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Nintendo posts strong profits driven by new console


Japanese gaming giant Nintendo said it returned to profit in the first quarter due to strong demand for its Switch console. The company hoped the Switch would be a viable competitor against Sony’s PS4 and Microsoft’s Xbox One. Nintendo posted an operating profit of 16.21bn yen ($144.95 million; £111.39 million) for the first quarter. That’s up by about a third ...

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Nestle to open Japan factory for exotic Kit Kat demand


Nestle is to open its first factory in Japan in more than 25 years because of demand for exotic flavours of Kit Kat. While traditionally the wafer snack has been made using milk chocolate, dozens of different flavours are proving popular in Asia. Flavours like wasabi and green tea have helped Kit Kat sales in Japan grow by 50% since ...

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Air India ditches meaty meals to save money


Air India has introduced an innovative new cost-cutting measure: Meatless meals. The struggling airline announced Monday that it has cut meat out of economy-class meals on domestic flights “to reduce wastage, reduce cost and improve catering service.” Air India has been struggled to compete in the country’s hugely competitive and fast-growing aviation market, needing a $4.5 billion government bailout in ...

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Tokyo: Chief of bitcoin exchange Mt. Gox denies embezzlement as trial opens

Mark Karpeles, chief executive of defunct bitcoin exchange Mt Gox, rides in a car as he arrives at Tokyo District Court for a trial on charges of embezzlement in Tokyo, Japan, July 11, 2017.  REUTERS/Toru Hanai

The 32-year-old chief executive of defunct Mt. Gox pleaded not guilty on Tuesday to charges relating to the loss of hundreds of millions of dollars worth of bitcoins and cash from what was once the world’s biggest bitcoin exchange. French national Mark Karpeles filed the plea in response to charges of embezzlement and data manipulation at the Tokyo District Court, ...

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Amazon wins India’s approval to invest in domestic food retail

FILE PHOTO: Employees of Amazon India are seen behind a glass bearing the company's logo inside its office in Bengaluru, India, August 14, 2015. REUTERS/Abhishek N. Chinnappa/File Photo

Online retail giant Inc has secured approval to stock and sell food and groceries in India, potentially expanding its business in the fast-growing economy where it is in a pitched battle with home-grown rival Flipkart. Amazon confirmed winning government approval for its plan to sell food products, but it declined to provide further details. Separately, a source familiar with ...

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Asian shares rise as investors await Yellen testimony

A man holding an umbrella walks in front of an electronic stock quotation board outside a brokerage in Tokyo April 7, 2015.    REUTERS/Issei Kato/File Photo

Asian shares extended gains on Tuesday and the dollar notched a four-month high against the yen, as investors awaited testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten U.S. monetary policy. In Europe, futures for the Eurostoxx 50 and the DAX were both up 0.3 percent, while the FTSE was 0.2 percent higher. ...

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Asia: Toshiba under pressure to consider ‘Plan B’ as chip sale falters: sources

FILE PHOTO- A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo

As the $18 billion sale of Toshiba Corp’s memory chip unit to a government-approved consortium falters, some bankers and potential investors are pressing the board to seriously consider alternatives, people with direct knowledge of the sale process said – including picking a new buyer. Those people say Toshiba’s leadership is sticking to Plan A: selling the world’s second-largest memory chip ...

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IMF lifts China growth estimate to 6.7%

Dice and Glass globe ( Asia map ) on  a stock market graph chart, Business concept.

The International Monetary Fund (IMF) raised its growth estimate for China for the second time this year while also cautioning that deep reforms are still needed to break away from debt-fueled expansion. The world’s second-largest economy will expand by 6.7% in 2017, the Washington-based fund said in its annual report on Article IV consultations published on Wednesday. That’s up from ...

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China’s consumers, factories hold up as property starts to cool


China’s retail sales and industrial output remained resilient in May, while signs emerged that measures to cool the property market are having some effect. Key points Industrial output rose 6.5% from a year earlier Retail sales increased 10.7% matching economists’ projections Fixed-asset investment expanded 8.6% in first five months, trailing estimates as property development investment slowed Bloomberg’s monthly China GDP ...

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China’s 1st big passenger jet completes maiden flight


China’s first large jetliner has successfully completed its maiden flight, a key moment in the country’s push to challenge the U.S. and Europe as a global manufacturer. The C919, China’s first domestically designed and built large airliner, took off Friday afternoon from Shanghai Pudong International Airport into hazy skies with a five-person crew aboard. The jet landed one hour and ...

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