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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
Toshiba changes board nominees as two step down in deepening crisis
  + stars: | 2021-06-13 | by ( Makiko Yamazaki | ) www.reuters.com sentiment -0.90   time to read: +1 min
FILE PHOTO: The logo of Toshiba Corp. is seen next to a traffic signal atop of a building in Tokyo, Japan June 11, 2021. REUTERS/Issei KatoTOKYO (Reuters) -Toshiba Corp, facing a deepening crisis over corporate governance, said on Sunday it will change its board director nominees for an upcoming shareholder meeting, as two are stepping down. The report was commissioned by shareholders, who voted in March for an independent investigation into allegations investors had come under pressure from the company. Audit committee chair Junji Ota and audit committee member Takashi Yamauchi will retire as board directors, the company said in a statement, following a four-hour long emergency board meeting. In the statement, Toshiba said it “will take action to identify the root cause without delay, in an objective and transparent manner, including the participation of third parties.”Toshiba is set to hold its annual shareholders meeting on June 25.
Persons: Issei Kato TOKYO, Junji Ota, Takashi Yamauchi, Masayasu, Kamo Organizations: Toshiba Corp, REUTERS, Toshiba Locations: Tokyo, Japan
TOKYO (Reuters) -Toshiba Corp’s second-biggest shareholder on Sunday demanded the board chairman and three other directors immediately resign after an investigation found the company had colluded with the Japanese government to pressure foreign investors. FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at an extraordinary shareholders meeting in Chiba, Japan, March 30, 2017. REUTERS/Toru HanaiThe letter, seen by Reuters, is from 3D Investment Partners, which owns a 7.2% stake in Toshiba. It is likely to heighten scrutiny into governance at Toshiba, a renowned industrial conglomerate in crisis sparked by Thursday’s report. Major shareholder advisory firms recommended against some of the candidates, including the four addressed in the 3D letter.
Persons: Toru Hanai, Thursday’s, Osamu Nagayama, Organizations: Toshiba, REUTERS, Reuters, Investment Partners, Harvard Locations: TOKYO, Chiba, Japan
TOKYO, June 13 (Reuters) - Toshiba Corp’s second-biggest shareholder on Sunday demanded the board chairman and three other directors resign immediately after an investigation found the company had colluded with the Japanese government to pressure foreign investors. It is likely to the deepen a crisis sparked by last week’s report, which marked an explosive turn in a long battle between the Japanese company’s management and foreign shareholders. These include activist investors and Harvard University’s endowment fund. The revelations in the shareholder-commissioned report “are deeply troubling and represent one of the most prominent and shocking corporate governance failures among large public companies anywhere in the world in the last decade,” the 3D letter says. The letter, addressed to board chair Osamu Nagayama and three current audit committee members, describes Nagayama as “ultimately responsible for Toshiba’s recent governance failures, including the flawed internal investigation and the board’s determination to oppose an outside, independent investigation.” (Reporting by Makiko Yamazaki; Editing by William Mallard)
Persons: , Osamu Nagayama, Makiko Yamazaki, William Mallard Organizations: Toshiba, Reuters, Investment Partners, Harvard Locations: TOKYO
The logo of Toshiba is seen as a shareholder arrives at an extraordinary shareholders meeting in Chiba, Japan, March 30, 2017. The letter, seen by Reuters, is from 3D Investment Partners, which owns a 7.2% stake in Toshiba. It is likely to heighten scrutiny into governance at Toshiba, a renowned industrial conglomerate in crisis sparked by Thursday's report. The company was holding an emergency meeting on Sunday to discuss reassigning the candidates for three key board committees ahead of a June 25 shareholder meeting. Major shareholder advisory firms recommended against some of the candidates, including the four addressed in the 3D letter.
Persons: Toru Hanai, Toru Hanai Toshiba Corp's, Thursday's, Osamu Nagayama Organizations: Toshiba, REUTERS, Toru Hanai Toshiba, Reuters, Investment Partners, Harvard, Thomson Locations: Chiba, Japan
Toshiba board to hold emergency meeting on Sunday, sources say
  + stars: | 2021-06-12 | by ( Makiko Yamazaki | ) www.reuters.com sentiment -1.00   time to read: +2 min
TOKYO (Reuters) -Toshiba Corp directors will hold an emergency meeting on Sunday to discuss reassigning the candidates for three key board committees ahead of a June 25 shareholder meeting, two people with direct knowledge of the matter told Reuters. FILE PHOTO: The logo of Toshiba Corp. is seen next to a traffic signal atop of a building in Tokyo, Japan June 11, 2021. REUTERS/Issei KatoThe Japanese conglomerate’s board will consider reassigning the candidates for the audit, nominating and compensation committees, after major shareholder advisory firms recommended against some of the candidates, the people said. The emergency meeting comes as Toshiba has been thrown into crisis by revelations this week that management and board members colluded with the Japanese government to pressure foreign investors. Toshiba said in a statement it does not disclose the schedule or topics of board meetings.
Persons: Issei Kato, Toshiba’s, , Osamu Nagayama, Glass Lewis Organizations: Toshiba Corp, REUTERS, Toshiba, Ministry, Economy, Trade, Industry, Services Inc, ISS, Reuters Locations: TOKYO, Tokyo, Japan
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
REUTERS/Toru Hanai/File PhotoJapan's influential trade ministry effectively colluded with Toshiba Corp's (6502.T) management to influence shareholders votes on director nominees at last year's annual general meeting, an independent probe has found. The Harvard fund ultimately abstained from voting. The probe also found that Toshiba, with the ministry, tried to force Effissimo to withdraw shareholder proposals for board nominees aimed at improving governance. The ministry has previously said that it never asked the adviser to contact Toshiba shareholders. Toshiba said it "will carefully review this investigation report and plans to announce its comments towards this investigation result at a later date."
Persons: Toru Hanai, Toshiba Corp's, Nobuaki Kurumatani, Effissimo Organizations: Toshiba Corp, REUTERS, Toshiba, Economy, Trade, Industry, Harvard, Singapore, Effissimo Capital Management, CVC Capital, Reuters, Thomson Locations: Tokyo, Japan
REUTERS/Toru Hanai/File PhotoJapan's trade ministry colluded with Toshiba Corp's (6502.T) management to unduly influence a key shareholder vote last year, an independent probe found, undermining Tokyo's efforts to improve corporate governance and win over foreign investors. Toshiba's management "worked closely" with the ministry to exert "undue influence on some shareholders," the report found. The probe, conducted by three lawyers, found that Toshiba, with the ministry, tried to force Effissimo to withdraw shareholder proposals for board nominees aimed at improving governance. The ministry has previously said that it never asked the adviser to contact Toshiba shareholders. CVC's offer to take the Japanese conglomerate private and retain incumbent management was perceived by some in the company as designed to shield Kurumatani from activist shareholders, Toshiba sources have said.
Persons: Toru Hanai, Toshiba Corp's, Shinzo Abe, METI, barbecuing, Toshiba's, Yoshihide Suga, Abe, Suga, Effissimo, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Toshiba, Harvard, Ministry, Economy, Trade, Industry, Reuters, Effissimo Capital Management, Investment Partners, CVC Capital, Thomson Locations: Tokyo, Japan, Singapore
REUTERS/Toru Hanai/File PhotoJapan's trade and industry ministry effectively colluded with Toshiba Corp's (6502.T) management to undermine shareholders' rights, an independent probe into the company's controversial shareholders' meeting last year found. The report from the investigation, released on Thursday, is likely to heighten investor concern about governance and government interference at the conglomerate. It comes after activist investors including top shareholder Effissimo Capital Management successfully pushed for an investigation into whether Toshiba had applied pressure on shareholders over voting at the meeting. The investigators' report found that Toshiba had effectively asked a government adviser to talk to the Harvard University endowment fund to change its voting. Toshiba said it "will carefully review this investigation report and plans to announce its comments towards this investigation result at a later date."
Persons: Toru Hanai, Toshiba Corp's, Effissimo Organizations: Toshiba Corp, REUTERS, Toshiba, Effissimo Capital Management, Reuters, Harvard University, Ministry, Economy, Trade, Industry, Thomson Locations: Tokyo, Japan
The probe's findings mark an explosive turn in a long battle between the Japanese company's management and foreign shareholders, which include activist investors and Harvard University's endowment fund. The investigators also allege that Suga encouraged the pressure on Toshiba investors in a breakfast meeting with a senior company executive last July. A spokesperson for the Harvard fund declined to comment, while 3D did not immediately respond to a request for comment. The Harvard fund ultimately abstained from voting. Toshiba said at the time it was not involved in any efforts to pressure Harvard.
Persons: Yoshihide Suga, Suga, METI, Toru Hanai, Shinzo Abe, barbecuing, Nicholas Benes, Will, Hiromichi Mizuno, Nobuaki Kurumatani Organizations: Toshiba Corp, Toshiba, Harvard, Ministry, Economy, Trade, Industry, Effissimo Capital Management, Reuters, REUTERS, Investment Partners, Training, of Japan, CVC Capital, Thomson Locations: Tokyo, Singapore, Japan
Goldman Sachs to double property investments in Japan - source
  + stars: | 2021-05-31 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: 1 min
TOKYO, May 31 (Reuters) - Goldman Sachs Group will double its annual property investments in Japan to about 250 billion yen ($2.3 billion) as the U.S. investment bank aims to tap solid demand for logistics hubs and data centres, a person familiar with the matter said. Goldman Sachs, which currently spends 100 billion to 150 billion yen a year in such investments, will take advantage of low interest rates to expand its presence in the relatively stable Japanese property market, according to the source. The source declined to be identified as the matter is not made public. Goldman has been revamping property investment operations worldwide, according to the Nikkei. ($1 = 109.6600 yen) (Reporting by Makiko Yamazaki; Editing by Ana Nicolaci da Costa)
Persons: Goldman Sachs, Goldman, Makiko Yamazaki, Ana Nicolaci da Organizations: Goldman, Nikkei Locations: TOKYO, Japan, Ana Nicolaci da Costa
(Adds comments by Renesas, INCJ to reduce stake)TOKYO, May 28 (Reuters) - Japan’s Renesas Electronics Corp said it will raise 218.5 billion yen ($1.99 billion) through a new share issue to help the automotive semiconductors maker fund its planned $6 billion purchase of Dialog Semiconductor. The Japanese company, which has a 30% global market share for microcontrollers used in cars, said it expects the Dialog deal to conclude by the end of the year, subject to regulatory approval. In a secondary offer, Renesas said its largest shareholder the Japanese state-backed Innovation Network Corp of Japan (INCJ) will also sell 167 million shares. That sale will reduce its stake in the chipmaker to 20% from 32%, an INCJ spokesman said. INCJ rescued Renesas in 2013 with a 150 billion yen cash injection in return for a two-thirds stake in the company that it has progressively reduced.
Persons: Renesas, INCJ, Tim Kelly, Makiko Yamazaki, Clarence Fernandez, Muralikumar Organizations: Renesas Electronics Corp, Dialog Semiconductor, Apple Inc, Dialog, Network Corp of Japan Locations: TOKYO
There was $41.3 billion worth of dollar debt issued in 2020. It is the first time on record that U.S. dollar debt has taken over as the primary currency of commercial debt and comes as Japan’s mergers and acquisition market starts to heat up after a long period of subdued corporate activity. “Japan has been undersupplied (in debt markets) for a long time, considering the level of GDP and the number of large corporates,” said Tatsuya Maruyama, Barclays head of Japan debt capital markets. “In Japan, $1 billion equivalent is large for one-time issuance,” said Toru Kuraoka, managing director for Bank of America’s Japan Debt Capital Markets. “In global markets, $1 billion or plus can be issued easily, so this is a good reason to access the global market.”
Persons: , Tatsuya Maruyama, , Hiroyuki Kinoshita, Toru Kuraoka Organizations: Japan Inc, Nippon Telegraph, Telephone Corp, Barclays, , Nikko Securities, Bank of America’s Locations: TOKYO, HONG KONG, Japan, Dealogic, Asia,
TOKYO/PARIS (Reuters) -A unit of Toshiba Corp was hit by a ransomware attack, overshadowing an announcement of a strategic review for the conglomerate and an upbeat profit forecast. FILE PHOTO: The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. The move follows a $20 billion offer from CVC Capital to take the conglomerate private that Toshiba has said lacked substance. Sources have said some other private equity investors such as KKR & Co Inc and Bain Capital are also interested in Toshiba. The Asahi newspaper reported on Friday that Bain Capital is not considering buying Toshiba, citing an interview with Yuji Sugimoto, the Japan head for Bain Capital.
Persons: overshadowing, Issei Kato, Nobuaki Kurumatani, Yuji Sugimoto Organizations: Toshiba Corp, REUTERS, Issei Kato Toshiba Tec Corp, U.S . FBI, Colonial, Reuters, Soviet Union, UBS, CVC Capital, Toshiba, KKR, Co Inc, Bain Capital, Asahi Locations: TOKYO, PARIS, Kawasaki, Japan
TOKYO/PARIS (Reuters) -A Toshiba Corp unit said it was hacked by the DarkSide ransomware group, overshadowing an announcement of a strategic review for the Japanese conglomerate under pressure from activist shareholders to seek out suitors. Employees accessing company computer systems from home during pandemic lockdowns have made firms more vulnerable to cyber attacks, he added. At a briefing by the company on Friday, 3D Investment Partners and Farallon Capital Management, its No. 3 shareholders respectively, both criticised Toshiba for appearing reluctant to consider offers to go private. FILE PHOTO: The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017.
Persons: , Takashi Yoshikawa, Nobuaki Kurumatani, Satoshi Tsunakawa, Issei Kato, Yuji Sugimoto, Kurumatani, George Olcott Organizations: Toshiba Corp, Toshiba Tec Corp, Toshiba, Mitsui, Secure Directions, Employees, Soviet Union, CVC Capital, UBS, CVC, Investment Partners, Farallon Capital Management, KKR, Co Inc, Bain Capital, REUTERS, Asahi, Bain Capital’s, Kirin Holdings Locations: TOKYO, PARIS, Kawasaki, Japan, Bain Capital’s Japan
Setting out guidance in a mid-term presentation, Nomura on Wednesday said it was basing its raised target on a strategy of developing its footprint in global private markets, taking in business with unlisted companies, like private equity funds, as well as services for wealthier private clients. Nomura now estimates 320 billion yen ($2.94 billion) in pretax income for its three core divisions in the year from April next year, citing strength in wholesale arm, comprising global markets and investment banking. The new target raises the bar from the 280 billion yen profit targeted in an estimate issued a year ago, and represents a 29% jump from the 247.6 billion yen it posted for the year ended in March 2021. But he added that the bank would reduce prime brokerage transactions that only provide credit using stocks as collateral. The upward profit target revision is driven by a higher forecast for the wholesale division, which is expected to post a profit of 150 billion yen for April 2022-March 2023, more than double the 64.3 billion yen posted for the year just ended.
Persons: Nomura, Bill Hwang, Kentaro Okuda Organizations: Nomura Holdings Inc, Lehman Brothers, Thomson
TOKYO, May 11 (Reuters) - Toshiba Corp’s board is set to appoint UBS as financial adviser to work on a strategic review for the Japanese conglomerate facing a possible private equity bidding war, people familiar with the matter said. Last month, Toshiba became the target of a potential takeover bid, raising the possibility of a deal that would have far-reaching implications for Japan Inc and its bankers. A UBS spokeswoman in Japan could not immediately be reached for comment after Asia business hours. Toshiba also declined to comment specifically on the appointment of UBS, but said in a statement to Reuters that the appointment of advisers would help increase the transparency around its decision-making. (Reporting by Makiko Yamazaki in Tokyo; Additional reporting by Takashi Umekawa; Editing by Sumeet Chatterjee and Alexander Smith)
Persons: Makiko Yamazaki, Takashi Umekawa, Sumeet Chatterjee, Alexander Smith Organizations: Toshiba, UBS, Japan Inc, Reuters Locations: TOKYO, Japan, Asia, Tokyo
TOKYO/HONG KONG (Reuters) -Toshiba Corp’s board is set to appoint UBS as financial adviser to work on a strategic review for the Japanese conglomerate as it faces a possible private equity bidding war, people familiar with the matter said. FILE PHOTO: The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei KatoLast month, Toshiba became the target of a potential takeover bid and other bids could be forthcoming. One of the sources said that UBS will also communicate with Toshiba shareholders. It will have a separate role from Goldman Sachs, which is an activist defence adviser for Toshiba’s management team.
Persons: Issei Kato, Goldman Sachs, Bain Organizations: Reuters, Toshiba, UBS, Toshiba Corp, REUTERS, Investment, Capital Partners, CVC, Bain Capital, KKR, Co Inc, Brookfield Asset Management, Brookfield, South Korean chipmaker SK Hynix, Apple Inc, Kioxia Holdings Locations: TOKYO, HONG KONG, Kawasaki, Japan, Brookfield
TOKYO/HONG KONG (Reuters) -Toshiba Corp’s board is set to appoint UBS as financial adviser to work on a strategic review for the Japanese conglomerate as it faces a possible private equity bidding war, people familiar with the matter said. FILE PHOTO: The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei KatoLast month, Toshiba became the target of a potential takeover bid and other bids could be forthcoming. Toshiba also declined to comment specifically on the appointment of UBS, but said in a statement to Reuters that the appointment of advisers would help increase the transparency around its decision-making. One of the sources said that UBS will also communicate with Toshiba shareholders.
Persons: Issei Kato, Goldman Sachs, Bain Organizations: Reuters, Toshiba, UBS, Toshiba Corp, REUTERS, Investment, Capital Partners, CVC, Bain Capital, KKR, Co Inc, Brookfield Asset Management, Brookfield, South Korean chipmaker SK Hynix, Apple Inc, Kioxia Holdings Locations: TOKYO, HONG KONG, Kawasaki, Japan, Brookfield
Its January-March net loss came in at 155.4 billion yen ($1.4 billion). That compares with a 34.4 billion yen loss a year earlier when global stock markets were battered by the coronavirus pandemic. Most analysts had expected a profit of between 160 billion and 225 billion yen, according to Refinitiv data. Nomura’s Archegos loss, which is slightly larger than a previously flagged $2 billion, is the second worst after Credit Suisse. The Swiss bank booked a 4.4 billion franc ($4.8 billion) Archegos hit in January-March and expects further losses of about 600 million francs this quarter.
Persons: Toru Hanai, ” Nomura, Kentaro Okuda, Archegos, Nomura, Morgan Stanley Organizations: Nomura Securities, REUTERS, Nomura Holdings Inc, Credit Suisse, Goldman, Group Inc, Deutsche Bank, Reuters Locations: Tokyo, Japan, TOKYO, Swiss
Its January-March net loss came in at 155.4 billion yen ($1.4 billion). That compares with a 34.4 billion yen loss a year earlier when global stock markets were battered by the coronavirus pandemic. Most analysts had expected a profit of between 160 billion and 225 billion yen, according to Refinitiv data. Nomura's Archegos loss, which is slightly larger than a previously flagged $2 billion, is the second worst after Credit Suisse (CSGN.S). The Swiss bank booked a 4.4 billion franc ($4.8 billion) Archegos hit in January-March and expects further losses of about 600 million francs this quarter.
Persons: Toru Hanai, Nomura, Kentaro Okuda, Archegos, Morgan Stanley Organizations: Nomura Securities, REUTERS, Toru Hanai Nomura Holdings Inc, Credit Suisse, Goldman, Group Inc, Deutsche Bank, Reuters, Thomson Locations: Tokyo, Japan, Swiss
Nomura reports biggest quarterly loss in over a decade on Archegos hit
  + stars: | 2021-04-27 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
TOKYO, April 27 (Reuters) - Nomura Holdings Inc, Japan’s biggest brokerage and investment bank, reported on Tuesday its biggest quarterly net loss since the 2008 global financial crisis, taking a 245.7 billion yen ($2.3 billion) hit from the collapse of U.S. investment fund Archegos. Its January-March net loss came in at 155.4 billion yen , versus a 34.48 billion yen loss a year earlier when global stock markets were battered by the coronavirus pandemic. ($1 = 108.2300 yen) (Reporting by Makiko Yamazaki and Takashi Umekawa; Editing by Himani Sarkar and Edwina Gibbs)
Persons: Makiko Yamazaki, Takashi Umekawa, Himani Sarkar, Edwina Gibbs Organizations: Nomura Holdings Inc Locations: TOKYO
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