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The Paris Club agreement over a “bridging” period until next year means Argentina will avoid a damaging default next month. It came with a commitment to strike a deal with the IMF by March 31 to revamp repayments it cannot make. The Paris Club, which has a long history with Argentina, includes among its members the United States, Germany, Brazil and Japan, which are also members of the IMF. The IMF on Thursday said it welcomed Argentina’s deal with the Paris Club, though it had no timeline currently for a new agreement. Some analysts said that even with an IMF deal, Argentina’s problems would persist, with rising poverty levels, runaway inflation and tight capital controls still in place.
Persons: , Siobahn Morden, Amherst Pierpont, Economy Minister Martin Guzman, Cristina Fernandez de Kirchner, Argentina’s, Nikhil Sanghani Organizations: BUENOS AIRES, Paris Club, International Monetary Fund, The, The Paris Club, IMF, Economy Minister, Peronist, The Paris, Capital Economics Locations: BUENOS, The Paris, Argentina, Amherst, Paris, Argentina’s, United States, Germany, Brazil, Japan, Buenos Aires
A broader dollar retreat and a bipartisan U.S. Senate deal on infrastructure spending also boosted emerging assets, with the Thai baht strengthening from a 13-month low hit on Thursday. The country has also approved the emergency use of the COVID-19 vaccine developed by Indian vaccine developer Bharat Biotech, and will receive a million doses of AstraZeneca Plc's COVID-19 vaccine from Japan. The baht had skidded lower after Thailand's central bank on Wednesday downgraded annual growth forecasts and pledged an accommodative policy stance Political uncertainty is also weighing. Hundreds of pro-democracy protesters took to the streets on Thursday, calling for the prime minister to resign. Jakarta stocks rose nearly 1% to snap two sessions of losses, while Malaysian shares registered their best session in a week.
Persons: Soumyajit Saha, Ruben Carlo O, AstraZeneca Plc's, South Korea's, Joe Biden, Rashmi Aich Organizations: Senate, ng Pilipinas, The Union Bank of, Bharat Biotech, AstraZeneca, AstraZeneca Plc's COVID, South, Malaysian Locations: Malaysia, U.S, Manila, Asuncion, Philippines, Japan, Asia, Jakarta, China, India, Indonesia, Singapore, Taiwan, Thailand, Bengaluru
India Warns of New Versions of Delta Variant Spreading
  + stars: | 2021-06-25 | by ( Shan Li | ) www.wsj.com sentiment -1.00   time to read: +1 min
NEW DELHI—India is warning about new versions of the highly infectious Delta variant of the coronavirus that are spreading around the country, containing a mutation that the original didn’t have. Indian officials have dubbed new versions of the variant containing the mutation Delta Plus. Indian officials have been closely monitoring the Delta variant, which fueled the country’s ferocious Covid-19 surge in April and May. India has detected about 50 cases of Delta Plus so far through genomic sequencing. Scientists say there is no evidence that Delta Plus is significantly more transmissible or deadlier than the original variant.
Persons: , Anurag Agrawal Organizations: Public Health, Delta, CSIR, of Genomics Locations: DELHI, India, U.S, Japan, Public Health England
Japan stocks track Wall Street's solid finish to close week higher
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
The Nikkei share average rose 0.66% to close at 29,066.18, while the broader Topix advanced 0.80% to 1,962.65. For the week, the Nikkei gained 0.35% to climb just above the 29,000-mark, which market participants said has become a psychological barrier as Japan’s outlook of an economic recovery remains uncertain. “Today’s (Friday) market is tracking Wall Street’s strong gains. Technology stocks also advanced, with Tokyo Electron rising 0.7%, Advantest jumping 1.5%, Fanuc gaining 1.66%. Mazda Motor Corp, up 8.7%, gained the most on the Nikkei, followed by Kobe Steel rising 4.8%.
Persons: Dow, Joe Biden, “ Today’s, ” Shoichi Arisawa Organizations: Nikkei, Nasdaq, U.S, IwaiCosmo Securities, , Tokyo Stock, Panasonic, Toshiba, Mazda Motor Corp, Kobe Steel, Mitsui OSK Lines Locations: TOKYO, Japan, U.S, Tokyo
(Adds comment from Rakuten Securities)June 25 (Reuters) - Shareholders voted out the chairman of the board of Toshiba Corp and one other director on Friday in a stinging rebuke after the company was found to have colluded with the government in suppressing foreign investor interests. Following are comments on the vote, seen by many as a big win for corporate governance in Japan. “We welcome the recent changes to the Board because we are optimistic about the future and Toshiba’s potential. “The AGM proxy materials nominated 13 directors, but only nine were elected. It is not clear who will be chairperson of the board, or who will chair and serve on the all-important nominations committee, which has now lost two members.
Persons: MASAYUKI KUBOTA, Nagamori, ” JUSTIN TANG, ” NICHOLAS BENES, ” HIROSHI KAJIYAMA Organizations: Rakuten Securities, Toshiba Corp, Toshiba, Nidec, TOSHIBA’S SECOND, Board, UNITED FIRST, SINGAPORE, OF JAPAN Locations: Japan
The Thai baht strengthened slightly after hitting 13-month lows this week after the central bank downgraded its annual growth forecasts. But the baht was still on track to shed more than 1% for the second consecutive week, while Thai stocks rose marginally after six straight sessions of losses. Elsewhere in Asia, stocks rose in Indonesia and Manila, tracking U.S. indexes which hit record highs overnight after President Joe Biden embraced a bipartisan Senate infrastructure deal. Taiwan stocks rose over 1% to their highest in more than a month, while the Taiwan dollar also strengthened to register its best session in two weeks. The won was set for a modest weekly gain after weakening nearly 2% last week.
Persons: Soumyajit Saha, Phillip, Joe Biden, South Korea's, Ana Nicolaci da Organizations: Taiwan, ng Pilipinas, ING, U.S . Federal, Phillip Securities, South Locations: Philippine, Thailand, Asia, Indonesia, Manila, Taiwan, Japan, China, India, Malaysia, Philippines, Singapore, Bengaluru, Ana Nicolaci da Costa
Toshiba’s Shareholder Revolt Is Japan’s Too
  + stars: | 2021-06-25 | by ( Jacky Wong | ) www.wsj.com + 0.52   time to read: +1 min
Toshiba’s shareholders voted against the re-election of chairman Osamu Nagayama at the company’s annual meeting Friday. Singapore-based hedge fund Effissimo Capital, Toshiba’s top shareholder, failed to put its own candidates into the board at the shareholders’ meeting last year. Toshiba’s investors agreed in March to conduct an independent probe into the matter leading up to last year’s vote. Foreign investors make up half of Toshiba’s shareholder base. Recommendations from proxy advisers Institutional Shareholder Services and Glass Lewis to vote against Mr. Nagayama probably helped to garner votes too.
Persons: Osamu Nagayama, Glass Lewis, Nagayama Organizations: Toshiba, Services Locations: Singapore
LOS ANGELES — Conan O'Brien ended his 11-year run on TBS' "Conan" by touting the "intersection between smart and stupid." Conan O'Brien of TBS's CONAN speaks onstage during the WarnerMedia Upfront 2019 show at The Theater at Madison Square Garden in New York on May 15, 2019. Black also reminded O'Brien that his first-ever talk show appearance was on "Late Night with Conan O'Brien." "It's been a great way for me to hide my money in banks all around the world," O'Brien said. I think when smart and stupid come together, it's very difficult.
Persons: Conan O'Brien, Jack Black, Black, , gurney, TBS's CONAN, Dimitrios Kambouris, O'Brien, Carson, Letterman, Jack, Andy Richter, Johnny, Will Ferrell, Martin Short, Zack Galifianakis, Nicole Byer, Andy Samberg, Lea Delaria, Mary Kay, It's, O'Brien's, Liza, Sona Mouvsesian, Conan, Homer Simpson, O'Brien — Organizations: TBS, Madison, Largo Locations: New York, Boston, Cuba, South Korea, Armenia, Israel, Australia, Mexico, Ghana, Germany, Japan, Greenland, Italy
Smoke rises from a factory during the sunset at Keihin industrial zone in Kawasaki, Japan, January 16, 2017. REUTERS/Toru Hanai/File PhotoSummary https://amers2.apps.cp.thomsonreuters.com/Apps/econ-polls?RIC=JPIP1%3DECI output poll datahttps://amers2.apps.cp.thomsonreuters.com/Apps/econ-polls?RIC=JPRSLS%3DECI retail sales poll datahttps://amers2.apps.cp.thomsonreuters.com/Apps/econ-polls?RIC=JPUNR%3DECI unemployment poll dataTOKYO, June 25 (Reuters) - Japan's factory output likely fell in May while retail sales rose for a third straight month, a Reuters poll showed on Friday, highlighting the uneven recovery in the world's third largest economy from the COVID-19 pandemic. While pent-up demand may underpin private consumption, which makes up more than half of the economy, a global chip shortage may weigh on an export-led recovery, analysts say. "Overseas economies will continue to recover but cuts in car production will drag on, causing factory output to seesaw in June and July as well," said Takeshi Minami, chief economist at Norinchukin Research Institute. Japan's economy likely avoided falling into recession this quarter but an extension of emergency measures to stem a rise in coronavirus infections has dented the growth outlook, a separate Reuters poll showed.
Persons: Toru Hanai, Takeshi Minami, Tetsushi Kajimoto, Kim Coghill Organizations: REUTERS, Tokyo, of Economy, Trade, Industry, Norinchukin Research, Thomson Locations: Kawasaki, Japan, TOKYO, Tokyo, COVID
Japanese shares track Wall St higher, cautious outlook caps gains
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
TOKYO, June 25 (Reuters) - Japanese shares rose on Friday, led by cyclical and technology stocks, as markets tracked a strong finish on Wall Street, although the gains were capped by a cautious outlook of U.S. equities and worries around the domestic economy’s recovery. “Today’s (Friday) market is tracking Wall Street’s strong gains. Technology stocks also advanced, with Tokyo Electron rising 0.99%, Advantest jumping 2.0%, Fanuc gaining 0.46%. Nikkei’s 29,000-mark has become a psychological barrier as Japan’s outlook of an economic recovery remains uncertain, market participants said. Mazda Motor Corp, up 6.35%, gained the most on the Nikkei, followed by Panasonic and Fujikura which rose 3.91%.
Persons: Dow, Joe Biden, “ Today’s, , Shoichi Arisawa Organizations: Nikkei, Nasdaq, U.S, IwaiCosmo Securities, , Tokyo Stock, Panasonic, Mazda Motor Corp, Eisai, Mitsui OSK Lines, Nippon Yusen Locations: TOKYO, Japan, U.S, Tokyo
For many, the result at the annual general meeting marks a new watershed moment for corporate governance in Japan after activist Toshiba shareholders prevailed earlier this year in securing a probe into the allegations of pressure on overseas investors. According to one Toshiba source, foreign investors had voted in greater numbers than in the company's previous shareholder meetings as they saw it as an important test case of corporate governance in Japan. 1/4 Toshiba Corp. Board of Directors Chairperson Osamu Nagayama attends a news conference in Tokyo Japan June 14, 2021, in this handout photo taken and released by Toshiba Corporation. Nagayama's ouster could help activist shareholders push the company to consider take-private offers. Nagayama only joined Toshiba's board in mid-2020 after the alleged pressuring of foreign shareholders to vote in line with management's board nominees took place.
Persons: Justin Tang, Osamu Nagayama, Satoshi Tsunakawa, Hiroshi Kajiyama, Akira Amari, Nagayama, Japan John Roos, Glass Lewis, Nobuyuki Kobayashi, Makiko Yamazaki, Tim Kelly, Edwina Gibbs Organizations: Toshiba Corp, Toshiba, United First Partners, Trade, Toshiba Corporation, Handout, REUTERS, Liberal Democratic Party, Capital, Pharmaceutical, Sony Group Corp, Services Inc, Investment Partners, Toshiba's, Investment, Thomson Locations: TOKYO, Japan, Singapore, Tokyo Japan, U.S, Toshiba's Singapore
TOKYO — Shareholders of the scandal-plagued industrial giant Toshiba threw out the company’s board chairman on Friday, after an investigation revealed that top executives had worked with the Japanese government to inappropriately pressure investors. The ouster of the chairman, Osamu Nagayama, 74, represents a major win in a battle between Toshiba and foreign investors who have pushed the conservative company to clean up its governance. It is also a breakthrough in a broader effort to increase investor oversight of Japanese corporations, following a series of government-led changes meant to make companies more transparent and accountable. The resulting scandal led to the resignation of the company’s chief, Nobuaki Kurumatani, as well as four board members. But Mr. Nagayama, the chairman, had stayed on, arguing that he had a responsibility to clean up the company’s governance.
Persons: Osamu Nagayama, Nobuaki, Nagayama Organizations: TOKYO — Shareholders, Toshiba Locations: TOKYO
Hong Kong's Hang Seng index jumps 1% as Asia-Pacific stocks rise
  + stars: | 2021-06-25 | by ( Eustance Huang | ) www.cnbc.com sentiment -0.82   time to read: +1 min
SINGAPORE — Asia-Pacific stocks jumped in Friday trade after the S&P 500 rose to a record closing high overnight stateside. Hong Kong's Hang Seng index led gains among the region's major markets, jumping 1.14% by the afternoon. The broader Hang Seng Tech index gained 2.21%. XPeng launches Hong Kong offeringChinese electric vehicle maker XPeng on Friday announced the launch of its Hong Kong public offering. S&P 500 record closeOvernight on Wall Street, the S&P 500 gained 0.58% to a new record closing high of 4,266.49.
Persons: Alibaba, XPeng, Joe Biden Organizations: Seng, Nikkei, Hong Kong, Friday, CNBC, HK, Dow Jones Industrial, Nasdaq, U.S, White Locations: SINGAPORE — Asia, Pacific, Shanghai, Shenzhen, Australia, Asia, Japan, Hong, U.S, Hong Kong
Shareholders vote out Toshiba board chairman in big win for corporate governance in Japan
  + stars: | 2021-06-25 | by ( ) www.cnbc.com sentiment -0.99   time to read: +1 min
Shareholders at crisis-ridden Toshiba voted out its board chairman and one other director on Friday, a forceful rebuke of the company after it was found to have colluded with the government in suppressing foreign investor interests. For many, the result at the annual general meeting marks a new watershed moment for corporate governance in Japan after activist Toshiba shareholders prevailed earlier this year in securing a probe into the allegations of pressure on overseas investors. The newly elected board will meet later on Friday to discuss who will head the new board. According to one Toshiba source, foreign investors had voted in greater numbers than in the company's previous shareholder meetings as they saw it as an important test case of corporate governance in Japan. Nagayama only joined Toshiba's board in mid-2020 after the alleged pressuring of foreign shareholders to vote in line with management's board nominees took place.
Persons: Justin Tang, Osamu Nagayama, Nagayama Organizations: Toshiba, United First Partners Locations: Tokyo, Japan, Singapore
Toshiba Corp. Board of Directors Chairperson Osamu Nagayama attends a news conference in Tokyo Japan June 14, 2021, in this handout photo taken and released by Toshiba Corporation. For many, the result at the annual general meeting marks a new watershed moment for corporate governance in Japan after activist Toshiba shareholders prevailed earlier this year in securing a probe into the allegations of pressure on overseas investors. The newly elected board will meet later on Friday to discuss who will head the new board. Nagayama only joined Toshiba's board in mid-2020 after the alleged pressuring of foreign shareholders to vote in line with management's board nominees took place. Shareholder advisory firms Institutional Shareholder Services Inc and Glass Lewis had recommended shareholders not reappoint him, while 3D Investment Partners, Toshiba's Singapore-based No.
Persons: Osamu Nagayama, Justin Tang, Nagayama, Japan John Roos, Glass Lewis, Nobuyuki Kobayashi, Makiko Yamazaki, Tim Kelly, Edwina Gibbs Organizations: Toshiba Corp, Toshiba Corporation, Handout, REUTERS, Toshiba, United First Partners, Pharmaceutical, Sony Group Corp, Services Inc, Investment Partners, Toshiba's, Investment, Capital, Thomson Locations: Tokyo Japan, TOKYO, Japan, Singapore, U.S, Toshiba's Singapore
China listing frenzy in U.S. set to be boosted by Didi IPO
  + stars: | 2021-06-25 | by ( Scott Murdoch | ) www.reuters.com + 0.00   time to read: +4 min
A woman rides a Didi shared bicycle past the headquarters of Didi Chuxing in Beijing, China November 20, 2020. The rush of listings happened despite continued political tension between the two countries under President Joe Biden, and the looming threat of U.S. kicking out Chinese companies if they fail to meet auditing standards. The biggest Chinese listing in the United States so far this year was Full Truck Alliance (YMM.N), sometimes referred to as "Uber for trucks", which raised $1.6 billion earlier this week. Technology deals accounted for 24% of Asia IPOs in the first half and prospect of more emerging in the second half remains strong, according to Refinitiv data. Reporting by Scott Murdoch in Hong Kong; Editing by Sumeet ChatterjeeOur Standards: The Thomson Reuters Trust Principles.
Persons: Didi, Didi Chuxing, Florence, Didi Chuxing's, Joe Biden, Ivy Wong, Baker, Biden, Donald Trump, Uber, Alibaba, dealmakers, Alex Abagian, Morgan Stanley, Peter Cheng, Scott Murdoch, Sumeet Chatterjee Organizations: REUTERS, New, Holding Foreign Companies, Technology, Asia Pacific, Deacons, Thomson Locations: Beijing, China, HONG KONG, New York, United States, ASIA, Asia, Asia Pacific, Japan, Hong Kong
REUTERS/Kim Kyung-HoonSHANGHAI, June 25 (Reuters) - Asian shares rose on Friday, tracking gains on Wall Street overnight that lifted the Nasdaq and the S&P 500 indexes to record highs after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal. read moreIn morning trade, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) climbed 0.58%. Chinese blue-chips (.CSI300) rose 0.43%, Hong Kong's Hang Seng (.HSI) added 0.61%, Seoul's Kospi (.KS11) was up 0.79% and Australian shares (.AXJO) climbed 0.22%. Overnight, the S&P 500 (.SPX) gained 0.58% and the Nasdaq Composite (.IXIC) added 0.69%, lifting both indexes to record high closes. Benchmark 10-year U.S. Treasuries , which saw yields dip after Biden's announcement of an infrastructure bill were last at 1.497%, up from a close of 1.487% on Thursday.
Persons: Kim Kyung, Hoon, Joe Biden, Kerry Craig, Biden, Craig, Seoul's, Christopher Wood, Andrew Galbraith, Tom Westbrook, Ana Nicolaci da Organizations: Nikkei, REUTERS, Nasdaq, Investors, Morgan Asset Management, U.S, Japan's Nikkei, U.S . Federal Reserve, Jefferies, Dow Jones, drawdowns, U.S . West Texas, Brent, Thomson Locations: Tokyo, Japan, Hoon SHANGHAI, U.S, Asia, Pacific, mull, Singapore, Ana Nicolaci da Costa
BOA still trying to convince some Team GB athletes to get vaccinated: chief
  + stars: | 2021-06-25 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Issei KatoJune 25 (Reuters) - The British Olympic Association is still trying to convince some athletes to get vaccinated against COVID-19 before next month's Tokyo Olympics, chief executive Andy Anson said. The BOA said earlier this month it was on track to ensure all athletes and staff were fully vaccinated before the Olympics. read moreThe Tokyo Games, delayed last year because of the COVID-19 pandemic, will begin on July 23. "We're trying to convince them it's the right thing to do," Anson told the BBC on Friday. Anson said the Athletes' Village in Tokyo will be "probably the toughest environment in sports at this time".
Persons: Issei Kato, Andy Anson, Anson, it's, Manasi Pathak, Peter Rutherford Organizations: Tokyo Metropolitan Government Office, REUTERS, British Olympic Association, COVID, BOA, Tokyo Games, BBC, Athletes, Olympic, Thomson Locations: Tokyo, Japan, Bengaluru
Japan's Rakuten to use Cisco routing tech for 5G, IoT services
  + stars: | 2021-06-25 | by ( ) www.reuters.com + 0.99   time to read: +1 min
The logo of Rakuten is pictured at the headquarters of Rakuten in Tokyo, Japan, May 15, 2019. REUTERS/Sam Nussey/File PhotoSTOCKHOLM, June 25 (Reuters) - Rakuten Mobile (4755.T) said on Friday that it plans to use new routing technologies from network gear maker Cisco (CSCO.O) to expand its capacity to support business customers with 5G and so-called Internet of Things (IoT) services. Rakuten, with 4 million subscribers, will use the new technology to make the entire network more automated to deploy services faster, reduce latency and lower power consumption. Companies such as Dish Network (DISH.O), which is racing to build a 5G network in the United States by 2023, are also building networks based on Open RAN as it promises to radically cut costs. Reporting by Supantha Mukherjee, European Technology & Telecoms Correspondent, based in Stockholm; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
Persons: Sam Nussey, Tareq Amin, Supantha Mukherjee, Sherry Jacob, Phillips Organizations: REUTERS, Rakuten, Cisco, 5G, Radio Access Network, Dish Network, RAN, European Technology, Telecoms, Thomson Locations: Rakuten, Tokyo, Japan, STOCKHOLM, United States, European, Stockholm
Japan to give 6 mln doses of vaccines to Taiwan, 5 SE Asia nations
  + stars: | 2021-06-25 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A medical worker receives a dose of the vaccine against the coronavirus disease (COVID-19) at the Tokyo Metropolitan Cancer and Infectious Diseases Center Komagome Hospital in Tokyo, Japan March 5, 2021. read moreJapan donated 1.24 million doses to Taiwan and 1 million to Vietnam this month and plans to share an additional 1 million doses each with the two. A Taipei-based official familiar with Japan's two vaccine donations said while the Japanese government has been subtle in its offers, mainly focusing on Taiwan's urgent medical need, there was a broader message. The island, which China claims as its own territory, also received 2.5 million vaccine doses from the United States this month. Its foreign minister, Toshimitsu Motegi, said on Friday Japan would start to supply 11 million doses in total to regions including Southeast Asia, Southwest Asia and the Pacific islands through the COVAX from mid-July.
Persons: Yoshikazu, Toshimitsu Motegi, Nobuhiro Kubo, Elaine Lies, Jacqueline Wong Organizations: Tokyo Metropolitan Cancer, Infectious Diseases, Komagome Hospital, REUTERS, AstraZeneca Plc's, World Health Organization, Japan, AstraZeneca, Thomson Locations: Tokyo, Japan, REUTERS TOKYO, Taiwan, Vietnam, Thailand, Malaysia, Indonesia, Philippines, Asia, Gavi, COVAX, Taipei, China, Beijing, United States, Southeast Asia, Southwest Asia
Canada's Gaucher says forced to choose between going to Games or being a mum
  + stars: | 2021-06-25 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
2016 Rio Olympics - Basketball - Preliminary - Women's Preliminary Round Group B Canada v Serbia - Youth Arena - Rio de Janeiro, Brazil - 08/08/2016 - Kim Gaucher (CAN) of Canada shoots a free throw. REUTERS/Shannon StapletonJune 25 (Reuters) - Canadian women's basketball player Kim Gaucher said she is being forced to decide between "being a breastfeeding mom or an Olympic athlete" because she cannot bring her three-month-old daughter to Tokyo due to COVID-19 protocols. Canada, ranked fourth in the world, are due to face Serbia in their opening match at the Tokyo Olympics, which begin on July 23. "Right now I'm being forced to decide between being a breastfeeding mom or an Olympic athlete. "Japanese fans are going to be in attendance, the arenas are going to be half-full, but I will not have access to my daughter?"
Persons: Kim Gaucher, Shannon Stapleton, Gaucher, Manasi Pathak, Peter Rutherford Organizations: Canada, Rio, REUTERS, Tokyo, Canadian Olympic Committee, Games, Reuters, International Olympic Committee, Thomson Locations: Serbia, Rio de Janeiro, Brazil, Canada, Tokyo, Japan, Bengaluru
Toshiba chair ouster risks strategic hold-up
  + stars: | 2021-06-25 | by ( Jennifer Hughes | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Kim Kyung-HoonHONG KONG, June 25 (Reuters Breakingviews) - Revenge can be sweet, but it is not always a profitable emotion. Toshiba (6502.T) shareholders have voted out board chair Osamu Nagayama in one of corporate Japan’s biggest ever upsets. Nagayama, who joined the board after that campaign, is carrying the can for the company’s resistance to the independent probe. At the very least, the 74-year-old’s standing as one of corporate Japan’s most successful board leaders gave scandal-wracked Toshiba some gravitas. - One other board member, Nobuyuki Kobayashi, was also voted out at the June 25 shareholders’ meeting.
Persons: Kim Kyung, Osamu Nagayama, Nagayama, Nobuyuki Kobayashi, Una Galani, Sharon Lam Organizations: REUTERS, Reuters, Toshiba, Economy, Trade, Industry, Sony, Locations: Tokyo, Japan, HONG KONG
U.S. stocks upbeat on infrastructure deal, oil dips
  + stars: | 2021-06-25 | by ( Carolyn Cohn | ) www.reuters.com + 0.00   time to read: +5 min
The plan is valued at $1.2 trillion over eight years, $579 billion of which is new spending. European stocks (.STOXX) were steady on the day and up 1% on the week, after also hitting record peaks earlier this month. Benchmark 10-year U.S. Treasuries , which saw yields dip after the infrastructure bill announcement, were last at 1.4901%, up from a close of 1.487% on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1%, and Chinese blue chips (.CSI300) rallied 1.63%. Spot gold was up 0.39% at $1,782.58 an ounce, on track for its first weekly rise in four.
Persons: Lucas Jackson, Joe Biden, Biden, Sebastien Galy, Germany's DAX, Eddie Cheng, Bonds, Cheng, Drew Horter, BofA, Michael Hartnett, Sterling, Ritvik Carvalho, Andrew Galbraith, Tom Westbrook, Ana Nicolaci da Costa, Kim Coghill, Timothy Heritage Organizations: New York Stock Exchange, REUTERS, U.S, Nordea Asset Management, Nasdaq, Wells Fargo Asset Management, . West Texas, Brent, Federal Reserve, Tactical Fund, Bank of England, Thomson Locations: New York, U.S, Wells Fargo, Cincinnati, Asia, Pacific, Japan, London, Shanghai, Singapore
TOKYO (Reuters) -Panasonic Corp sold its stake in electric car maker Tesla Inc for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday. REUTERS/Toru Hanai/File PhotoThe sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on Tesla and raise cash for investing in growth. Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010 for about $30 million. While Panasonic gave financial backing to Tesla when it was smaller, the automaker’s expansion means there’s no need for capital ties, Yasuda added. The stake sale will not affect the partnership with Tesla, the Panasonic spokesperson said, but comes as the automaker is diversifying its own battery supply chain.
Persons: Toru Hanai, Elon Musk’s Tesla, , Hideki Yasuda, Musk, Tesla, Yasuda, China’s Organizations: Panasonic Corp, Tesla, Technologies, Makuhari, REUTERS, Elon, Panasonic, Ace Research Institute, South Korea’s LG, LG Chem, Reuters Locations: TOKYO, Chiba, Japan, Shanghai, U.S
Panasonic sells Tesla stake for $3.6 billion
  + stars: | 2021-06-24 | by ( Sam Nussey | Shinji Kitamura | ) www.reuters.com + 0.00   time to read: +2 min
TOKYO (Reuters) - Panasonic Corp sold its stake in electric car maker Tesla Inc for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday. REUTERS/Toru Hanai/File PhotoThe sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on Tesla and raise cash for investments. Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010 for about $30 million. While Panasonic gave financial backing to Tesla when it was smaller, the automaker’s expansion means there’s no need for capital ties, Yasuda added. The stake sale will not affect the partnership with Tesla, the Panasonic spokesperson said, and was made as part of a review of shareholdings in line with corporate governance guidelines.
Persons: Toru Hanai, Elon Musk’s Tesla, , Hideki Yasuda, Musk, Tesla, Yasuda, China’s Organizations: Panasonic Corp, Tesla, Technologies, Makuhari, REUTERS, Elon, Panasonic, Ace Research Institute, South Korea’s LG, LG Chem, Reuters Locations: TOKYO, Chiba, Japan, Shanghai, U.S
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