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Mar 26, 2015

China denies seeking veto power in new multilateral bank

China has not sought veto power over a new multilateral bank, a top finance ministry official said Wednesday, after a report Beijing enticed major European countries to join by offering to give up control over decisions. Britain, Germany, France and Italy have in the ...

ADB president eyes joint funding in projects with AIIB

Mar 25, 2015

ADB president eyes joint funding in projects with AIIB

Asian Development Bank President Takehiko Nakao said Wednesday that jointly funding projects with a planned Chinese-led Asian development bank is one way to form a “complementary relationship.” “We’ll cooperate if it’s formally launched,” Nakao said at a news conference in Tokyo. “It’s impossible to ...

Mar 25, 2015

Apple to build R&D facility in Yokohama

U.S. computer maker Apple Inc. plans to build a technology development facility at a former Panasonic Corp. plant site in Yokohama, Mayor Fumiko Hayashi said Wednesday. “Apple’s presence could trigger a virtuous cycle where new values and industries will be created,” she said at ...

Mar 25, 2015

China says proposed Asian bank may have branches abroad

China says its proposed Asian bank might have regional offices in other countries in a new move to mollify concern it will be a Chinese political tool. A deputy finance minister, Shi Yaobin, said Wednesday on his ministry’s website the Asian Infrastructure Investment Bank ...

Otsuka Kagu familial feud nears climax

Mar 25, 2015

Otsuka Kagu familial feud nears climax

by Kazuaki Nagata

A battle between the founder of Otsuka Kagu Ltd. and its current president, who also happen to be father and daughter, is expected to turn into a proxy fight at the company’s annual shareholders’ meeting scheduled for Friday, with the result deciding the fate ...

Mar 25, 2015

Trader Sumitomo braces for worst losses since 1997

Sumitomo Corp. said it expects an annual loss of ¥85 billion ($711 million), more than four times the number forecast by analysts, after the trading house posted additional write-downs on its resources investments. The drop in energy and commodity prices means Sumitomo will need ...

| Mar 25, 2015

Dollar lacks direction above ¥119.50

The dollar was lacking direction above ¥119.50 throughout Wednesday in Tokyo after showing some swings in overseas trading Tuesday. At 5 p.m., the dollar was quoted at ¥119.61-62, unchanged from the same time on Tuesday. The euro stood at $1.0952-0952, little changed from $1.0951-0952, ...

Mar 25, 2015

Jordan signs $10 billion nuclear power plant deal with Russia

Jordan signed an agreement with Russia on Tuesday worth $10 billion that sets the legal basis for building the kingdom’s first nuclear power plant with a total capacity of 2,000 megawatts. Jordan imports nearly 98 percent of its energy from oil products and crude ...

Japan-New Zealand TPP talks making slow progress: Amari

Mar 25, 2015

Japan-New Zealand TPP talks making slow progress: Amari

Japan-New Zealand negotiations on the 12-country Trans-Pacific Partnership free trade initiative are making slower progress compared to bilateral talks with other member countries, economic and fiscal policy minister Akira Amari said Wednesday. Talks with New Zealand have been “significantly delayed,” Amari, Japan’s point man ...

Australia leader voices support for China-led development bank

Mar 25, 2015

Australia leader voices support for China-led development bank

Australia’s prime minister said Wednesday he supports the proposed development of a Chinese-backed Asian regional bank as long as it is transparent and not run by a single country. Prime Minister Tony Abbott said Australia would announce its decision about joining within a few ...

Mar 25, 2015

Amazon blasts U.S. agency for slowness on drone regulation

E-commerce power Amazon.com blasted federal regulators on Tuesday for being slow to approve commercial drone testing, saying the United States is falling behind other countries in the potentially lucrative area of unmanned aviation technology. Less than a week after the Federal Aviation Administration gave ...