News International OVERSEAS ROUND-UP
OVERSEAS ROUND-UP
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- Published on Tuesday, 31 July 2012 00:00
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Japan factory output dips
TOKYO — Japan’s industrial production dipped 0.1 percent in June from May, the third straight monthly decline, showing that the world’s No. 3 economy continues to struggle. The Ministry of Economy, Trade and Industry said Monday that factory output fell on sluggish output of automobiles and electronics equipment. Manufacturers project a 4.5 percent jump in factory output for July. June’s decline follows a 3.4 percent drop in May and a 0.2 percent retreat in April.
SEC targets illegal trade
NEW YORK — The Securities and Exchange Commission said Friday it froze assets of Hong Kong traders who bought stock in Canadian oil and gas company Nexen Inc. before CNOOC, a firm owned by the Chinese government, announced plans to buy it on Monday for $15.1 billion. The SEC said Well Advantage Limited and other traders used accounts in Hong Kong and Singapore to make over $13 million trading shares in based on inside information.
Air France loss hits $1.1B
PARIS — Air France-KLM said Monday its net loss ballooned to nearly 900 million euro ($1.1 billion) in the second quarter after it took a hefty charge to pay for restructuring that will see it shed about 10 percent of the airline’s workforce. The Franco-Dutch airline operator said its net loss grew to 895 million euros in the three months to June 30, compared with a loss of 197 million euros a year earlier.
Myanmar eyes cards
YANGON — Banks in Myanmar are hoping to begin handling international credit card transactions by next year. Than Lwin, deputy chairman of the prominent Kanbawza Bank, said Sunday talks are under way with Visa on the use of its cards. Foreign visitors have been unable to use credit cards because of US and EU restrictions on money transactions since 2003. – AP
