Business Digest, October 27, 2012

PUBLISHED : Saturday, 27 October, 2012, 12:00am
UPDATED : Saturday, 27 October, 2012, 2:52am


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Japan to inject US$5.3b stimulus into economy

Japan approved a US$5.3 billion cash injection to boost the stuttering economy, a move likely to add pressure for more central bank measures, with a general election on the horizon. In a package that earmarked cash for the coastguard amid a dispute with China over an island chain, the cabinet agreed on the emergency stimulus spending, with money to come mainly from reserve funds rather than fresh debt. AFP

Citigroup fined over Facebook IPO leak

The top securities regulator in Massachusetts has fined Citigroup US$2 million, charging that an analyst there leaked confidential information about Facebook's initial public offering in May. Citi agreed to the settlement without admitting or denying wrongdoing. The bank was one of the IPO's underwriters. AP

WalMart to add 100 stores on mainland

Walmart Stores, the world's largest retailer, plans to open 100 stores in China in its next three fiscal years. About 18,000 jobs will be added in the country to support the expansion, Walmart said. The firm is working to reverse declining traffic at its Chinese operations and has had difficulty increasing online sales. It said it had completed a plan to increase its investment in mainland online retailer Yihaodian to 51 per cent. Bloomberg

Anti-Japan fever hits Dongfeng bottom line

Dongfeng Motor, China's second-largest carmaker, posted a 30 per cent drop in third-quarter net profit to 1.76 billion yuan (HK$2.18 billion) as consumers shunned cars made by Japanese-Chinese ventures amid a territorial row between the two countries. Dongfeng's sales, which include vehicles from its ventures with Nissan Motor and Honda Motor, tumbled nearly 22 per cent in September after the diplomatic row triggered anti-Japan protests and a boycott of Japanese goods. Reuters