Day: May 17, 2020

Rudderless leadership finally crashes Japanese clothier Renown

TOKYO — Japanese apparel maker Renown’s bankruptcy filing to the Tokyo District Court last week was actually prepared by a subsidiary because of disarray among the parent’s management, according to people familiar with the matter.

Renown Agency, a unit operating as an insurance marketing agency, filed the application for court protection from creditors on Friday. The court approved the application the same day, a release from Tokyo Databank said.

The subsidiary filed the application on behalf of Renown because leadership at the parent was in a state of confusion and unable to make the necessary arrangements for legal bankruptcy proceedings,

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Coronavirus presents existential threat to Japan’s hotels

TOKYO — In what would have been a windfall year had the Olympic Games proceeded as planned, Japan’s hotel chains are instead facing an existential threat after the coronavirus pandemic wreaked havoc on the travel industry.

Just before Japan’s annual Golden Week holiday began, Osaka-based WBF Hotels & Resorts, filed for bankruptcy on April 27. The company had racked up debts of 15.7 billion yen ($146 million), making its case the largest coronavirus-induced bankruptcy in Japan so far. Typically, around 25 million people travel domestically and abroad during Japan’s the weeklong spring holiday which ended last Thursday.

The WBF chain

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WHO vote on Taiwan, China’s NPC convenes, and Fujifilm earnings

Welcome to Nikkei Asian Preview. 

The week will open with the World Health Assembly, the decision-making body of the World Health Organization, where countries are slated to vote on the highly-charged issue of whether to include Taiwan as an observer — a move strongly opposed by Beijing. The vote should produce some interesting mood music for major political events later in the week: the National People’s Congress in Beijing and President Tsai Ing-wen’s inauguration for a second term in Taipei. 

Economic data will come from Japan with quarterly GDP on Monday and Hong Kong with monthly unemployment on Tuesday. The

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Muhyiddin and Mahathir rekindle feud as Malaysia looks beyond virus

KUALA LUMPUR — Malaysian Prime Minister Muhyiddin Yassin faces mounting pressure to prove he has the support of parliament’s lower house, after 10 weeks of political calm as the country hunkered down against the coronavirus.

Hanging over Muhyiddin is a no-confidence motion submitted by the man he toppled in an internal coup before taking power on March 1 — Mahathir Mohamad, his former mentor and the head of his own party.

The lower house speaker approved the motion earlier this month, but did not set a date for the vote, and the prime minister has ensured there is no chance

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