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☆ Toyota says president and chairman of its Daihatsu unit will resign in wake of safety-test scandal
▼ + stars: | 2024-02-14 | by ( ) www.cnbc.com time to read: +1 min

A Daihatsu Motor Co. Boon CILQ vehicle, right, and a Toyota Motor Corp. Passo vehicle are displayed during a press conference in Tokyo, Japan, on Monday, April 11, 2016. Toyota Motor said on Tuesday both the president and chairman of Daihatsu Motor will step down almost a year after the small-car unit said it had rigged collision safety-tests. The scandals at the three companies triggered a rare apology of Toyota Chairman Akio Toyoda last month. Daihatsu's chairman, Sunao Matsubayashi, will also step down and will not be replaced, Toyota added.

Persons: Boon, Akio Toyoda, Masahiro Inoue, Soichiro, Sunao Matsubayashi Organizations: Daihatsu, Co, Toyota Motor Corp, Toyota, Hino Motors, Toyota Industries Locations: Tokyo, Japan, America, Caribbean

TOKYO (AP) — Japan has slipped to the world’s fourth-largest economy as government data released Thursday showed it fell behind the size of Germany's in 2023. Japan fell from the second-ranked economy behind the U.S. to the third-largest in 2010 as China's economy grew. The comparisons among nations’ economies look at nominal GDP, which doesn’t reflect some different national conditions, and is in dollar terms. Japan’s nominal GDP totaled $4.2 trillion last year, or about 591 trillion yen. The gap between developed countries and emerging nations is shrinking, with India certain to overtake Japan in nominal GDP in a few years, Okazaki said.

Persons: Germany’s, Japan’s, Tetsuji Okazaki, ”, Okazaki, Konosuke Matsushita, ___ Yuri Kageyama Organizations: TOKYO, —, Monetary Fund, Japan, University of Tokyo, Honda, Honda Motor Co, Panasonic Corp, Japan Inc Locations: — Japan, Japan, Germany, India, U.S

☆ NY attorney general expands crypto lawsuit, sees $3 billion fraud
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +2 min

New York Attorney General Letitia James on Friday expanded her lawsuit against Digital Currency Group and other cryptocurrency defendants, tripling the size of their alleged fraud scheme to more than $3 billion. James had in October sued DCG, its Genesis Global Capital unit, and Gemini Trust, the exchange run by twin brothers Cameron and Tyler Winklevoss. James is seeking more than $3 billion of restitution for the more than 230,000 investors who she believes were defrauded. Representatives for DCG, Genesis and Gemini did not immediately respond to requests for comment. Gemini, meanwhile, has sued DCG over their failure of their crypto lending partnership.

Persons: Letitia James, Donald Trump, James, DCG, Cameron, Tyler Winklevoss, Gemini, Barry Silbert, Soichiro Moro, Genesis, Sam Bankman Organizations: New, Trump Organization, Court, New York, Digital Currency Group, Genesis Global, Gemini Trust, DCG, Gemini, U.S . Securities, Exchange Commission, SEC Locations: New York, Manhattan, New York City, U.S

TOKYO (AP) — A Japanese automaker that cheated on safety tests for decades said Monday it doesn't expect to resume shipping cars any time soon. The Japanese government ordered a subsidiary of Toyota to halt production of its entire lineup after reports of faked safety test results emerged last year. The Daihatsu Motor Co. skipped mandatory safety tests by copying data from testing on one side of cars to the other, and used timers to ensure airbags went off in tests, a review found. An investigation including third-party experts found 174 cases of faked tests affecting dozens of models, including cars sold under the Toyota Motor Corp. nameplate. The review found that cheating went back 30 years.

Persons: —, Keita Ide, Soichiro Okudaira, truckmaker Hino, Akio Toyoda, Toyota’s, ” ___ Yuri Kageyama Organizations: TOKYO, Toyota, Daihatsu, Co, Toyota Motor Corp, Toyota Industries Corp

☆ KKR’s Chip Play Will Win Big in Japan
▼ + stars: | 2023-10-24 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

Kokusai Electric’s technology and manufacturing center in Toyama, Japan. Photo: Soichiro Koriyama/Bloomberg NewsPrivate-equity giant KKR has scored a win in Japan, and with a chip price rebound probably around the corner, their timing looks impeccable. Semiconductor equipment maker Kokusai Electric will start trading Wednesday in Tokyo after raising around $720 million in an initial public offering last week. Kokusai is valued at $2.8 billion at its IPO price, potentially netting KKR a return of more than 60% in Japanese yen terms, excluding leverage. Kokusai unloaded its video and communications systems business after KKR’s takeover.

Persons: Soichiro Koriyama Organizations: Bloomberg, Private, KKR, Semiconductor, Kokusai, Dealogic, Hitachi — Locations: Toyama, Japan, Tokyo

☆ Fukuoka: The Japanese city that dominates street food
▼ + stars: | 2023-10-23 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

CNN —Fukuoka, Japan’s sixth largest city by population, has more open-air food stalls than the rest of the country combined. These stalls are called yatais, and they’re an indelible part of what makes Fukuoka’s food scene so special. A vendor prepares local Hakata-style pork broth ramen at a Fukuoka yatai. Hemis/Alamy Stock Photo“Yatai is the best place to make friends,” says Nick Szasz, a Canadian-born longtime resident of Japan who runs the English-language website Fukuoka Now. Though the city has always been dotted with these food carts, Takashima’s administration set up a committee to regulate them and make sure they’d remain a vital part of the city.

Persons: Yatais, oden, ”, Nick Szasz, Szasz, it’s, Sōichirō Takashima, –, Fukuoka’s, Kensuke Kubota –, London’s Zuma, Japan –, Yatai Keiji, yatais Organizations: CNN, Fukuoka Locations: Japan’s, Fukuoka, Sapporo, Hakata, Canadian, Japan, Kyushu, AsiaDreamPhoto

A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. At the heart of the lawsuit is a program Gemini ran in partnership with Genesis. Dubbed "Gemini Earn", the program let customers lend crypto assets such as bitcoin to Genesis. The development underscores the challenges the crypto industry continues to face almost a year after the bankruptcy of Sam Bankman-Fried's exchange FTX, which had led to an industry meltdown. It did not reveal any of this information to the investors of Gemini Earn, she added.

Persons: Marco Bello, Letitia James, cryptocurrency, Genesis, Gemini, James, Sam Bankman, Soichiro Moro, Barry Silbert, Niket, Shounak Dasgupta, Krishna Chandra Organizations: Gemini Trust, REUTERS, New York, Genesis Global, Digital Currency Group, Gemini, Thomson Locations: Miami Beach , Florida, U.S, Alameda, Bengaluru

☆ Genesis and Gemini face civil suit alleging $1 billion fraud
▼ + stars: | 2023-10-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The lawsuit accused the companies of lying to investors and covering up more than $1 billion in losses. According to the latest lawsuit, Gemini knew that Genesis’ loans were risky and, at one point, “highly concentrated” with Bankman-Fried’s crypto trading house Alameda Research. “Gemini hid the risks of investing with Genesis, and Genesis lied to the public about its losses,” James said. Gemini’s owners, the Winklevoss twins, have said Genesis owed more than $900 million to some 340,000 customers using the Earn program. The AG’s lawsuit follows another civil action brought by the Securities and Exchange Commission, which in January sued Genesis and Gemini for offering unregistered securities through the Earn product.

Persons: Sam Bankman, —, Cameron, Tyler Winklevoss, Letitia James, James, James ’, Crypto, Cameron Winklevoss, Christopher Goodney, Gemini, Fried, “ Gemini, Genesis, ” James, Soichiro “ Michael ” Moro, Barry Silbert, DCG didn’t Organizations: CNN, New, — Gemini Trust, Genesis Global Capital, Digital Currency Group, Yorkers, Gemini Trust, Bloomberg, Getty, Alameda Research, Securities and Exchange Commission, Gemini, Genesis Locations: New York

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