Bessent says FX volatility ‘undesirable’ after meeting Japan’s Takaichi
Economy

Bessent says FX volatility ‘undesirable’ after meeting Japan’s Takaichi

US Treasury chief touches on JGB yields, BOJ policy; bilateral chat follows yen intervention Japanese Prime Minister Sanae Takaichi, right, and U.S. Treasury Secretary Scott Bessent pose for photos at the prime minister's office in Tokyo on May 12. (Photo by Ken Suzuki) TOKYO -- U.S. Treasury Secretary Scott Bessent said that both Washington and Tokyo see excessive volatility in currency markets as undesirable, following his meeting with Japanese Prime Minister Sanae Takaichi on Tuesday.

May 12, 2026
Japan’s Nidec suspected of over 1,000 cases of quality tampering
Economy

Japan’s Nidec suspected of over 1,000 cases of quality tampering

Fresh allegations follow acounting irregularities at the world's largest motor maker Compliance issues at Kyoto-based motor maker Nidec include unauthorized design changes and falsification of inspection data (Photo by Kosaku Mimura). TOKYO/KYOTO, Japan -- Japan's Nidec is suspected of having engaged in quality tampering involving more than 1,000 cases, extending a series of compliance issues at the world's largest motor maker that were previously centered on accounting irregularities, Nikkei has learned Tuesday.

May 12, 2026
Australia takes aim at rising fuel prices with annual budget
Economy

Australia takes aim at rising fuel prices with annual budget

Parliament House in Canberra. Treasurer Jim Chalmers says, "We're delivering a fairer tax system for workers, first home buyers and future generations." (Photo by Ken Kobayashi) CANBERRA -- Australia will allocate additional funds to boosting its fuel and fertilizer supplies as part of a package worth 14.8 billion Australian dollars ($10.68 billion) aimed at addressing the global energy shock unleashed by the U.S.-Israel-Iran war, Treasurer Jim Chalmers announced on Tuesday while unveiling the country's annual budget.

May 12, 2026
Tokio Marine gets green light for talks to buy Malaysia’s RHB Insurance
Economy

Tokio Marine gets green light for talks to buy Malaysia’s RHB Insurance

Local authorities approve Japanese insurer's efforts to pursue merger Tokio Marine collaborated previously with RHB Bank on life insurance sales. (Photo by Kosuke Imamura) TOKYO -- Japanese insurance group Tokio Marine Holdings has received approval from Malaysia's central bank to begin negotiations for acquiring RHB Insurance, a non-life insurance company under local financial major RHB Bank, Nikkei learned on Tuesday.

May 12, 2026
Japan’s NYK Line eyes more oil tankers for supplies outside Mideast: CEO
Economy

Japan’s NYK Line eyes more oil tankers for supplies outside Mideast: CEO

Global economy headed for 'chaos' if Hormuz stays closed past September, Soga says NYK Line is looking at expanding its fleet of very large crude carriers to meet demand for oil shipped from outside the Middle East. (NYK Line) TOKYO -- Japanese marine shipper NYK Line will consider expanding its fleet of oil tankers, looking to meet demand for importing petroleum from regions outside of the Middle East, the company's president and CEO told Nikkei on Tuesday.

May 12, 2026
Solar firms in US allege Chinese tariff evasion through Ethiopia
Economy

Solar firms in US allege Chinese tariff evasion through Ethiopia

Solar panels in the Chinese province of Gansu. Chinese-origin parts of a solar panel and cell are subject to 50% duties when shipped into the U.S. © Reuters NEW YORK -- Eight solar power product manufacturers operating in the U.S. petitioned the Commerce Department on Tuesday to investigate whether solar panels imported from Ethiopia evade American antidumping duties placed on Chinese components.

May 12, 2026
Japan bearing makers NSK, NTN agree to merger into world’s top player
Economy

Japan bearing makers NSK, NTN agree to merger into world’s top player

Manufacturers see need for industry realignment amid mounting costs, competition NSK President Akitoshi Ichii, left, shakes hands with NTN President Eiichi Ukai at a news conference May 12. (Photo by Kosaku Mimura) TOKYO -- Japan's NSK and NTN will merge their operations in a move that would create the world's top bearing manufacturer, the companies said Tuesday, seeking economies of scale to control rising costs.

May 12, 2026
Wang Fuk Court administrator outlines HK$127 million refund for displaced owners
Business

Wang Fuk Court administrator outlines HK$127 million refund for displaced owners

Residents express dissatisfaction as administrator says HK$180 million in renovation levies have been paid, with remaining funds set aside for refunds Wang Fuk Court’s administrator has revealed that HK$180 million (US$22.9 million) has been paid to parties involved in the estate’s renovation project, with the remaining HK$127 million to be refunded to owners displaced by one of Hong Kong’s deadliest fires in decades. The details were disclosed during a Zoom meeting on Tuesday, one of two sessions arranged for residents by Hop On Management Company, the government-appointed administrator of the Tai Po estate following the fire. The second session is scheduled for May 20. The meetings were organised after more than 240 owners, representing over 12 per cent of households at Wang Fuk Court, petitioned Hop On in late April to convene an extraordinary general meeting (EGM) within 45 days, warning they might take legal action if their request was ignored. Since being appointed in January to represent the management committee of the Wang Fuk Court owners’ corporation, Hop On said it had completed the handover of 890,000 digital files from ISS EastPoint, the estate’s previous property management firm.

May 12, 2026
‘Frogs in a well’: Chinese diplomat slams Europe’s ‘outdated’ approach to China
Business

‘Frogs in a well’: Chinese diplomat slams Europe’s ‘outdated’ approach to China

Foreign ministry’s European Affairs chief warns about pitfalls of protectionism, says Beijing ready to address Brussels’ concerns A senior Chinese diplomat has accused Europe of taking an outdated, inward-looking approach to China, while signalling that Beijing is open to addressing Brussels’ concerns. Li Jian, director general of the Chinese foreign ministry’s Department of European Affairs, delivered his strongly worded speech at a high-level forum on Tuesday. Addressing the event, Li used a string of traditional Chinese idioms and other colourful expressions to criticise Europe’s approach towards China. He warned that “some voices arising in Europe” sought to push China-Europe ties “away from the track of long-term cooperation” and towards “comprehensive competition, or even confrontation”.

May 12, 2026
Top Swedish universities eager to forge ties with city, Hong Kong minister says
Business

Top Swedish universities eager to forge ties with city, Hong Kong minister says

Secretary for Innovation, Technology and Industry Sun Dong says visit aimed at strengthening collaboration in innovation and technology Top Swedish universities are eager to deepen collaboration with Hong Kong in areas such as life sciences, the city’s innovation and technology minister has told the South China Morning Post during a visit to the country to strengthen ties. “What impressed us most during this trip to Sweden is the incredible enthusiasm of Swedish organisations, groups and individuals for cooperating with Hong Kong. This exceeded my expectations,” Secretary for Innovation, Technology and Industry Sun Dong said on Tuesday, after visiting KTH Royal Institute of Technology, the Karolinska Institutet and Uppsala University in Sweden. “I have extended invitations to the three universities, hoping they will utilise our platforms such as InnoHK and the soon-to-be-established Life and Health Technology Research Institute. Many start-ups also hope to expand into the Chinese market while raising funds in Hong Kong to pursue global development.” The trip marked Sun’s first official visit to Northern Europe since taking office, with a stop in Helsinki, Finland, scheduled after Sweden.

May 12, 2026
Unitree Unveils GD01: World’s First Mass-Produced Human-Carrying Transforming Mecha at 3.9M RMB
Technology

Unitree Unveils GD01: World’s First Mass-Produced Human-Carrying Transforming Mecha at 3.9M RMB

Unitree Tech has unveiled the GD01 — the world's first mass-produced human-carrying transforming mecha, priced at 3.9 million RMB (~$540K). The 500kg robot can walk upright, punch through brick walls, and transform into a quadruped form in seconds.

May 12, 2026
Why Trump’s visit to Beijing has Taiwan on edge about US arms sales
Business

Why Trump’s visit to Beijing has Taiwan on edge about US arms sales

Taipei fears US leader’s transactional approach to diplomacy could turn the island into a bargaining chip for a broader Sino-American deal Speaking at the White House on Monday, Trump said arms sales to Taiwan would be among the issues discussed with Xi, who has long opposed Washington’s military support for the island. The remarks immediately reignited debate in Taiwan over whether Trump’s transactional approach to diplomacy could undermine the “Six Assurances” – long-standing US commitments that Washington would not consult Beijing in advance on arms sales to Taiwan. On Tuesday, Taiwanese foreign ministry spokesman Hsiao Kuang-wei said the island was “closely monitoring US-China interactions and maintaining close communication with Washington” to safeguard its interests.

May 12, 2026