Nissan reports $6.2bn annual net loss, worst in 20 years

TOKYO — Nissan Motor has posted a net loss of 671 billion yen ($6.2 billion) for the year ended in March as the new coronavirus outbreak devastated sales.

The annual financial result exceeds the company’s net loss of 233 billion yen for the 12 months ending in March 2009, a year marked by the global financial crisis. It lost 684 billion yen in fiscal 1999 amid a restructuring plan initiated by former boss Carlos Ghosn.

Nissan in April warned it would fall into an annual net loss of up to 95 billion yen because of the effects of the coronavirus

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SoftBank taps Alibaba stake to raise $11.5bn after huge loss

TOKYO — SoftBank Group said Monday it would raise $11.5 billion using its holdings of Alibaba Group stock, part of plans to generate 4.5 trillion yen ($42 billion) in cash to shore up its balance sheet.

“To have some cash on hand, we will pare down our assets,” CEO and Chairman Masayoshi Son told a news conference.

SoftBank will use derivative contracts to be settled in a few years to raise cash from its stake in the Chinese e-commerce group.

While SoftBank appears to have no immediate cash flow problems, its Vision Fund, which had driven the Japanese technology earnings

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Historic loss at Singapore Airlines showcases Asian aviation woes

SINGAPORE — Asia’s airlines reported massive losses in the January-March period on the coronavirus pandemic, highlighting a stunning reversal for companies that until last year had profited from rising travel demand in tandem with the region’s rapid economic growth.

With the coronavirus outbreak becoming more serious for most countries from April, the impact on the aviation industry is likely to be prolonged, forcing many carriers to secure bridging capital to survive the crisis.

Singapore Airlines on Thursday logged a net loss of 732 million Singapore dollars ($515 million) for the quarter, down from a SG$202 million profit for the same

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Coronavirus latest: Australia sees biggest monthly jobs loss on record

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 4,179,479, according to the World Health Organization.

The worldwide death toll has hit 287,525.

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

(Source photo by AP) 

Here are the latest developments (Tokyo time):

Thursday, May 14

11:50 a.m. Australia reports its biggest monthly jobs decline on record, with April job losses hitting 594,300 even as social distancing eases. Unemployment rose to 6.2% from 5.2% in March. “This is a

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