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☆ China bans Nomura senior investment banker from leaving mainland -sources
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

The logo of Nomura Securities is pictured at the company's Otemachi Head Office in Tokyo, Japan, November 18, 2016. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. Asked why the Nomura banker was barred from leaving, Chinese foreign ministry spokesperson Wang Wenbin said he did not have knowledge of the situation at a regular news briefing on Monday. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Toru Hanai, Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong, Selena Li, Kane Wu, Makiko Yamazaki, Liz Lee, Sumeet Chatterjee, Clarence Fernandez Organizations: Nomura Securities, REUTERS, Authorities, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, HK, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities, Thomson Locations: Tokyo, Japan, HONG KONG, China, Hong Kong, Beijing, Shanghai

REUTERS/Toru Hanai Acquire Licensing RightsTOKYO, Sept 16 (Reuters) - Japan's Mitsui (8031.T) said on Saturday it is committed to complying with restrictions in the wake of fresh U.S. sanctions related to Russia's Arctic LNG 2 liquefied natural gas project in which it holds a stake. However, a Japan government source said they could complicate how Mitsui and another Japanese shareholder JOGMEC provide support for the project and could also delay production from Arctic LNG 2. The Arctic LNG 2 project in Russia's Arctic is operated by Russian company Novatek (NVTK.MM) while Mitsui and fellow Japanese firm JOGMEC hold a combined 10% stake. Novatek plans to launch first production train at the Arctic LNG 2 project towards the end of the year. The Arctic LNG 2 project is designed to run three production lines with an annual production capacity of 19.8 million tons.

Persons: Toru Hanai, Mitsui, JOGMEC, Novatek, Katya Golubkova, Jason Neely Organizations: Mitsui & Co, REUTERS, Rights, Japan's Mitsui, Reuters, Mitsui, Thomson Locations: Tokyo, Japan, UAE, Russian, Yamal, Ukraine, Moscow, Russia

The logo of Universal Entertainment Corp. is seen at the company's headquarters in Tokyo, Japan, June 29, 2017. REUTERS/Toru Hanai/file photo Acquire Licensing RightsWILMINGTON, Del., Sept 7 (Reuters) - A Delaware judge ruled on Thursday that an affiliate of Japan's Universal Entertainment Corp (6425.T) does not have to complete a SPAC merger deal with 26 Capital Acquisition Corp that related to the largest casino in the Philippines. Vice Chancellor Travis Laster said the Universal Entertainment affiliate did not have to complete the 2021 merger agreement in part because 26 Capital Acquisition "engaged in conduct that should not be rewarded" by ordering the deal to close. Laster said 26 Capital could still seek damages, which he would address at a later date. Reporting by Tom Hals in Wilmington, Delaware; additional reporting by Jonathan Stempel; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Chancellor Travis Laster, Laster, Tom Hals, Jonathan Stempel, Leslie Adler Organizations: Universal Entertainment Corp, REUTERS, Rights, Japan's Universal Entertainment Corp, Corp, Universal Entertainment, Thomson Locations: Tokyo, Japan, Rights WILMINGTON, Del, Delaware, Philippines, Wilmington , Delaware

☆ Sogo & Seibu sale to go ahead, triggering rare workers' strike in Japan
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan December 6, 2017. The union intends to carry out its threat for a strike at the flagship Seibu Ikebukuro store in Tokyo on Thursday, according to a union member. A person with direct knowledge of Seven & i's plan said its board would meet on Thursday to officially decide on the sale. The union received no reply and would therefore carry out the strike on Thursday at the flagship store, where about 900 union members are employed, he said. Fortress had initially planned to spend around 250 billion yen ($1.71 billion) on the acquisition but is likely to have lowered that price to about 220 billion yen, the source said.

Persons: Toru Hanai, Fortress, Ritsuko Shimizu, Kantaro, Chang, Ran Kim, Simon Cameron, Moore Organizations: Holdings, REUTERS, Seibu, Fortress Investment, Labour, UA, Sogo's, Sogo, Thomson Locations: Tokyo, Japan, U.S

☆ Seven & i department store unit union to announce strike - NHK
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan December 6, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsTOKYO, Aug 28 (Reuters) - A labour union of Seven & i Holdings (3382.T) department store subsidiary Sogo & Seibu will notify management that it plans to strike in opposition to a planned sale of the unit, public broadcaster NHK reported on Monday. Japan-based Seven & i, operator of the world's largest convenience store chain, agreed last year to sell Sogo & Seibu to U.S. fund Fortress Investment Group. But the deal has been delayed amid opposition from workers, and company management cancelled a meeting for Friday last week where it was to decide on the sale, Kyodo had reported. Reporting by Rocky Swift Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Rocky Swift, Chang, Ran Kim Organizations: Holdings, REUTERS, Rights, Seibu, NHK, Fortress Investment, Kyodo, Thomson Locations: Tokyo, Japan, U.S

☆ Japan exports fall for first time since 2021, stoking concerns about outlook
▼ + stars: | 2023-08-17 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

Ministry of Finance (MOF) data out Thursday showed Japanese exports fell 0.3% in July year-on-year, compared with a 0.8% decrease expected by economists in a Reuters poll. However, manufacturers are braced for core orders to slide during the current quarter, partly due to the impact from weak offshore demand. Japan exports fall for first time since 2021However, the spectre of a sharper global slowdown and faltering growth in its major market China have raised concerns about the outlook. GLOOMY OUTLOOK TO KEEP BOJ ON HOLD"The Bank of Japan must be aware of downside risks from the global economy. Separate data showed Japan's core machinery orders rose 2.7% in June from the previous month.

Persons: Toru Hanai, Takeshi Minami, Minami, Marcel Thieliant, Tetsushi, Shri Navaratnam Organizations: REUTERS, Ministry of Finance, Norinchukin Research, Bank of Japan, Manufacturers, Cabinet, Capital Economics, Thomson Locations: Tokyo, Japan, TOKYO, China, Europe, America, Asia

This would boost the oil giant's non-binding bid to about 11.6 billion euros ($12.63 billion), the people said. The indication of a raised offer is, however, not in writing, the people cautioned, adding that Covestro will take time to consider any next steps. ADNOC last raised its informal offer to 57 euros per share in July. Covestro shares jumped about 4.2% in a volume spike after Bloomberg News first reported that ADNOC was prepared to sweeten its offer. Earlier in August, Covestro reported a 21% fall in revenues to 3.7 billion euros in the second quarter.

Persons: Toru Hanai, ADNOC, Covestro, Austria's, Emma, Victoria Farr, Maha El Dahan, Yousef Saba, Tomasz Janowski Organizations: REUTERS, Abu Dhabi National Oil Co, Reuters, Bloomberg News, Thomson Locations: Gastech, Chiba, Japan, FRANKFURT, DUBAI, Abu Dhabi, Frankfurt, Maha, Dubai

☆ Morning Bid: Bank of Japan sets the stage for higher yields
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +3 min

[1/2] A Japanese flag flutters on the Bank of Japan building in Tokyo, Japan, March 15, 2016. The BOJ maintained its guidance allowing the 10-year yield to move 0.5% around the 0% target, but said those would be "references" rather than "rigid limits". There's weakness all around in stock markets, with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) down, along with Japan's Nikkei (.N225). The Dow Jones Industrial Average (.DJI) fell 0.67% to snap its longest winning streak since 1987. Second-quarter GDP estimates for Spain, France and Germany should show modestly expanding and yet struggling economies, if latest purchasing manager indexes are any indication.

Persons: Toru Hanai, Vidya Ranganathan, Jerome Powell, Christine Lagarde, there's, Edmund Klamann Organizations: Bank of Japan, REUTERS, ECB, U.S . Commerce Department, Japan's Nikkei, Dow Jones, The U.S . Commerce Department, Reuters Graphics Reuters, AstraZeneca, BASF, Exxon Mobil, Thomson Locations: Tokyo, Japan, Vidya, United States, U.S, Asia, Pacific, Spain, France, Germany, The

☆ IMF urges BOJ to move away from yield control, prepare for future tightening
▼ + stars: | 2023-07-25 | by ( Leika Kihara | Andrea Shalal | ) www.reuters.com time to read: +3 min

TOKYO/WASHINGTON (Reuters) -The Bank of Japan should start preparing for future monetary tightening by moving away from its yield control policy, the International Monetary Fund’s chief economist Pierre-Olivier Gourinchas said on Tuesday. FILE PHOTO: A Japanese flag flutters on the Bank of Japan building in Tokyo, Japan, March 15, 2016. They have also said the BOJ was mindful of the cost of YCC such as market distortions caused by its heavy bond buying. Widening the allowance band around its 10-year yield target, a step it took last December, could be among options to mitigate the side-effects of YCC, analysts say. Growth in the world’s third-largest economy is expected to slow to 1.0% in 2024 as the effect of past stimulus measures dissipate, the IMF said.

Persons: Pierre, Olivier Gourinchas, Toru Hanai, ” Gourinchas, Gourinchas, Kazuo Ueda Organizations: Bank of Japan, Monetary Fund’s, REUTERS, Reuters Locations: TOKYO, WASHINGTON, Tokyo, Japan

☆ Mitsubishi's China venture with GAC to cut staff costs after SUV sales dive
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of Mitsubishi Motors Corp is seen at a showroom of the company's headquarters in Tokyo, Japan November 26, 2018. REUTERS/Toru HanaiBEIJING/SHANGHAI, July 13 (Reuters) - Mitsubishi Motors' (7211.T) joint venture with China's Guangzhou Automobile Group (GAC) (601238.SS) on Thursday said it would cut staff costs to try to revive its fortunes after sharp sales declines for sport utility vehicles (SUV) such as the Outlander. The joint venture, known as GAC Mitsubishi Motors, was launched by GAC, Mitsubishi Motors and trading house Mitsubishi Corp (8058.T) in 2012, focusing on SUV sales in China. The announcement follows mounting pressure on the joint venture that makes Mitsubishi's Outlander model. Mitsubishi's sales in China peaked in 2018, when it recorded sales of over 141,000 vehicles, according to industry data.

Persons: Toru Hanai, Mitsubishi, AlixPartners, Kevin Krolicki, Shri Navaratnam, Mark Potter Organizations: Mitsubishi Motors Corp, REUTERS, Mitsubishi Motors, China's Guangzhou Automobile Group, GAC, GAC Mitsubishi Motors, Mitsubishi Corp, Mitsubishi, Hyundai, Beijing, Thomson Locations: Tokyo, Japan, Toru Hanai BEIJING, SHANGHAI, ., China

☆ Berkshire Hathaway adds to Japan trading company holdings
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +2 min

[1/4] The logo of Marubeni Corp is seen at the company headquarters in Tokyo, Japan, May 10, 2016. Berkshire said its ownership now averages more than 8.5% at the companies and the aggregate value of the investments is the largest of any Berkshire-held public stocks outside the U.S. Known as "sogo shosha," Japanese trading houses trade in a variety of materials, products and food, often serving as intermediaries, and provide logistical support. Nikkei futures slightly pared some losses after the Berkshire announcement. Reporting by Lavanya Ahire in Bengaluru and Tom Westbrook in Singapore; Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Warren Buffett's Berkshire Hathaway, Lavanya, Tom Westbrook, Kim Coghill, Christopher Cushing Organizations: Marubeni, REUTERS, Berkshire, Nikkei, Billionaire, Mitsubishi Corp, Mitsui & Co, Sumitomo, Thomson Locations: Tokyo, Japan, Itochu, Berkshire, Bengaluru, Singapore

☆ Where the Rubber Reads the Road: Tire Makers Aim for Real-Time Data Streams for Autonomous Vehicles
▼ + stars: | 2023-05-03 | by ( Isabelle Bousquette | ) www.wsj.com time to read: 1 min

A Bridgestone warehouse. Some tires already contain sensors that monitor pressure and wear. Tire makers are trying to develop sensors that could gather data on friction and road conditions in real time to help guide the decisions of self-driving vehicles. Photo: Toru Hanai/Bloomberg NewsTire manufacturers hope to play a critical role in feeding real-time information to self-driving vehicles, though first the companies will have to beat technical limitations and difficulties around data integration. Companies like Goodyear Tire & Rubber and Bridgestone aim to equip the tires of autonomous vehicles with sensors that can gather and relay data on friction and road conditions, helping the vehicles decide, for instance, how fast to take a turn or how soon to start braking.

☆ Japan approves Osaka as site of country's first casino
▼ + stars: | 2023-04-14 | by ( Kantaro Komiya | ) www.reuters.com time to read: +2 min

[1/2] The spinning wheel on a roulette table is seen at Japan Casino School in Tokyo, Japan August 4, 2018. Put forth by the city and Osaka prefecture, the project aims to open a casino, conference centre and other facilities in 2029 with 1.8 trillion yen ($13.5 billion) of initial investment. MUFG Bank (8306.T) and Sumitomo Mitsui Banking Corp (8316.T) will provide 550 billion yen in project financing for the resort, the document showed. The national government's decision came after the pro-casino Japan Innovation Party retained both the office of prefectural governor and city mayor in Osaka on Sunday. Japan's casino plans have faced a number of obstacles such as the coronavirus pandemic and a bribery scandal.

☆ Japan approves $13.5 bln Osaka resort, country's first casino
▼ + stars: | 2023-04-14 | by ( Kantaro Komiya | ) www.reuters.com time to read: +3 min

[1/2] The spinning wheel on a roulette table is seen at Japan Casino School in Tokyo, Japan August 4, 2018. U.S. casino operator MGM Resorts International (MGM.N) and local partner Orix Corp (8591.T) have spearheaded the Osaka IR project, with each owning a 40% stake in the company set up to manage the complex. The national government's decision came after the pro-casino Japan Innovation Party retained the prefectural governor and city mayor offices in Osaka on Sunday. Major casino operators Las Vegas Sands Corp (LVS.N), Caesars Entertainment Corp and Wynn Resorts Ltd (WYNN.O) withdrew from planned projects. The government on Friday said it would need more time to review the Nagasaki plan, led by Casinos Austria International.

☆ Japan's big firms offer largest pay rises in decades
▼ + stars: | 2023-03-15 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

The Rengo umbrella labour group has called for a 5% pay increase. The JERC survey showed that excluding seniority-based pay, base compensation that boosts fixed labour costs accounts for just 1.08%. "We need to focus on base pay. Workers from Japan's largest group of trade unions last week struck early agreements for hefty wage hikes. Unions have historically tended to settle for relatively meagre pay hikes around 2% in recent years, as unions are inclined to cooperate with management in keeping job security rather than aggressively demanding pay rises.

☆ Japan's big firms set to offer biggest pay rises in decades
▼ + stars: | 2023-03-14 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

Given that consumer inflation, at 4.1%, outpace wage hikes, pay rises of 3% or more need to continue in the coming years to sustain price stability at 2%, said Hisashi Yamada, senior economist at Japan Research Institute. "Average wage hikes that are consistent with the central bank's 2% price target are 3% which can be met this year albeit temporarily," Yamada said. Kishida's government will likely hold a joint three-party meeting with labour and management for the first time in eight years on Wednesday to ensure structural wage hikes. Workers from Japan's largest group of trade unions last week struck early agreements for hefty wage hikes. 1 automaker, and Honda, have also secured their biggest pay rises in decades.

The precedent set at the "shunto" spring wage talks also influences wages at smaller firms that employ seven out of 10 Japanese workers and supply big manufacturers. The focus on job security, rather than higher pay, is blamed for keeping Japan's wage growth stagnant. WHAT WILL BE THE OUTCOME OF THE WAGE TALKS? Analysts expect big firms to offer wage hikes of around 3% in wage talks, which would be the fastest pace of increase since 1997 when Japan was on the cusp of deflation. Kishida has approached Japan's union umbrella Rengo in prodding firms to hike base pay.

[1/4] A Japanese flag flutters atop the Bank of Japan building under construction in Tokyo, Japan, September 21, 2017. "This is a problem that is not going to change easily," said Momoko Nojo, a prominent campaigner for gender equality in Japan. The BOJ ranked 142nd of 185 central banks on gender equality, according to a report last year by the Official Monetary and Financial Institutions Forum. About 11% of central banks surveyed had a female governor, a record high, while 37% had female deputy governors. That target is far below the European Central Bank, where women hold 30% of management roles.

☆ Mitsubishi, Lotte, and RWE form alliance to study clean ammonia in Texas project
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of Mitsubishi Motors Corp is seen at a showroom of the company's headquarters in Tokyo, Japan November 20, 2018. REUTERS/Toru HanaiFeb 8 (Reuters) - Japan's Mitsubishi Corp (8058.T) said on Wednesday it has agreed to jointly study the prospect of producing clean ammonia with South Korea's Lotte Chemical Corp (011170.KS) and German energy firm RWE (RWEG.DE) in the U.S. state of Texas. RWE, Lotte and Mitsubishi have signed a joint study agreement for clean ammonia production and export project in Port of Corpus Christi in Texas, part of the alliance to develop green and blue ammonia supply chains in Asia, Europe and the United States, the Japanese trading company said in a statement. First production is targeted by 2030 and to be gradually increased to up to 10 million tonnes of clean ammonia per year at multiple production units, the statement added. Reporting by Katya Golubkova; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's Daikin picks Manchester, UK as test bed for green tech
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +3 min

[1/3] The logos of Daikin Industries Ltd are seen at the company's office in Tokyo August 29, 2012. Demand for heat pumps - which rely on electricity to transfer heat - has been booming in Europe amid soaring natural gas prices, with consumers in many countries waiting months for heat pump installations. Greater Manchester Mayor Andy Burnham said the partnership with Daikin symbolised the city's industrial ambitions. Heat pumps, sometimes described as reverse air conditioners, use electricity to concentrate heat potential and are comparatively more energy efficient than gas boilers. Daikin, headquartered in Osaka, last year said it would build a heat pump factory in Poland as part of its expansion plans.

[1/2] A man is reflected in an electronic board showing Britain's FTSE 100 outside a brokerage in Tokyo, Japan, June 27, 2016. REUTERS/Toru HanaiLONDON, Feb 3 (Reuters) - Britain's blue-chip FTSE 100 (.FTSE) index hit a record high on Friday, in what could mark a potential turning point for UK assets, which have been dogged by a floundering economy. The FTSE 100 rose to 7,906.58 at 1545 GMT, surpassing a previous record high of 7,903.50 hit on May 22 2018. "Is it realistic that the FTSE being at an all-time high when we consider the state of the UK economy? The FTSE 100 closed Friday up 1.04% higher and has rallied 4.9% so far this year.

☆ Sony lifts outlook, but still falls short of expectations
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] Logos of Sony Corp are seen at an electronics store in Narita International airport in Narita, Japan, November 1, 2016. The electronics and entertainment giant also said itschief financial officer, Hiroki Totoki, would become president and chief operating officer from April 1, while retaining his current role. The company said it now expects operating profit for the year to March 31 to total 1.18 trillion yen ($9.17 billion), up from its previous forecast of 1.16 trillion yen. That remains short of analysts' average estimate of a 1.19 trillion yen profit, according to Refinitiv data, and just shy of a record profit of 1.2 trillion yen posted a year earlier. ($1 = 128.6800 yen)Reporting by Kiyoshi Takenaka Editing by Shri Navaratnam and David DolanOur Standards: The Thomson Reuters Trust Principles.

"2022 saw a material deterioration in global investment banking fee pools and, as a result, we have had to reduce headcount in certain areas," the statement said. The layoffs involve staff across multiple divisions within Nomura's investment banking function, after a year of muted dealmaking activity in the region, one of the two sources said. In each of the bank's business divisions for equities capital markets, debt capital markets, corporate finance and Southeast Asia coverage, two to three workers were made redundant, according to the two sources. Goldman Sachs (GS.N) last week sacked more than 3,000 people in its global workforce, with the investment banking and global markets division the hardest hit. Pretax income for its wholesale division, which houses its trading and investment banking businesses, slid 19% year-on-year in the three months ending in September.

☆ Japan insurers in talks with reinsurers to resume coverage in Russian waters
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance on Friday told shipowners that they would stop offering marine war insurance, which covers damage to ships from war in Russian waters, from Jan. 1, spokespeople at the companies said. "We are negotiating with various reinsurers to get the war coverage in order to restart providing marine war insurance in the area to our customers," a spokespeople at Tokio Marine said, adding that some reinsurers have responded "positively." Sompo Japan and Mitsui Sumitomo Insurance are also searching for new reinsurers, their spokespeople said. Most vessels get two types of insurance: marine insurance covering damage from natural disasters and collisions, and marine war insurance covering damage from war or terrorism. Without marine war insurance, shipowners may give up operations in Russian waters, including picking up LNG from the Sakhalin-2 gas and oil project in Russia's Far East.

☆ BOJ allows yields to rise more in surprise tweak to policy
▼ + stars: | 2022-12-20 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

[1/2] A Japanese flag flutters atop the Bank of Japan building under construction in Tokyo, Japan, September 21, 2017. "The BOJ decided to modify the conduct of yield curve control to improve market functioning and encourage a smoother formation of the entire yield curve, it said in a statement. As widely expected, the BOJ kept unchanged its yield curve control (YCC) targets, set at -0.1% for short-term interest rates and around zero for the 10-year bond yield, at a two-day policy meeting that ended on Tuesday. But it decided to allow the 10-year bond yield to move up and down 50 basis points around the 0% target, wider than the previous 25 point band. Kuroda has repeatedly said he saw no need for the BOJ to tweak yield curve control, including taking immediate steps to address the side-effects such as the distortion it was creating in the bond market.

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