Junko's Feed
Apr 28, 2011

Takefuji names buyer while Japan consumer lenders suffer massive losses

TOKYO, April 28 (Reuters) – Korean consumer lender A&P
Financial will start turning around business at failed Japanese
peer Takefuji Corp at a time when Japan’s three biggest consumer
lenders are warning of combined losses of about $4 billion,
squeezed by a government order to repay overcharged interest to
customers.

Takefuji said on Thursday that A&P Financial has agreed to
buy it. The price was not disclosed.

Apr 25, 2011

Mori Trust: may eventually sell Parco stake to Aeon

TOKYO (Reuters) – Mori Trust will hold on to its 33 percent stake in fashion retailer Parco Co (8251.T: Quote, Profile, Research, Stock Buzz) for at least a year but may eventually sell it to Aeon Co (8267.T: Quote, Profile, Research, Stock Buzz), the head of the Japanese property developer said.

Mori Trust has been pressuring Parco to boost its earnings and recently joined hands with Aeon, Japan’s second-largest retailing group, to oust Parco’s top management, marking a rare victory for a shareholder activist in Japan.

Apr 15, 2011

Morgan Stanley fund fails to repay debt on Tokyo property

TOKYO (Reuters) – A Morgan Stanley property fund failed to make $3.3 billion in debt payments by a deadline on Friday, handing over the keys to a central Tokyo office building to Blackstone (BX.N: Quote, Profile, Research, Stock Buzz) and other investors, the largest repayment failure of its kind in Japan.

It marks the latest fallout from a series of highly leveraged investments by Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz), one of the most aggressive investors in worldwide property markets before the global financial crisis.

Apr 15, 2011

M.Stanley fund fails to repay $3.3 bln debt on Tokyo property-sources

TOKYO (Reuters) – A Morgan Stanley property fund failed to make $3.3 billion in debt payments by a deadline on Friday, handing over the keys to a central Tokyo office building to Blackstone and other investors, sources said on Friday.

The repayment failure is the largest of its kind in Japan and marks the latest fallout from a series of highly leveraged investments by Morgan Stanley, one of the most aggressive investors in worldwide property markets before the global financial crisis.

Apr 15, 2011

Morgan Stanley fund fails to repay $3.3 bln debt on Tokyo property

By Junko Fujita

TOKYO, April 15(Reuters) – A Morgan Stanley property fund
failed to make $3.3 billion in debt payments by a deadline on
Friday, handing over the keys to a central Tokyo office building
to Blackstone and other investors, the largest repayment
failure of its kind in Japan.

It marks the latest fallout from a series of highly
leveraged investments by Morgan Stanley , one of the most
aggressive investors in worldwide property markets before the
global financial crisis.

Apr 15, 2011

Japan eyes state-backed insurer to save TEPCO -Nikkei

TOKYO, April 15 (Reuters) – Japan may set up a
government-backed insurance fund to put money into Tokyo
Electric Power and pay compensation stemming from the
disaster at its Fukushima Daiichi nuclear plant, the Nikkei
newspaper reported.

The plan is aimed at saving Tokyo Electric from collapse by
having the state initially shoulder the massive compensation
costs, which the power company will repay over several years via
special dividends, the paper said.

Apr 11, 2011

Korean lender A&P Financial gains right to buy Takefuji

TOKYO, April 11 (Reuters) – Korean consumer lender A&P
Financial has won the right to buy failed Japanese consumer
lender Takefuji Corp, beating out rivals including Cerberus and
TPG Capital.

Seoul-based A&P Financial will start negotiations with
Takefuji’s court-appointed trustee to buy Takefuji, and both
parties aim to reach an agreement by the end of this month,
Takefuji said on Monday in a statement on its website.

Mar 31, 2011

Goldman backs J Trust in bid for Takefuji-sources

TOKYO, March 31 (Reuters) – Goldman Sachs will
provide financing to J Trust Co for its bid for failed
Japanese consumer lender Takefuji Corp, sources said, signalling
the investment bank’s renewed interest in distressed assets in
Japan.

Takefuji has been looking for an investor to keep it in
business after failing in September with about $5 billion in
debts, crippled by a 2006 legal ruling forcing it and other
consumer lenders to repay past interest and a new cap on lending
rates.

Mar 28, 2011

Japan business lobby gives OK to scrap corp tax cut

TOKYO (Reuters) – Japan’s top business lobby gave the government the green light to scrap a planned cut in the corporate tax rate and urged firms to look at shifting production to western Japan as the nation grapples with its worst crisis since World War Two.

Hiromasa Yonekura, chairman of the Japan Business Federation, said the influential lobby would not fight the government if it decided to shelve a plan to lower the corporate tax rate, which at around 40 percent is among the highest in the industrialized world.

Mar 28, 2011

Japan business lobby head: OK to skip corp tax cut after quake

TOKYO, March 28 (Reuters) – Japan’s government should be
free to scrap a planned cut in the corporate tax rate as it
secures funds for rebuilding after this month’s devastating
earthquake and tsunami, the head of the country’s biggest
business lobby said.

Hiromasa Yonekura, chairman of the Japan Business
Federation, also suggested companies may want to shift
production to western Japan, which was not damaged by the quake
and is not subject to the rolling power cuts that ensued.