DIRS.INFO The most relevant business & tech news

☆ Hitachi wins EU okay for $1.8 bln Thales deal
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: 1 min

The logo of Hitachi is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsCompanies Hitachi Ltd FollowThales SA FollowBRUSSELS, Oct 30 (Reuters) - EU antitrust regulators said on Monday they cleared Hitachi's (6501.T) 1.7-billion-euro ($1.80 billion) bid for Thales' (TCFP.PA) GTS railway signalling business on condition the Japanese company sells assets in France and Germany, as it offered to do so. Reuters reported two weeks ago the European Commission was about to clear the deal. ($1 = 0.9434 euros)Reporting by Marine Strauss and Benoit Van OverstraetenOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Marine Strauss, Benoit Van Overstraeten Organizations: Hitachi, REUTERS, Companies Hitachi Ltd, Thales, Follow BRUSSELS, Reuters, Commission, Thomson Locations: Zurich, Switzerland, Hitachi's, France, Germany

The logo of Hitachi is seen at an office building in Zurich, Switzerland September 10, 2020. Hitachi submitted its offer to sell its mainline signalling business in France and Germany to the European Commission last month. The EU competition watchdog and Hitachi declined to comment. The UK's competition agency cleared the deal this month after Hitachi pledged to sell its mainline signalling business in the United Kingdom, France, and Germany. ($1 = 0.9478 euros)Reporting by Foo Yun Chee; editing by Mark Potter and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Foo Yun Chee, Mark Potter, Jason Neely Organizations: Hitachi, REUTERS, Companies Hitachi Ltd, Thales, Follow BRUSSELS, European, EU, Thomson Locations: Zurich, Switzerland, France, Germany, United Kingdom

☆ Japan's Denso, Mitsubishi Electric to invest $1 bln in Coherent's silicon carbide unit
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

A logo of Mitsubishi Electric Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsOct 10 (Reuters) - Coherent (COHR.N), a major U.S. supplier of materials used to make chips for the automotive industry, said on Tuesday Japan's Denso (6902.T) and Mitsubishi Electric (6503.T) will invest $1 billion in the company's silicon carbide business. Denso and Mitsubishi Electric will invest $500 million each in exchange for a 12.5% non-controlling ownership interest in Coherent's unit, as per the agreement. The investment would alleviate the financial burden for Coherent, which had explored strategic review of its silicon carbide business in May. Chips made with silicon carbide are used in applications that require massive quantity of power conversion such as inverters and drivetrains in electric vehicles.

Persons: Toru Hanai, Denso, Takemi, Priyamvada, Sherry Jacob, Phillips Organizations: Mitsubishi Electric Corp, Advanced Technologies, Makuhari, REUTERS, Mitsubishi Electric, Mitsubishi, Reuters, Hitachi Ltd, Sumitomo Electric Industries Inc, Thomson Locations: JAPAN, Chiba, Japan, U.S, Pittsburgh , Pennsylvania, Bengaluru

The investment would alleviate the financial burden for Coherent, which has said it will invest $1 billion over the next 10 years to expand its production of silicon carbide wafers, which help boost the range of electric vehicles more than chips made with traditional silicon. Denso Corp (6902.T), Hitachi Ltd (6501.T), Mitsubishi Electric Corp (6503.T) and Sumitomo Electric Industries Inc (5802.T) have held discussions about taking a minority stake in Coherent's silicon carbide business, the source said. Coherent may accept more than one of these companies as investors in the silicon carbide division at a valuation of between $4 billion and $5 billion, the source added, requesting anonymity because the matter is confidential. Coherent, which said in May it would explore options for its silicon carbide business, declined to comment. Chips made with silicon carbide are used in applications that require huge amounts of power conversion, such as inverters and drivetrains in electric vehicles.

Persons: Chips, Milana Vinn, Andrea Ricci Organizations: Denso Corp, Hitachi Ltd, Mitsubishi Electric Corp, Sumitomo Electric Industries Inc, Thomson Locations: U.S, Pittsburgh , Pennsylvania, China, New York

The Japanese conglomerate put in its offer to the European Commission on Thursday, the same day it requested EU clearance for the deal, an EU regulatory filing showed on Friday. The EU competition enforcer, which set a Nov. 6 deadline for its decision, did not provide details of the remedies in line with its policy. The company had sought EU approval in October last year but withdrew its application a month later. The deal underscores the consolidation in the rail industry, with independent players teaming up with bigger industrial groups. The Competition and Markets Authority (CMA) in August narrowed its concerns, saying the deal would not substantially lessen competition in the supply of communications-based train control signalling systems in the UK.

Persons: Arnd, Foo Yun Chee, David Evans, Louise Heavens Organizations: Hitachi, REUTERS, Companies Hitachi Ltd, Thales, Follow, European, UK Competition, Markets Authority, EU, Thomson Locations: Zurich, Switzerland, France, Germany

☆ Hitachi's EU remedies on Thales deal similar to UK remedies, source says
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

The logo of Hitachi is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsCompanies Hitachi Ltd FollowThales SA FollowBRUSSELS, Sept 15 (Reuters) - Hitachi's (6501.T) remedies to EU antitrust regulators assessing its proposed 1.7-billion-euro ($1.8 billion) buy of French infrastructure company Thales' (TCFP.PA) rail signal business are similar to those offered to the UK competition agency, a person with direct knowledge of the matter told Reuters on Friday. Hitachi told the UK Competition and Markets Authority in June that it was ready to divest its UK, French and German mainline signaling business and transfer its core communication-based train control technology to a rival. It had said that these assets comprise all the elements needed for a viable, standalone business. ($1 = 0.9376 euros)Reporting by Foo Yun CheeOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Foo Yun Chee Organizations: Hitachi, REUTERS, Companies Hitachi Ltd, Thales, Follow, Reuters, Competition, Markets Authority, Thomson Locations: Zurich, Switzerland

A man walks at the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. The central bank would take time to determine whether it can raise interest rates as it waits for evidence that a sustained economic recovery will eradicate Japan's deflationary mindset, he said. "The key is for the economy to keep recovering," Nakamura told a news conference, when asked about the conditions for ending negative interest rates. We therefore need more time before shifting to monetary tightening," he said, adding the key was to determine whether companies' growth expectations were heightening. Markets are divided on whether the BOJ could remove the yield cap before raising short-term rates, ditch both simultaneously, or keep the yield cap when ending negative rates as a precaution against an abrupt rise in long-term yields.

Persons: Issei Kato, Nakamura, Toyoaki Nakamura, Japan's, we're, Naoki Tamura, Kazuo Ueda, Leika Kihara, Christian Schmollinger, Navaratnam, Gerry Doyle Organizations: Bank of Japan, REUTERS, Hitachi Ltd, Thomson Locations: Tokyo, Japan, GIFU, Gifu

☆ BOJ policymaker Nakamura warns against premature monetary tightening
▼ + stars: | 2023-08-31 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Tightening monetary policy before rising prices are accompanied by higher wages would hurt domestic demand and corporate profits, Nakamura said. We therefore need more time before shifting to monetary tightening," Nakamura said in a speech to business leaders in the city of Gifu in central Japan. "Close scrutiny of (economic) conditions and cautious decision-making are required when modifying monetary policy," he said, warning against shifting policy too hastily. Governor Kazuo Ueda has said the BOJ must maintain ultra-low rates until there is more evidence that Japan's inflation can sustainably hit 2% backed by solid consumption and wage growth. Reporting by Leika Kihara; Editing by Christian Schmollinger and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Nakamura, Toyoaki Nakamura, Naoki Tamura, Kazuo Ueda, Leika Kihara, Christian Schmollinger Organizations: Bank of Japan, REUTERS, Nakamura Overseas, Hitachi Ltd, Thomson Locations: Tokyo, Japan, Gifu

☆ Japan's Hitachi Astemo flags lapses in quality tests over decades
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +3 min

The comments come in the wake of news last month that Toyota affiliate Daihatsu rigged safety tests for 88,000 small cars. Hitachi Astemo, which makes car and railway parts ranging from brake and damping systems to powertrains, worked with customers to redo tests on nearly 24 affected products following an investigation, Chief Executive Brice Koch told reporters. "We have now taken all the relevant measures to improve, to increase the robustness of our system and our company," Koch said, saying he did not expect any impact on growth or costs. The issues included reporting periodic test results to customers without running the actual tests on some products. Employees also ran tests on suspension systems at incorrect temperatures, a spokesperson said.

☆ Japan Display forms alliance with China's HKC on chip fabs, auto displays
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

TOKYO, April 10 (Reuters) - Japan Display Inc (6740.T) said on Monday it has formed an alliance with China's HKC Corporation Ltd (HKC) to cooperate on next-generation OLED technology, chip fabrication, and auto displays, sending the Japanese company's shares 10.5% higher. Japan Display and HKC will jointly plan and build fabs using Japan Display's eLEAP OLED technology, targeting mass production in 2025, the Japanese company said. Japan Display is planning more than one plant under the alliance with HKC, Chief Executive Scott Callon told a briefing, adding the tie-up would bring together Japan Display's technology and HKC's cost competitiveness. Japan Display, a maker of phone and computer displays, is on a restructuring drive to turn around its struggling businesses. Japan Display was formed in 2012 when the LCD businesses of Hitachi Ltd (6501.T), Toshiba Corp (6502.T) and Sony Corp (6758.T) merged in a government-brokered deal.

REUTERS/Maxim Shemetov/File PhotoTOKYO, March 17 (Reuters) - Japan's major companies have concluded their annual labour talks with average wage hikes of 3.8% for the coming fiscal year, the largest raise in about three decades, trade union confederation Rengo said on Friday. The preliminary survey of 805 unions affiliated with Rengo showed the average hike rate of 11,844 yen ($89) per month, according to the labour organisation. "Many unions received in full or exceeded their demand for wage hikes," Rengo chief Tomoko Yoshino told a news conference. Those businesses have often struggled to pass on rising costs to their customers. It's unclear whether the rising wage trend will be sustainable, let alone create the "virtuous cycle" of stronger economic growth and 2% inflation long sought by Japan's central bank.

☆ Japan's big firms offer largest pay rises in decades
▼ + stars: | 2023-03-15 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

The Rengo umbrella labour group has called for a 5% pay increase. The JERC survey showed that excluding seniority-based pay, base compensation that boosts fixed labour costs accounts for just 1.08%. "We need to focus on base pay. Workers from Japan's largest group of trade unions last week struck early agreements for hefty wage hikes. Unions have historically tended to settle for relatively meagre pay hikes around 2% in recent years, as unions are inclined to cooperate with management in keeping job security rather than aggressively demanding pay rises.

"Credit Suisse remains committed to our investment banking & capital markets clients throughout the APAC (Asia Pacific) region," the company told Reuters in response to a query. Credit Suisse's restructuring plan includes creating a separate unit for its investment bank under the CS First Boston brand. Reuters was not immediately able to ascertain whether the few remaining staff at Credit Suisse's Japanese investment banking division would be shifted to the new unit. Credit Suisse also runs wealth management, equity research, securities trading and asset management businesses in Japan. Some of the major deals that Credit Suisse advised on in Japan included Hitachi Ltd's (6501.T) $9.6 billion acquisition of U.S. software company GlobalLogic Inc.

☆ Nissan and Hitachi look to charge elevators with EV batteries
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] 2023 Nissan Pathfinder is unveiled at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. In what appears to be an early attempt in earthquake-prone Japan to make wider use of EV batteries, Nissan and Hitachi Building Systems Co Ltd are focused on keeping elevators running when the power supply is disrupted. The V2X system uses the CHAdeMO charging standard supported by Nissan, an Hitachi Building Systems executive said. That allows it to also draw power from larger Nissan EVs, such as the Ariya and Leaf models. Tatsunori Takahashi, a director in the domestic business management division of Hitachi Building Systems, said he hopes the firm will start providing the system to apartment buildings from the financial year starting in April.

☆ Canada backs nuclear power project with C$970 mln financing
▼ + stars: | 2022-10-25 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

The nuclear power project, which is being developed by utility Ontario Power Generation (OPG) in Darlington, will be the first commercial grid-scale SMR in the Group of Seven wealthy nations (G7), according to the minister's spokesperson. read more"We are doing this because nuclear energy – as a non-emitting source of energy – is critical to the achievement of Canada's and the world's climate goals," Wilkinson will say. "Nuclear power is one source that can help in reaching our climate targets while addressing growing future demand." About 15% of Canada's electricity comes from nuclear power, according to the World Nuclear Association. The reactors are designed by GE-Hitachi Nuclear Energy, an alliance between General Electric Co (GE.N) and Japan's Hitachi Ltd , and could power about 300,000 homes after completion, OPG says.

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. Almost a quarter of Japanese manufacturers' production is carried out overseas, according to the latest trade ministry data. The weak yen drives up the cost of acquiring businesses overseas, although that could be less of a concern for many cash-rich Japanese firms. At the same time, the weak yen makes Japanese companies cheaper targets for foreign buyers. For retailers, the weak yen has been particularly painful, as it drives up costs, including for energy and food.

Search resuls for: "Hitachi Ltd"

16 mentions found