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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.

Apr 1, 2012

Japan bank lobby head: Lenders see chances overseas

TOKYO (Reuters) – Japan’s lenders are seeing opportunities to grow abroad thanks to the solid health of its financial system while overseas rivals struggle, the new head of the nation’s banking industry lobby said.

Yasuhiro Sato, who became chairman of the Japanese Bankers Association on Sunday, said such a trend is especially pronounced in Asia, where European rivals are reducing lending to protect their capital and ride out a financial storm at home.

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.