If you are unable to see the message below, click here !
| | ENG ]  
Issue 510 | 23 May 2022
Bankruptcy News
Onkyo Home Entertainment Corp. files for bankruptcy
Japanese audio equipment maker Onkyo Home Entertainment Corp (“Onkyo”), together with its two consolidated subsidiaries Onkyo Sound Co. Ltd. and Onkyo Marketing Co. Ltd had filed for bankruptcy proceedings with the Osaka District Court, citing liabilities of US$24 million. The 76-year history company had financial difficulties in recent years and was delisted from the Osaka Stock Exchange in 2021. Premium Audio Company, LLC, through a joint venture with Sharp Corporation acquired certain assets of the audio and video business of Onkyo in September 2021, and confirmed through its latest filing that the bankruptcy filing of Onkyo had no impact on the business of the joint venture.
Asia and Australasia
China: Industrial production down 2.9% yr/yr in April
China’s industrial production declined by 2.9% yr/yr in April, according to the National Bureau of Statistics (NBS). The manufacturing output dropped by 4.6%, which was partially offset by the 9.5% increase of output in the mining and quarrying industry. In particular, the automobile industry (- 31.8%) and general machinery industry (-15.8%) saw the sharpest drop. The decrease was due to disrupted industrial and supply chains caused by prolonged lockdowns in key cities, and insufficient domestic demand. Industrial production around the Yangtze River Delta and in northeast China fell by 14.1% and 16.9% respectively. NBS spokesperson Fu Linghui said that since mid to late April, the overall domestic COVID-19 cases started falling. With efforts to enhance logistics and support enterprises to resume operations, industrial production would soon recover.
Eurozone: Economic growth forecast slashed
According to the European Commission's Spring 2022 Economic Forecast, Eurozone economy was predicted to expand by 2.7% in this year, 1.3 percentage points lower than the previous forecast in winter. Inflation in the euro area was projected at 6.1% in 2022, before falling to 2.7% in 2023. The Commission explained that the war in Ukraine exacerbated pre-existing headwinds like supply chain disruptions and inflation pressures. And these factors were hitting Germany, Europe’s largest economy, as well as other manufacturing centres. Germany’s economy was predicted to grow 1.6% this year, before it accelerates to 2.4% in 2023. German inflation would be at 6.5% this year and 3.1% in 2023. France, the EU’s second-biggest economy, would expand by 3.1% this year, and 1.8% in 2023. French inflation would be 4.9% in this year and 3.1% in 2023. The officials warned that the forecast was closely linked to the war and thus subject to high uncertainty. It was possible to see lower growth and higher inflation.
North America
US: Retail sales rise 0.9% mth/mth in April
The Department of Commerce reported that US retail and food services sales grew 0.9% mth/mth to US$677.7 billion in April, down from 1.4% in March. The rise was attributed to the improvement in 9 of 13 business categories, including miscellaneous store retailers (+4.0%), motor vehicle & parts dealers (+2.2%), nonstore retailers (+2.1%), and food services & drinking places (+2.0%). These four categories also posted larger gains than in March. Retail sales growth was dragged by gasoline stations (-2.7%) and sporting goods, hobby, musical instrument, & book stores (-0.5%). Some analysts pointed out that the retail sales expanded for the fourth consecutive month despite inflation pressures and the war in Ukraine, showing that the US domestic demand remained strong.

Canada: Huawei and ZTE banned from 5G network
Canadian officials announced on 18 May 2022 that China's Huawei Technologies and ZTE would be banned from participating in Canada’s 5G wireless networks, citing national security concerns. Telecommunication companies in Canada were required to cease procurement of new 4G or 5G equipment and services from Huawei and ZTE by September 2022; terminate the use of any new or existing 5G equipment and services from Huawei and ZTE by June 2024; and end the use of any new or existing 4G equipment and services from Huawei and ZTE by December 2027. Analysts commented that the move would likely affect ties between the two nations, as Chinese government officials had previously warned a ban on telecoms infrastructure could prompt retaliatory measures.
Topic : “Stay Alert to Cyber Security and Fraudulent Payment”
Date : 21 June 2022 (Tue)
Time : 3:00 p.m. - 4:00 p.m.
Join Now
Hong Kong Export Credit Insurance Corporation
2/F, Tower 1, South Seas Centre, 75 Mody Road, Tsim Sha Tsui East, Kowloon, Hong Kong
Phone:2732 9988   Website:www.hkecic.com   E-mail:info@hkecic.com
Follow Us:
Please do not reply to this email. If you would like to continue to receive these communications from us, you do not need to take any action.
However, if you no longer wish to receive email messages from HKECIC, please click “
Copyright © 2022 Hong Kong Export Credit Insurance Corporation
The information contained in the ‘Weekly Market News’ (WMN) is compiled by the Hong Kong Export Credit Insurance Corporation ("HKECIC") for general information only. Whilst HKECIC endeavours to ensure the accuracy of this general information, no statement, representation, warranty or guarantee, express or implied, is given as to its accuracy or appropriateness for use in any particular circumstances.

HKECIC is not responsible for any loss or damage whatsoever arising out of or in connection with any information including data or programmes on the WMN.  HKECIC reserves the right to omit, suspend or edit all information compiled by HKECIC on the WMN at any time in its absolute discretion without giving any reason or prior notice. Users are responsible for making their own assessment of all information contained in this WMN and are advised to verify such information and obtain independent advice before acting upon it.