Dive Brief: J.M. Smucker cut marketing spending 5.8% to $119.5 million in the last quarter ended April 30 from a year earlier as coronavirus-related shutdowns interfered with the packaged food company’s plans. Revenue rose 10% to $2.09 billion as grocery shoppers stocked up their pantries, but Smucker didn’t expect to […]
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US to cut Hong Kong’s special status, as Cold War tensions flare
NEW YORK — President Donald Trump said Friday that the U.S. will eliminate a “full range of agreements” it has with Hong Kong that grants special status, a day after China decided to impose control over the territory’s security. “This was a plain violation of Beijing’s treaty obligations,” the president said, […]
Nissan-Renault alliance to deepen cooperation and cut costs
TOKYO — Nissan Motor, Renault and Mitsubishi Motors set out on Wednesday their plans to deepen their carmaking alliance to confront plunging vehicle demand amid the coronavirus pandemic, saying they would become more efficient and cut costs while ruling out a full merger. The three carmakers said their alliance would seek to cut […]
In cut to ‘bat woman’ lab, critics say US politics trump science
TOKYO — The news was sudden, and stunning. The premier U.S. agency for biomedical research cut funding last month to a New York-based lab that works with researchers worldwide on infectious diseases, and the motivation appeared to be political rather than scientific. The National Institutes of Health severed the funding for the EcoHealth Alliance […]
India’s SoftBank-backed Ola to cut 35% of workforce
TOKYO — Ola, India’s biggest ride-hailing company and one in which Japan’s SoftBank Group has an equity stake, will cut 1,400 jobs, or 35% of its domestic workforce, as the novel coronavirus slams India’s economy. Ola’s revenues tumbled 95% in the past two months as India went into lockdown. Ola […]
US moves to cut Huawei off from global chip suppliers
WASHINGTON (Reuters) — The Trump administration on Friday moved to block shipments of semiconductors to Huawei Technologies from global chipmakers, in an action that could ramp up tensions with China. The U.S. Commerce Department said it was amending an export rule to “strategically target Huawei’s acquisition of semiconductors that are […]
Trump threatens to cut ‘whole relationship’ with China
NEW YORK — U.S. President Donald Trump said Thursday that he is currently not on speaking terms with Chinese President Xi Jinping and that Washington could go as far as severing the “whole relationship” with Beijing if trade relations do not improve. “I have a very good relationship [with Xi] […]
Nissan to cut capacity by 20% and close a plant in Spain
TOKYO — The Japanese-French alliance of Nissan Motor, Renault and Mitsubishi Motors is being forced into a major reshuffle by the coronavirus pandemic that could include Nissan slashing production capacity by 20% in the fiscal year through March 2023. The partners, who have been at odds since former Chairman Carlos […]
Bullet trains cut by 40% to Hokkaido, other Japan destinations
TOKYO — East Japan Railway will slash high-speed bullet train service by about 40% indefinitely as the country’s coronavirus outbreak disrupts plans by business travelers and tourists. The service cuts begin May 28 on shinkansen lines connecting Tokyo and northern Japan, the railroad operator known as JR East said Wednesday. The reductions will affect service […]
Japan teams with 400 companies to cut reliance on China medical goods
TOKYO — As the coronavirus pandemic brings Japan’s dependence on imported medical supplies to the fore, the government has started working with more than 400 domestic companies to bolster production at home. Generic drugs is among the most vulnerable fields. Japanese producers import around half of their active ingredients from China, South Korea and […]