HONG KONG -- China retaliated against international sanctions on Thursday, passing a law believed to provide legal tools for its officials and companies in responding to Western penalties.

The Anti-Foreign Sanctions Law was passed by the National People's Congress Standing Committee, state media said. No details were immediately disclosed.

The bill underwent a secret first review in April and no draft was available for companies and other stakeholders to examine. But while the contents remain under wraps, experts have warned the impact could be significant.

The law

TOKYO -- Mizuho Bank President Koji Fujiwara will leave his position as early as the end of this month to take responsibility for the company's recent widespread system glitches, Nikkei learned on Thursday.

Fujiwara, 59, will also not assume the chairmanship for which he was appointed earlier this year. Group CEO Tatsufumi Sakai, 61, will keep his job but may face a salary cut, the details of which Mizuho Financial Group is still working out.

Dozens of staff, including executives, will also be held

TAIPEI -- Taiwan Semiconductor Manufacturing Co. is considering building its first chipmaking plant in Japan as Tokyo urges companies to expand semiconductor production in the country.

TSMC -- the world's biggest contract chipmaker and a key supplier to Sony and other Japanese chipmakers -- is evaluating plans to build a plant in Kumamoto Prefecture, in western Japan, four people told Nikkei Asia. The facility would be near one of Sony's plants and help meet growing demand for image sensors, automotive microcontrollers and other chips, they said

TOKYO -- Sony Group begins sales in September of a professional-grade camera drone designed to capture steady footage during flight even in windy weather, the Japanese multinational said Thursday.

The Airpeak S1 is Sony's first drone product since the company said last year it would enter the business. The drones will be available in both Japan and the U.S., with one unit priced around $10,000.

The aerial vehicle carries 13 sensors that help maintain stability in gusts of up

TOKYO -- One of Japan's biggest civil engineering groups has developed a navigation system for construction vehicles that does not rely on GPS or other satellite positioning data, allowing them to guide themselves in remote places.

Tokyo-based Taisei's technology, which uses laser sensors to make three-dimensional maps of a vehicle's surroundings, is thought to be the first of its kind developed in Japan. Its industry peers at home have made their own forays into autonomous-driving technology, but they rely on signals

HANGZHOU, China -- China moved forward with plans to turn the southern resort island of Hainan into a free trade hub, passing legislation Thursday to lower barriers to cross-border investment.

The law passed by the Standing Committee of the National People's Congress provides a legal foundation for plans drafted last June to make Hainan a "free trade port." Tariffs will be reduced to zero in principle by 2025, and businesses and individuals will receive tax breaks.

The government looks to make Hainan a center

TOKYO/CHONGQING, China -- What began as a 19th century mode of transportation to deliver 21st products -- delivering laptops built in China to European markets on trains -- has evolved into a vital cargo link between the two continents.

And the major disruptions to maritime and air logistics chains due to the coronavirus pandemic has only accelerated the importance of China Railway Express as a cheaper and quicker alternative to ship everything from cars to household goods from China to Europe.

The railway, which first began operating

TOKYO/SHANGHAI -- Crude oil traded in Shanghai's 3-year-old futures market now trails more established Western price benchmarks after leading them last spring, as international traders remain wary of wading in.

Contracts for July settled Wednesday at 448.70 yuan per barrel on the Shanghai International Energy Exchange. This price translates to just over $70, or roughly $2 lower than comparable Brent crude oil futures traded in London.

Direct comparisons cannot be made among different grades of petroleum. But

YANGON/BANGKOK -- Myanmar's military on Feb. 1 detained State Counselor Aung San Suu Kyi and President Win Myint in the country's first coup since 1988, bringing an end to a decade of civilian rule.

The Suu Kyi-led National League for Democracy had won a landslide in a general election in November . But the military has claimed the election was marred by fraud.

For all our coverage, visit our Myanmar Coup page.

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