Junko's Feed
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.

Mar 25, 2011

Tokyo Electric likely liable for accident: Japan government

TOKYO (Reuters) – Tokyo Electric Power will be likely be held responsible for damages stemming from a nuclear plant that was crippled by this month’s massive earthquake and tsunami and has been leaking radiation, Japan’s top government spokesman said.

Under Japanese law the operator of a nuclear facility can be granted an exemption from damages caused by a reactor if the accident was deemed to have been triggered by “a grave natural disaster of an exceptional character.”

Mar 25, 2011

Tokyo Electric likely liable for nuclear accident-Japan gov’t

TOKYO, March 25 (Reuters) – Tokyo Electric Power
will be likely be held responsible for damages stemming from a
nuclear plant that was crippled by this month’s massive
earthquake and tsunami and has been leaking radiation, Japan’s
top government spokesman said.

Under Japanese law the operator of a nuclear facility can be
granted an exemption from damages caused by a reactor if the
accident was deemed to have been triggered by “a grave natural
disaster of an exceptional character.”

Mar 21, 2011

WHO warns of “serious” food radiation in disaster-hit Japan

TOKYO (Reuters) – The World Health Organisation said on Monday that radiation in food after an earthquake damaged a Japanese nuclear plant was more serious than previously thought, eclipsing signs of progress in a battle to avert a catastrophic meltdown in the reactors.

Engineers managed to rig power cables to all six reactors at the Fukushima complex, 240 km (150 miles) north of Tokyo, and started a water pump at one of them to reverse the overheating that has triggered the world’s worst nuclear crisis in 25 years.

Mar 21, 2011

Some progress at Japan nuclear reactors

TOKYO (Reuters) – Engineers restored electricity to three reactors at a crippled Japanese nuclear power plant and hope to test water pumps at the quake-damaged facility soon, the first clear signs of progress in tackling the world’s worst atomic crisis in 25 years.

Japan suffered an estimated $250 billion in damage from the earthquake and tsunami on March 11 that left more than 21,000 people dead or missing, while radiation leaks from the Fukushima nuclear plant have caused global alarm.