TOKYO, March 6 (Reuters) – Loss-making Sharp Corp
has asked a domestic corporate turnaround fund to invest up to
$250 million in capital – aid which would come on top of plans
to tap its two main lenders for a second major bailout, a source
said on Friday.
Weak sales of smartphone screens in China, aggravated by an
unexpected comeback by rival Japan Display Inc, have
derailed Sharp’s recovery efforts. It has warned of its third
annual net loss in four years and is now working on a fresh plan
to overhaul its business.
TOKYO (Reuters) – Loss-making Japanese electronics firm Sharp Corp meets its main banks on Thursday in an effort to secure its second major bailout since 2012, betting they will have little choice but to pay up despite their call for more drastic overhauls.
Sharp Chief Executive Kozo Takahashi will meet officials from Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, hoping to discuss further funding and buy time, people with direct knowledge of the matter said.
TOKYO (Reuters) – Activist investor Daniel Loeb said Fanuc Corp’s plan to boost investments was not enough to fix its “blatant capital inefficiency”, stepping up calls for the Japanese industrial robot maker to reward shareholders through major buybacks.
Loeb, whose hedge fund Third Point holds an undisclosed stake in Fanuc, told Reuters by email the plan to double investment in a new factory would go little toward addressing the “an embarrassment of riches” on the firm’s balance sheet.
TOKYO (Reuters) – Sony Corp aims to boost its operating profit 25-fold within three years by focusing on its more profitable image sensors, videogame and entertainment businesses, its chief executive said on Wednesday.
Outlining his strategy for the loss-making Japanese consumer electronics icon to 2018, CEO Kazuo Hirai said Sony wanted to give its subsidiaries more autonomy in decision making to help drive growth.
TOKYO/SINGAPORE, Feb 17 (Reuters) – Japanese freight carrier
Kintetsu World Express Inc said it was in final stages
of talks to buy Singapore’s APL Logistics, becoming the latest
firm in Japan to pursue ambitious billion-dollar deals overseas
amid slow domestic growth.
Kintetsu Express said on Tuesday it couldn’t comment on
details of the transaction, which it said was not yet official.
A spokesman said the firm would make an announcement regarding
the deal later in the day.
TOKYO, Feb 16 (Reuters) – Japanese industrial robot maker
Fanuc Corp on Monday said it would double its planned
investment in a new factory, a week after hedge fund Third Point
called on the firm to use its cash pile to boost shareholder
returns by buying back shares.
The cash-rich company said its decision to spend 100 billion
yen ($844 million) on land and construction was unrelated to
Third Point saying in a quarterly investor letter that Fanuc’s
capital structure “does nothing for shareholder value”.
TOKYO (Reuters) – Months after Sony Corp bought So-net, the broadband provider’s chief chided CEO Kazuo Hirai for having his “priorities in the wrong order”.
He told Hirai his focus should be on restructuring the struggling electronics conglomerate rather than spending time and effort buying a firm it had previously spun off, said a person familiar with the exchange.
TOKYO (Reuters) – Screen supplier Japan Display reported a stronger-than-expected rise in quarterly profit amid higher demand from Apple Inc and Chinese smartphone makers, in stark contrast with peer Sharp Corp’s shrinking panel business.
Japan Display said on Thursday operating profit for October-December climbed 80 percent from a year earlier to 14.7 billion yen ($122 million). Analysts on average had expected a profit of 14 billion yen, according to Thomson Reuters data.
TOKYO/STOCKHOLM (Reuters) – Canon Inc (7751.T: Quote, Profile, Research) made a 23.6 billion-Swedish-crown ($2.83 billion) offer for network video surveillance leader Axis AB (AXIS.ST: Quote, Profile, Research) on Tuesday — the biggest purchase ever for the Japanese firm trying to expand beyond a shrinking camera market.
Canon said it had launched a bid to buy all the Swedish company’s shares at 340 crowns apiece, a premium of nearly 50 percent to their closing price of 226.90 on Monday. At 1126 GMT (06:26 a.m. EST), shares of Axis were up 48 percent at 336.50 crowns.
TOKYO (Reuters) – Sony Corp’s (6758.T: Quote, Profile, Research) shares surged on Thursday to post their biggest daily gain in nine years after the consumer electronics and entertainment group lifted its full-year forecast, raising hopes its restructuring efforts were finally bearing fruit.
Backed by cost cuts and stronger sales of sensors and videogames, Sony on Wednesday trimmed its net loss estimate for the year through end-March and forecast a full-year operating profit instead of a loss.