March 6th, 2013
06:44 AM GMT
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Hong Kong (CNN) - For Renault-Nissan, relativity may help manage expectations for a 2013 already predicted to end in the red.

“The (automobile) market in Europe continues to decline and the contraction is even bigger than what we have foreseen,” said CEO Carlos Ghosn to CNN’s Richard Quest.

“Even with this very bad start to the year… we’re going to go from a very bad market to a bad market. Instead of having an 8% decline, we’re going to probably see something like (a) 3% to 5% decline for the year.”

The Brazilian-born auto chief made the forecast at the 2013 Geneva Auto Show. The annual event opens to the public Thursday.

European governments can help automakers, Ghosn added, by bringing predictability to the economy and “eliminating uncertainty”.

“One of the reasons consumers are not buying cars or other goods is because they are uncertain about the future.”

As head of Japan’s Nissan Motor Company since 1999, Ghosn said he hopes the country’s new government of Shinzo Abe will bring the currency to a “historic level” of 110 to the dollar.

Since October 1, the yen has already risen nearly 20% and currently hovers near 93 yen to the dollar thanks to Abe's promises for a weaker yen, looser monetary policy and pledges of fiscal stimulus.

“Finally we have a government which has a vision and trying to do something about deflation (in) Japan.”

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Filed under: Auto industryBusinessEuropean UnionJapan

October 10th, 2012
07:35 AM GMT
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Tokyo (CNN) – As if the world economy didn't have enough bad news, with the ongoing eurozone debt crisis, the slowdown in China and the U.S. teetering on the edge of the "fiscal cliff."

Now the territorial dispute on ownership of East China Sea islands between Beijing and Tokyo is echoing on the global stage, as China's top banker pulled out of the IMF meeting here in a move widely seen as a protest for the Japanese government's purchase of the islands – known as Diaoyu in China and Senkaku in Japan.

Zhou Xiaochuan, the governor of the People's Bank of China, was scheduled to deliver the Per Jacobsson lecture, a prestigious speaking spot reserved for financial luminaries such as Alan Greenspan and PIMCO CEO Mohamed A. El-Erian. His deputy, Yi Gang, will give the address instead, but coming after representatives from China’s four largest banks decline en masse to attend the IMF meetings because they are being hosted by Japan.

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Filed under: AsiaChinaJapan

October 9th, 2012
07:28 AM GMT
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Hong Kong (CNN) – Figures last month out of China for Japanese auto companies paint a pretty stark picture of the impact on sales of anti-Japanese sentiment over a group of disputed islands.

Sales for Toyota vehicles in the world’s largest car market fell 40% year-on-year in September, mimicking similar declines for Mazda and Nissan. Meanwhile, General Motors had record car sales in China last month, as did South Korean carmaker Hyundai.

All of which suggest calls by Chinese nationalists to stop buying Japanese products are taking a bite out of Tokyo profits. But do economic boycotts really work?

July 11th, 2012
06:23 AM GMT
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Despite slowing economic growth, China has more companies on Fortune's Global 500 list of the world's top firms than Asian rival Japan.

In its annual rankings released Tuesday, Fortune magazine lists 73 companies in China, second only to the United State’s 132. Japan is in third place with 68 companies in the top 500. FULL POST

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Filed under: BusinessChinaJapan

June 4th, 2012
06:58 AM GMT
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Editor’s note: Outlook is CNN's in-depth look at business climates around the world. To August 12, 2012, we’re focusing on Singapore.

Asia’s latest discount airliner takes to the skies Monday, with its inaugural flight from Singapore to Sydney.

Launched by Singapore Airlines, no-frills Scoot has already sold more than 100,000 tickets, according to The Straits Times. In its first year, it will offer flights on four Boeing 777 aircraft, linking Singapore with nearby countries, including Australia and China. Currently, tickets are available to the Australian cities of Sydney and Goldcoast, as well as Bangkok and Tianjin, China.  FULL POST

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Filed under: Air industryBusinessJapanOutlook SingaporeTravel industry

May 24th, 2012
10:13 AM GMT
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Japan has won back its top spot as the most important partner of the United States in Asia, moving China to the second spot, according to an opinion poll of the "general public" conducted in the United States.

The survey asked 1,200 people in the continental United States to select the most important U.S. partner from a list that included Japan, China, Russia, India, Korea and Australia.


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Filed under: AsiaBusinessChinaJapanUnited States

May 9th, 2012
11:30 AM GMT
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Toyota says profits for the last year stalled due to a strong yen and the effects of the devastating earthquake and tsunami on its supply chain.

In a statement Wednesday, the Japanese automaker revealed net profit for the year ending March 31 had dropped by 30.5% to 283.56 billion yen ($3.56 billion). FULL POST

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Filed under: Auto industryJapan

April 19th, 2012
04:54 AM GMT
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(CNN) – It’s been a bad year to be a foreign CEO in Japan.

At the start of 2011, there were four non-Japanese CEOs who led listed Japanese companies. Now, with the sudden resignation Wednesday of Craig Naylor – the American appointed as CEO to the Nippon Sheet Glass Group two years ago – there is only one: Carlos Ghosn, the CEO of Nissan.

“Craig Naylor’s decision to tender his resignation reflected fundamental disagreements with the Board on company strategy,” said NSG’s Group Chairman Katsuji Fujimoto in a statement.

That comes after Howard Stringer stepped down after seven years as CEO of Sony Corp. earlier this month, and the epic drama of Michael Woodford, the former CEO of Olympus Corp. who turned whistleblower after he discovered a cover-up of $1.7 billion in losses.

The Olympus saga and paucity of foreign CEOs illustrates Japan’s struggle – despite a dropping birth rate and aging population – to bring in foreign talent, whether to run top corporations or staff retirement homes to counter a national shortage of healthcare workers.

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Filed under: BusinessJapan

April 10th, 2012
09:54 AM GMT
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(Image credit: Getty Images)

(CNN) – Troubled Japanese electronics giant Sony says expected losses for the year ended March 31 will be more than double earlier forecasts.

In a statement Tuesday, Sony said it would lose 520 billion yen ($6.4 billion), compared to the 220 billion yen ($2.7 billion) it predicted in February. FULL POST

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Filed under: BusinessJapan

February 29th, 2012
02:23 AM GMT
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Hong Kong, China – After a white knight failed to come to its financial rescue Monday, Japan’s biggest memory chip maker – Elpida – filed for bankruptcy protection.

The company's been running from a $5.5 billion specter of debt, but now lays claim to the unenviable title of being the biggest Japanese manufacturer to file for bankruptcy protection since World War II.


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Filed under: AsiaBusinessJapanTechnology

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