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Mar 30, 2012

MUFG bank unit head: want to make more U.S. acquisitions

TOKYO, March 31 (Reuters) – Mitsubishi UFJ Financial Group
(8306.T: Quote, Profile, Research) plans to make more acquisitions in the United States as
Japan’s largest lender looks to ramp up its business overseas,
the new head of its core banking unit said.

Nobuyuki Hirano, who becomes president of Bank of
Tokyo-Mitsubishi UFJ on Sunday, also wants to beef up
currency-related sales and trading in emerging markets in Asia
as part of a drive to attract non-Japanese clients.

Mar 29, 2012

Fukushima operator Tepco seeks $12 billion government rescue

TOKYO (Reuters) – Tokyo Electric Power Co (9501.T: Quote, Profile, Research, Stock Buzz) has asked the government for an injection of 1 trillion yen ($12 billion) in what would be Japan’s biggest public bailout outside the banking sector, as it struggles with the aftermath of the Fukushima nuclear crisis.

The utility, widely known as Tepco, said on Thursday it had also sought 845.9 billion yen from a government-backed bailout body to help compensate victims of the tsunami-triggered accident – the world’s worst nuclear disaster in 25 years.

Mar 29, 2012

Fukushima operator Tepco seeks $12 bln govt rescue

TOKYO, March 29 (Reuters) – Tokyo Electric Power Co
has asked the government for an injection of 1 trillion yen ($12
billion) in what would be Japan’s biggest public bailout outside
the banking sector, as it struggles with the aftermath of the
Fukushima nuclear crisis.

The utility, widely known as Tepco, said on Thursday it had
also sought 845.9 billion yen from a government-backed bailout
body to help compensate victims of the tsunami-triggered
accident – the world’s worst nuclear disaster in 25 years.

Mar 27, 2012

Japan struggles to find new Tepco chief to revive firm

TOKYO, March 27 (Reuters) – Tokyo Electric Power Co
, the operator of Japan’s Fukushima nuclear plant, is
struggling to find someone to head the troubled firm, sources
said, threatening to delay until April the submission of a
turnaround plan in which it will ask for 1 trillion yen ($12
billion) in public money.

The delay in selecting a new chief reflects huge hurdles in
restoring the utility’s profitability, including doubts over
when and whether it can restart its halted nuclear reactors and
uncertainty over the future of Japan’s atomic energy policy.

Mar 23, 2012

Japan’s AIJ lost $1.3 bln in bad options bets-regulator

TOKYO, March 23 (Reuters) – Tokyo-based AIJ Investment
Advisors lost $1.3 billion in bad bets on equity and bond
derivatives, losing the bulk of the pension funds it was
managing, Japan’s financial regulator said on Friday after
stripping the firm of its registration.

The Financial Services Agency (FSA) said AIJ, whose offices
were earlier raided by the Securities and Exchange Surveillance
Commission (SESC), was unable to account for most of the $2.4
billion assets under its management and had falsified its report
to investors to cover up its losses in one of the biggest
scandals of its kind in Japan.

Mar 8, 2012

Japan lenders give wary backing to Tepco

TOKYO, March 8 (Reuters) – Major creditors of Tokyo
Electric Power Co (Tepco) are ready to lend the
loss-making utility 1 trillion yen ($12.4 billion) if they
approve its turnaround plan, bank sources said on Thursday.

On capital injection into the utility — another major issue
in Tepco’s turnaround process — trade minister Yukio Edano said
the government intends to pick its top management following the
injection of taxpayers’ money, indicating he is seeking a
majority of voting rights.

Mar 8, 2012

Japan lenders ready to back Fukushima operator Tepco, but wary

TOKYO, March 8 (Reuters) – Major creditors of Tokyo
Electric Power Co are ready to lend the loss-making
utility 1 trillion yen ($12.4 billion), but won’t commit the
money until they see if the firm’s turnaround plan meets some
key conditions, bank sources said on Thursday.

The lenders are concerned if two conditions — raising power
tariffs and the restart of the utility’s nuclear power plants –
can be met in the face of public and political opposition
following the Fukushima nuclear power plant disaster a year ago.

Feb 24, 2012

Japan shuts fund manager on fears client losses hidden

TOKYO, Feb 24 (Reuters) – Japan’s financial regulator
on Friday temporarily shut a manager of corporate pensions on
suspicion it may have hidden losses in the $2.6 billion it
manages mainly on behalf of smaller firms, and flagged an
industry probe.

The Financial Services Agency said it froze the assets of
Tokyo-based AIJ Investment Advisors and ordered a halt to its
operations for a month because AIJ was unable to properly report
the status of its portfolio.

Feb 21, 2012

Mazda to raise $2 billion in share issue, loans: sources

TOKYO (Reuters) – Japan’s Mazda Motor Corp (7261.T: Quote, Profile, Research, Stock Buzz) plans to raise $2.1 billion to shore up its finances and invest in a new plant in Mexico, financial sources said on Tuesday — a bigger-than-expected fund raising that sent its shares tumbling 13 percent.

The loss-making automaker aims to raise 100 billion yen ($1.3 billion) through a public share offering and 70 billion yen through subordinated loans from banks, two sources with knowledge of the matter said.

Feb 19, 2012

Japan’s Mizuho to cooperate with StanBank-sources

JOHANNESBURG/TOKYO, Feb 19 (Reuters) – Japan’s Mizuho
Financial Group will sign an agreement to cooperate
with South Africa’s Standard Bank in corporate lending
as early as this week, according to two people familiar with the
matter.

The non-exclusive agreement will focus on bringing more of
Mizuho’s Japanese clients to Africa and Standard Bank’s clients
to Japan, said one of the people, both of whom declined to be
identified because the information is not public.