Money briefs: Bankruptcy reports hit Takata shares

Bankruptcy reports hit Takata shares

TOKYO • Takata shares plunged again yesterday, losing almost half of their value in just three days of trading on reports that the troubled Japanese airbag maker will file for bankruptcy protection and sell its assets to a US company.

Takata, at the centre of the car industry's biggest safety recall, finished at 244 yen , tumbling by nearly 25 per cent - its maximum daily loss limit - on the Tokyo Stock Exchange, after eye-popping falls on Monday and Tuesday.

The Nikkei business daily has said the firm, with liabilities over 1 trillion yen (S$12.5 billion), would make a decision on the bankruptcy filing this month.

AGENCE FRANCE-PRESSE


Facebook gets nod for Indonesia unit

JAKARTA • Facebook has obtained in-principle approval to set up a domestic unit in Indonesia, said a senior government source.

The social media giant currently operates in Indonesia through an office in central Jakarta.

Indonesia has been pushing multinational technology firms to be locally incorporated, arguing that companies such as Alphabet Inc's Google set up small business entities to provide "auxiliary" services and get away with minimal taxation, while booking most of their revenue from the country elsewhere.

Indonesia has the fourth-largest Facebook user base, according to company data.

REUTERS

A version of this article appeared in the print edition of The Straits Times on June 22, 2017, with the headline 'Money briefs'. Print Edition | Subscribe