Mayumi's Feed
Mar 14, 2012

Japan’s Sharp to replace president: Nikkei

TOKYO (Reuters) – Japan’s Sharp Corp plans to replace its president as it heads for a record annual net loss on slumping TV sales that forced it to slash LCD output at its main plant, the Nikkei business daily reported.

The Osaka-based company said it would announce management changes at 4 p.m. (3.00 a.m. EDT) on Wednesday, but declined to say whether the changes would involve its president, Mikio Katayama.

Feb 27, 2012

Elpida to file for bankruptcy protection -executive

TOKYO, Feb 27 (Reuters) – Japan’s Elpida Memory Inc
plans to file for bankruptcy protection on Monday, a
senior executive said, potentially lowering the curtain on Japan
in a PC memory chip business it once dominated as talks stalled
on a possible rescue by domestic lenders and would-be overseas
equity partners.

Japan’s sole maker of dynamic random-access memory chips has
been hobbled by weak prices after a surge in demand for Apple
Inc’s iPad, which is much less reliant on DRAM chips
than conventional PCs.

Feb 27, 2012

Olympus risks foreign backlash with new board line-up

TOKYO, Feb 27 (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 23, 2012

Toshiba, Sony tap state-backed bank to fund M&A

TOKYO, Feb 23 (Reuters) – Toshiba Corp and
Sony Corp will receive loans from a Japanese
government-backed fund to help finance recent overseas
acquisitions and cushion the blow of a soaring yen, the fund and
the companies said on Thursday.

The yen’s strength has clobbered exporters’ earnings by
eroding their overseas profits and sales competitiveness, but it
also helped propel Japanese firms on a record $70 billion
foreign acquisition spree last year.

Feb 22, 2012

Mazda eyes $2 billion share offering as strong yen bites

TOKYO (Reuters) – Mazda Motor Corp (7261.T: Quote, Profile, Research, Stock Buzz) said on Wednesday it was looking to raise up to 162.8 billion yen ($2 billion) in its second public share offering in 2-1/2 years, underscoring the Japanese automaker’s vulnerability to the stubbornly strong yen.

The public share offering at Japan’s No.5 automaker was bigger than the 100 billion yen flagged by financial sources a day earlier and would cause a massive 69 percent dilution in holdings for existing shareholders.

Feb 22, 2012

Mazda eyes $2 billion share offering

TOKYO (Reuters) – Mazda Motor Corp (7261.T: Quote, Profile, Research, Stock Buzz) is looking to raise up to $2 billion in a bigger-than-expected public share offering, a regulatory filing showed on Wednesday, which would cause a massive 69 percent dilution of its existing shares.

The share offering eclipsed expectations of 100 billion yen that had been flagged by financial sources. If the overallotment portion of the offer is excluded, Mazda would be raising 147 billion yen ($1.8 billion)and dilution would be 62 percent.

Feb 22, 2012

Mazda eyes $2 bln share offering, dilution as much as 69 pct

TOKYO, Feb 22 (Reuters) – Mazda Motor Corp is
looking to raise up to $2 billion in a bigger-than-expected
public share offering, a regulatory filing showed on Wednesday,
which would cause a massive 69 percent dilution of its existing
shares.

The share offering eclipsed expectations of 100 billion yen
that had been flagged by financial sources. If the overallotment
portion of the offer is excluded, Mazda would be raising 147
billion yen ($1.8 billion)and dilution would be 62 percent.

Feb 17, 2012

Former executives, bankers arrested over Olympus fraud

TOKYO (Reuters) – Japanese police and prosecutors have arrested seven men, including the former president of Olympus Corp (7733.T: Quote, Profile, Research) and ex-bankers over a $1.7 billion accounting fraud — one of the country’s biggest corporate scandals.

Tokyo prosecutors arrested ex-president Tsuyoshi Kikukawa, former executive vice president Hisashi Mori and former auditor Hideo Yamada on suspicion of violating the Financial Instruments and Exchange Law, officials said on Thursday.

Feb 16, 2012

Olympus ex-president, others arrested – media

TOKYO (Reuters) – Three former executives of Japan’s disgraced Olympus Corp were arrested on Thursday over their role in a $1.7 billion accounting fraud at the maker of medical equipment and cameras, Japanese media reported.

Tokyo prosecutors arrested ex-President Tsuyoshi Kikukawa, former Executive Vice President Hisashi Mori and former auditor Hideo Yamada, Tokyo Broadcasting System Television and other media said.

Feb 16, 2012

Tokyo prosecutors quiz ex-Olympus president, others to follow

TOKYO (Reuters) – Three former executives of Japan’s disgraced Olympus Corp face possible arrest this week over their role in a $1.7 billion accounting fraud at the maker of medical equipment and cameras, Japanese media said on Thursday.

Japanese prosecutors began questioning one of the trio, ex-president Tsuyoshi Kikukawa, Jiji news agency said. Two others were also expected to be summoned, with arrests to follow if allegations against them are firmed up, the Yomiuri and Nikkei newspapers said.