Mitsui and Mitsubishi cut value of stakes in Sakhalin-2 energy project

Liquefied natural gas from the Sakhalin-2 project is loaded onto a tanker in the Russian port of Prigorodnoye in October.  | AP / VIA KYODO

Major Japanese trade houses Mitsui & Co. and Mitsubishi Corp. said Tuesday they have trimmed the value of their stakes in the Sakhalin-2 oil and natural gas project in the Russian Far East by a combined ¥217.7 billion ($1.7 billion), citing growing business uncertainty. Mitsui cut its investment value by ¥136.6 billion and Mitsubishi by

Japan creates new Cabinet post to boost startup ecosystem

Economic revitalization minister Daishiro Yamagiwa took on the additional role of startup minister on Monday. | KYODO

Aiming to further rev up Japan’s startup scene and facilitate innovation, investment and the growth of young enterprises, Prime Minister Fumio Kishida on Monday appointed Daishiro Yamagiwa to a new ministerial post overseeing the promotion of startup policies, which will be in addition to his role as economic revitalization minister. Such policies are mainly overseen

Google search ad sales beat targets despite global ‘uncertainty’

A trio of Alphabet executives sounded caution on a call Tuesday with investment analysts, using 'uncertain' or 'uncertainty' at least 13 times to describe the economy. | REUTERS

Google search ads lifted parent Alphabet Inc. close to Wall Street sales expectations Tuesday, sending shares up on relief that the world’s biggest seller of online advertising may withstand a global recession better than smaller rivals. A trio of Alphabet executives sounded caution on a call with investment analysts, using “uncertain” or “uncertainty” at least

Toshiba’s dissenting director speaks out on activists on board

Mariko Watahiki | KYODO

A Toshiba Corp. external board member said the company’s plan to appoint two directors representing activist investors lacks fairness and balance, opposing their election in a shareholder vote this month. Mariko Watahiki, a former judge who became a Toshiba board member last year, spoke out against the proposed election of two director candidates from Elliott

Toshiba director opposes board nominees from Elliott and Farallon

Under criticism that it was ignoring the wishes of shareholders, Toshiba last month nominated to its board Eijiro Imai and Nabeel Bhanji to represent activist investors Farallon and Elliott. | AFP-JIJI

A Toshiba Corp. outside director opposed the nominations of two directors representing the company’s activist investors, suggesting possible conflict ahead in what has become a litmus test for corporate governance in Japan. Mariko Watahiki, a former Nagoya High Court chief justice, opposed the nomination of directors from Elliott Capital Advisors LP and Farallon Capital Management

SoftBank faces record loss as Masayoshi Son’s bets tumble again

Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., speaking in Tokyo during a virtual earnings announcement, in Naha, Japan, on Tuesday, Feb. 8. | BLOOMBERG

Billionaire Masayoshi Son is poised to set another record — and not the good kind. When he reports earnings for the March quarter Thursday, SoftBank Group Corp.’s Vision Fund investment unit may have lost more money in one quarter than it ever has before. The world’s largest tech fund is estimated to have lost about

SoftBank cuts back spending, leaving startups desperate for cash

Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., during a virtual earnings announcement in February  | BLOOMBERG

SoftBank Group Corp.-backed Light is struggling to raise funds after the world’s largest tech investor balked at putting more money into the startup, people familiar with the matter said. SoftBank owns about 30% of Light through its first Vision Fund, which led an injection of $121 million (¥15.4 billion) into the advanced camera developer in

Mitsubishi and Petronas to sell stakes in Myanmar’s Yetagun gas field

Mitsubishi Corp. headquarters in Tokyo | KYODO

Source link. In a time of both false information and too much info, quality journalism is more important than ever.By subscribing, you can help us get the story. SUBSCRIBE NOW Tokyo/Singapore– Malaysias Petronas and Japans Mitsubishi Corp. are divesting their stakes in Myanmars Yetagun gas field, the business stated, in the most recent exits by

Kaisa share suspension furthers China property sector fears

Kaisa is China's 27th-largest real estate firm in terms of sales but one of its most indebted. | REUTERS

Source link. PHOTO GALLERY (CLICK TO ENLARGE). Chinese property company Kaisa suspended share trading in Hong Kong on Wednesday, with questions swirling over its ability to make payments and contagion dispersing within the countrys debt-ridden genuine estate sector.The Chinese federal government triggered a crisis within the residential or commercial property industry when it launched a

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