Business Topics

Feb 28, 2013

Horse-meat scandal dents Europe's culinary esteem

According to folklore, Europeans have always treated their food with reverence, eating grandma’s slow-cooked stews concocted with farm-fresh ingredients while Americans wolfed down the genetically modified, chemically preserved junk symbolized by burgers and fries. Over the past two weeks, however, Europeans have watched an ...

Feb 28, 2013

Europe offers Beijing an open door

Maybe it’s bargain shopping. Maybe it’s the fallout from the strict U.S. security climate. Maybe it’s a sign of China becoming more comfortable with its international role. But as Chinese companies and entrepreneurs move to invest more overseas, they have been drawn increasingly to ...

Feb 28, 2013

Nikkei drops further on Italian political turmoil

Stocks lost further ground Wednesday on concerns over the political turmoil on Italy. The Nikkei 225 closed down 144.84 points at the day’s low of 11,253.97 after diving 263.71 points Tuesday. The Topix slumped 13.05 points to end at 953.72 after losing 13.93 points ...

Feb 28, 2013

Buffalo, donkey, goat found in S. Africa 'beef'

Worried about horse meat in your beef? Try water buffalo, donkey and goat: South African food scientists said they have found all three in mislabeled foods, including beef burgers, ground beef and sausages. A study by three professors at Stellenbosch University found that 68 ...

Feb 28, 2013

Music industry posts first rise in global sales since 1999

The music industry announced Tuesday the first increase in global sales since 1999, suggesting that the long-awaited rebound against the digital revolution has begun. Sales rose 0.3 percent to $16.5 billion in 2012, according to the International Federation of the Phonographic Industry (IFPI), which ...

Feb 28, 2013

Net slowdown threat issued to cut illegal downloads

Web users who illegally share music, movies or TV shows online may soon get warning notices from their service providers that they are violating copyright law. Ignore the notices, and violators could face an Internet slowdown for 48 hours. Those who claim they are ...

Feb 28, 2013

Greenback remains soft below ¥92

The dollar moved on a soft tone mostly below ¥92 in Tokyo trading Wednesday amid risk-aversion prompted by sluggish stocks. At 5 p.m., the dollar was quoted at ¥91.83-83, almost flat from ¥91.80-81 at the same time Tuesday. The euro stood at $1.3093-3095, up ...

Feb 28, 2013

Senate panel OKs Lew for Treasury

The U.S. Senate Finance Committee on Tuesday voted Tuesday to back Obama nominee Jack Lew as Treasury secretary despite qualms about his reputation as a doctrinaire Democrat and his ties to Wall Street. Senators voted 19-5 in favor of Lew, with several Republicans joining ...

Feb 28, 2013

Wholesale wheat prices to rise 9.7%

The agriculture ministry said Wednesday it will raise wholesale prices for five imported wheat varieties by an average of 9.7 percent to ¥54,990 per ton in April, the second rise since October, due to higher international market prices and the yen’s depreciation. The yen’s ...

Feb 28, 2013

Canada hails surge in foreign students

Canadian universities and colleges welcomed a record 100,000 foreign students in 2012, the government said Tuesday, part of a plan to replace retiring baby boomers in the workforce. The figure is a 60 percent rise in enrollment from 2004. The government is also working ...

Feb 28, 2013

Hirano to take leadership of MUFG

Bank of Tokyo-Mitsubishi UFJ President Nobuyuki Hirano is expected to succeed Katsunori Nagayasu as president of its holding company on April 1, sources said Wednesday. Hirano, 61, will continue to serve as president of the banking unit while Nagayasu, 65, who also serves as ...

Feb 28, 2013

JPMorgan to slash 19,000 jobs by 2015

U.S. banking giant JPMorgan Chase plans to eliminate 19,000 jobs by the end of 2014 as it seeks to rein in costs, the company said Tuesday in an investor presentation. JPMorgan Chase intends the majority of the cuts — 15,000 — to come from ...