Business Topics

China hits 12 Japanese auto firms with fines in price-fixing probe

Aug 20, 2014

China hits 12 Japanese auto firms with fines in price-fixing probe

China announced Wednesday that it will fine 12 Japanese auto parts suppliers a total of $202 million for colluding to raise prices in an unfolding anti-monopoly probe of the country’s auto industry. Beijing has launched a series of investigations of global automakers and technology ...

Chugoku Electric to buy into Australian coal mine

Aug 19, 2014

Chugoku Electric to buy into Australian coal mine

Chugoku Electric Power Co. said Monday it will acquire a 10 percent interest in an Australian coal mine owned by a Japanese oil refiner to secure a stable source of fuel for its power plants. The Hiroshima-based utility will pay an undisclosed sum for ...

Aug 19, 2014

Mitsubishi to build fertilizer plant in Turkmenistan

Mitsubishi Corp. said Tuesday it has won a contract to build an agricultural fertilizer plant in Turkmenistan with a Turkish construction company. Together with Mitsubishi Heavy Industries Ltd., the trading company will be responsible for the plant’s design and for procuring its equipment. The ...

Aug 19, 2014

Hitachi metals to buy major U.S. foundry

Hitachi Metals Ltd., Japan’s biggest maker of magnets containing rare earths, will pay $1.3 billion for Wisconsin-based Waupaca Foundry Inc., gaining four foundries in the company’s home state and two others elsewhere in the U.S. The purchase will be financed with cash and debt, ...

Aug 19, 2014

China fines Japan's NSK ¥2.9 billion for antitrust violations

China’s antitrust regulator fined bearing-maker NSK Ltd. ¥2.9 billion for violating rules, the first Japanese company to be punished amid an industrywide probe into pricing practices. NSK said it is cooperating fully with the investigation by China’s National Development and Reform Commission into its ...

Aug 18, 2014

JR East shuts Suica point website after 296,000 illegal accesses

Information on 756 commuters use JR East’s Suica point-conversion website may have been compromised, East Japan Railway Co. revealed Monday. The railway, recently at the center of a growing number of big data scandals, temporarily closed the website and said no financial damage had ...

SoftBank sells first bonds since dropping T-Mobile bid

Aug 18, 2014

SoftBank sells first bonds since dropping T-Mobile bid

SoftBank Corp., the Japanese wireless carrier led by billionaire Masayoshi Son, plans to sell bonds for the first time after it abandoned talks to merge Sprint Corp. with T-Mobile US Inc. Son’s company is offering ¥400 billion in five-year notes to individual investors, and ...

Aug 18, 2014

SMBC to become top stakeholder in biggest Cambodian bank

Sumitomo Mitsui Banking Corp. plans to acquire a stake of 12.25 percent in Acleda Bank, the largest commercial bank in Cambodia, for over ¥10 billion to become its top shareholder, sources said Monday. Pending approval by regulatory authorities in the Southeast Asian country, the ...