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The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-HoonJapan's Toshiba Corp (6502.T) on Monday blamed its former chief executive for fomenting a "confrontational approach" to shareholders, citing that as underlying factor in its widening governance crisis. The comment from Osamu Nagayama, the chairman of Toshiba's board, comes after a shareholder-commissioned investigation revealed the company colluded with the Japanese government to "beat up" foreign shareholders. "There was a somewhat confrontational stance towards shareholders brewing from some time ago," Nagayama said, when asked about the responsibility of former CEO Nobuaki Kurumatani. The crisis at Toshiba has renewed concern about governance in the world's third-largest economy and its openness to foreign investors.
Persons: Kim Kyung, Hoon, Osamu Nagayama, Nagayama, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Hoon Japan's Toshiba Corp, Toshiba, Thomson Locations: Kawasaki, Japan
World stocks near record high as investors await dovish Fed act
  + stars: | 2021-06-14 | by ( Hideyuki Sano | ) www.reuters.com + 0.00   time to read: +4 min
REUTERS/Kim Kyung-HoonGlobal shares held firm near record highs on Monday while U.S. bond yields flirted with three-month lows as investors expect the Federal Reserve to stick to its dovish mantra later this week. The MSCI all-country world equity index (.MIWD00000PUS), the U.S. S&P 500 (.SPX) and the pan-regional STOXX Europe 600 index (.STOXX) all closed at record highs on Friday. Many investors expect the Fed to repeat its dovish view at its two-day meeting from Tuesday. "There will probably be no surprise from the Fed this week," said Mitsubishi UFJ's Fujito. U.S. West Texas Intermediate (WTI) crude futures added 0.2% to $71.05 per barrel, near their highest since October 2018.
Persons: Kim Kyung, Norihiro Fujito, Mitsubishi UFJ, Mitsubishi UFJ Morgan Stanley, Treasuries, Akira Takei, Boris Johnson's, Johnson Organizations: Nikkei, REUTERS, Hoon Global, Federal Reserve, Japan's Nikkei, U.S . Federal Reserve, Mitsubishi, Mitsubishi UFJ Morgan, Mitsubishi UFJ Morgan Stanley Securities, Asset Management, European Central Bank, British, Brent, . West Texas, Thomson Locations: Tokyo, Japan, Asia, Pacific, China, Hong Kong, Australia, U.S, Europe, India
Take your condoms home: social distancing and sex in the Olympic village
  + stars: | 2021-06-14 | by ( Sakura Murakami | ) www.reuters.com sentiment -0.99   time to read: +2 min
2020 Tokyo Olympic Games athletes' village (foreground) is pictured in Tokyo, Japan, April 7, 2021. REUTERS/Kim Kyung-Hoon/File PhotoTokyo Olympic organisers plan to give away about 150,000 condoms at next month's Games, but are telling athletes to take them home rather than use them in the Olympic village where social distancing rules and coronavirus measures are the top priority. "The distribution of condoms is not for use at the athlete's village, but to have athletes take them back to their home countries to raise awareness" of HIV and AIDS issues, said Tokyo 2020 in an emailed response to questions by Reuters. Organisers were originally planning to feed residents of the village in vast dining halls – the largest one with a capacity to seat 4,500 people at once. But now, the organisers will ask athletes to dine alone, maintain social distancing with others, and wipe down surfaces after eating.
Persons: Kim Kyung Organizations: Tokyo Olympic Games, REUTERS, Tokyo, Games, International Olympic, Reuters, Officials, Thomson Locations: Tokyo, Japan, Seoul
REUTERS/Kim Kyung-HoonWorld stocks climbed another peak on Monday, while U.S. bond yields were near three-month lows as worries of rising inflation abated and investors anticipated the U.S. Federal Reserve sticking to its dovish course this week. S&P 500 futures meanwhile nudged 0.1% higher, with investors apparently viewing Thursday's above-forecast U.S. inflation data and surging factory prices in China as temporary or manageable. Goldman Sachs economists said concerns that rising inflation will derail the market recovery or lead to sharply higher bond yields were probably misplaced. Speculators' net long positions in U.S. bond futures hit the highest level since October 2017 , U.S. financial watchdog data showed. Many investors expect the Fed to repeat its dovish view at its two-day meeting from Tuesday.
Persons: Kim Kyung, Goldman Sachs, John Woolfitt, Treasuries, Akira Takei, Bitcoin Organizations: Nikkei, REUTERS, U.S . Federal, Atlantic Capital, Asset Management, Japan's Nikkei, European Central Bank, Elon Musk, Thomson Locations: Tokyo, Japan, U.S, COVID, China, London, Asia, Hong Kong, Australia, Pacific, Xinjiang
Biden reaffirms support for Tokyo Olympics to Japan's Suga
  + stars: | 2021-06-13 | by ( Antoni Slodkowski | ) www.reuters.com + 1.00   time to read: +1 min
The Olympic rings are illuminated in front of the National Stadium in Tokyo, Japan January 22, 2021. REUTERS/Kim Kyung-HoonU.S. President Joe Biden reaffirmed his support for the Tokyo Olympics at a meeting with the Japanese Prime Minister Yoshihide Suga on Saturday, highlighting the necessity of imposing public health measures ensuring the safety of those involved. "President Biden affirmed his support for the Tokyo Olympic Games moving forward with all public health measures necessary to protect athletes, staff and spectators," it said. "President Biden expressed pride in the U.S. athletes who have trained for the Tokyo Games and will be competing in the best traditions of the Olympic spirit," it said. Tokyo 2020 would be "grateful" if G7 countries could support the Summer Games going ahead as planned, Tokyo 2020 organising committee president Seiko Hashimoto said on Friday.
Persons: Kim Kyung, Joe Biden, Yoshihide Suga, Suga, Biden, Suga's, Seiko Hashimoto Organizations: REUTERS, Hoon U.S, Tokyo, Japanese, Tokyo Olympic, Tokyo Games, Olympic Committee, Thomson Locations: Tokyo, Japan, Carbis Bay, North Korea, China, U.S, Washington
BOJ may extend pandemic-aid schemes to support fragile recovery
  + stars: | 2021-06-11 | by ( Leika Kihara | ) www.reuters.com + 0.00   time to read: +3 min
While extended state of emergency curbs to combat the coronavirus are weighing on consumption, BOJ policymakers have become cautiously optimistic on the outlook as exports remain solid, sources familiar with its thinking say. "Business-to-business prices are rising but the pass-through to consumer inflation is weak," said one of the sources. "Even if the economy recovers, soft inflation will keep the BOJ from dialing back stimulus any time soon." nL1N2LT0JQThe board will also debate whether to extend a September deadline for a raft of programmes introduced last year to channel funds to cash-strapped firms. With service industries still suffering from the pandemic, the BOJ may decide on an extension as early as next week's rate review, the sources said.
Persons: Kim Kyung Organizations: Bank of Japan, REUTERS, of Japan, Thomson Locations: Tokyo, Japan
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-HoonTOKYO (Reuters) - U.S. proxy advisory firm Glass Lewis has urged shareholders to vote against the re-appointment of Toshiba Corp’s board chairman Osamu Nagayama and four others nominated to the board by the company, the Nikkei business daily reported on Friday. Glass Lewis recommended opposing the re-appointment of Junji Ota, chairman of Toshiba’s audit committee, the Nikkei said. Toshiba is due to hold its annual general shareholders’ meeting on June 25.
Persons: Kim Kyung, TOKYO, Glass Lewis, Osamu Nagayama, Junji Ota Organizations: Toshiba Corp, REUTERS, Toshiba, Nikkei Locations: Kawasaki, Japan
Asia stocks up, U.S. bond yields down as inflation fears ease
  + stars: | 2021-06-11 | by ( Andrew Galbraith | ) www.reuters.com + 0.00   time to read: +4 min
SHANGHAI (Reuters) - U.S. bond yields dipped to three-month lows and a broad gauge of Asian shares rose on Friday as investors looked past rising U.S. consumer prices and focused on one off-factors which suggested higher inflation could be short-lived. Data overnight showed the U.S. consumer price index posted its biggest year-on-year increase since August 2008 at 5%, following a 4.2% rise in April. “But the Fed, which meets next week, can still point to no deviation of inflation expectations to back up its continued mantra of transitory inflation. The 10-year U.S. Treasury note’s yield dipped to a three-month low of 1.4340%, down from Thursday’s close of 1.459%. Hopes for stronger economic demand following the U.S. unemployment claims report lifted oil prices to two-year highs on Thursday.
Persons: Kim Kyung, DAX, , Rob Carnell, Seoul’s, Larry Hu Organizations: REUTERS, Federal, European Central Bank, . Labor Department, Japan’s Nikkei, ING, Macquarie, Dow Jones, Nasdaq, Treasury, Brent, U.S . West Texas Locations: SHANGHAI, Tokyo, Japan, U.S, Asia, Pacific, Singapore, China, Hong Kong, Thursday’s
Four Toshiba directors call for board and management shake-up
  + stars: | 2021-06-11 | by ( Makiko Yamazaki | ) www.reuters.com + 0.00   time to read: +3 min
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File photoFour of Toshiba Corp’s (6502.T) independent directors called on Friday for a shake-up of the Japanese conglomerate’s management and board, accusing them of “unacceptable” actions directly against the interests of shareholders. The public criticism is the clearest sign yet of the fallout from the shareholder-commissioned report released on Thursday, which has put Toshiba's management and Japan's powerful trade ministry under scrutiny and renewed concerns about governance. Earlier on Friday, U.S. proxy advisory firm Glass Lewis urged shareholders at this year's AGM to vote against the re-appointment of Toshiba board chairman Osamu Nagayama and four others nominated by the company for the 13-member board. The independent investigation found Toshiba had devised a plan to exert undue influence on Singapore-based Effissimo Capital Management, Toshiba's top shareholder, to withdraw its proposed board nominees.
Persons: Kim Kyung, Toshiba Corp’s, Jerome Black, Paul Brough, Ayako Weissman, George Zage, Glass Lewis, Osamu Nagayama, Hiroshi Kajiyama Organizations: Toshiba Corp, REUTERS, Toshiba, Effissimo Capital Management, Harvard, Ministry, Thomson Locations: Kawasaki, Japan, Singapore
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File photoJapan's trade ministry on Friday denied its officials directed an adviser to contact Toshiba Corp (6502.T) shareholders as part of a plan to pressure them to support management in a key vote on board membership. Among its findings, the investigators' report said the trade ministry "effectively asked" a government adviser, described as "Mr. M", to negotiate with Harvard University's endowment fund to change its voting behaviour. "Ministry officials have informed me that it's not true that any request was made to engage with individual investors," Trade Minister Hiroshi Kajiyama told a regular press briefing. As one of the industrial conglomerates that modernized Japan and helped its post World War Two economic recovery, Toshiba enjoys close ties with government.
Persons: Kim Kyung, management's, Hiroshi Kajiyama, Hiromichi Mizuno, Mizuno, Elon Musk, Yoshihide Suga, Suga Organizations: Toshiba Corp, REUTERS, Toshiba, Harvard, Ministry, Reuters, Tesla Inc, Investment Fund, United Nations, Innovative Finance, Sustainable Investment, Effissimo Capital Management, Investment Partners, Nikkei, Thomson Locations: Kawasaki, Japan, Britain, Tokyo
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File photoFour Toshiba Corp (6502.T) directors called on Friday for a shake-up of its management and board, in a sign of revolt after an investigation found the conglomerate colluded with the Japanese government to "beat up" foreign shareholders. The investigators detailed one email among top Toshiba managers about the company's largest shareholder, Singapore-based hedge fund Effissimo Capital Management. It doesn't mean they're perfect yet," said Brian Heywood, CEO of Taiyo Pacific Partners, an activist fund that has operated in Japan for 20 years. As a result, activist investors are estimated to account for 25% of Toshiba's shareholder base.
Persons: Kim Kyung, Jerome Black, Paul Brough, Ayako Weissman, George Zage, METI, Yoshihide Suga, Suga, Hiroshi Kajiyama, Hiromichi Mizuno, Mizuno, Brian Heywood, Glass Lewis, Osamu Nagayama, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Japan Inc, Ministry, Economy, Trade, Industry, Toshiba, Capital Management, Investment Partners, Harvard, Reuters, Tesla Inc, Investment Fund, Innovative Finance, Sustainable Investment, JAPAN, Taiyo Pacific Partners, CVC Capital, Thomson Locations: Kawasaki, Japan, Singapore, Tokyo
Mexican auto parts lobby sees chip supply crunch over by December
  + stars: | 2021-06-11 | by ( Sharay Angulo | ) www.reuters.com sentiment -1.00   time to read: +2 min
The supply crunch began last year as the coronavirus pandemic forced the North American auto industry to shut down for a couple of months, which kicked off a cascading series of order cancellations. Bustamante pointed to steadily growing vaccination rates in major economies and ebbing infections as helping drive a return to normal for the auto sector. He noted that after Mexico's autoparts output dropped 20% last year in value terms due to the pandemic, a nearly 18% uptick is expected this year to reach $92.4 billion in production value. Mexico's massive auto sector is the country's top foreign currency earner, and employs more than 850,000 people. Every vehicle assembled in the United States includes up to $5,500 in Mexican-made parts, he said.
Persons: Kim Kyung, Alberto Bustamante, Bustamante, Bustamente Organizations: Tsinghua, REUTERS, INA, Semiconductor, IHS, North, Thomson Locations: Beijing, China, North America, American, United States
Asian shares hold range as investors eye U.S. CPI
  + stars: | 2021-06-10 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
SYDNEY (Reuters) - Asian shares edged higher but held their recent trading range on Thursday as investors focussed on U.S. inflation data and the risk of an upside surprise that could prompt the Federal Reserve to start tapering its massive stimulus. REUTERS/Kim Kyung-Hoon/File PhotoMSCI’s broadest index of Asia-Pacific shares outside Japan were marginally higher at 700.6 points, but stayed in the 698-712 points range it has traded in since late May. [.N]Markets are looking to the European Central Bank (ECB)policy meeting later in the day where it will likely keep its policy guidance unchanged and publish updated euro area macroeconomic projections. Brent crude futures fell 22 cents to 72 a barrel, while U.S. crude futures were 27 cents lower at $69.69 a barrel. The euro was a tad weaker at $1.2169 ahead of the ECB meeting while the British pound eased to $1.4100.
Persons: Kim Kyung, Dow, , coronavirus lockdowns Organizations: SYDNEY, Federal Reserve, REUTERS, Japan’s Nikkei, Morgan, Treasury, Nasdaq, European Central Bank, U.S, CPI, Reuters, ANZ, Brent, ECB, New Zealand Locations: Tokyo, Japan, Asia, Pacific, Treasuries, coronavirus
Asian shares in tight range ahead of U.S. CPI, ECB meeting
  + stars: | 2021-06-10 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Kim Kyung-Hoon/File PhotoIn early European trades, the pan-region Euro Stoxx 50 futures added 0.52% and German DAX futures rose 0.1%, as did London’s FTSE futures. MSCI’s broadest index of Asia-Pacific shares outside Japan gained to 703.7 points, but stayed in the 698-712 points range it has traded in since late May. [.N]Markets are looking to the European Central Bank (ECB) policy meeting later in the day where it will likely keep its policy guidance unchanged and publish updated euro area macroeconomic projections. Brent crude futures fell 51 cents to 71.71 a barrel, while U.S. crude futures were 46 cents lower at $69.50 a barrel. The euro was a tad weaker at $1.2162 ahead of the ECB meeting while the British pound eased to $1.4105.
Persons: Kim Kyung, DAX, Dow, Organizations: SYDNEY, Federal Reserve, REUTERS, Japan, Japan’s Nikkei, Morgan, Treasury, Nasdaq, European Central Bank, U.S, CPI, Reuters, ANZ, Brent, ECB, New Zealand Locations: Tokyo, Japan, Asia, Pacific, U.S, Treasuries, United States
Japan's Olympic sponsors hire consultants to assess potential brand damage-FT
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
Bystanders watch as giant Olympic rings are reinstalled at the waterfront area at Odaiba Marine Park, after they were temporarily taken down in August for maintenance amid the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan December 1, 2020. REUTERS/Kim Kyung-Hoon/File PictureJapanese corporate 2020 Olympic sponsors have hired consulting firms to advise them on whether to push ahead with Olympic-themed marketing plans or limit their association with an event that could damage their brands, the Financial Times reported. The consultants include Kantar Group from Britain and two Japan-based firms, Macromill Inc (3978.T) and Intage Holdings (4326.T), the FT said, citing unidentified people. More than 60 Japanese companies, such as Toyota Motor Corp and (7203.T) and beverage maker Asahi Holdings, (5857.T) have together paid more than $3 billion to sponsor the Tokyo Games. read moreMost Japanese want the games canceled or delayed again, amid concern that tens of thousands of foreign athletes and Olympic officials could bring new coronavirus variants and further pressure on an already stretched medical system.
Persons: Kim Kyung Organizations: REUTERS, Financial Times, Kantar, Macromill Inc, Intage Holdings, Toyota Motor Corp, Asahi Holdings, Tokyo Games, Olympic, Thomson Locations: Tokyo, Japan, Britain
JAPANThe Bank of Japan has maintained ultra-easy monetary policy for years in a long battle to revive stagnant consumer prices. CHINAChina’s central bank is trying to cool credit growth to help contain debt risks, but is treading warily to avoid hurting the economic recovery that remains uneven as consumption lags. A Chinese central bank official said signals from the Fed on future policy shifts will have limited impact on China’s financial markets. Slideshow ( 2 images )SWEDENSweden’s central bank has said it intends to complete its 700-billion Swedish crown asset purchase programme as planned by the end of 2021. INDONESIAIndonesia’s central bank governor said in May it must be prepared for a potential Fed tightening next year, warning that such a move could have an impact on local financial markets.
Persons: Kim Kyung, Tayyip Erdogan, Benjamin Diokno, Shaktikanta Das, Organizations: U.S . Federal, Bank of Japan, REUTERS, CANADA, Bank of Canada, Fed, Reserve Bank of New, SOUTH KOREA, Bank, Korea, World Bank, Bank Indonesia, Sentral ng Pilipinas, BSP, Reserve Bank of India Locations: TOKYO, Tokyo, Japan, CHINA, NORWAY, Norwegian, SWEDEN, Reserve Bank of New Zealand, TURKEY, Turkey, BRAZIL, INDONESIA, PHILIPPINES, U.S
How global central banks are leaning as Fed taper talk grows
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +4 min
JAPANThe Bank of Japan has maintained ultra-easy monetary policy for years in a long battle to revive stagnant consumer prices. CHINAChina’s central bank is trying to cool credit growth to help contain debt risks, but is treading warily to avoid hurting the economic recovery that remains uneven as consumption lags. A Chinese central bank official said signals from the Fed on future policy shifts will have limited impact on China’s financial markets. Slideshow ( 2 images )SWEDENSweden’s central bank has said it intends to complete its 700-billion Swedish crown asset purchase programme as planned by the end of 2021. INDONESIAIndonesia’s central bank governor said in May it must be prepared for a potential Fed tightening next year, warning that such a move could have an impact on local financial markets.
Persons: Kim Kyung, Tayyip Erdogan, Benjamin Diokno, Shaktikanta Das, Organizations: U.S . Federal, Bank of Japan, REUTERS, CANADA, Bank of Canada, Fed, Reserve Bank of New, SOUTH KOREA, Bank, Korea, World Bank, Bank Indonesia, Sentral ng Pilipinas, BSP, Reserve Bank of India Locations: TOKYO, Tokyo, Japan, CHINA, NORWAY, Norwegian, SWEDEN, Reserve Bank of New Zealand, TURKEY, Turkey, BRAZIL, INDONESIA, PHILIPPINES, U.S
World stocks near record high, U.S. bond yields near 1-month low
  + stars: | 2021-06-09 | by ( Hideyuki Sano | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: A TV reporter stands in front of a large screen showing stock prices at the Tokyo Stock Exchange after market opens in Tokyo, Japan October 2, 2020. REUTERS/Kim Kyung-HoonMSCI’s all-country world index last stood at 716.64, after scaling an intraday high of 718.19 on Tuesday, led by gains in European stocks. On Wall Street on Tuesday, the S&P500 was steady and near its record high as investors looked to Thursday’s inflation data. Yet some investors remained wary that a tight labour market could lead to unexpectedly strong inflationary pressures. “The U.S. labour market looks really tight.
Persons: Kim Kyung, Hoon, , Naokazu Koshimizu, Yoshinori Shigemi, Antony Blinken, Brent Organizations: Federal Reserve, Tokyo Stock Exchange, REUTERS, Japan, Nikkei, , Nomura Securities, Fidelity International, European Central Bank Locations: TOKYO, U.S, Tokyo, Japan, Asia, Pacific, United States, Iran, Tehran
Bond yields hit fresh 1-month low as taper bets recede
  + stars: | 2021-06-09 | by ( Tom Arnold | Hideyuki Sano | ) www.reuters.com + 0.00   time to read: +5 min
In Asia, the MSCI’s broadest index of Asia-Pacific shares outside Japan ticked down 0.3% and Japan’s Nikkei average shed 0.4%. Thursday’s U.S. consumer price data is expected to show the overall annual inflation rate rose to 4.7% and core inflation increased to 3.4%. “I therefore see potential for a higher print to push real yields and shorter dated yields higher thus flattening the curve and boosting the dollar. Deutsche Bank’s Currency Volatility Index hit its lowest level since February 2020 on Tuesday, and sank even further on Wednesday. With European bond markets calm, Greece followed Italy with a bond sale, opening books on Wednesday for a 10-year issue.
Persons: Kim Kyung, Germany’s, , Naokazu Koshimizu, James Athey, Antony Blinken, Brent Organizations: Federal Reserve, Tokyo Stock Exchange, REUTERS, European Central Bank, Britain’s FTSE, Japan, Nikkei, Nasdaq, Nomura Securities, Aberdeen Standard Investments, U.S, Deutsche Locations: TOKYO, U.S, Tokyo, Japan, Europe, Asia, Pacific, United States, China, Beijing, Greece, Italy, Iran, Tehran
Members of South Korean ruling Democratic Party watch screens showing the result of exit polls of the Seoul mayoral by-election at the party headquarters in Seoul, South Korea April 7, 2021. Already, he and voters like him helped the main opposition party triumph in April by-elections for mayor of Seoul. Voting for the other guys was the least I could do to show them things aren't working out," Kim said. South Korea now has the highest proportion of 25-34 year olds with tertiary degrees among OECD countries. Apartment prices in Seoul have soared about 60% since Moon took office in 2017, despite about two dozen rounds of housing market curbs.
Persons: Jung Yeon, Kim Kyung, Kim, Moon Jae, hasn't, Lee Jung, Lee, Moon, Lee Jae, myung, Chung, Lee Nak, Lee Jun Organizations: South, Democratic Party, Gallup Korea, People Power Party, Harvard, Thomson Locations: Seoul, South Korea, Gyeonggi
PetroChina Fuel Oil Co Ltd is a major crude oil supplier to China's independent refineries. The drop in crude imports by the world's largest oil importer could also cap a recovery in global oil prices , which are now hovering above $70 a barrel. read morePetroChina Fuel Oil, which produces and trades fuel oil and bitumen, was ordered in April to stop re-selling imported crude oil and trading off quotas to about half a dozen teapots, a legacy practice the firm has engaged in for years. "The government is taking a lot more seriously carbon emissions this year, and sees large crude oil imports and large refined fuel exports as something unsustainable," said one official. After being cut off from the crude supply business, PetroChina Fuel Oil will be forced to resume importing fuel oil to supply its four bitumen plants and also expand into other businesses to boost revenue.
Persons: Kim Kyung Organizations: REUTERS, Oil Co, National Development, Reform Commission, Thomson Locations: Beijing, China
BAT hikes sales growth outlook amid shift to e-cigarettes
  + stars: | 2021-06-08 | by ( Reuters Staff | ) www.reuters.com sentiment -0.85   time to read: +2 min
(Reuters) -British American Tobacco raised its annual revenue growth forecast on Tuesday as the cigarette maker’s focus on e-cigarettes and tobacco-heating devices pays off, sending its shares up 2%. REUTERS/Kim Kyung-HoonThe London-listed company said it expected revenue growth of more than 5% at constant currencies, above its previous range of 3% to 5% for the year to December. The company, which sells Vuse e-cigarettes and glo tobacco heating products, said users of its new category products now totaled 14.9 million. BAT said it expected sales to be boosted by a recovery in markets such as Bangladesh, Pakistan and Vietnam. “We continue to expect 2021 to be a pivotal year for the business, with accelerating new category revenue growth (and) a clear pathway to new category profitability,” BAT Chief Executive Jack Bowles said in a statement.
Persons: Kim Kyung, Lucky, , Owen Bennett, BAT’s, Jack Bowles Organizations: Reuters, Tobacco, REUTERS, Newport, Jefferies, BAT, U.S Locations: Tokyo, Japan, London, United States, Bangladesh, Pakistan, Vietnam, Sweden, Norway
Japan's newly-appointed Finance Minister Taro Aso speaks at a news conference in Tokyo, Japan, September 16, 2020. He was speaking to reporters after a cabinet meeting on Tuesday, responding to questions about the G7 tax deal hammered out at the grouping's weekend meeting in London. Aso said the G7 tax deal was achieved because countries realised they could no longer rely on the race to the bottom on corporate tax cuts to spur growth. "Now that the course of direction has been shown, the possibility (of a tax deal) will rise at G20. Aso went on to say that he could not tell how the tax deal might affect corporate behaviour.
Persons: Taro Aso, Kim Kyung, Japanese Finance Minister Taro Aso, Aso Organizations: REUTERS, Japanese Finance Minister, Thomson Locations: Tokyo, Japan, London, United, United States, Germany, Britain, France, Italy, Canada
A crane at a construction site is seen behind Japan's national flag in Tokyo, Japan, August 12, 2016. REUTERS/Kim Kyung-Hoon/FilesJapan's economy shrank at a slower-than-initially reported pace in the first quarter, on smaller cuts to plant and equipment spending, but the coronavirus pandemic still dealt a huge blow to overall demand. Among the mixed indicators are some reassuring signs for policymakers, who are worried Japan's recovery will lag major economies that have rolled out COVID-19 vaccines much quicker and are able to reopen faster. "Overall, capital spending and private consumption remained weak, which showed weakness in domestic demand," said Takeshi Minami, chief economist at Norinchukin Research Institute. read moreSome analysts expect Japan's economy to post another contraction in the current quarter - pushing it back into a technical recession - as an extension of coronavirus emergency curbs for Tokyo and other major areas hurts domestic demand.
Persons: Kim Kyung, Takeshi Minami, Yasutoshi Nishimura, Nishimura Organizations: REUTERS, Norinchukin Research, Bank of Japan, Thomson Locations: Tokyo, Japan, Bank
Glass Lewis opposes lawyer election to SoftBank board
  + stars: | 2021-06-08 | by ( Sam Nussey | ) www.reuters.com sentiment -0.97   time to read: +2 min
SoftBank Corp's logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon/File PhotoProxy adviser Glass Lewis has urged SoftBank Group Corp (9984.T) shareholders to oppose the election of corporate lawyer Ken Siegel to the board of directors due to his professional ties with the Japanese conglomerate. The opposition is one of a number of recommendations to SoftBank shareholders ahead of the group's annual general meeting on June 23, with both Glass Lewis and peer Institutional Shareholder Services (ISS) opposing elections to auditor positions over independence concerns. We view such relationships as creating conflicts for directors," Glass Lewis wrote in a proxy paper. The recommendations come amid investor concern about the independence of SoftBank's board directors and their willingness to question decisions by founder and Chief Executive Masayoshi Son.
Persons: Kim Kyung, Glass Lewis, Ken Siegel, Siegel, Morrison, Foerster, Masayoshi Son, SoftBank, Keiko Erikawa, Yuko Kawamoto Organizations: REUTERS, SoftBank Group Corp, Services, Nvidia Corp, Company, Waseda University, Thomson Locations: Tokyo, Japan
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