Nathan's Feed
Jan 31, 2012

Moody’s, weak outlook loom over Nomura results

TOKYO, Feb 1 (Reuters) – Nomura Holdings,
Japan’s top brokerage, is expected to show on Wednesday that it
roughly broke even in the latest quarter despite a big one-off
investment gain, exposing its weak earnings power and
underscoring fears of a credit downgrade.

The results will come three weeks after the abrupt departure
of two senior ex-Lehman Brothers bankers, which highlighted the
poor performance of its wholesale operations and raised
questions over its overseas strategy.

Jan 31, 2012

Daiwa posts $283 mln Q3 loss, cuts more jobs

TOKYO, Jan 31 (Reuters) – Daiwa Securities Group
, Japan’s second-biggest brokerage, booked its fourth
consecutive quarterly loss on Tuesday on a drop in trading
commissions and the firm expanded a cost-cutting plan to a total
of 500 overseas jobs.

The loss underscores the challenges facing Daiwa as it
scrambles to cut costs to cope with dwindling revenues in Japan
and establish a niche in overseas markets where it lacks the
scale to go head-to-head with the biggest banks.

Jan 13, 2012

TPG willing to invest $1 bln in Olympus in joint deal – source

TOKYO (Reuters) – Private equity firm TPG Capital TPG.UL is willing to invest about $1 billion in Japan’s Olympus Corp (7733.T: Quote, Profile, Research) in a joint deal with Sony Corp (6758.T: Quote, Profile, Research) or another suitor circling the scandal-hit firm, a person with knowledge of the matter said.

TPG has informed executives at Sony, Canon Inc (7751.T: Quote, Profile, Research), Fujifilm Holdings (4901.T: Quote, Profile, Research) and Panasonic Corp (6752.T: Quote, Profile, Research) of its interest in providing capital and expertise to help revive the maker of medical equipment and cameras, the person said.

Jan 13, 2012

Exclusive: TPG willing to invest $1 bln in Olympus in joint deal

TOKYO (Reuters) – Private equity firm TPG Capital is willing to invest about $1 billion in Japan’s Olympus Corp in a joint deal with Sony Corp or another suitor circling the scandal-hit firm, a person with knowledge of the matter said.

TPG has informed executives at Sony, Canon Inc, Fujifilm Holdings and Panasonic Corp of its interest in providing capital and expertise to help revive the maker of medical equipment and cameras, the person said.

Jan 10, 2012

Ex-Lehman’s Bhattal quits Nomura amid deep losses

TOKYO/HONG KONG (Reuters) – Jasjit Bhattal, the highest-ranking ex-Lehman executive at Nomura Holdings (8604.T: Quote, Profile, Research, Stock Buzz), resigned on Tuesday after the wholesale division he led suffered heavy losses and forced the Japanese investment bank to scale back its global expansion.

The departure of Bhattal is the latest blow to Nomura’s ambitions to join the elite ranks of global investment banks following its acquisition of Lehman Brothers’ European and Asian operations after the storied Wall Street firm collapsed in 2008.

Dec 27, 2011

No violations in Olympus handover – audit panel

TOKYO (Reuters) – A panel reviewing the auditing of Olympus Corp after its $1.7 billion (1.1 billion pound) accounting scandal said it had so far not found any wrongdoing by the Japanese arm of Ernst & Young and questioned the accuracy of a separate investigation critical of auditors.

But the panel, set up by Ernst & Young ShinNihon LLC earlier this month, acknowledged that its powers of investigation were limited. The hurdles include an inability to question prior auditor, KMPG AZSA LLC, which does not want to participate in a competitor’s probe.

Dec 27, 2011

E&Y audit panel: no violations in Olympus handover

TOKYO, Dec 27 (Reuters) – A panel reviewing the
auditing of Olympus Corp after its $1.7 billion accounting
scandal said it had so far not found any wrongdoing by the
Japanese arm of Ernst & Young and questioned the accuracy of a
separate investigation critical of auditors.

But the panel, set up by Ernst & Young ShinNihon LLC
earlier this month, acknowledged that its powers of
investigation were limited. The hurdles include an inability to
question prior auditor, KMPG AZSA LLC, which does not
want to participate in a competitor’s probe.

Dec 20, 2011

Analysis: Olympus ex-CEO looks to be losing boardroom bid

TOKYO (Reuters) – Michael Woodford, the ousted boss of Japan’s Olympus Corp, has won the battle to force his former employer to admit to more than a decade of accounting fraud. His bid to return as chief executive officer, however, appears doomed.

Woodford has said major lenders to the maker of cameras and medical equipment will decide its fate – and those banks are already lined up behind Olympus managers, seemingly intent on slamming the boardroom door shut on him for good.

Dec 20, 2011

Olympus ex-CEO looks to be losing boardroom bid

TOKYO (Reuters) – Michael Woodford, the ousted boss of Japan’s Olympus Corp (7733.T: Quote, Profile, Research), has won the battle to force his former employer to admit to more than a decade of accounting fraud. His bid to return as chief executive officer, however, appears doomed.

Woodford has said major lenders to the maker of cameras and medical equipment will decide its fate – and those banks are already lined up behind Olympus managers, seemingly intent on slamming the boardroom door shut on him for good.

Dec 19, 2011

Olympus board may dilute capital to retain control: Southeastern

TOKYO/LONDON (Reuters) – A big foreign investor in Japan’s disgraced Olympus Corp (7733.T: Quote, Profile, Research, Stock Buzz) voiced its concern on Monday that the firm would bring in a major new investor, in a move that could effectively sink former CEO Michael Woodford’s campaign to be reinstated.

U.S. fund manager Southeastern Asset Management, which holds 5 percent of the maker of cameras and medical equipment, said in a statement it was worried the current board may be gearing up to dilute existing shareholders in a bid to stay in power.