Japan ahead of China as world’s number two economy in 2009

Japan stayed ahead of China as the world’s number two economy in 2009 but came close to losing the position it has held for more than 40 years, official data showed Monday. Japan posted nominal gross domestic product of about 5.1 trillion dollars last year, the government announced. China reported last month nominal GDP of about 4.9 trillion dollars for 2009. But with China expected to enjoy another year of strong growth in 2010,... [more]

Toyota faces fresh questions over recall response

Toyota’s handling of potentially deadly accelerator pedal defects came under fresh scrutiny Monday after the company said it had fixed the flaw in Europe last year but initially decided against a global recall. Toyota’s woes are set to deepen this week when the world’s largest auto maker is expected to pull as many as 300,000 Prius hybrid vehicles because of a separate issue with the braking system. The brake trouble... [more]

JAL to stay with American Airlines

Japan Airlines has decided to maintain its current tie-up with American Airlines and will end talks with Delta Air Lines, local media reported on Monday. American Airlines and Delta Air Lines are competing to take a stake in JAL despite its bankruptcy filing last month with 26 billion dollars of debt — one of Japan’s biggest ever corporate failures. Japanese media had previously said JAL planned to switch to Delta and its SkyTeam... [more]

Activists, Japanese whalers clash in Antarctic waters

Anti-whaling activists and Japanese harpoonists have blamed each other for a collision between their ships in Antarctic waters, as the environmentalists warned Sunday of more clashes to come. The Sea Shepherd Conservation Society has accused the harpoon ship Yushin Maru No.3 of intentionally slamming into its vessel the Bob Barker on Saturday. The Japanese say they were rammed as their tried to avoid a collision. “We expect that there... [more]

Japanese media criticize Toyota chief for response

Japanese media sharply criticized Toyota’s president Saturday as offering a delayed and unconvincing explanation for the massive car recall that has sullied the world’s biggest automaker and Japanese corporate icon. Akio Toyoda, the founder’s grandson appointed to lead Toyota Motor Corp. last June, emerged late Friday to apologize and address criticism that the company mishandled a crisis over sticking gas pedals. But... [more]

Japan ruling party No.2 denies scandal

Japanese ruling party kingpin Ichiro Ozawa denied on Saturday any wrongdoing in a funding scandal that is dimming his party’s mid-year election prospects, and vowed to stay on in his key position. Prosecutors questioned Ozawa, seen as the most powerful politician in the ruling Democratic Party, for four hours on Saturday over the scandal, in which three of his aides were arrested on suspicion of misreporting political donations. The... [more]

Japan Airlines has state-funded aid doubled

The Japanese government has agreed to double the offer of state-funded credit to Japan Airlines (JAL) to 200bn yen ($2.2bn; £1.3bn). A state-run bank offered JAL aid of 100bn yen in November, and has already paid out more than half of that. Shares in JAL, which made a loss in four of the past five years, fell to record lows last week as speculation mounted it would file for bankruptcy. Like many airlines, JAL has been hit hard in the global... [more]

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