Taiga's Feed
Nov 21, 2011

Aozora CEO sees M&A as option to enhance value

TOKYO, Nov 21 (Reuters) – The head of Japan’s Aozora
Bank (8304.T: Quote, Profile, Research) said he would consider the acquisition of a rival
or even the sale of Aozora as among “strategic options to
enhance corporate value” as it explores ways to pay back $2.3
billion in public money.

“I have to consider everything, whatever enhances our
corporate value to allow me to come closer to paying back the
government,” said Aozora CEO Brian Prince said in an interview
with Reuters on Monday.

Nov 17, 2011

Olympus ex-CEO to return to Japan, top shareholder cuts stake

TOKYO, Nov 17 (Reuters) – The former CEO of Olympus
Corp, whose suspicions over dubious accounting
triggered a scandal at the camera and medical equipment maker,
will return to Japan next week to meet with police and
authorities investigating the case.

“I’ll arrive on Wednesday afternoon,” Michael Woodford told
Reuters by telephone, adding he expected the Japanese
authorities to ensure his safety while in the country. Woodford
fled Japan after being fired on Oct. 14.

Nov 17, 2011

Top shareholder cuts stake in Japan’s disgraced Olympus

TOKYO, Nov 17 (Reuters) – Olympus Corp’s
biggest shareholder, Nippon Life Insurance, has reduced its
stake in the 92-year-old Japanese firm which is now battling to
keep the support of its lenders and survive a massive accounting
scandal.

Nippon Life has cut its holding to 5.11 percent from 8.18
percent, a document filed with regulators on Thursday showed.

Nov 15, 2011

Lenders unlikely to tighten screws on Olympus, for now

TOKYO (Reuters) – Olympus Corp’s creditors are not expected to demand changes in loan terms or take other abrupt steps and risk hurting their own interests when they meet company executives on Wednesday to grill them about the firm’s huge accounting scandal, sources and analysts said.

Japan’s securities watchdog, police and prosecutors are probing the 92-year-old camera and endoscope maker in a joint effort after Olympus admitted last week that it had hid investment losses for decades using funds from M&A deals.

Nov 14, 2011

Japan banks struggle; Mizuho to cut 3,000 jobs

TOKYO (Reuters) – Mizuho will cut 3,000 jobs as Japanese banks battle weak demand for credit at home and a tough global growth environment, which saw half-year profits at the lender and smaller rival Sumitomo Mitsui fall by a quarter.

Mizuho Financial Group said it plans to axe the jobs, about 5 percent of its workforce, by March 2016 through merging its corporate and retail banking units. First-half profits at Japan’s No. 2 lender by assets slid, as the previous year’s bond trading gains slowed.

Nov 14, 2011

Japan banks struggle in H1; Mizuho to cut 3,000 jobs

TOKYO, Nov 14 (Reuters) – Mizuho will cut 3,000 jobs as
Japanese banks battle weak demand for credit at home and a tough
global growth environment, which saw half-year profits at the
lender and smaller rival Sumitomo Mitsui fall by a quarter.

Mizuho Financial Group said it plans to axe the
jobs, about 5 percent of its workforce, by March 2016 through
merging its corporate and retail banking units. First-half
profits at Japan’s No. 2 lender by assets slid, as the previous
year’s bond trading gains slowed.

Nov 14, 2011

Olympus jumps as shares may avoid de-listing

TOKYO (Reuters) – Shares in Olympus Corp rose by the maximum allowed on Monday on signs the scandal-hit maker of cameras and endoscopes may escape having its shares de-listed.

A source familiar with the case said on Sunday that Japan’s securities watchdog may only recommend a fine against the company, while proposing criminal charges be sought against the individuals behind dubious M&A deals used to cover up its massive investment losses.

Nov 11, 2011

Lenders to grill Olympus as delisting looms: source

TOKYO (Reuters) – Lenders will confront Japan’s Olympus Corp next week to demand an explanation for an accounting scandal engulfing the firm, a banking source said on Friday, though he denied reports they would seek more security over their loans.

Prime Minister Yoshihiko Noda also weighed in, describing and calling for strict measures to preserve financial markets confidence.

Nov 11, 2011

As Europe eyes China, Japan may be the suitor to watch

HONG KONG/TOKYO (Reuters) – Japanese banks backed by more than $6 billion in spare cash are in talks to buy assets from European banks, sources familiar with the discussions said, as euro zone leaders try to coax foreign capital to help overcome the bloc’s debt crisis.

While all eyes have been trained on Chinese institutions as potential buyers, cashed-up Japanese banks are emerging as the more likely suitors to pan for golden assets in the debt mess.

Nov 11, 2011

Analysis: As Europe eyes China, Japan may be the suitor to watch

HONG KONG/TOKYO (Reuters) – Japanese banks backed by more than $6 billion in spare cash are in talks to buy assets from European banks, sources familiar with the discussions said, as euro zone leaders try to coax foreign capital to help overcome the bloc’s debt crisis.

While all eyes have been trained on Chinese institutions as potential buyers, cashed-up Japanese banks are emerging as the more likely suitors to pan for golden assets in the debt mess.