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Mar 27, 2012

TSE calls for new rules to prevent insider trading

TOKYO, March 27 (Reuters) – The head of the Tokyo Stock
Exchange said an insider trading case unveiled by authorities
last week was a blow to the reputation of Japan’s capital
markets and called for tougher rules to combat the problem.

“For this to happen as Japan touts its reputation globally
as a trustworthy market, a market in Asia with a 130-year
history and a strong set of rules … it’s a real shame,” said
Atsushi Saito, CEO of the exchange.

Mar 22, 2012

Nomura controls in spotlight in Japan trading probe

TOKYO (Reuters) – Japan’s largest investment bank, Nomura Holdings (8604.T: Quote, Profile, Research, Stock Buzz), faced questions about its internal controls on Thursday as the leaking of insider information by an employee highlighted a breakdown in the firewall supposed to divide banking and sales operations.

The case centered on a 2010 stock offering by energy firm Inpex (1605.T: Quote, Profile, Research, Stock Buzz), also putting Japan’s current rules against market manipulation in the spotlight, with the fund manager involved penalized with a tiny fine and Nomura facing no formal sanction.

Mar 21, 2012

Nomura caught in Japan insider trade probe – sources

TOKYO (Reuters) – A Nomura Holdings (8604.T: Quote, Profile, Research) employee was the source of information leaked to a Japanese fund manager penalised on Wednesday for insider trading ahead of a stock offering by energy firm Inpex (1605.T: Quote, Profile, Research) in 2010, sources with knowledge of the matter said.

Japan’s securities regulator recommended a 50,000 yen fine against Chuo Mitsui Asset Trust and Banking, saying the asset manager sold Inpex shares after a tip-off from a broker about its plans for a roughly $6 billion offering.

Mar 20, 2012

Analysis: The AIJ scandal and Japan’s pension time bomb

KOBE/TOKYO (Reuters) – Tarumi Taxi in western Japan’s port city of Kobe is teetering on the brink of bankruptcy, offering a glimpse of the crisis facing tens of thousands of small and mid-sized companies across Japan with little hope of meeting their pension obligations.

Owner Satoshi Nagata, 59, has been pressing banks for a loan before a deadline in September when a contractual trigger will quadruple the hole in the firm’s pension account. Without it, Tarumi Taxi and its fleet of 40 cars and 80 drivers will likely fold.

Mar 13, 2012

China’s Sany Heavy eyes Tokyo listing-source

TOKYO/HONG KONG, March 13 (Reuters) – China’s Sany
Heavy Industry Co Ltd has shown interest in a
possible listing in Tokyo, a source in the financial industry
with knowledge of the matter said, in a move that could help the
construction equipment maker make inroads in the Japan market.

Talk of a potential listing on the Tokyo Stock Exchange
comes as Sany revives plans to go public in Hong Kong on the
back of a resurgent stock market. Sany had originally planned to
raise as much as $3.3 billion in a Hong Kong offering in
September before market turmoil prompted it to shelve the deal.

Mar 7, 2012

Mazda’s $1.9 bln share sale meets healthy demand-sources

TOKYO, March 7 (Reuters) – A $1.9 billion share sale
by Mazda Motor Corp was about three times
oversubscribed, sources with knowledge of the matter said on
Wednesday, underscoring healthy demand for a deal seen as a
prelude to a pick-up in new share issues by Japanese companies.

The subscription period for Mazda’s 151 billion yen ($1.87
billion) offering, launched by the carmaker late last month,
closed on Wednesday. The shares were allocated 75 percent to
Japanese investors and 25 percent to overseas investors.

Mar 2, 2012

Ambitious Mazda to set path for Japan stock offerings

TOKYO (Reuters) – The sale of $2 billion in new stock by Mazda Motor Corp (7261.T: Quote, Profile, Research, Stock Buzz) this month is as significant for Japan’s equity capital markets as it is for the automaker, with the outcome expected to set the tone for a backlog of equity offerings.

Big technology companies such as Sharp Corp (6753.T: Quote, Profile, Research, Stock Buzz), Panasonic Corp (6752.T: Quote, Profile, Research, Stock Buzz) and Sony Corp (6758.T: Quote, Profile, Research, Stock Buzz) are among firms talked about by investment bankers as prime candidates to also hit the market with equity offerings. Hurt by the strong yen and dwindling sales, all three have warned of multi-billion dollar losses this year.

Feb 24, 2012

Carlyle hires Nomura, Goldman for Tsubaki Nakashima IPO-sources

TOKYO, Feb 24 (Reuters) – Private equity firm Carlyle
Group has hired Nomura Holdings Inc and
Goldman Sachs to handle the initial public offering of
Japanese ball bearing maker Tsubaki Nakashima Co in a deal that
could be worth at least 70 billion yen ($873 million), sources
with knowledge of the matter said.

The global offering could be launched as early as June,
depending on market conditions, the sources said. It would
likely rank as the largest IPO in Japan since online gaming firm
Nexon Co sold 98 billion yen worth of shares in
December.

Feb 2, 2012

Sony sees $2.9 billion loss, new CEO warns of pain

TOKYO (Reuters) – Ailing Japanese electronics giant Sony Corp warned it was heading for a bigger-than-expected $2.9 billion annual loss, presenting a daunting task for incoming CEO Kazoo Hiram, who vowed to move quickly to turn things around.

Overtaken by more innovative rivals such as Apple Inc and Samsung Electronics over the past decade, Sony posted a $2.1 billion net loss for October-December, normally a strong quarter boosted by year-end holiday sales, as it battled a strong yen, flooding in Thailand that ruptured supply chains, and a weak economy.

Feb 2, 2012

Sony sees $2.9 billion loss, reveals daunting task for new CEO

TOKYO (Reuters) – Japan’s ailing electronics giant, Sony Corp, warned investors on Thursday it was heading for a worse-than-expected (1.8 billion pounds) annual loss, revealing the daunting task ahead for its incoming chief executive, Kazuo Hirai.

The company, overtaken by more innovative rivals such as Apple and Samsung over the past decade, gave the forecast in its third-quarter results, surprising a market that had been expecting a full-year loss of barely half that amount.