday officially pushed back the timeframe for the 737 MAX to return to the skies, sending shares plunging and overshadowing an earlier announcement of a first flight of the delayed 777X plane.Boeing said it is now targeting the return of the grounded MAX "during mid-2020," the latest delay in the schedule for the troubled jet, which has been grounded since March following two deadly crashes.Boeing shares finished at $313.37, down 3.3 percent, after t

Jan. 22, 2020

Carlos Ghosn's escape: What we know

From jumping bail and fleeing to Lebanon to be met with an arrest notice from Interpol, Carlos Ghosn's escape from Japan has been worthy of a Hollywood plot.Here's what we know about the former Renault-Nissan boss's flight:The exact circumstances of his departure from Japan, where he was under house arrest pending trial, are still shrouded in mystery.On Thursday, Kyodo News quoted an associate of Ghosn, Imad Ajami, as claiming the tycoon was helped by two private security operatives who pretende

Jan. 5, 2020

Official: China hopes for US trade pact as tariff hike nears

A Chinese official says Beijing wants a prompt settlement of its trade war with Washington. A deputy commerce minister said Monday that Beijing wants "satisfactory results as soon as possible.'' The official gave no details of talks on a "Phase 1" deal announced by President Donald Trump in October. Another US tariff hike on $160 billion of Chinese imports is due to take effect Sunday. China announced Friday it was carrying out a promise to waive punitive tariffs on American

Dec. 9, 2019

[Graphic News] Air New Zealand named world’s best airline 2020

　Air New Zealand has dethroned Singapore Airlines to reclaim the title of world’s best airline for the sixth time. 　AirlineRatings.com released the latest edition of its annual ranking, which is based on 12 criteria including fleet age, passenger reviews, profitability, investment rating, product offerings and staff relations. 　This year, the flagship carrier of New Zealand took top honors, nudging Singapore Airlines into second place, followed by All Nippon Airways, Qantas and Cathay Paci

Dec. 8, 2019

China introduces mandatory face scans for phone users

BEIJING (AFP) -- China will require telecom operators to collect face scans when registering new phone users at offline outlets starting Sunday, according to the country's information technology authority, as Beijing continues to tighten cyberspace controls.In September, China's industry and information technology ministry issued a notice on "safeguarding the legitimate rights and interests of citizens online", which laid out rules for enforcing real-name registration.The notice said t

Dec. 1, 2019

E-commerce giant Alibaba raises $11 billion in share listing

The Chinese e-commerce giant Alibaba has raised at least $11 billion in a share offering in Hong Kong, netting the city's biggest offering since 2010 despite recent political turmoil.Alibaba said Wednesday that it has set the price for the offering at 176 Hong Kong dollars ($22.50) per share. The price is a 2.9% discount for the closing price for its shares traded in New York. It's also below the original maximum offer price of $188 Hong Kong dollars.The company's shares are due to begin trading

Nov. 20, 2019

[Graphic News] Global market size for luxury goods and jewelry

　According to Euromonitor International, global luxury goods sales reached $954 billion in 2017 and the global market grew 5 percent in 2018 across most segments.　Luxury cars sales accounted for almost 53 percent of all global luxury goods sales. This proportion grew over the reviewed period, and is expected to continue increasing to 2022.

Nov. 19, 2019