Nissan to sell 150 billion yen convertible bonds for recovery
The proceeds will be used for investment in new products and technologies such as electrification and software-defined vehicles, the Japanese carmaker said on Monday (Jul 7).
The company, which is facing a huge loan repayment wall next year, is seeking to raise more than one trillion yen from debt and asset sales to keep operations on track, Bloomberg News reported in May.
The stock fell the most in almost three months after the convertible bond sale was announced. The shares fell as much as 5.2 per cent in Tokyo, before paring some of the losses to be down around 3 per cent at 1.04 pm local time. The stock has tumbled about 40 per cent in the past 12 months.
Nissan has sufficient capital of about 2.2 trillion yen in cash on hand and credit to last the next 12 to 18 months, Espinosa told Bloomberg TV in May.
The new CEO has announced plans to eliminate 20,000 jobs and close seven of Nissan's 17 plants by March 2028 after the company reported a 671 billion yen net loss for the most recent fiscal year. The measures follow the collapse of talks earlier this year to join forces with Honda Motor. Those discussions ended in part due to disagreements about Nissan's willingness to make deeper cuts to production and personnel. BLOOMBERG
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Business Times
35 minutes ago
- Business Times
Find the right restaurant for every corporate occasion
The client who matters most arrives in 20 minutes. The quarterly review that could reshape your team's trajectory needs the right backdrop. The partnership discussion that has been months in the making deserves more than a conference room. These moments – when relationships shift, when trust builds, when decisions crystallise – require environments that work as hard as you do. Restaurants by celebrity and Michelin-starred chefs including Wolfgang Puck, Gordon Ramsay, Daniel Boulud, and Tetsuya Wakuda have earned their reputation for delivering exactly that: good food, thoughtful service, stylish interiors, and the kind of relaxed atmosphere where meaningful conversations actually happen. Located in the heart of the city and central business district, Marina Bay Sands offers the convenience of choice – a wide array of restaurants and cuisines that match whatever the occasion or palate demands. Whether it is lunch, dinner, or after-work drinks, here are dining options suited for the range of corporate occasions that shape your calendar. Build rapport over artfully crafted French cuisine Maison Boulud's lush, Riviera-inspired setting is perfectly complemented by a menu of elevated everyday French classics. PHOTOS: MARINA BAY SANDS When it comes to lunching with long-standing clients, you will not find a better restaurant than Maison Boulud by Daniel Boulud . Nestled in a breezy, Riviera-inspired space, with an al fresco area upstairs that looks out to the bay, the restaurant offers a warm, comfortable setting that strikes the right balance between elegance and ease. The service is attentive yet unfussy, putting guests at ease so conversations can unfold naturally – ideal for reconnecting or deepening long-term professional relationships. On the table, expect to be nourished by classic French dishes executed with cosmopolitan creativity. Stars on the menu include the Beets & Burrata (pillowy burrata paired with earthy slices of beetroot), and a charcuterie platter, featuring silky chicken liver mousse, creamy pate en croute and saucisson. Move on to the delightful sea trout or, if in the mood to indulge, the Duck Confit served with braised red cabbage, tender turnips, heirloom carrots, pearl onions, and finished with a rich duck jus. These are flavours you will want to return to time and again – comforting, refined, and always satisfying. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up End the day right in a stylish setting Wakuda's thoughtfully crafted drinks menu and striking interiors offer a visual and culinary feast. PHOTOS: MARINA BAY SANDS For after-work drinks with colleagues, head to Wakuda Restaurant & Bar . This vibrant establishment offers traditional Japanese dishes in a relaxed atmosphere. Drop by during Wakuda Hour (3pm to 7:30pm, daily) for specially priced drinks, then settle in at the bar and enjoy a curated selection of creative Japanese-inspired highballs and cocktails before moving on to signature dishes. The sashimi platter showcases the day's freshest premium cuts, hand-selected by the chef – silky tuna, marbled salmon and buttery white fish. For something more substantial, try the charcoal-grilled Ohmi Wagyu served with seasonal vegetables. When available, do not miss the Roasted Carabinero Prawn, a seasonal highlight paired with miso risotto. Nail high-stakes deals over refined Japanese dining Experience the acclaimed Chef's Table degustation — an intimate 10-seat affair featuring seasonal creations and premium seafood. PHOTOS: MARINA BAY SANDS If you need to close that important business deal, make a booking at Waku Ghin by Tetsuya Wakuda . 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From Mediterranean octopus sourced from the Limnos island (located in the Aegean Sea) to delicate sashimi-grade selections, each offering is yours to choose. Enjoy them grilled, served raw, or baked in a golden crust of sea salt harvested from the Greek island of Kythira. That same commitment to quality and exquisite simplicity carries through to the rest of the menu, where ingredients take centre stage and are prepared with Milos' signature simplicity – grilled, with salt, olive oil and fresh herbs (a pot of oregano is brought and clipped at the table). Start with the zucchini flowers, fried to a perfect crisp and served with cheese. Follow with the succulent filet mignon brochette and the sea bass – tender, flaky flesh that melts in the mouth. Set aside your usual restraint and indulge in the rich lobster pasta. Served complete with the shell, this dish is as striking to look at as it is to taste. 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Reconnect over comfort food and casual vibes Yardbird's signature Chicken & Waffles comes with crispy fried chicken, cheddar waffles, spiced watermelon, and a drizzle of bourbon maple syrup. PHOTO: MARINA BAY SANDS Looking forward to a relaxed conversation with a colleague you haven't seen in a while? Head to Yardbird Southern Table & Bar by 50 Eggs Hospitality Group to catch up over favourites from the American South in a casual, informal atmosphere. Share the famous Chicken & Waffles – crispy fried chicken with savoury cheddar waffles, spiced watermelon and bourbon maple syrup. Add the smoked pork ribs and lobster mac and cheese, the latter featuring whole crustacean sliced open over a blend of five artisanal cheeses folded into macaroni. Still have room? Go for the key lime pie or fruit cobbler for a sweet finish with a touch of Southern charm.
Straits Times
3 hours ago
- Straits Times
Trump's tariff deadline delay brings hope, confusion to trade partners, businesses
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025. REUTERS/Carlos Barria/File Photo WASHINGTON - U.S. President Donald Trump's latest tariff delay provided some hope to major trade partners Japan, South Korea and the European Union that deals to ease duties could still be reached, while bewildering some smaller exporters such as South Africa and leaving companies with no clarity on the path forward. Trump's form letters to 14 countries informing them of planned tariff rates of 25% to 40% provided what he called a final warning on his "reciprocal" tariffs, while pushing back Wednesday's previous deadline to August 1, a date he said on Tuesday was final, declaring: "No extensions will be granted." The move reflects Trump's frustration with trade negotiations that are proving lengthier and more complicated than the "90 deals in 90 days" that he expected, trade experts and administration officials say. The president, who announced on Tuesday a 50% tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals were coming soon, said he has long favored simple tariffs over tedious trade talks that often involve red lines for some countries and their own requests for U.S. concessions. Japanese Prime Minister Shigeru Ishiba focused on the positive, saying his government would press ahead with negotiations toward a deal that "benefits both countries, while protecting Japan's national interest." Facing a 25% general U.S. tariff, Japan wants relief for its export-dependent auto industry from Trump's separate 25% automotive tariffs. It also has resisted demands for increased purchases of American rice. Japan, once viewed as an early favorite for a deal, faces an upper house election on July 20 and too many concessions could put Ishiba's ruling Liberal Democratic Party at risk. Top stories Swipe. Select. Stay informed. Singapore NDP celebrations to be held at 5 heartland sites, including Bishan and Punggol, on Aug 10 Singapore Keep citizens at the centre of public service, Chan Chun Sing tells civil servants Singapore Man arrested for allegedly throwing bottle at SMRT bus, injuring passenger Asia As Trump plays tariffs hard ball, Asean has little choice but to play on Asia PM Anwar called out by his own lawmakers as Malaysia's judicial crisis heats up Singapore SIA flight from Brisbane to Singapore diverted to Perth due to technical issue Sport Speeding likely cause of Diogo Jota car crash: Police Business Great Eastern could resume trading after delisting vote fails to pass; OCBC's exit offer lapses "These countries are not folding. 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South African President Cyril Ramaphosa pushed back on Trump's 30% tariff rate, calling it out of sync with an average 7.6% South African tariff rate. But he instructed his negotiators to "urgently engage" with Trump's team on a framework first submitted by the South African side on May 20. The Trump administration's negotiating time may be eaten up with larger partners, such as the EU, which did not get a warning letter or a change to its prescribed 20% tariff rate, double the 10% baseline. Sources familiar with the EU talks have told Reuters a deal could involve carve-outs for aircraft and parts, medical equipment and alcoholic spirits. They say the EU also wants certain automakers to export to the U.S. at rates below the 25% auto tariff. Such a deal would be similar to a framework agreement with the United Kingdom that had carve-outs for autos, steel and aircraft engines. 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Executives say the rapidly shifting tariff landscape has paralyzed decision-making as they try to adjust their supply chains and cost structures to avoid tariff-induced price hikes. "No company can really prepare for this," said Hubertus Breier, chief technology officer for Germany's Lapp Holdings, a family-owned maker of cables, wires and robotics for factories. "We are already incurring losses simply because of the uncertainty of the daily changing situation." Lapp has difficult choices - absorb additional costs or pass them on to customers. Assuming permanently higher prices and costs, however, could threaten its long-term existence, Breier added. DeMejico, a family business in Valencia, California with a plant in Mexico that builds traditional Spanish and Mexican-style furniture, is struggling to adapt to Trump's 50% tariffs on imported steel. Robert Luna, the company's president, said the firm is importing heavy steel latches, hinges and trim parts separately to simplify the tariff calculation process and installing them at its Los Angeles-area showroom. The tariffs and higher U.S. wage costs are already inflating prices, and DeMejico faces further cost increases on furniture if Trump hits Mexico with a reciprocal tariff, Luna said. "It's hard to do anything about this as a small business owner, so I just try to be stoic and see what happens," Luna said, adding: "My biggest worry is just keeping the company alive." Luna said he thought the Trump administration was "setting up the foundation to train people to pay tariffs." REUTERS
Business Times
10 hours ago
- Business Times
From ‘fantastic' to ‘spoiled': How Japan's trade effort to woo Trump backfired
[TOKYO] When Japanese Premier Shigeru Ishiba first met Donald Trump in February, his plan to placate the protectionist president's long-held frustration with Tokyo on trade was a promise to invest US$1 trillion in the United States. It appeared to work. The pledge was hailed by Trump, who said at the time he did not expect 'any problem whatsoever' in reaching a trade deal with Japan, citing their 'fantastic relationship'. In the months since, Tokyo's trade negotiators stuck to that strategy to avoid lowering barriers for imports of politically-sensitive products such as rice ahead of a dicey Jul 20 election, said four Japanese government sources with knowledge of the talks, who spoke on condition of anonymity. But despite showing early signs of promise, the efforts backfired spectacularly, leaving negotiators with little time and few palatable options left to avert levies set to strain the world's fourth largest economy, the sources added. After calling Japan 'spoiled' in social media posts last week that accused Tokyo of reluctance to buy US rice, Trump notified Ishiba on Monday (Jul 7) that Washington would impose tariffs of 25 per cent on Japanese imports from Aug 1. 'It's a sign of Trump's frustration,' said Kazuhiro Maeshima, a specialist in American government and foreign policy at Tokyo's Sophia University. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Japanese companies will need to find ways to manage their businesses in a way that does not depend on the US.' A spokesperson for Japan's Cabinet office, which oversees US tariff matters, declined to comment on Reuters' specific questions related to negotiations. Tokyo will continue to seek a pact with the US 'that benefits both countries, while protecting Japan's national interests' Ishiba told a Cabinet meeting in televised remarks on Tuesday. The US embassy in Japan referred questions on tariffs to the White House, which could not immediately be reached for comment. 'Dense fog' Japan, the largest foreign investor in the US and one of its biggest trade partners, was among the first countries to engage Washington in tariff negotiations after Trump announced sweeping trade duties on Apr 2. Led by one of Ishiba's closest confidants, Economy Minister Ryosei Akazawa, Tokyo's negotiators pledged investments in sectors such as energy and steel during seven visits to Washington between April and June, the sources said. In return, they aimed to get Washington to drop tariffs on the automotive sector, which employs one in ten of Japan's workers and accounts for a fifth of overall exports. They also hoped it would head off any US demands for Japan to drop its own levies on agricultural products such as rice, moves opposed by rural voters as an election loomed. Polls show Ishiba's ruling coalition is at risk of losing its majority in the upper house vote, which could cast doubt over his shaky government and his own political future, analysts say. Tokyo's negotiators believed they were making progress and had found a sympathetic ear in Commerce Secretary Howard Lutnick, with whom Akazawa regularly spoke in Washington and by telephone. In his public remarks, Akazawa repeatedly said the two sides aimed for a deal by the time Ishiba and Trump were due to meet for a second time on the sidelines of the G7 meeting at Kananaskis in the Canadian Rockies, from Jun 15 to Jun 17. But as the date neared, his optimism appeared to wane. 'It feels like we're still in a dense fog,' he told reporters on Jun 10, shortly before he left for Washington. When the leaders met in Canada, Trump appeared tired and disinterested and neither spoke much about trade, deferring to their Cabinet ministers, said a source with knowledge of the meeting. Afterwards, Ishiba told reporters the meeting had confirmed 'discrepancies in our understanding'. Two weeks later, Trump took to Truth Social in frustration. 'To show people how spoiled countries have become with respect to the US of America, and I have great respect for Japan, they won't take our rice, and yet they have a massive rice shortage,' he said. Some Japanese officials believe Tokyo will have to change tack and consider lowering barriers on farm imports to appease Trump. Others, including Tokyo's top trade negotiator Akazawa, have said Washington must reduce tariffs on Japan's vital automotive sector if a broader deal is to be reached. But first Ishiba must face his public, some of whom are growing increasingly frustrated by the lack of progress. 'Given the tariffs number that we got, frankly it makes me wonder what all the past negotiations were for,' said Hidetoshi Inada, 64, speaking outside Tokyo's Shimbashi station on his way home from his office job for a telecoms firm. 'The outcome is everything,' he said. REUTERS
