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Tokyo Strip Clubs: Japan’s Olympus sues execs over scandal, shares surge on M&A hopes

nikki — Tue, 10 Jan 2012 16:36:47 +0000

By Yoko Kubota and Linda Sieg TOKYO | Tue Jan 10, 2012 7:28pm IST TOKYO (Reuters) – Japan’s disgraced Olympus Corp (7733.T) is suing its president and 18 other executives, past and present, for up to $47 million in compensation, as it struggles to recover from one of the nation’s worst accounting scandals. The maker of cameras and medical equipment said on Tuesday all board members subject to the lawsuit would quit in March or April, leaving it in the extraordinary position for now of continuing with its most senior executive, Shuichi Takayama, and five other directors it is suing for mismanagement.One analyst likened the current board to condemned men, resigned to their fate, and said they would have difficulty over the next few months making any strategic decisions, leaving Olympus more vulnerable to an eventual takeover.”Essentially, everyone feels they are on death row. It does seem extremely strange to have the death row cell inside the company,” said Nicholas Smith, head of Japanese equity stra …

See the full article from “Reuters India”

Tokyo Strip Clubs: Analysis: Olympus ex-CEO looks to be losing boardroom bid

nikki — Wed, 28 Dec 2011 01:48:43 +0000

TOKYO (Reuters) – Michael Woodford, the ousted boss of Japan’s Olympus Corp, has won the battle to force his former employer to admit to more than a decade of accounting fraud. His bid to return as chief executive officer, however, appears doomed.
…
How much it can raise may be limited by Tokyo Stock Exchange listing rules that require a company to seek either shareholder approval or an independent entity to bless an offering equal to more than 25 percent of outstanding shares. At the current stock price that would restrict it to 72 billion yen.
Woodford, who was a rare foreign CEO in Japan, has outlined his own ideas for Olympus to raise capital, through either private equity or a rights issue — but both are unlikely to win support from Japanese investors, Tokyo investment bankers say.
Rights issues are an unwieldy and rare form of raising capital in Japan, and domestic shareholders may flinch from selling part of Olympus to private equity firms which are often viewed in Japan as foreign asset strippers.

See the full article from “Malaysia Star”

Tokyo Strip Clubs: Michael Woodford, Ex-Olympus CEO, Looks To Be Losing Bid To Return

nikki — Tue, 27 Dec 2011 08:36:36 +0000

TOKYO (Reuters) – Michael Woodford, the ousted boss of Japan’s Olympus Corp, has won the battle to force his former employer to admit to more than a decade of accounting fraud. His bid to return as chief executive officer, however, appears doomed.
…
Woodford, who was a rare foreign CEO in Japan, has outlined his own ideas for Olympus to raise capital, through either private equity or a rights issue – but both are unlikely to win support from Japanese investors, Tokyo investment bankers say.
Rights issues are an unwieldy and rare form of raising capital in Japan, and domestic shareholders may flinch from selling part of Olympus to private equity firms which are often viewed in Japan as foreign asset strippers.
…
(Additional reporting by Junko Fujita and Taiga Uranaka in TOKYO and Alexander Smith in LONDON; Editing by Mark Bendeich and Ian Geoghegan)

See the full article from “Huffington Post”

Tokyo Strip Clubs: As the gap between rich and poor gets greater, protest spreads east

nikki — Sat, 29 Oct 2011 20:00:33 +0000

It’s all about location, location, location, as they say in real estate. Protests, too. There were more obvious places for Tokyo’s Occupy Wall Street protest to converge last Saturday than the nightlife district of Roppongi. It could have begun in Nihonbashi, home to the Tokyo Stock Exchange; Nagatacho, Japan’s Capitol Hill; or Ueno, where droves of Tokyo’s homeless congregate.
Instead, activists chose the city’s hedonistic melting pot of hipsters, strippers, gangsters, expatriates and bankers. Not just any bankers – Goldman Sachs ones who work in the swanky Roppongi Hills complex. Amid the hundreds of activists, I saw signs saying ”No Greed”, ”Taxiderm the Rich” and my favourite, held by a 20-something woman: ”Stop Vampire Squids”.
It was a reference to Goldman Sachs, which was labelled a ”great vampire squid wrapped around the face of humanity” in a 2009 article in Rolling Stone magazine. For better or worse, Asians see Goldman Sachs both as the gold standard of investment banks and a byword for how incestuous ties between banks and government concentrate wealth in the hands of a few.

See the full article from “WA today”

Tokyo Strip Clubs: As the gap between rich and poor gets greater, protest spreads east

nikki — Tue, 25 Oct 2011 02:00:32 +0000

See the full article from “The Age”

Tokyo Strip Clubs: As the gap between rich and poor gets greater, protest spreads east

nikki — Fri, 21 Oct 2011 14:24:25 +0000

See the full article from “Sydney Morning Herald”

Tokyo Strip Clubs: Wall Street’s 1% Meets 2 Billion Seeking Answers: William Pesek

nikki — Wed, 19 Oct 2011 01:36:44 +0000

Oct. 19 (Bloomberg) — It’s all about location, location, location, as they say in real estate. Protests, too.
There were more obvious places for Tokyo’s Occupy Wall Street protest to converge on Saturday than the nightlife district of Roppongi. It could have begun in Nihonbashi, home to the Tokyo Stock Exchange; Nagatacho, Japan’s Capitol Hill; or Ueno, where droves of Tokyo’s homeless congregate.
Instead, activists chose the city’s hedonistic melting pot of hipsters, strippers, gangsters, expatriates and bankers. Not just any bankers — Goldman Sachs ones who work in the swanky Roppongi Hills complex. Amid the hundreds of activists, I saw signs saying “No Greed,” “Taxiderm the Rich” and my favorite, held by a 20-something woman: “Stop Vampire Squids.”
It was a reference to Goldman Sachs Group Inc., which was labeled a “great vampire squid wrapped around the face of humanity” in a 2009 article in Rolling Stone magazine. For better or worse, Asians see Goldman Sachs both as the gold standard of investment banks and a byword for how incestuous ties between banks and government concentrate wealth in the hands of a few.

See the full article from “San Francisco Chronicle”

Tokyo Strip Clubs: Wall Street’s 1% Meets 2 Billion Seeking Answers: William Pesek

nikki — Wed, 19 Oct 2011 01:36:43 +0000

There were more obvious places for Tokyo’s Occupy Wall Street protest to converge on Saturday than the nightlife district of Roppongi. It could have begun in Nihonbashi, home to the Tokyo Stock Exchange; Nagatacho, Japan’s Capitol Hill; or Ueno, where droves of Tokyo’s homeless congregate.
Instead, activists chose the city’s hedonistic melting pot of hipsters, strippers, gangsters, expatriates and bankers. Not just any bankers — Goldman Sachs ones who work in the swanky Roppongi Hills complex. Amid the hundreds of activists, I saw signs saying “No Greed,” “Taxiderm the Rich” and my favorite, held by a 20-something woman: “Stop Vampire Squids.”
…
In Japan, the media portrayed Saturday’s demonstrations as anti-nuclear in nature. With the Fukushima plant still leaking radiation and Tokyo Electric Power Co. as incompetent as ever, anti-nuke protesters were in the mix. Yet the real story was the so-called 99 percent calling for more equality.
…
To contact the writer of this article: William Pesek in Tokyo at wpesek@bloomberg.net

See the full article from “BusinessWeek”

Tokyo Strip Clubs: Nomura Sees Most Japan IPOs in Three Years on Quake Rebound

nikki — Tue, 20 Sep 2011 06:00:23 +0000

… The market may be starving for fresh companies with good prospects,” Kambe, 48, said in an interview in Tokyo. “The earthquake caused a sense of stagnation, though the scale was much smaller than the financial crisis in 2008. Businesses are making progress on rebuilding and earnings are recovering.”
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Tokyo Stock Exchange, operator of Japan’s largest equity market, is pressing ahead with preparations for an initial offering even after profit tumbled following the quake, Chief Executive Officer Atsushi Saito said in July.
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“There’s more to come,” said Nomura’s Kambe, who is in charge of 90 employees in Tokyo, Nagoya and Osaka. “I feel a breeze blowing of companies that have new services and technologies. Japanese companies can’t be underestimated.”
–With assistance from Satomi Akimoto in Tokyo. Editors: Russell Ward, Chitra Somayaji
To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net

See the full article from “BusinessWeek”

Tokyo Strip Clubs: Nomura Sees Most Japan IPOs in Three Years on Earthquake Rebound

nikki — Wed, 07 Sep 2011 21:36:48 +0000

… The market may be starving for fresh companies with good prospects,” Kambe, 48, said in an interview in Tokyo. “The earthquake caused a sense of stagnation, though the scale was much smaller than the financial crisis in 2008. Businesses are making progress on rebuilding and earnings are recovering.”
…
Tokyo-based Nomura is the No. 1 arranger of Japanese IPOs this year by the number of completed offerings, Bloomberg data show. The bank handled seven share sales, followed by Daiwa, Mizuho Securities Co. and Mitsubishi UFJ Morgan Stanley Securities Co. with three each. Daiwa tops the ranking by amount raised, managing IPOs that amassed 18 billion yen.
“There’s more to come,” said Nomura’s Kambe, who is in charge of 90 employees in Tokyo, Nagoya and Osaka. “I feel a breeze blowing of companies that have new services and technologies. Japanese companies can’t be underestimated.”

See the full article from “San Francisco Chronicle”