Companies

Vietnam refinery

Idemitsu building a bridge to ASEAN

TOKYO -- Idemitsu Kosan is building an oil refinery in Vietnam as a way of getting access to the whole of Southeast Asia. The region, with a population of 620 million, sees gross domestic product growth of more than 5% a year. Chinese, Saudi Arab...

  • Moving toward a 2-horse race

    Idemitsu, Showa Shell eye 100bn yen boost from merger

    TOKYO -- Japanese oil wholesalers Idemitsu Kosan and Showa Shell Sekiyu are discussing a merger that would let them pool complementary resources and give them the wherewithal to move beyond a shrinking domestic market. Industry leader JX Holdings...

  • Decision likely next year

    Japan recommends new reactor for Vietnam

    TOKYO -- The Japanese government is recommending that Vietnam buy a new type of pressurized water reactor developed by Atmea, a Japanese-French joint venture, sources told The Nikkei. Industry observers were paying close attention to which reacto...

  • Auditing the auditors

    Toshiba's accounting firm to investigate itself

    TOKYO -- The auditor that signed off on Toshiba's padded earnings has set up an in-house team to find out why. Ernst & Young ShinNihon will check to see what it may have done wrong, aiming to prevent a recurrence, at a time when the Financial Ser...

  • Take our mine, please!

    Sumitomo, Vale sell Aussie coal mine for less than $1

    SYDNEY -- Japanese trading house Sumitomo Corp. has sold its interest in Australian coal mine Isaac Plains for practically nothing. Local mining company Stanmore Coal said it bought the entire stake from Sumitomo and Brazilian company Vale for 1 ...

  • Singapore banking

    Mixed results for top 3 lenders

    SINGAPORE -- Singapore's top three banks have reported mixed earnings results for the second quarter. DBS Group Holdings and Oversea-Chinese Banking Corp. turned in double-digit, year-on-year net profit growth while United Overseas Bank, the smal...

  • Still seeing red

    Sharp's shocking early stumble in make-or-break year

    OSAKA -- Having secured a financial lifeline from lenders, a new-and-improved Sharp was supposed to make a pivotal comeback this fiscal year. Yet its fifth straight first-quarter loss, announced Friday, ended up highlighting the daunting challenges a...

  • Vietnamese steelworks

    JFE Steel takes chance on new project

    TOKYO -- JFE Steel announced Thursday that it will join a project to build a massive integrated steelmaking facility in central Vietnam. Operating blast furnaces in Southeast Asia is high on the wish lists of major Japanese steelmakers. JFE Steel...

  • Jardine Matheson Holdings

    Taxes pull down property arm's profits

    HONG KONG -- Singapore-listed Hongkong Land Holdings, a member of Hong Kong-based conglomerate Jardine Matheson Holdings, saw its net profit drop 9% to $513 million for the first half of this year, the company said Thursday. Higher tax charges pushed...

  • Book-padding investigation

    Toshiba executives had no choice but to resign

    TOKYO -- An independent panel's report on Toshiba's book-padding, released July 20, forced the president as well as his two immediate predecessors to resign from the company in disgrace. Then President Hisao Tanaka on July 14 visited the office o...

  • Ex-Tepco execs to face mandatory indictment given panel decision

    TOKYO (Kyodo) -- An independent judicial panel of citizens said Friday it has decided that three former executives of Tokyo Electric Power Co. merit indictment over the 2011 nuclear disaster at the Fukushima Daiichi power plant, setting the stage for...

  • Philippine gaming

    Third Manila Bay casino complex to open in 2016

    MANILA -- Japan's Universal Entertainment is set to open its $2-billion casino project in the Philippines next year. The facility will be the third gaming complex in the country's new entertainment hub. The Manila Bay Resorts -- owned by Universa...

  • Shift away from megasolar

    Sharp to end thin solar cell production, focus on residential

    OSAKA -- Sharp plans to halt production of thin solar cells sold primarily for megasolar projects because stiffer price competition has diminished profitability. Thin-film solar cells, which use thin silicon film, can be produced at low cost. The...

  • Nikkei earnings preview

    Japanese noodle seller Toridoll seen doubling net profit

    KOBE -- Japanese udon noodle purveyor Toridoll's group net profit for the April-June quarter likely doubled on the year to around 900 million yen ($7.19 million). Revenue apparently climbed 15% to roughly 23 billion yen, and operating profit like...

  • Cross-industry partnership

    Seven & i, Fast Retailing plan tie-up including new apparel brand

    TOKYO -- Japanese retailers Seven & i Holdings and Fast Retailing are making plans for a wide-ranging partnership covering everything from product planning and production to sales and distribution. The convenience store giant and the operator of ...

  • Korea-Japan conglomarate

    In Lotte Group feud, jab followed by rebuttal

    SEOUL -- Infighting rages on at Lotte Group, a conglomerate straddling South Korea and Japan, with the recent remarks of a former executive met with a swift rebuttal. In an interview with The Nikkei on Wednesday, Hiroyuki Shigemitsu, former vice ...

  • Mahindra & Mahindra

    New compact SUV to offer just enough toughness for urbanites

    MUMBAI -- Indian carmaker Mahindra & Mahindra is readying a "tough" but "stylish" new compact SUV it hopes will nudge rivals out of the way. The TUV3OO -- pronounced "three double-O" -- will go up against Ford's Ecosport, a market favorite, and R...

  • Hang Lung Properties

    China helps lift operating profit by 3%

    HONG KONG -- Hang Lung Properties, a leading developer here, remains confident about its business in mainland China despite the country's recent economic slowdown. Hang Lung on Thursday posted an operating profit of 3.52 billion Hong Kong dollars...

  • Family feud

    Lotte's poor corporate governance exposed

    TOKYO -- Family feuding at Lotte Holdings has revealed that the corporate governance system of the Japanese-Korean conglomerate is poor. A protracted dispute among the management may soon damage the prestigious brand. Two brothers from the group'...

  • Family struggle

    Ousted Lotte chief to repeat call for sacking board members at shareholder meeting

    TOKYO -- After being dismissed as vice chairman of Japanese-Korean conglomerate Lotte Holdings in January, Hiroyuki Shigemitsu, known in South Korea as Shin Dong-joo, together with his 92-year-old father, Takeo Shigemitsu, or Shin Kyuk-ho, on Monday ...