Business

Nintendo first-quarter profits up 44 pct to $275 mn on Switch sales

TOKYO, Japan (AFP)–Nintendo said Tuesday its quarterly net profit jumped 43.9 percent year-on-year to $275 million, driven by the global popularity of its Switch console and game titles. The Kyoto-based game giant reported net profit for the three months to June of 30.6 billion yen ($275 million), with operating profit soaring 88.4 percent to 30.5 billion yen. It said sales were up 9.1 percent to 168.16 billion yen, and it  expects strong demand for the […]

Asia stocks open down after US tech slump

HONG KONG, China (AFP) — Asian markets opened lower on Tuesday, following poor performances by tech firms on Wall Street and as investors anticipated a Bank of Japan policy decision. US tech equities suffered a significant tumble on Monday, pushing the tech-rich Nasdaq Composite Index in New York down 1.4 percent — the third straight day it had lost at least one percent. Silicon Valley shares have been in retreat since Facebook last week signaled […]

Nokia to help with T-Mobile superfast telecom network

SAN FRANCISCO, United States (AFP)–Nokia will help T-Mobile deploy a superfast “5G” mobile internet network across the United States in a $3.5-billion deal, the companies announced Monday. Finland-based Nokia will provide T-Mobile its suite of 5G technology, and help build the telecommunications firm’s new-generation nationwide wireless network, the companies said. “We are all in on 5G,” T-Mobile chief technology officer Neville Ray said in a release. “And together with Sprint, we’ll be able to do […]

Uber hits brakes on self-driving trucks

SAN FRANCISCO, United States (AFP) — Uber on Monday said it is hitting the brakes on self-driving trucks, shifting gears to focus just on autonomous cars. Uber is among a number of technology and car companies racing toward what some contend is an inevitable future in which vehicles drive themselves. Uber’s aspirations had included self-driving trucks, with the smartphone-summoned-ride service revving that effort with the purchase of startup Otto two years ago. “We’ve decided to […]

Samsung Electronics posts $9.9 bn Q2 net profit, down 0.1%

SEOUL, South Korea (AFP) – Samsung Electronics on Tuesday reported a 0.1 percent dip in its second quarter net profit from a year earlier, blaming slower sales of smartphones and display panels for the drop. Net profit for the April to June period came in at 11.04 trillion won ($9.9 billion), slightly lower than the 11.05 trillion won in the same period in 2017, the company said in a regulatory filing. Operating profit was 14.87 […]

Tokyo stocks open lower ahead of BoJ meeting

TOKYO, Japan (AFP) — Tokyo stocks opened lower on Monday in cautious trade ahead of the Bank of Japan’s two-day meeting, after US stocks closed down on lower-than-expected US growth data. The benchmark Nikkei 225 index was down 0.46 percent, or 105.45 points, at 22,607.30 in early trade, while the broader Topix index slipped 0.26 percent, or 4.59 points, to 1,771.17. “Investors are seen taking to the sidelines ahead of the Bank of Japan’s policy […]

Twitter dives on warning of shrinking user base

WASHINGTON, United States (AFP) — Twitter shares took a pounding Friday as a warning of a shrinking user base overshadowed news of a third straight quarterly profit. Twitter said it posted a profit of $100 million in the second quarter, following a loss of $116 million a year earlier, as revenue rose 24 percent to $711 million. But the San Francisco-based firm said its base of monthly active users fell by one million from the […]

Tokyo stocks open higher on weaker yen

TOKYO, Japan (AFP) — Tokyo stocks opened slightly higher Friday on a weaker yen, while investors looked ahead to US GDP data expected later Friday and the Bank of Japan’s policy meeting next week. The benchmark Nikkei 225 index was up 0.26 percent or 59.61 points to 22,646.48 at the open, while the broader Topix index rose 0.27 percent or 4.74 points to 1,770.52. The dollar was trading at 111.16 yen, down from 111.24 yen […]

Ford slashes profit forecast on weakness in Europe, Asia

NEW YORK, United States (AFP) — Ford reported a sharp drop in second-quarter earnings Wednesday and cut its full-year profit forecast, citing weakness in Europe and Asia Pacific. The company also signaled it expects large additional costs associated with a reorganization, a move that will likely deepen questions about the automaker’s strategy. Net income sank 47.9 percent to $1.1 billion. Revenues fell 2.3 percent to $38.9 billion. Ford said its performance remained strong in North […]

Slumping Barbie-maker Mattel to cut 2,200 jobs

NEW YORK, United States (AFP) – Slumping US toymaker Mattel announced Wednesday it will cut 2,200 jobs after reporting another steep loss in the second quarter, sending shares sharply lower. Mattel, the maker of Barbie, Hot Wheels and other toy mainstays, said the job cuts account for 22 percent of its global non-manufacturing staff. Mattel had 35,000 employees at the end of 2017. The company also plans to sell manufacturing sites in Mexico. “Mattel is […]

Fiat boss Marchionne dies aged 66

MILAN, Italy (AFP) — Fiat Chrysler’s visionary boss Sergio Marchionne has died, after driving the Italian auto giant to success for 14 years, holding company Exor announced Wednesday. “It is with the deepest sadness that EXOR has learned of the passing of Sergio Marchionne,” Exor, which is owned by the Agnelli family, said in a statement. Its CEO, John Elkann, said: “Unfortunately, what we feared has come to pass. Sergio Marchionne, man, and friend is […]

Hong Kong, US airlines bend to China pressure over Taiwan listing

  by Yan Zhao Agence France Presse HONG KONG, China (AFP) — Hong Kong’s flag carrier Cathay Pacific and major American airlines moved to comply Wednesday with Beijing’s demand that they list Taiwan as part of China, sparking anger on the self-governed island. Taiwan condemned what it called the “insolent actions” of Beijing which it said was wielding its political and economic clout to pressure international firms. “Taiwan’s existence in the international community is an […]