international

OSAKA: Universal Studios Japan’s newly appointed Chief Executive Officer, Taku Murayama, has unveiled his strategic vision to further expand the park’s themed attractions, following the sustained success of areas such as Super Nintendo World. Mr Murayama, 53, officially took the helm at USJ LLC, the operating company behind the Osaka-based theme park, on Sunday. With the park’s 25th anniversary approaching in 2026, he emphasised a market-aligned development strategy: “We will develop in accordance with the market,” he stated. Universal Studios Japan has seen a resurgence in popularity since the launch of The Wizarding World of Harry Potter in 2014. Building on this momentum, the park expanded its Nintendo-themed offerings last year with the debut of the world’s first attraction area based on the iconic Donkey Kong series. The move was aimed at drawing an increasingly international audience while maintaining strong domestic appeal. Murayama, a Tokyo native and a long-serving member of USJ since 2000, holds a master’s degree from a United States university. He highlighted the World Expo, which opened in Osaka in April, as a significant catalyst for regional growth and synergy with the theme park. “The Expo is an extremely good touchstone for the development of the area,” he remarked. In addition, Murayama expressed a commitment to fostering collaboration with nearby integrated resort projects—including casino developments—currently underway adjacent to the park. “I want to help enliven Osaka together,” he said, pointing to mutual benefits in visitor attraction. Acknowledging ongoing labour shortages in Japan’s service sector, the new CEO affirmed a dual approach of technological integration and workplace enhancement: “We will actively adopt digital services and operate efficiently,” he stated, adding that improving the employee work environment remains a key priority. Murayama succeeds JL Bonnier, who had led the organisation since 2015. -Kyodo News

SEOUL: South Korea recorded its first decline in exports in four months during May, as geopolitical trade tensions weighed heavily on shipments to its two largest markets—the United States and China. According to official government data released on Sunday, outbound shipments from Asia’s fourth-largest economy fell 1.3% year-on-year to $57.27 billion. Industry and Trade Minister Ahn Duk-geun attributed the downturn to the ongoing global trade conflict, intensified by U.S. President Donald Trump’s aggressive tariff policies. “Declines in exports to both the United States and China, the two biggest markets, suggest U.S. tariff measures are having an impact on the global economy as well as our exports,” he stated. Despite the overall decrease, the contraction was less severe than market expectations. A Reuters poll of economists had projected a 2.7% decline. On a working-day adjusted basis, exports actually rose by 1.0%. The setback comes shortly after Washington and Beijing reached a 90-day truce in mid-May, aimed at unwinding reciprocal tariffs. However, the fragile détente was called into question following President Trump’s recent accusations that China violated the terms of the agreement. The President also threatened to double global tariffs on steel and aluminium to 50%, raising fresh concerns across global supply chains. South Korea’s exports to the United States fell sharply by 8.1%, while shipments to China dropped 8.4%. In contrast, exports to the European Union saw a modest increase of 4.0%, and shipments to Taiwan surged 49.6%. Exports to Southeast Asia declined slightly by 1.3%. The technology sector remained a bright spot, with semiconductor exports rising 21.2% due to continued global demand for high-end memory chips. However, the automotive sector faced headwinds, with vehicle exports falling 4.4%, impacted by US tariffs and operational adjustments following Hyundai Motor’s launch of its new manufacturing facility in Georgia, United States. On the import side, South Korea recorded a 5.3% decline, bringing the total to $50.33 billion for May. This resulted in a trade surplus of $6.94 billion, the highest monthly surplus since June 2024. -Reuters

Nestlé has initiated legal proceedings in Thailand against former business partners Prayudh Mahagitsiri and Chalermchai Mahagitsiri, seeking damages amounting to 577 million baht over alleged infringement of the Nescafé trademark. The lawsuit, disclosed in a company statement dated 30 May, centres on financial losses incurred during an eight-day suspension of Nescafé product sales. The disruption followed an emergency injunction issued by the Minburi Civil Court on 3 April, which temporarily prohibited Nestlé from manufacturing, outsourcing, distributing, or importing Nescafé-branded instant coffee in the Thai market. Subsequently, the Central Intellectual Property and International Trade Court reaffirmed Nestlé (Thai) Ltd’s exclusive rights to use the “Nescafé” and “เนสกาแฟ” trademarks within Thailand. On 28 May, a mediation session was held at the same court involving both parties; however, no agreement was reached. The court has scheduled a trial and dispute resolution session for 9 June. The dispute stems from the dissolution of Quality Coffee Product Ltd (QCP), a joint venture equally owned by Nestlé and the Mahagitsiri family. On 14 March, Nestlé submitted a petition to the Southern Bangkok Civil Court seeking the liquidation of QCP. The move was aimed at enabling each shareholder group to retrieve its respective share and proceed independently, as continued disagreement had stalled decision-making on QCP’s future. In addition to the liquidation request, Nestlé asked the court to appoint an administrator to manage QCP’s financial responsibilities and protect company assets until a final ruling is delivered. The Southern Bangkok Civil Court completed the examination of three plaintiff witnesses on 19 May and has scheduled the hearing of defendant witnesses for 26 June. Despite the temporary halt, Nescafé distribution resumed in April. According to Ekkapong Chokchaiwitut, Chief Executive of Mother Marketing Plc, which operates Mother Supermarket and Mother Marché in southern Thailand, sales quickly returned to normal levels. Nonetheless, the broader market saw a decline, attributed to the low tourism season. Milin Veraratanaroj, Chairman of Tang Ngee Soon Superstore, one of the largest traditional wholesale chains in Udon Thani, confirmed that rapid restocking of Nescafé products helped prevent a significant shift in consumer preference towards rival brands. He speculated that Nestlé Thailand may have sourced products from countries such as Vietnam to offset production concerns amid the anticipated termination of QCP. Commenting on the ongoing litigation, Mr Milin noted that Nestlé may exercise caution in distributing or importing large volumes of product until the legal proceedings are resolved. -Bangkok Post

DHAKA: Japan has pledged US$1.063 billion in support to Bangladesh, encompassing budget assistance, railway infrastructure upgrades, and educational grants, according to a statement from Dhaka. The announcement comes during a visit to Tokyo by Bangladesh’s interim leader, Nobel Peace laureate Muhammad Yunus, who met with Japanese Prime Minister Shigeru Ishiba to strengthen bilateral relations. The aid package includes a US$418 million development policy loan aimed at supporting economic reforms and enhancing climate resilience. An additional US$641 million will go towards upgrading a key railway line, while US$4.2 million has been allocated as grants for Bangladeshi students to pursue higher education in Japan. Yunus assumed interim leadership in August 2024 following mass student-led protests that led to the departure of former prime minister Sheikh Hasina.

RIYADH: Saudi Arabia’s Acwa Power Co has signed non-binding agreements with Malaysian partners to explore up to US$10 billion in investments by 2040, focused on renewable energy, green hydrogen, and advanced water solutions. The agreements include plans to jointly develop approximately 13GW of power generation capacity and conduct feasibility studies for floating solar farms and large-scale water desalination projects. State-owned utility Tenaga Nasional Bhd is among the Malaysian parties involved. The initiative aligns with Malaysia’s ambition to increase renewable energy capacity to 70% by mid-century, phase out coal by 2044, and achieve net zero by 2050. Acwa’s partnership was formalised through an MoU with the Malaysian Investment Development Authority. As Malaysia continues its transition from coal and gas to cleaner energy sources, the collaboration signals growing foreign investor interest in the country’s decarbonisation pathway. Acwa Power is one of the world’s leading private water desalination companies and a key player in sustainable energy infrastructure.