Chris's Feed
Apr 11, 2012

Sony loss forecast hammers Japan’s electronics shares

TOKYO (Reuters) – Shares of Sony Corp (6758.T: Quote, Profile, Research, Stock Buzz), the inventor of personal music players, slid more than 7 percent on Wednesday after the company more than doubled its annual loss forecast, highlighting the plight of a Japanese TV industry that once dominated living rooms around the world.

Sharp Corp (6753.T: Quote, Profile, Research, Stock Buzz), Japan’s last big maker of TV liquid crystal displays, and local rival Panasonic Corp (6752.T: Quote, Profile, Research, Stock Buzz), also fell.

Apr 9, 2012

Sony to axe 10,000 jobs in turnaround bid: Nikkei

TOKYO (Reuters) – Japan’s Sony Corp is cutting 10,000 jobs, about 6 percent of its global workforce, the Nikkei newspaper reported on Monday, as new CEO Kazuo Hirai looks to steer the electronics and entertainment giant back to profit after four years in the red.

The job cuts would be the latest downsizing in Japan Inc where companies from cellphone maker NEC Corp to electronics firm Panasonic Corp are trimming costs in the face of a strong yen and competition from rivals like Apple and Samsung Electronics.

Apr 5, 2012

Seven & I sees record profit on convenience stores

TOKYO, April 5 (Reuters) – Japan’s top general retailer
Seven & I Holdings Co Ltd on Thursday forecast a second
straight year of record profit as the company targets a broader
demographic to drive domestic convenience-store sales and seeks
acquisitions in the United States.

Seven & I’s results will likely set the tone for similarly
strong earnings due next week from other retailers such as Aeon
Co Ltd, in contrast to heavy losses expected at
electronics makers such as Sony Corp and Panasonic Corp
.

Mar 29, 2012

Star-struck Japan PM befriends Facebook’s Zuckerberg

TOKYO (Reuters) – Japanese Prime Minister Yoshihiko Noda frequently entertains dignitaries from all over the world, but he was a touch star-struck on Thursday when he hosted a young billionaire with a whiff of celebrity: Facebook chief executive Mark Zuckerberg.

As cabinet ministers filed through Noda’s residence for a late afternoon meeting, it was Zuckerberg who drew a fusillade of camera flashes from a hefty media contingent as he strode through the entrance like a movie star.

Mar 27, 2012

New Sony CEO to keep charge of troubled TV operations

TOKYO (Reuters) – Sony Corp CEO Kazuo Hirai signaled his determination to turn around the group’s ailing TV business by keeping direct charge of the division, as the Japanese brand fights to regain ground against rivals such as Apple.

Hirai, who formally takes over as chief executive from Howard Stringer next week, inherits a company that – like much of corporate Japan – has been outgunned in recent years by rivals like Apple and Samsung Electronics.

Mar 27, 2012

New Sony CEO to keep charge of troubled TV ops

TOKYO, March 27 (Reuters) – Sony Corp CEO Kazuo
Hirai signalled his determination to turn around the group’s
ailing TV business by keeping direct charge of the division, as
the Japanese brand fights to regain ground against rivals such
as Apple.

Hirai, who formally takes over as chief executive from
Howard Stringer next week, inherits a company that – like much
of corporate Japan – has been outgunned in recent years by
rivals like Apple and Samsung Electronics.

Mar 7, 2012

A year on, Japan nuclear film shows lives in limbo

TOKYO, March 7 (Reuters) – Decades ago, the citizens
of Japan’s Futaba town took such pride in hosting part of the
Fukushima Daiichi nuclear complex that they built a sign over a
promenade proclaiming that atomic power made their town
prosperous.

Now, they are scattered around Japan with no clear sign of
when they might return to their homes, and their story has
become a cautionary tale about the dangerous allure of nuclear
power.

Mar 2, 2012

Daiichi, Glaxo set up Japan venture in vaccine push

TOKYO, March 2 (Reuters) – Japanese drugmaker Daiichi
Sankyo and British peer GlaxoSmithKline are to
form a 50-50 joint venture to bring new vaccines to Japan,
targeting an underdeveloped segment of the world’s
second-biggest prescription drug market.

News of the venture, which will likely create the top player
in the Japanese vaccine market, sent shares of Japan’s No.3
drugmaker to a four-month closing high on Friday.

Feb 27, 2012

Olympus risks foreign backlash with new board line-up

TOKYO (Reuters) – Japan’s Olympus Corp proposed a new board of directors on Monday in an effort to recover from a $1.7 billion accounting fraud, but the line-up could face a hostile reception from foreign investors when it goes to a shareholder vote.

The maker of cameras and medical equipment said it had nominated an insider, executive officer Hiroyuki Sasa, to become president and former banker Yasuyuki Kimoto as chairman, subject to approval at its April 20 shareholders’ meeting.

Feb 14, 2012

As debt deadlines loom, Elpida flags ‘going concern’ doubts

TOKYO, Feb 14 (Reuters) – Japan’s Elpida Memory
flagged doubts over its ability to continue as a going
concern, as the world’s third-largest maker of DRAM chips has
not yet been able to agree on support from banks and the
government ahead of debt repayment deadlines.

Valued at $1.3 billion, Elpida is scrambling to meet
deadlines in the next two months to repay 92 billion yen ($1.2
billion) in bonds and loans, and has been battered by a slump in
prices for its dynamic random access memory (DRAM) chips, which
are used mostly in personal computers.