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On October 22, the Nikkei reported that newly appointed Japanese Prime Minister Sanae Takaichi will meet with President Trump during his visit to Japan on October 28 and use the opportunity to explain her plans for strengthening national defense. At her first press conference as prime minister on Tuesday, Takaichi stated, "We will establish a system that allows Japan to independently defend itself, have a frank exchange of views with President Trump, and deepen our relationship of trust," seeking to "elevate Japan-US relations to a higher level."On October 22, the Russian Ministry of Defense released a combat report on the 21st, stating that Russian forces struck energy and transportation infrastructure supporting the Ukrainian army, storage sites for attack drones, and temporary deployments of Ukrainian troops and foreign mercenaries, covering 140 areas. Russian air defense systems shot down 137 drones. Furthermore, Russian forces continued operations in the Sumy, Kharkiv, Donetsk, and Dnipropetrovsk regions. The Ukrainian Armed Forces General Staff reported the same day that 108 battles took place along the front lines, with Ukrainian forces holding their ground and preventing the Russian offensive. In the Pokrovsk region, Ukrainian and Russian forces engaged in 45 engagements of varying intensity.On October 22, Japans exports grew for the first time in five months, driven by increased shipments of chips and electronic parts, while shipments to the United States continued to decline despite the impact of Trumps tariffs. Japans Ministry of Finance announced Wednesday that exports grew 4.2% year-on-year in September, with mineral fuel exports contributing. Economists had previously estimated a 4.4% increase. Exports to the United States fell 13.3% in the same month. Overall, Japans trade deficit was 314 billion yen (US$2.1 billion). Imports rose 3.3% in September, compared with economists expectations for a 0.6% increase. Exports of semiconductors and other electronic components rose 12.6%, driven by strong demand in Asia. By contrast, Japans exports of autos and chips to the United States continued to decline sharply, even after Washington reduced tariffs on Japanese autos from 27.5% to 15% in mid-September. The Trump administration also imposed tariffs at the same rate on many other products.A magnitude 6.0 earthquake struck Ecuador on the 21st local time.New York gold futures fell below $4,050 an ounce, down 1.44% on the day.

Panasonic Anticipates A Rise in Global Automobile Production This Fiscal Year

Aria Thomas

Jun 01, 2022 14:49

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Panasonic (OTC:PCRFY) Holdings Corp, which manufactures batteries for Tesla (NASDAQ:TSLA) and other automakers, stated on Wednesday that it anticipates a recovery in global vehicle production this fiscal year, but that the two-year semiconductor shortage will persist.


Masashi Nagayasu, CEO of the Japanese conglomerate's automotive business, which manufactures in-car infotainment systems and other auto components, stated, "We will operate our business in consideration of the risks of fluctuations in vehicle manufacturing."


Nagayasu stated on the first day of Panasonic's annual investor event that the company has no plans to produce automobiles.


Panasonic, whose automotive division accounts for approximately 14 percent of its entire revenue, anticipates a 19 percent increase in sales for the fiscal year ending in March 2023. It anticipates an operational profit increase of roughly 17 percent.


Due to component shortages caused by COVID-19 lockdowns in China and higher commodity prices as a result of Russia's invasion of Ukraine, the company stated last month that it did not anticipate a profit increase for this fiscal year.


(This item corrects the firm name in paragraph 1 to Panasonic Holdings Corp from Panasonic Corp, and the sales growth forecast in paragraph 4 to 19 percent from 10 percent, and the operating profit forecast to nearly 17 percent from 15 percent decline.)