3 Min Read
TOKYO (Reuters) - Japan’s factory output fell in February as an earthquake and semiconductor shortage led to declines in the production of cars and electrical machinery, adding to worries for an economy struggling to recover from the coronavirus pandemic.
FILE PHOTO: Smoke rises from a factory during the sunset at Keihin industrial zone in Kawasaki, Japan, January 16, 2017. REUTERS/Toru Hanai/File Photo
The world’s third-largest economy is expected to contract in the current quarter due to coronavirus-related curbs that were imposed from early January for Tokyo and other prefectures.
Official data released on Wednesday showed factory output shrank 2.1% from the previous month in February, dragged down by falls in production of cars, electrical machinery and information and communication equipment.
Japan factory output falls, hit by quake, chips shortage amid Covid worries
business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Japan shares fall as Archegos fallout hits financials
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Top Japanese lenders join shipping industry scheme to cut carbon
Leading Japanese lenders have joined an initiative that links the provision of shipping finance to cuts in carbon dioxide emissions as the sector accelerates efforts to go green.
In recent weeks, Shinsei Bank Ltd, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Finance & Leasing and MUFG Bank have signed up to the scheme, the banks said.
With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world’s CO2 emissions.
In 2019, a group of leading banks signed up to environmental commitments known as the “Poseidon Principles”, whereby financiers would take account of efforts to cut CO2 emissions when providing loans to shipping companies.