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Posts Tagged ‘japan’

DBS off 0.6%; disposal to have no N/T impact -RBS

DBS Group (D05.SG) off 0.6% at $14.00, volume paltry at 901,000 shares, reflecting limited participation across broad market; news yesterday bank sells asset management arm to Japan’s Nikko Asset Management in exchange for 7.25% stake in combined entity doing little to spur additional interest; RBS expects financial impact to be neutral over short run, “very modestly positive” over medium-, long-term. 

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Danish actor who inspired Belgian cartoonist to create ‘Tintin’ dies

Danish actor Palle Huld, who is apparently the inspiration behind Belgian cartoonist’s creation ‘Tintin’, has died at the age of 98. Huld died on November 26 in a retirement home in Copenhagen. The cause of death has not been mentioned. In 1928, he won a competition organised by Danish newspaper that wanted to send a [...]

Nikko to buy DBS Asset, aims to be pan-Asia fund manager: Update

Nikko Asset Management, the fund management arm of Japan’s Sumitomo Trust & Banking (8403.J), will buy Singapore’s DBS Asset Management in a deal valued at $105 million as it strives to turn itself into a large pan-Asian fund manager.

Under the terms of an agreement announced on Monday, Nikko Asset will acquire DBS’ asset management arm for $137 million. DBS will use the money received to buy a 7.25% stake in the enlarged Nikko Asset.

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Sale of DBS Asset Management unlikely to spur DBS stock

DBS’ (D05.SG) sale of its asset management arm to Japan’s Nikko Asset Management, announced during midday break, not expected to have material impact on share price near term.

Move deemed strategic, allowing DBS to focus on banking operations in core Singapore, HK markets while letting more established Nikko drive asset management business.

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Nikko Asset to buy DBS Asset Management for $137m

DBS Group <DBSM.SI>, Southeast Asia’s largest bank, said on Monday it will sell its asset management arm to Japan’s Nikko Asset Management for $137 million.

DBS will then acquire a 7.25% stake in Nikko Asset and distribute Nikko funds through its branches throughout the region.

 
The Nikko deal does not include DBS Asset’s 33% stake in Chinese joint venture Changsheng Fund Management, which will be held directly by DBS. 
 
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Weekend Comment Dec 3: Osim goes to Taiwan

OSIM INTERNATIONAL, ASIA’S biggest maker of massage chairs outside of Japan, is planning to list Taiwan depositary receipts (TDR) on the Taiwan Stock Exchange (TWSE) to take advantage of the booming Asia Pacific economy and rising disposable incomes during a climate of low interest rates.

The TDR listing aims to broaden and diversify the company’s shareholder base and provide it with an additional fund-raising platform for future expansion. Osim had previously mentioned that it would consider acquiring new brands in China to boost its presence in that country. The listing will also “strengthen public awareness of the Osim brand in Taiwan, which has been a key market for Osim products since 1987,” the company said in a statement on Dec 2.

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Google Yahoo Japan Deal Approved to Microsoft’s Dismay

Google can fuel Yahoo Japan’s search engine without violating antitrust rules, said Japan’s Fair Trade Commission. The move casts a long shadow on Microsoft’s plans for Japan. – Google Dec. 2 won approval to power Yahoo Japan’s search
engine from Japan’s Fair Trade Commission, a victory that has Microsoft worried
about its prospects for Bing in that country.
Japan’s FTC said the deal wouldn’t violate antitrust
rules as it currently stands because it is limited to a sha…


Japan to abolish visas for Serbians

Interior Minister Ivica Dačić met on Thurday with Japanese Deputy FM Hishahi Tokunaga and announced that Japan will abolish visas for Serbians in 2011. Dačić, who is on a five-day visit to Japan, said that during the meeting, Tokunaga underlined that Japan has a positive stance towards the development of political relations between the two countries, as well as towards Serbia’s EU aspirations, the Serbian government’s website reported.

Nikko, DBS Asset Management set to merge

Japan’s Nikko Asset Management and DBS Group’s (DBSM.SI) asset management unit, which have been in  talks over the past few months to combine their businesses, have agreed on a merger, two sources close to the discussions said on Thursday.

The DBS unit’s joint venture with China’s Changsheng Fund  Management Co will not be included in the deal, said the sources, who spoke on condition of anonymity. The deal is likely to be announced next week, they said.

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Japan, Serbia in police cooperation

Serbian and Japanese officials today in Tokyo signed a memorandum on cooperation of the two country’s police forces. Serbian Deputy Prime Minister and Interior Minister Ivica Dačić and President of Japan’s National Commission for Public Safety Tomiko Okazaki signed the document.

Pak-Iran gas deal is pipedream


NEW YORK – US Secretary of State Hillary Clinton has described the group of four countries – India, Brazil, Germany and Japan – as a ‘self-appointed frontrunnersÂ’ for a permanent seat in an expanded UN Security Council, according to classified documents released by WikiLeaks.
ClintonÂ’s cable, which was posted by The New York Times, gave directions to US diplomats to collect information on key issues, including the UN Security Council reform, which is stalled because of rivalries between countries and regions as well as difficult UN procedures.
Earlier this month, President Barrack Obama announced support for IndiaÂ’s bid for a permanent seat on the Security Council, which, at present, has five permanent veto-wielding members – Britain, China, France, Russia and the United Nations – and 10 non-permanent members elected for a two-year term. But most analysts said the process could take years.
The cable asked US diplomats to ascertain deliberations regarding the UNSC expansion among key groups of countries like ‘self-appointed frontrunnersÂ’ for permanent UNSC seats (Group of Four or G-4); Uniting for Consensus group – especially Mexico, Italy and Pakistan – that opposes additional permanent UNSC seats; African Group; and European Union, as well as key UN officials within the Secretariat and the UN General Assembly (UNGA) Presidency.
Meanwhile, Turkey kept India out of a meeting on Afghanistan that Ankara sponsored earlier this year to address Pakistan’s ‘sensitivities’, according to US secret documents released by WikiLeaks.
At a meeting with the US Under Secretary of State for Political Affairs, William Burns; Rauf Engin Soysal who then was the TurkeyÂ’s Deputy Under-Secretary for Bilateral Political Affairs responsible for the Middle East, South Asia and Africa; said Turkey had not invited India to the Afghan neighbours summit in deference to PakistanÂ’s sensitivities.
President Asif Ali Zardari and Afghan President Hamid Karzai met in Istanbul for a Turkish-sponsored talks to discuss cooperation against extremists in Afghanistan earlier this year.
“He (Soysal) said Turkey had not invited India to the neighbours summit in deference to Pakistani sensitivities; however, he said, Pakistan understands attempting to exclude India from the nascent South Asian regional structures would be a mistake,” says the confidential State Department cable dated February 25, 2010.
Soysal, a former Turkish Ambassador to the Pakistan from 2007 to 2009, and his countryÂ’s Special Representative for Afghanistan and Pakistan in September was appointment by the UN Secretary General, Ban Ki-moon, as the Special Envoy for Assistance to Pakistan.
“He (Soysal) reported Indian Prime Minister (Manmohan) Singh had requested (Turkish) President (Abdullah) Gul’s assistance with Pakistan during the latter’s visit to New Delhi the previous week.
Acting on that request, President Gul had phoned Pakistani President Zardari, who was sceptical of Indian intentions.
“Gul is planning to visit Pakistan later this year,” the cable said.
“Soysal said Iran is proposing a quadrilateral summit, which would include Turkey, Afghanistan and Pakistan, but that proposal had yet to generate enthusiasm,” it said.
Meanwhile, top Israeli and American officials discussed the impact of the possible downfall of then President Pervez Musharraf in August 2007 in a meeting on US efforts to reduce tensions between India and Pakistan, according to a State Department cable leaked by WikiLeaks.
The cable contained record of the meeting between Under Secretary of State for Political Affairs Nicholas Burns and Meir Dagan, then chief of Israeli spy agency Mossad on a wide range of issues, including the situation in South Asia.
The leaked cable shows Burns detailed US efforts to reduce tensions between India and Pakistan after the Mossad chief alerted the US about MusharrafÂ’s possible downfall.
“Dagan said that President Musharraf is losing control, and that some of his coalition partners could threaten him in the future. The key question, Dagan said, is whether Musharraf retains his commander-in-chief role in addition to his role as president,” the cable reported.
“If not, he will have problems. Dagan observed that there has been an increase in the number of attempts on Musharraf’s life, and wondered whether he will survive the next few years,” it said.
“Under Secretary Burns replied that South Asia has assumed vital importance in American foreign policy since September 11.”
“The US is committed to denying Afghanistan as a safe-haven for Taliban and Al Qaeda activity. The US (government) will continue to support Pakistani President Musharraf, and is seeking to boost his military defensive capabilities.”
Agencies add: According to the revelations made by the WikiLeaks, the crown prince of Abu Dhabi described President Asif Ali Zardari as ‘dirty but not dangerous’ and former prime minister Nawaz Sharif as ‘dangerous but not dirty’.
The revelation is part of a massive dump of more than 250,000 diplomatic cables by the Website WikiLeaks.
The cables provide candid and at times critical views of foreign leaders as well as sensitive information on terrorism and nuclear proliferation filed by US diplomats.
In July 2009, Abu Dhabi Crown Prince Mohammed bin Zayed, Deputy Supreme Commander of the UAE Armed Forces and de facto defence chief, said Zardari was ‘dirty but not dangerousÂ’. Former prime minister Nawaz Sharif was ‘dangerous but not dirty – this is PakistanÂ’. He said Nawaz Sharif, who heads the main opposition party to Zardari, could not be trusted to honour his promises.
According to leaks, a rail link between Iran and Pakistan would be delayed for the foreseeable future because of unrest from Baloch nationalists in both countries.
Likewise, a natural gas pipeline agreement between Iran and Pakistan, signed with great fanfare earlier this year, is unlikely to bear fruit anytime soon because ‘the Pakistanis don’t have the money to pay for either the pipeline, or the gas’.
Meanwhile, US intelligence believes Iran has obtained advanced missiles from North Korea that could strike Europe. The documents also show frustration among US diplomats who have been pressing for China to block shipments of missile parts from North Korea to Iran, BritainÂ’s Guardian newspaper reported.
US diplomatic cables include remarks from a source in 2009 saying that Iranian Supreme Leader Ayatollah Ali Khamenei has terminal cancer. The source, a non-Iranian businessman based in Central Asia and travelling often to Tehran, “has learned from one of his contacts that (former president Ali Akbar) Rafsanjani told him Khamenei has terminal stage leukemia and could die in a few months”, according to an August 2009 cable. The document says that Rafsanjani, a critic of Iranian President Mahmoud Ahmadinejad who has expressed sympathies with Iran’s reformist movement, decided on learning of Khamenei’s illness to start preparing himself to be a successor.
Leaked documents also revealed how US officials were ordered its officials to spy on the UN leadership. Britain’s Guardian newspaper said a State Department directive sent in July sought intelligence on UN Secretary General Ban Ki-moon’s ‘management and decision-making style’.
The government also asked for credit card numbers, email addresses, phone, fax and pager numbers and even frequent-flyer account numbers for UN officials, the daily added.
Israel discussed its planned war on Gaza with the Palestinian leadership and Egypt ahead of time, offering to hand them control of the strip if it defeated Hamas, US documents released by WikiLeaks showed.
The attempt to coordinate its devastating offensive against GazaÂ’s Islamist rulers was revealed by Israeli Defence Minister Ehud Barak whose remarks were included in a telegram sent in June 2009 by then deputy US ambassador Luis Moreno.
“He explained that the GOI (government of Israel) had consulted with Egypt and Fatah prior to Operation Cast Lead, asking if they were willing to assume control of Gaza once Israel defeated Hamas,” he said, referring to the Fatah party of Palestinian president Mahmud Abbas.

Global Logistic Properties +0.5%; Maiden results sterling: DBS Vickers

Global Logistic Properties (MC0.SG) +0.5% at $2.23 in moderate volume of 8.6 million shares vs flat STI.

DBS Vickers says maiden results “sterling,” (net profit +216% on year at US$85.4 million ($112.5 million)), better performance due to completion, stabilisation of 200,000 sq m of new space in China, slight uplift in Japan operations, 6.9% rise in JPY vs USD, revaluation surplus of US$11.6 million from Japan portfolio.

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Global Logistic Properties posts $112.7m in 2Q net profit

Global Logistic Properties, the market leader in modern logistics facilities in two of Asia’s largest economies, China and Japan, says it posted US$85.4 million ($112.7 million) in net profit in 2Q FY2011 ending Sept 30, 2010, representing a more than two-fold increase from the US$27.0 million reported in the corresponding quarter last year (2Q FY2010). Revenue rose 13.5% to US$113.3 million in 2Q FY2011, from US$99.8 million in 2Q FY2010.

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Singapore’s GLP Q2 net profit nearly triples; boost from yen, revaluation

Global Logistic Properties (GLP) (GLPL.SI), which owns warehouses and other logistics assets in China and Japan, said on Monday its second quarter net profit rose 179% from a year ago, helped by higher rental income, a stronger yen and revaluation gains.

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SATS flat; Little interest in $122m TFK buy

SATS (S58.SG) –0.7% at $2.84 in thin trade, hardly swayed by company’s decision to buy Japan Airlines’ entire 50.7% stake in airline caterer TFK Corp for $122 million.

Purchase marks SATS’ entry into Japan, in line with company’s active bid to develop presence beyond core Singapore, UK markets.

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Face value: Softbank’s Masayoshi Son: Son also rises

A rare, self-made business leader wants to revitalise Japan through telecoms

“THEY are the losers in battle. When you meet with them, they give all kinds of excuses. They blame the government; they blame the weather!” Masayoshi Son, the founder and boss of Softbank, Japan’s third-biggest telecoms operator, has little patience for the risk-averse managers of the country’s sluggish industrial behemoths. Entrepreneurs like him “don’t give excuses for how tough the battle is, and how tough the handicap is—we always fight.”

Japan is unfriendly to entrepreneurs. Like the rest of Japanese society, its businesses have traditionally placed a premium on harmony, which in practice has meant propping up weak firms and making it harder for new, more efficient competitors to rise. Though some stragglers have been allowed to go to the wall, this insiderish ethos still lingers. As a result Japan has the lowest rate of start-ups among rich countries: one-third of America’s rate and half of Europe’s. …

Building hardware: Going up

Fitting large buildings with lifts, locks and electrical systems is nice work

PEOPLE around the world who live or work in high-rise buildings are likely to travel on the first or last leg of their daily commute courtesy of one of four firms. Otis, part of United Technologies, is the world’s leading liftmaker, with 23% of the global market. The American company, Schindler of Switzerland, Kone of Finland and the lift division of ThyssenKrupp, a German conglomerate, together supply about two-thirds of the world’s elevators.

Liftmakers’ fortunes are on the ascent. China’s rapid urbanisation and economic expansion helped them weather the recent recession in the rich world. In 2008, a bad year, the world market was still worth €33 billion (then $47 billion). Demand for lifts and escalators is still booming. Japan’s Mitsubishi Electric, the fifth-largest liftmaker, reckons the market will grow by 30% by 2016 thanks to China—which could account for half of global demand—plus India and other emerging economies. …

Schumpeter: Mittel-management

Germany’s midsized companies have a lot to teach the world

MANAGEMENT gurus are constantly scouring the world for the next big idea. Thirty years ago they fixated on Japan. Today it is India. The more restless are already moving on to Peruvian or Zulu management. Yet in all this intellectual globe-trotting the gurus have sorely neglected the secrets of one of the world’s great economies. Germany is the world’s largest goods exporter after China despite high labour costs and a strongish euro. It is also stuffed full of durable companies that have survived hyperinflation and two world wars. Faber-Castell, a giant among pencilmakers, boasts that Bismarck was a customer.

Thankfully, a couple of management thinkers have defied the boycott on Germany. On November 18th Bernd Venohr, of the Berlin School of Economics and Law, gave a fascinating talk on the “secret recipe” of the country’s Mittelstand at the second annual Peter Drucker Forum in Vienna. Last year Hermann Simon, of Simon-Kucher & Partners, a consultancy, published an even more gripping sequel to his 1996 book on “Hidden Champions”. Put the two together and you get a good idea of the management theory at the heart of Germany’s success. …

Dark pool operator Tora eyes expansion into HK, Singapore

Goldman Sachs (GS.N)-backed Tora, a dark pool operator in Japan, plans to expand into Hong Kong, Singapore and Australia next year, its chief operating officer said.

U.S.-based Tora launched its Crosspoint dark pool service in Japan in February 2010 and says it provides traders with access to more than 5% of the orders passing through the Tokyo Stock Exchange.

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Global Logistic Properties started at Buy by DBS

DBS Vickers initiates coverage on Global Logistic Properties (MC0.SG) with Buy call, $2.76 target price, on par with RNAV estimate.

Broker says besides robust recurrent cashflow from Japan portfolio, GLP set to enjoy strong earnings growth in China, supported by planned construction of 7 million sqm of logistics space over next 4 years: “Given the shorter gestation cycle of industrial properties vs other asset classes, we believe gradual completion of these activities will be accretive to earnings and valuation.”

DBS Vickers says any sale of existing assets would be ROE-positive given sizeable completed portfolio of stabilised, income-generating properties; “not only will this lighten balance sheet and free up capital to be potentially reinvested, generation of fee income from managing these spin-offs would create another source of recurrent cashflow for the group.”

Shares +1.4% at $2.21.

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