Global shares down…US businesses warned about Hong Kong
TOKYO (AP) – Global shares fell today amid deepening pessimism over rising COVID-19 infections in much of Asia. Oil prices dropped further after oil producing nations agreed to raise production limits. France’s CAC 40 shed 1.1% in early trading, while Germany’s DAX was down 1.1%. Britain’s FTSE 100 dipped 1.5%. In Asia, Japan’s Nikkei finished 1.3% lower, South Korea’s Kospi slipped 1.0%. Hong Kong’s Hang Seng fell 1.8%, while the Shanghai Composite lost a fraction of 1 point. Dow futures are down 0.8% and S&P 500 futures are down 0.6%.
HONG KONG (AP) – The American Chamber of Commerce says U.S. businesses operating in Hong Kong should reassess their operations and decide if the risks of operating in the city are worth the reward. The president of the chamber in Hong Kong, Tara Joseph, says businesses in Hong Kong are caught in the middle of antagonisms between the U.S. and China. On Friday, the U.S. government issued an advisory warning companies about business risks in the former British colony due to its shifting legal landscape and tighter control by the communist ruled government in Beijing.
TOKYO (AP) – Toyota won’t be airing any Olympic-themed ads on Japanese TV during the Tokyo Games despite being one of the IOC’s top corporate sponsors. The extraordinary decision by the country’s top automaker underlines how polarizing the Games have become in Japan as COVID-19 infections rise ahead of Friday’s opening ceremony. Being a corporate sponsor for the Olympics is usually all about using the games as a platform to enhance the brand. But being linked with a pandemic-era Games may be viewed by some as a potential marketing problem.
TOKYO (AP) – A Tokyo court has handed down prison terms for the American father and son accused of helping Nissan’s former chairman, Carlos Ghosn (gohn), escape to Lebanon while awaiting trial in Japan. Michael Taylor was sentenced to two years in prison. His son Peter was sentenced to one year and eight months. They were charged with helping a criminal, in the December 2019 escape of Ghosn. He hid in a box and was flown on a private jet via Turkey to Lebanon. Lebanon has no extradition treaty with Japan. Ghosn, arrested in 2018 on financial misconduct charges, says he is innocent.
BUDAPEST, Hungary (AP) – Opposition lawmakers in Hungary’s parliament are demanding an inquiry into findings by an international investigation that the country’s government used powerful malware to spy on critical journalists, politicians and business figures. The investigation by a global media consortium suggests that military-grade spyware from Israel-based NSO Group, an infamous hacker-for-hire outfit, was used in Hungary to infiltrate the digital devices of a range of targets. Three members of Hungary’s parliamentary national security committee are calling for an emergency session to question government agencies on their potential involvement in the spying.