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Jun 14, 2012

Japan’s Renesas set to receive $630 million in loans: report

TOKYO (Reuters) – Loss-making Renesas Electronics Corp (6723.T: Quote, Profile, Research, Stock Buzz) is in final talks to secure a 50 billion yen ($630 million) loan from four banks after its major shareholders refused to inject fresh capital, the Mainichi newspaper said on Thursday.

Shares in Renesas, the world’s fifth largest chipmaker that is battling high costs and strong overseas rivals, surged as much as 21 percent on the report to a one-month high.

Jun 14, 2012

Japan’s Renesas set to receive $630 mln in loans-report

TOKYO, June 14 (Reuters) – Loss-making Renesas Electronics
Corp is in final talks to secure a 50 billion yen ($630
million) loan from four banks after its major shareholders
refused to inject fresh capital, the Mainichi newspaper said on
Thursday.

Shares in Renesas, the world’s fifth largest chipmaker that
is battling high costs and strong overseas rivals, surged as
much as 21 percent on the report to a one-month high.

May 26, 2012

Renesas aims to sell chip plant, shed 12,000 jobs -source

TOKYO, May 26 (Reuters) – Japanese chipmaker Renesas
Electronics Corp plans to sell off loss-making
operations and cut its payroll by at least 12,000, a source
close to the matter told Reuters on Saturday, as the company
battles high costs and nimbler foreign rivals.

Sources also confirmed that Renesas, the world’s largest
maker of microcontroller chips for cars, aims to raise more than
100 billion yen ($1.3 billion) to pay for restructuring costs
and will take the plan to Hitachi Ltd and its other
major shareholders as early as next week.

May 16, 2012

Japan firms, Tepco eye $4.4 billion stake in Australia LNG project

TOKYO (Reuters) – A group of Japanese firms is in talks to pay $4.4 billion for a stake in Australia’s Wheatstone gas field that had been set aside for bailed-out nuclear operator Tepco, as the country looks to shore up long-term energy supplies.

Tokyo Electric Power Co (Tepco) (9501.T: Quote, Profile, Research, Stock Buzz), which is now under state control following last year’s earthquake and tsunami that devastated its Fukushima nuclear plant, had planned to buy the stake to secure additional supplies of liquefied natural gas.

May 15, 2012

Japanese banks report profit rise, see tougher year

TOKYO (Reuters) – Japan’s big banks reported a rise in annual profits on Tuesday, helped by a stock market rally and lower credit costs, but forecast a tougher year ahead, putting further pressure on their overseas drive to fill the gap.

The big three lenders – Mitsubishi UFJ Financial Group (MUFG) (8306.T: Quote, Profile, Research, Stock Buzz), Mizuho Financial Group (8411.T: Quote, Profile, Research, Stock Buzz) and Sumitomo Mitsui Financial Group (SMFG) (8316.T: Quote, Profile, Research, Stock Buzz) – are not expected to see the hefty bond trading gains and very low bad loans booked that have boosted profits in recent years.

May 14, 2012

Japan mega banks face tough year as JGB gravy train slows

TOKYO, May 15 (Reuters) – Japan’s top banks are set for
profit declines this year after solid growth in the past two
years as razor-thin yields curb their hefty government-bond
trading gains and as a tepid domestic economy curtails loan
appetite.

The top three lenders – Mitsubishi UFJ Financial Group
(MUFG), Mizuho Financial Group and Sumitomo
Mitsui Financial Group (SMFG) – hold about $1.25
trillion worth of Japanese government bonds (JGBs) on their
books, which, if interest rates rise, could spur huge losses.

Apr 26, 2012

MUFG core unit may spend 1 trillion yen on assets

TOKYO (Reuters) – The core banking unit of Mitsubishi UFJ Financial Group (MUFG) (8306.T: Quote, Profile, Research), Japan’s biggest lender by assets, may spend over 1 trillion yen (7.5 billion pounds) in the next three years on overseas acquisitions to diversify from a slowing domestic market, a senior executive said.

Japanese banks are under pressure to tap overseas markets to counter sluggish loan demand and consumer spending in the world’s third-largest economy.

Apr 12, 2012

Japan MS&AD paying $530 mln for NY Life’s India JV stake

TOKYO/HONG KONG (Reuters) – Japan’s MS&AD (8725.T: Quote, Profile, Research) is acquiring New York Life’s 26 percent stake in a joint venture with Max India (MAXI.NS: Quote, Profile, Research) for about $530 million, in another example of Japanese companies’ growing appetite for overseas assets.

MS&AD Insurance Group, Japan’s largest property-casualty insurer by revenue, is among the industry’s most aggressive in expanding in Asia through acquisitions, buying both life and non-life assets to secure growth beyond its weak home market.

Apr 12, 2012

Japan MS&AD buying NY Life’s India JV stake for $540 mln – sources

TOKYO/HONG KONG (Reuters) – Japan’s MS&AD (8725.T: Quote, Profile, Research) is set to buy New York Life’s 26 percent stake in a joint venture with Max India (MAXI.NS: Quote, Profile, Research) for about $540 million, two sources said on Thursday, signaling the continued appetite of Japanese companies for overseas assets.

MS&AD Insurance Group, Japan’s largest property-casualty insurer by revenue, is among the industry’s most aggressive in expanding in Asia through acquisitions, buying both life and non-life assets to secure growth beyond the weak home market.

Apr 12, 2012

Japan’s MS&AD close to buying 26 pct of India life JV-source

TOKYO, April 12 (Reuters) – Japan’s MS&AD is close
to buying a 26 percent stake in an Indian joint venture between
New York Life and Max India for about $540
million, a source said on Thursday, signaling continued appetite
of Japanese insurers for overseas acquisitions despite large
Thai flood losses.

MS&AD Insurance Group, Japan’s largest property-casualty
insurer by revenue, is among the industry’s most aggressive in
expanding in Asia through acquisitions, buying both life and
non-life assets to secure growth beyond weak home market.