Australia risks ‘insolvency tsunami’ when coronavirus aid ends

SYDNEY — Australia faces an “insolvency tsunami” when government handouts to help businesses cope with coronavirus restrictions expire on Sept. 29.

The payments are a major plank of the government’s stimulus package, which now runs into the hundreds of billions of dollars. They were designed to help businesses keep paying staff and creditors, including those in the “hibernation” period the government ordered for “nonessential” establishments such as bars, nail salons and fashion boutiques.

John Winter, CEO of the Australian Restructuring Insolvency and Turnaround Association, or ARITA, said many of the insolvencies expected after Sept. 29 would occur because those businesses

Read More

Samsung-TSMC rivalry heats up as US cracks down on Huawei

SEOUL/TAIPEI — The rivalry between Samsung Electronics and Taiwan Semiconductor Manufacturing Co. is intensifying as the latest U.S. ban on Huawei Technologies changes the landscape of the chip foundry business.

Samsung announced on Thursday that it is building new production lines in Pyeongtaek, south of Seoul, to mass produce 5-nanometer chips from the second half of next year. This follows production lines in Hwaseong, where Samsung aims to start producing the cutting-edge chips this year.

The two production lines will manufacture the chips using extreme ultraviolet technology, one of the most advanced chipmaking techniques currently available.

The announcement of the

Read More

Coronavirus latest: Vietnam suffers FDI drop of 8.2% in January-May

The Nikkei Asian Review is tracking the spread of the new coronavirus that originated in the central Chinese city of Wuhan.

Global cases have reached 5,495,061, according to Johns Hopkins University.

The worldwide death toll has hit 346,232.

To see how the disease has spread, view our virus tracker charts:

(Source photo by AP) 

Here are the latest developments (Tokyo time):

Tuesday, May 26

11:50 p.m. Vietnam received $6.7 billion in foreign direct investment in the first five months of 2020, down 8.2% from a year earlier, the Ministry of Planning and Investment says. As the pandemic has

Read More

Flying to China still a challenge as restrictions extended

Travelers planning summer trips in and out of China may continue experiencing difficulties finding plane tickets as the country extends a March policy limiting the number of international flights in response to the COVID-19 pandemic.

Major domestic airlines unveiled June flight schedules showing little increase in international service. Carriers including China Southern Airlines, China Eastern Airlines, XiamenAir and Juneyao Airlines largely carried over their May schedules for June. Air China, the flagship carrier, plans to add only two international routes linking Beijing with Madrid and Manila in June, according to the airline’s latest schedule, released Friday.

Several foreign airlines seeking

Read More