WeWork bailout stalls as Japan banks balk at lending Softbank $3 billion
SoftBank Group Corp.'s talks to secure $3 billion (about ¥328 billion) from the nation's three biggest banks have stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.5 billion rescue package for WeWork. The technology conglomerate is ...
Masayoshi Son's bankers worried about their favorite client
Masayoshi Son's bankers are taking a hard look at their most important client. After the costly rescue of office-sharing startup WeWork and a series of other high-profile setbacks for Son, senior executives at two of Japan's biggest banking groups have said privately they've grown less ...
Sumitomo to build hotels with over 1,700 rooms at Tokyo's Haneda Airport
Two hotels, with a total of more than 1,700 rooms, will be built in Tokyo at Haneda Airport, according to Sumitomo Realty and Development Co. Sumitomo said Tuesday a large-scale multipurpose development complex connected to the airport, comprising the hotels, shopping areas and an open-air ...
Some banks are levying more fees as a way to cover plunges in revenue, with industry leader MUFG Bank considering a maintenance charge for inactive accounts. The moves reflect a tougher business environment amid prolonged low interest rates as well as higher costs for labor ...
Report names Japan's top three mega-banks as the world's biggest lenders to coal plant developers
Japan's three biggest commercial banks are the world's top financiers of new coal plants, according to research released Thursday in Spain at the United Nations Climate Change Conference. Mizuho Financial Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group together accounted for 32 percent ...
Banks to extend loan deadline again for struggling Japan Display
Three major lenders for Japan Display Inc. plan to extend their credit deadlines again to bolster the struggling display-maker's financing as a rescue plan from new investors has yet to be finalized, sources close to the matter said Friday. Mizuho Bank, Sumitomo Mitsui Banking Corp. ...
Japan bank Sumitomo Mitsui says it takes more than changing dress code to shake things up
Japan's second-largest bank wants to change the mindset of its staff. It made a start by upending its dress code — a revolutionary move in an industry dominated by dark suits and formal wear. But that's not enough, according to Sumitomo Mitsui Financial Group Inc. President ...
Japanese banks face headwinds even with current profit goals in sight
Even as the nation's biggest banks remain on course to achieve their full-year earnings goals, they are losing profit drivers. Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. all posted declines in fiscal second-quarter net income, as they ...
Trading house Sumitomo Corp. will spend some ¥500 million ($4.5 million) by February 2020 to acquire a 6.7 percent stake in Taiwan's top electric bus-maker, RAC Electric Vehicles Inc. The two will seek to capitalize on the Taiwan government's plan to replace 15,000 conventional buses ...
A Japan-developed weather satellite will be exported to Vietnam under a Japanese public-private initiative, it was learned Wednesday. Representatives of Japan and the Vietnamese government are in the final stages of talks on the matter, according to sources. The ¥20 billion initiative is aimed at supporting ...
Three main credit banks for Japan Display Inc. are poised to continue supporting the struggling maker of small and midsize liquid crystal display panels, it was learned Monday. Mizuho Bank Ltd., Sumitomo Mitsui Banking Corp. and Sumitomo Mitsui Trust Bank Ltd. will extend their commitment ...
Nippon Life asks Japan Post to suspend sales of insurance product
Nippon Life Insurance Co. has asked Japan Post Co. to temporarily suspend the commissioned sales of one of its insurance products, it was learned Friday. The request follows the revelation last month of inappropriate sales practices by Japan Post employees, involving policies for Japan Post ...
