News Headlines - 24 June 2020

Toyota holds $293 million stake in Uber, governance report shows - Reuters

Toyota Motor Corp holds a $293 million stake in Uber Technologies, as it partners with the ride-hailing company to further expand into new mobility services, Toyota’s latest corporate governance report released on Wednesday showed... Toyota, one of the world’s biggest automakers, said it had reduced its shareholdings in 24 companies and increased them in 10, including two listed companies.
In the past year, it took a stake in rival Suzuki Motor Corp as the pair deepen cooperation around the development of lower emission vehicles.
Toyota sold its stakes in cutting tool manufacturer OSG Corporation, Nippon Steel Corporation, automotive lights and interior mirrors maker Ichikoh Industries, and transmission belt maker Mitsuboshi Belting.

Olympus quits camera business after 84 years - BBC News

Olympus, once one of the world's biggest camera brands, is selling off that part of its business after 84 years.
The firm said that despite its best efforts, the "extremely severe digital camera market" was no longer profitable... It had recorded losses for the last three years.
The Japanese company made its first camera in 1936 after years of microscope manufacture. The Semi-Olympus I featured an accordion-like fold-out camera bellows, and cost more than a month's wages in Japan.

Lotte Group chief appointed president, CEO of Japan-based holding firm | Yonhap News Agency

Lotte Group Chairman Shin Dong-bin was appointed president and CEO of Japan-based Lotte Holdings Co., the company said Wednesday, in a move that further cements his grip on the group's numerous subsidiaries in South Korea and Japan.
The decision was approved at a shareholders' meeting in Tokyo earlier in the day, though Shin did not attend the meeting.
Shin has been serving as Lotte Holdings chairman since April.

South Korea's first female trade minister bids for WTO top job - Reuters

South Korea’s trade minister Yoo Myung-hee on Wednesday announced her bid to become the next director-general of the World Trade Organization (WTO), aiming to be the first female leader at the WTO.
The nominations process began earlier this month to find a successor to Brazilian Roberto Azevedo, who will vacate the post a year early at the end of August.

Videos show massive flooding in S. China, Three Gorges Dam next | Taiwan News

As southern China sees some of its worst flooding in 80 years, videos have surfaced showing extreme quantities of water inundating 10 provinces and cities, threatening the vaunted Three Gorges Dam.
As China's Yangtze River Basin enters its flood season, the upper reaches of the Three Gorges Dam are seeing the highest flood levels since 1940. Weather China has issued its highest warning for flooding and rain for the middle and lower reaches of the Yangtze River to Guizhou.
The rainfall is expected to peak on Tuesday and Wednesday (June 23 and 24). Flood warnings have been issued in more than 10 provinces and municipalities in China, including Guizhou, Chongqing, Hunan, Hubei, Jiangxi, Anhui, Jiangsu, Zhejiang, Shanghai, and Guangxi.







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