Deals

Struggling Citigroup scrambles to restructure abroad

NEW YORK -- Citigroup is looking to sell its Japanese retail banking business as part of efforts to trim back sprawling overseas operations, as what was once the world's largest financial institution continues to rebuild six years after the global fi...

  • Suitors circle as Citibank Japan's retail business heads to auction block

    TOKYO -- Flagging earnings due to low interest rates contributed to Citigroup's decision to sell its Japanese retail banking business, but it is still drawing the attention of potential buyers lured by abundant foreign-currency deposits and other ent...

  • Kansai Electric to take stake in Aussie LNG project

    OSAKA -- Kansai Electric announced Wednesday it will acquire a partial interest in a liquefied natural gas project in Australia. The electric company will buy 1.2% of the stake in the Ichthys LNG project now held by Japan's top energy explorer, I...

  • Louis Vuitton to become No. 2 shareholder in K-Pop label

    SEOUL -- French luxury goods group LVMH will invest around $80 million in YG Entertainment, the South Korean record label whose artists include rapper Psy of "Gangnam Style" fame. The company behind such coveted brands as Louis Vuitton and Hennes...

  • Selling out offers hope for Japan's squeezed regional banks

    TOKYO -- Tokyo Star Bank's buyout by a Taiwanese lender puts a new twist on the old theme of realignment in Japan's crowded banking sector. Hoping to grow their loan books, Japanese regional banks ventured beyond their home prefectures and fought...

  • Hitachi Metals marks new path with purchase of US iron castings giant

    TOKYO -- By moving to acquire U.S. iron castings titan Waupaca Foundry for $1.3 billion, Hitachi Metals aims to alter its strategy in this field by pursuing market share instead of specializing in high-end niche products. The Japanese company ann...

  • NEC to support Mexico's satellite development

    TOKYO -- Japan's NEC will help Mexico develop satellites domestically, providing technologies in hopes of winning orders for related equipment. The company recently signed a memorandum of understanding with the Mexican government, which plans to ...

  • Citigroup to unload Japanese retail banking business

    TOKYO -- Citigroup has decided to sell off its Japanese retail banking operations amid low interest rates that have squeezed profit at a unit reliant on individual deposits. The U.S. bank has sounded out nine or so Japanese banks, including the t...

  • Questions over SoftBank's next US move after Son skips key event

    TOKYO -- SoftBank announced Monday that it will start offering the same smartphone model in both Japan and the U.S. this month. While the announcement itself is significant, the way it was made has drawn even more attention. This will be the firs...

  • Big prize of Haneda access beckons AirAsia

    TOKYO -- As it readies to re-enter the Japanese market, AirAsia seems to have designs on Skymark Airlines' slots at Haneda Airport, a precious commodity jealously guarded by domestic carriers and subject to regulatory discretion. Malaysia-based A...

  • AirAsia weighing bid for struggling Skymark

    TOKYO -- Malaysia-based AirAsia is considering options for aid to Skymark Airlines, seeking control of Japan's third-largest domestic carrier, people familiar with the matter said Monday. While Skymark has fallen on hard times, it holds an enviab...

  • SAIC, Alibaba to partner in connected cars

    SHANGHAI -- China's SAIC Motor and Alibaba Group, the nation's biggest e-commerce company, will jointly develop cars offering access to a broad range of online content and services. The vehicles' software will be based on Alibaba's YunOS operatin...

  • Sumitomo Mitsui Banking buying into Cambodia's top bank

    TOKYO -- Sumitomo Mitsui Banking will acquire more than 12% of Cambodia's Acleda Bank as early as next month, providing a foothold for expanding Southeast Asian operations. The Japanese bank will purchase a 12.25% stake from International Finance...

  • Hitachi may buy Italian rail businesses

    TOKYO -- Hitachi is considering acquiring rail traffic signal and train car businesses from Finmeccanica, an Italian aerospace and defense equipment manufacturer. The Italian company is planning to solicit bids for the sale of Ansaldo STS, which ...

  • Tepco seen picking Chubu Electric as partner

    TOKYO -- Tepco is likely to select Chubu Electric Power as its partner for fossil-fuel-based power generation as early as next month, based on expectations that costs can be reduced through joint procurement of liquefied natural gas. The ailing T...

  • Trio joins the fray for Sendai Airport rights

    TOKYO -- Mitsubishi Estate, general contractor Taisei and Japan Airport Terminal Co. have made a bid for the operating rights to Sendai Airport in Miyagi Prefecture, it was learned Friday, joining the other businesses known to have stepped forward. ...

  • Southeast Asian companies should look abroad for M&A targets

    TOKYO -- Southeast Asian companies' acquisitions within the region have been aimed at building stronger business foundations, reflecting their defensive stance. But it is crucial that they also maintain an offensive strategy through purchases elsewhe...

  • Southeast Asian businesses stepping up M&A to survive

    TOKYO -- Southeast Asian companies are ramping up acquisitions in preparation for the region's economic integration next year, seeking to ensure that they can thrive in a global market. The value of mergers and acquisitions between Southeast Asia...

  • Japan's Eurus Energy speeding up expansion abroad

    TOKYO -- Eurus Energy Holdings, the nation's largest wind power producer, has invested in two wind farms in southern Italy as it works to expand overseas operations. The Japanese company has purchased a 50% stake in their operating company from I...

  • Priceline ramps up Chinese push with Ctrip investment

    NEW YORK -- Online discount travel company Priceline Group will take a stake in Chinese peer Ctrip to hasten its expansion in the world's most populous nation. In the capital tie-up, announced Aug. 6, Priceline will invest $500 million to subscri...