May 25, 2006

Sompo Japan president to resign amid scandals

Sompo Japan Insurance Inc. President Hiroshi Hirano announced Wednesday that he will become chairman in late June after being replaced by Managing Director Masatoshi Sato as the company deals with scandals that have drawn sanctions from the government. If the move is approved at ...

May 24, 2006

Banks OK for now but long-term strategy needed

Buoyed by a wide-ranging recovery and a massive one-time gain caused by reductions in loan-loss reserves, the nation’s top banking groups have reported record-breaking profits for the 2005 business year ended in March. The combined net profits of the six major banking groups reached ...

May 20, 2006

Steady as she goes at BOJ on interest rates

The Bank of Japan opted Friday not to do anything with interest rates, after the central bank determined that economic activity and price developments had little changed. “The Bank of Japan will encourage the uncollateralized overnight call rate to remain at effectively zero percent,” ...

May 20, 2006

Economy defies dip in consumption and pulls off 0.5% rise

The economy grew by a real 0.5 percent in the January to March quarter, marking its fifth consecutive quarter of growth despite a slowdown in private consumption, the government said Friday. The preliminary GDP figures exceeded the forecasts of private-sector economists and translate into ...

May 19, 2006

Sales slump fuels record Sanyo group loss

Struggling home appliance maker Sanyo Electric Co. reported a record group net loss of 205.6 billion yen for the business year that ended in March, due to falling sales and losses incurred in corporate restructuring, the company said Thursday. The result rewrites the previous ...

Aiful reports 13% fall in profit for '05

May 17, 2006

Aiful reports 13% fall in profit for '05

Troubled Aiful Corp. reported Tuesday that its net profit for fiscal 2005 dropped 13.1 percent to 65.827 billion yen on a consolidated basis due to a rise in customer demands that excess interest on loans be returned. The outlook is even grimmer for the ...

May 11, 2006

Softbank logs 1 trillion yen sales due to broadband

Softbank Corp. reported Wednesday that group sales reached 1.108 trillion yen in the business year that ended at the end of March, up 32 percent from a year earlier and achieving the 1 trillion yen threshold for the first time. The Internet investor attributed ...

May 11, 2006

ChuoAoyama handed suspension order, heads roll

The chairman of the ChuoAoyama PricewaterhouseCoopers board said Wednesday that both he and the deputy chairman will resign to take the responsibility for the firm’s failure to prevent three of its accountants from conspiring in the earnings falsification at Kanebo Ltd., just hours after ...