DIRS.INFO The most relevant business & tech news

☆ The world’s best airports for 2024, according to Skytrax
▼ + stars: | 2024-04-18 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

For the last decade, Singapore’s Changi International Airport and Doha’s Hamad International Airport have been going back and forth, battling over the title of ‘world’s best’. European airports dominateNine of the top 20 best airports are in Europe, including Vienna, Madrid and Istanbul. Kansai International Airport (KIX), which serves the Osaka area, scored the award for the world’s best airport baggage delivery. El Dorado International Airport (BOG), which serves Bogota, Colombia, was voted the best airport in South America, while Panama Tocumen Airport (PTY) won the honor of best airport for Latin America and the Caribbean. The world’s best airports for 20241.

Persons: CNN — Ali, Frazier, ‘, Badr Mohammed Al Meer, It’s, Charles de Gaulle, ORY, Indira, Skytrax, Paris Charles de Gaulle Organizations: CNN, The Red Sox, Yankees, Doha, Singapore, Singapore’s, Singapore’s Changi International Airport, Doha’s Hamad International, Hamad International, Airport, ” Qatar Airways Group’s, Oryx, Paris, Paris ’, Rome Fiumicino Airport, Zurich, Vantaa, Haneda, New, Chubu Centrair International, Kansai International, Vancouver International, Melbourne Airport, MEL, Australia, Indira Gandhi International Airport, Cape Town Airport, King Shaka International, El Dorado International, Panama Tocumen, TWA, New York JFK, Hyatt Regency Shenzhen, Hilton Munich Airport, Crowne Plaza Changi Airport, Doha Hamad, Singapore Changi, Seoul Incheon, Tokyo Narita, Dubai, Munich, Istanbul, Hong Kong, Rome Fiumicino, Vienna, Madrid, Barajas, Vancouver, Kansai, Melbourne, Copenhagen Locations: Singapore’s Changi, Doha’s, Qatar’s, Singapore, Doha, “, Frankfurt, Germany, Europe, Vienna, Madrid, Istanbul, Paris, Skytrax, Rome, Helsinki, HEL, Japan, Asia, Haneda, Narita, New Chitose, Sapporo, Nagoya, Osaka, North America, Down, Pacific, India, Cape, Africa, Durban, Bogota, Colombia, South America, Panama, America, Caribbean, New York, China, Tokyo, Vantaa

☆ Toshiba says $14 bln takeover bid by JIP succeeds, set to go private
▼ + stars: | 2023-09-21 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +3 min

TOKYO, Sept 21 (Reuters) - Toshiba (6502.T) said on Thursday that a $14 billion tender offer from private equity firm Japan Industrial Partners (JIP) had ended in success - a deal which paves the way for the embattled industrial conglomerate to go private. "Activist shareholders and Toshiba were stuck with each other for years. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price, Toshiba argued that there was no prospect of a higher offer or competing bid. Deals involving private equity have been particularly active, including a planned $6.4 billion buyout of materials maker JSR by a government-backed fund.

Persons: Travis Lundy, Taro Shimada, Androniki, Shimada, Lundy, JIP, Sony Group's, chipmaker Rohm, Makiko Yamazaki, Edwina Gibbs Organizations: Toshiba, Japan Industrial Partners, Quiddity Advisors, Toshiba Corporation, REUTERS, Sony, Chubu Electric Power, Thomson Locations: TOKYO, Kawasaki, Japan, Asia

☆ Toshiba says $14 bln takeover bid by JIP has succeeded
▼ + stars: | 2023-09-21 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. The deal puts the electronics-to-power stations maker in domestic hands after years of battles with overseas activist shareholders. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price offered, Toshiba argued that there was no prospect of a higher offer or competing bid. Although not well known overseas, JIP has been involved in corporate carve outs and spin offs from Japanese conglomerates, including Olympus' (7733.T) camera business and Sony Group's (6758.T) laptop computer business.

Persons: Androniki, Taro Shimada, JIP, Sony Group's, Shimada, chipmaker Rohm, Makiko Yamazaki, Christopher Cushing, Edwina Gibbs Organizations: Toshiba Corporation, REUTERS, Rights, Toshiba, Japan Industrial Partners, Olympus, Sony, Chubu Electric Power, Thomson Locations: Kawasaki, Japan

☆ Toshiba is set to delist in Japan after 74 years as part of $14 billion deal
▼ + stars: | 2023-09-21 | by ( ) edition.cnn.com time to read: +3 min

Tokyo Reuters —Toshiba said on Thursday that a $14 billion tender offer from private equity firm Japan Industrial Partners (JIP) had ended in success — a deal which paves the way for the embattled industrial conglomerate to go private. The deal puts the 148-year-old electronics-to-power stations maker in domestic hands after years of battles with overseas activist investors. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price, Toshiba argued that there was no prospect of a higher offer or competing bid. It will mark the largest M&A deal in Japan this year.

Persons: —, ”, Travis Lundy, Taro Shimada, Toshiba “, Shimada, “, ” Lundy, JIP, chipmaker Rohm Organizations: Tokyo Reuters, Toshiba, Japan Industrial Partners, “, Quiddity Advisors, ” Toshiba, Sony, Chubu Electric Power Locations: Tokyo, Orix, Japan, Asia

Tokyo, Japan CNN —Evacuation warnings have been issued to more than 237,000 people across 11 prefectures in Japan as Typhoon Lan hit the west of the country on Tuesday, according to Japan’s Fire and Disaster Management Agency. At least 26 people have been injured in five prefectures across western Japan, according to Japan’s public broadcaster NHK, citing police and fire officials. In two towns in Tottori and Okayama prefectures, rainfall over a few hours on Tuesday exceeded the average for the entire month of August. A swollen river as Typhoon Lan makes landfall in Shingu City, Wakayama Prefecture on Tuesday. Typhoon Lan follows Typhoon Khanun, which lashed southwestern Japan with wind and rain earlier this month.

Persons: Typhoon Lan, Lan, Takumi Harada, Koji Ito, Khanun Organizations: Japan CNN, Disaster Management Agency, NHK, Japan Meteorological Agency, Yomiuri Shimbun, Japan’s Ministry of Land, Infrastructure, Tourism, CNN, Japan Airlines, All Nippon Airlines, ANA Locations: Tokyo, Japan, Shionomisaki, Japan’s Wakayama, Tottori, Okayama, Shingu City, Wakayama Prefecture, Nagoya City, Aichi Prefecture, Kansai, Chubu, Nagoya

Other investors who have held Toshiba longer may not be so lucky: the offer price represents a 15% discount from a December 2014 high. Some were introduced to JIP by Toshiba's management, some of the people said, declining to be identified because the information is not public. Toshiba's management, including CEO Taro Shimada, will stay on, while the government keeps Toshiba's sensitive defence and nuclear technologies in Japanese hands. Toshiba felt stable shareholders were desirable to end the tumult, unlike current shareholders "with many differing views", it said. JIP does not see the need for big strategy adjustments, Toshiba said.

☆ Toshiba board accepts Japan Industrial Partners' $15 bln buyout proposal
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +3 min

TOKYO, March 23 (Reuters) - Toshiba Corp's (6502.T) board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. [1/2] The logo of Toshiba Corp is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File Photo 1 2The fallout from that debacle eventually led to the strategic review and the buyout proposal. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ The long-running crisis at Japan's Toshiba
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +5 min

Faced with more than $6 billion in liabilities linked to Westinghouse, Toshiba decides to put prized chip unit Toshiba Memory up for sale. Nov. 2021 - Toshiba says it will split into three companies, one for energy, one for infrastructure and the third to manage its Kioxia stake. Feb. 2022 - Toshiba announces a new plan to split into two, spinning off only its devices unit. April 2022 - Toshiba sets up a special committee to resume a strategic review that could see it taken private. Under pressure from shareholders, Toshiba announces a special dividend of some $545 million.

☆ Toshiba board accepts Japan Industrial Partners' $15 billion buyout proposal
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: +3 min

Toshiba Corp's board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. A successful deal would see the scandal-ridden industrial conglomerate taken private and firmly in domestic hands after much tension with overseas activist shareholders. Some 20 Japanese companies including financial services firm Orix Corp, chipmaker Rohm Co <6963.T> and Chubu Electric Power plan to take part in the deal, sources have said. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ Toshiba board agrees to accept JIP's $15.3 bln buyout proposal -Nikkei
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Toshiba Corp is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File PhotoTOKYO, March 23 (Reuters) - Toshiba Corp's (6502.T) board on Thursday agreed to accept a buyout proposal worth around 2 trillion yen ($15.3 billion) from a consortium led by private equity firm Japan Industrial Partners (JIP), the Nikkei business daily reported. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks. It has taken weeks for the board to proceed with a vote on JIP's proposal as some board members were dissatisfied with its offer price, sources have said. "If the early reports are correct, this ends months of uncertainty regarding whether a deal was coming and years of uncertainty regarding Board understanding of the right price," said analyst Travis Lundy of Quiddity Advisors, who publishes on Smartkarma.

☆ The 20 best airports in the world according to passengers
▼ + stars: | 2023-03-15 | by ( Taylor Rains | ) www.businessinsider.com time to read: +5 min

Aviation ranking website Skytrax has revealed the world's best airports for 2023. "Changi Airport is honoured to be named World's Best Airport for the 12th time," Changi CEO Lee Seow Hiang said in a press release. Of the top 20 airports, nine are in Europe, eight are in Asia, two are in North America, and one is in Australia. Seattle-Tacoma International Airport and Vancouver International Airport came in at numbers 18 and 20, barely making the list. In fact, Seattle once again won the award for being North America's best airport, and LaGuardia's Terminal B won "world's best new airport terminal."

☆ Japan's JERA raises FY22/23 earnings estimate on lower LNG procurement cost
▼ + stars: | 2023-01-30 | by ( Yuka Obayashi | ) www.reuters.com time to read: +2 min

Higher-than-expected profit from its trading unit, JERAGM, and stronger contribution from reselling some of the super-chilled fuel by JERA, one of the world's biggest LNG buyers, when its demand was lower, also boosted its earnings, Yoshida said. The revised guideline is based on an assumption that JERA will not receive the fuel from Freeport LNG, the second-biggest U.S. LNG exporter, by the end of March, according to Yoshida. The LNG company's plant shut after a pipeline explosion on June 8, 2022 and the restart has been delayed. In November, JERA President Satoshi Onoda predicted Freeport would resume a partial operation in mid-December and its shipments to be fully back by March. Despite the delay of Freeport's restart, JERA stuck to its 110 billion loss estimate from the fire, saying lower spot LNG prices are helping to offset an impact from the delay, Yoshida said.

☆ Jetstar flight makes emergency landing in Japan due to bomb threat
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Jan 7 (Reuters) - A Jetstar flight made an emergency landing at Chubu Centrair International Airport in central Japan on Saturday due to a bomb threat, though no device was found, officials said. Five sustained minor injuries while evacuating from the plane, an official at the Chubu airport police said. The flight was diverted to the Chubu airport, in Japan's industrial heartland of Aichi prefecture, after a potential security incident, and passengers disembarked via emergency slides, Jetstar Airways said in a statement. "Jetstar Japan is working closely with the Chubu airport and local authorities to investigate the situation," the company said, declining to comment further. A Narita spokesperson said there had been a bomb threat call for the flight but that details were unclear.

☆ Japan to tighten COVID border controls for travellers from China
▼ + stars: | 2023-01-04 | by ( Kantaro Komiya | ) www.reuters.com time to read: +2 min

TOKYO, Jan 4 (Reuters) - Japan will toughen from Sunday its COVID-19 border control measures for travellers from China, Prime Minister Fumio Kishida said, in response to a surge of infections among such visitors. Additional measures will require negative coronavirus tests before passengers board direct flights from China, Kishida said on Wednesday, stepping up measures adopted on Dec. 30. Japan will continue to ask airlines to limit additional flights from China, he told a nationally televised New Year news conference. "Necessary restrictions are still put in place as we are taking all possible measures to prevent infections," Kishida added. Most European Union nations favour pre-departure testing for travellers from China, the European Commission said on Tuesday.

☆ Kyushu Electric says it will cooperate with Fair Trade Commission probe
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 28 (Reuters) - Japan's Kyushu Electric Power Co (9508.T) said on Monday that it has not received any notification of antitrust fines from the Fair Trade Commission and would fully cooperate with the regulator's investigation. Kyushu Electric Power said it is under the investigation and it will announce information swiftly if necessary. The Fair Trade Commission declined to comment on a report Friday in The Nikkei the commission has decided to fine three major utility firms including Kyushu Electric Power tens of billions of yen in total for breaching antitrust laws. The newspaper reported that the regulator will penalise Kyushu Electric Power, Chugoku Electric Power Co (9502.T) and Chubu Electric Power Co (9504.T) for agreeing not to expand in each other's industrial power supply markets. Reporting by Kaori Kaneko and Yuka Obayashi; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

TOKYO, Nov 28 (Reuters) - Japan's Fair Trade Commission has issued no notice of antitrust fines to Kyushu Electric Power Co (9508.T) and Chugoku Electric Power Co (9502.T), the two utilities said on Monday, following a report they were in trouble for anti-competitive behaviour. The regulator would penalise Kyushu Electric, Chugoku Electric and Chubu Electric Power Co (9504.T) for agreeing not to expand into each other's industrial power-supply markets, the Nikkei said. Nikkei said Kansai Electric Power Co (9503.T) had also been part of the scheme and, along with the three other firms, had been raided by the commission last year. Kansai Electric had probably avoided penalty by reporting the matter to the antitrust regulator and taking advantage of a leniency policy, the newspaper said. A Kansai Electric spokesperson said on Monday the company was fully cooperating with the regulator, which so far had not called it to appear before an investigation hearing on the matter.

☆ Japanese chipmaker Rohm considering joining JIP for Toshiba buyout
▼ + stars: | 2022-11-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

TOKYO, Nov 16 (Reuters) - Japanese chipmaker Rohm Co Ltd (6963.T) said on Wednesday it was considering joining a consortium led by private equity fund Japan Industrial Partners (JIP) to buy out Toshiba Corp (6502.T), as JIP works to consolidate its proposal. The Nikkei newspaper reported that Kyoto-based Rohm planned to invest up to about 300 billion yen ($2.14 billion) in the proposed 2.2 trillion yen acquisition of Toshiba, citing multiple sources it did not name. A Rohm spokesperson confirmed that the company was considering joining the JIP consortium for the buyout but added that nothing had been decided, including the amount of any investment. Rohm and Toshiba are both major manufacturers of power management chips, which efficiently control electric power in cars, electronic devices and industrial equipment. JIP has contacted several Japanese companies to join the bid for Toshiba, including utility Chubu Electric Power Co Inc (9502.T) and financial services group Orix Corp (8591.T), sources familiar with the matter have said.

JIP, Chubu Electric and Orix will each invest 100 billion yen, the paper said, without saying where it got the information. A Toshiba representative declined to comment, saying the company could not "answer information about candidates, including co-investors, as it may undermine fair process". Investor focus could now turn to another potential bidder, state-backed fund JIC, which sources have said is also preparing a bid. The fund has been in talks with U.S. private equity fund Bain Capital and north Asia fund MBK Partners to form a separate consortium, sources have said. Differences over JIP's plan to retain Toshiba's management were a source of friction between the two, Reuters has reported.

☆ Japanese consortium submits 2.2 trln yen Toshiba bid, Nikkei reports
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 7 (Reuters) - A consortium of more than 10 Japanese companies, led by the Japan Industrial Partners investment fund, has submitted a bid to buy Toshiba Corp (6502.T) for about 2.2 trillion yen ($15.01 billion), the Nikkei newspaper reported on Monday. The consortium, including Chubu Electric Power Co Inc (9502.T) and Orix Corp (8591.T), appears not to have obtained commitment letters from banks but is aiming to complete the lending deal by end-November if Toshiba accepts the bid to go private, Nikkei said. Japanese companies in the consortium will spend about 1 trillion yen, while multiple overseas funds decided not to join the bid due to expectations for low returns, the newspaper added. When asked for a comment on the report, a Toshiba representative said the company "cannot answer information about candidates, including co-investors, as it may undermine fair process". ($1 = 146.5400 yen)Reporting by Kantaro Komiya and Makiko Yamazaki; Editing by David Goodman and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Differences over JIP's plan to retain Toshiba CEO Taro Shimada and his team were a source of friction between the two bidders, according to two sources familiar with the talks. Despite being selected as preferred bidder, JIP has struggled to secure enough equity commitments from potential partners, sources have said. It now looks set to miss a Monday deadline to deliver a firm proposal that includes letters of commitment from banks, sources have said. In late October, JIC expanded the size of its buyout fund to 900 billion yen ($6.11 billion) from 200 billion yen. Two of the sources said the expansion was not just for a Toshiba buyout but also aimed at other deals.

☆ Japan's JERA, IHI to work on ammonia use at Malaysian coal power plants
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 26 (Reuters) - Japan's biggest power generator, JERA, said on Wednesday it will collaborate with Japanese heavy-industry manufacturer IHI Corp (7013.T) to explore ways to expand the use of ammonia as a fuel at coal-fired power plants in Malaysia. The two companies have been working together on co-firing ammonia with coal at a large commercial power plant in Japan to cut carbon dioxide (CO2) emissions. read moreUnder a memorandum of understanding signed by their subsidiaries, JERA Asia and IHI AP, they will jointly study ammonia co-firing in thermal power plants in Malaysia to contribute to decarbonisation there, JERA said in a statement. JERA can contribute to decarbonisation in Malaysia by working with IHI, which has a record of delivering more than 50% of installed coal power boiler capacity in operation there, it added. JERA is a joint venture between Tokyo Electric Power (9501.T) and Chubu Electric Power (9502.T).

The logo of Toshiba Corp is displayed atop of the company's facility building in Kawasaki, Japan, June 24, 2022. JIP's initial offer was below 6,000 yen per share, the two sources told Reuters, putting the value of a potential tender offer at less than 2.6 trillion yen ($17.5 billion). Investors have considered 6,000 yen to be a key threshold. During a strategic review last year, at least one global private equity firm told Toshiba's review committee that a deal to take the conglomerate private could be done at 6,000 yen a share or more. In Japan, the court-led rehabilitation of auto parts supplier Marelli Holdings Co Ltd - owned by U.S. private equity firm KKR & Co Inc (KKR.N) - has turned banks cautious about terms for financing leveraged buyouts, private equity sources said.

TOKYO, Oct 13 (Reuters) - Shares in Toshiba Corp (6502.T) surged on Thursday following a report that a domestic investor-led group was looking at a $19 billion bid in a deal that could lead to foreign activist shareholders being bought out after years of tension. A consortium led by private equity firm Japan Industrial Partners has been given preferred bidder status in the second round of bidding, a source familiar with the matter told Reuters. Register now for FREE unlimited access to Reuters.com RegisterJapan Industrial Partners has contacted multiple Japanese firms, sources have said. Japan Industrial Partners declined to comment. Toshiba and activist shareholders have been at odds over the direction of the company, with several large foreign funds pushing the conglomerate to consider private equity bids.

☆ Toshiba shares surge following report of $19 bln buyout bid
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 13 (Reuters) - Shares in Toshiba Corp (6502.T) jumped about 9% in early trading on Thursday following a report that a domestic-led consortium is looking to buy the Japanese conglomerate for 2.8 trillion yen ($19.1 billion). News agency Kyodo reported on Wednesday that a group of firms led by Japan Industrial Partners, a domestic private equity group, had made the bid, which marked a premium of around 26% from Wednesday's closing price. The group, which includes Chubu Electric Power Co (9502.T), had received the right of first refusal in its bid for Toshiba, the Nikkei business daily reported. Shares of Toshiba were up 8.5% at 5,566 yen in morning trade in Tokyo, putting them on track for their biggest one-day gain in more than a year. ($1 = 146.7700 yen)Register now for FREE unlimited access to Reuters.com RegisterReporting by Sam Byford; editing by David Dolan and Richard PullinOur Standards: The Thomson Reuters Trust Principles.

☆ Japan Industrial Partners-led group looking to buy Toshiba for $19 bln -Kyodo
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 12 (Reuters) - The consortium of mostly domestic firms led by Japan Industrial Partners (JIP) is looking to buy Toshiba Corp (6502.T) for 2.8 trillion yen ($19.13 billion), Kyodo reported on Wednesday citing unnamed sources. The reported acquisition price marks a premium of about 26% from Toshiba's current market value of 2.22 trillion yen. Register now for FREE unlimited access to Reuters.com RegisterJIP's consortium will put up about 1 trillion yen and likely borrow the rest from financial institutions, Kyodo reported. It said the price could still change depending on Toshiba's share price and valuation premium. Asked about the report, a Toshiba spokesperson said the company could not comment on candidates as doing so could undermine fair process.

Search resuls for: "Chubu"

25 mentions found