Nigeria woos Japan on recycling vehicles

Nigeria is seeking Japanese Government help in recycling huge and disused vehicular carcass that littered the country’s landscape.

Speaking at a technical meeting between officials of Industry, Trade and Investment Ministry and those of Japan International Cooperation Agency (JICA) on the Development of Automobile Supplier Parks in Nigeria, the Permanent Secretary, Ambassador Abdulkadir Musa, said the ratio of new and used cars in Nigeria is between 5: 95 percent in favour of used cars.

This, he said, is so because used cars are

Japan's third quarter recession deeper than estimated

Japan's economy shrank more than initially estimated in the third quarter of 2014, according to revised gross domestic product (GDP) figures.

The economy contracted by 1.9% in annual terms from July to September, well above a preliminary reading of 1.6%.

It also shrank 0.5% on a quarterly basis, compared with an initial estimate of 0.4%, data showed.

A big fall in business spending plunged the economy into a deeper recession.

The revised figures, which come just days before Japan's national elections, showed that

Japan's SoftBank invests $250m in GrabTaxi

Tokyo-based mobile carrier giant Softbank Corp said it has invested $250m (£159.2m) in one of Southeast Asia's fastest growing taxi app services, GrabTaxi.

The move will make Softbank's internet and media arm the taxi app's largest investor.

GrabTaxi was founded in Malaysia but earlier this year moved its headquarters to Singapore.

It operates in 17 cities across six countries in Southeast Asia.

GrabTaxi said

Takata refuses US regulator demand for airbag recall

The Japanese airbag manufacturer Takata has refused a request by the US National Highway Traffic Safety Administration (NHTSA) to expand a recall of cars containing its faulty airbags.

The current recall applies only to cars in high-humidity states.

In a letter to the NHTSA, Takata insisted that was sufficient.

The NHTSA can now fine Takata up to $7,000 (£4,460) per day for each unrecalled car on the road.

The airbags - which can explode with

Japan's Nikkei hits fresh seven-year high

Japan's Nikkei closed at a fresh seven-year high on Tuesday as investor sentiment was buoyed by talk of the Bank of Japan (BoJ) buying stocks.

The benchmark Nikkei 225 closed up 0.4% at 17,663.22 points.

Earlier, the index had fallen after Moody's Investment Service cut Japan's credit rating by one notch to A1 from Aa3.

Moody's move underlined concerns over Japan's economy after an increase in the national sales tax was delayed.

But analysts said the

Japan downgraded by Moody's amid rising fears over debt

Moody's has cut Japan's credit rating by one notch over rising doubts about its ability to reduce debt levels.

The decision by the ratings agency sent the yen to a seven-year low against the US dollar.

The downgrade comes less than a two weeks before a snap general election called by prime minister Shinzo Abe.

His economic stimulus policies and a decision to delay a second sales tax rise will be among the key campaign issues.

Tom Byrne, regional credit officer of Moody's, said the downgrade was closely linked to Mr Abe's decision to delay a sales tax rise due to

Bank of Tokyo-Mitsubishi fined $315m

Bank of Tokyo-Mitsubishi (BTMU) has been fined $315m (£200m) by US authorities for watering down a report about transactions involving Iran and other sanctioned countries.

Key warnings were removed from the report by PricewaterhouseCoopers (PwC), due to pressure from BTMU employees, New York State regulators found.

One BTMU employee resigned following the investigation.

Two others were banned from working with any New York banks.

"It is clear that

Japan's Sony widens its full year loss forecast by $1.7bn

Japanese consumer electronics giant Sony has said it expects to record much bigger losses because of its struggling mobile business.

For the full year to March 2015, Sony now expects a full year loss of 230bn yen ($2.15bn; £1.3bn) compared with a previous estimate of 50bn yen.

The firm has cut forecasts for sales in its smartphone business as it faces competition from Apple and Samsung.

Sony has been reorganising its business in recent years.

The company said

Fukushima workers sue Tepco over unpaid hazard wages

Workers decommissioning Japan's crippled Fukushima nuclear plant have sued its operator Tokyo Electric (Tepco) over unpaid hazard wages.

The four men are demanding about 65m yen (£375,000; $620,000) in extra pay.

They claim the compensation for removing contaminated debris and patrolling the plant has been inadequate given the risks involved.

It is the first time Tepco has faced legal action from Fukushima workers over pay and working conditions.

The lawsuit was filed by two current and two former workers at Fukushima, with ages ranging from their 30s to their 60s.

The Japanese utility company had no immediate comment.