Business / Corporate May 11, 2021
Itochu becomes top-earning Japan trader for first time in five years
Itochu posted a net profit of ¥401.4 billion in the latest reporting year although the figure was down 19.9% from the preceding year.
Business Feb 4, 2021
Japan's Sumitomo exits U.S. shale oil business to promote restructuring
Trading house Sumitomo Corp. said Thursday it had withdrawn from the U.S. shale oil and gas business to cut costs and proceed with structural reforms. The Japanese firm has sold all of its stake in a shale oil project in Texas to a U.S. oil ...
Business / Financial Markets Oct 13, 2020
Buffett-led share price boom short-lived for most Japan trading firms
by Gearoid Reidy, Shoko Oda and Stephen Stapczynski
The August announcement, among the largest investments ever made by Buffett in Japan, boosted investor interest in the trading companies.
Business / Corporate Aug 31, 2020
Berkshire Hathaway takes stakes topping $6 billion in Japan's top five trading companies
by Katherine Chiglinsky and Stephen Stapczynski
Shares in the trading houses leaped on news of the foray, one of billionaire Warren Buffett's biggest in Asia’s second-largest economy.
Business Aug 20, 2020
Japanese trading giant Itochu edges traditional rivals by shunning energy and metals
by Masumi Suga
Itochu is shattering the old pecking order led by Mitsubishi, Mitsui and Sumitomo by extending its lead as the nation's most valuable trader.
Business / Corporate Dec 24, 2019
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 ...
Business Dec 16, 2019
Masayoshi Son's bankers worried about their favorite client
by Taiga Uranaka and Takahiko Hyuga
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 ...
Business / Corporate Dec 11, 2019
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 ...
Business / Corporate Dec 10, 2019
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 ...
National Dec 7, 2019
Japan's mega-banks named as world's biggest lenders for new coal plants
by Ryusei Takahashi
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 ...
Business / Corporate Dec 6, 2019
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. ...
Business / Economy Dec 6, 2019
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 ...