Nathan's Feed
Apr 18, 2012

American CEO quits Nippon Sheet after “disagreements”

TOKYO (Reuters) – The American president and chief executive of Nippon Sheet Glass Co Ltd (5202.T: Quote, Profile, Research, Stock Buzz) quit the company after less than two years in the post following “fundamental disagreements” with the board over strategy, chairman Katsuji Fujimoto said on Wednesday.

The resignation of Craig Naylor leaves Carlos Ghosn, the chief executive of Nissan Motor Co (7201.T: Quote, Profile, Research, Stock Buzz), as the only remaining non-Japanese CEO of a major Japanese company. Howard Stringer stepped aside as CEO of Sony Corp (6758.T: Quote, Profile, Research, Stock Buzz) this month.

Apr 11, 2012

Proxy firms oppose Olympus directors, highlighting rift

TOKYO, April 11 (Reuters) – A second global shareholder
advisory firm has come out in opposition to key board nominees
at Olympus Corp, highlighting a rift between the
scandal-tainted Japanese company and foreign investors that is
likely to persist after the expected approval of a new
management team next week.

Glass Lewis has recommended investors reject seven of 11
proposed directors, including nominee president Hiroyuki Sasa,
in a vote at an extraordinary shareholder meeting on April 20,
an official at the advisory firm told Reuters on Wednesday.

Mar 29, 2012

JAL to tap Qantas, other Oneworld partners for 3 billion pounds IPO – sources

TOKYO (Reuters) – Japan Airlines is planning to tap Australia’s Qantas Airways (QAN.AX: Quote, Profile, Research), British Airways’ owner IAG (ICAG.L: Quote, Profile, Research) and other members of the Oneworld alliance as investors in an initial public offering expected to be worth at least $6 billion (3 billion pounds), three people with knowledge of the carrier’s strategy said.

Japan Airlines (JAL) is planning to raise a minimum of 500 billion yen ($6.03 billion) in a relisting of its shares in Tokyo that could come as early as September, sources have told Reuters. The IPO would allow a state-backed fund to recoup the 350 billion yen it injected into the company after its bankruptcy in 2010.

Mar 29, 2012

JAL to tap Qantas, other Oneworld partners for $6 billion IPO: sources

TOKYO (Reuters) – Japan Airlines is planning to tap Australia’s Qantas Airways (QAN.AX: Quote, Profile, Research, Stock Buzz), British Airways’ owner IAG (ICAG.L: Quote, Profile, Research, Stock Buzz) and other members of the Oneworld alliance as possible investors in an initial public offering expected to be worth at least $6 billion, three people with knowledge of the Japanese carrier’s strategy said.

Japan Airlines (JAL) is planning to raise a minimum of 500 billion yen ($6.03 billion) ahead of a relisting of its shares in Tokyo as early as September, sources have told Reuters. The IPO would allow a state-backed fund to recoup the 350 billion yen it injected into the company after its bankruptcy in 2010.

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.