TMCnet News
Kyodo economic news summary -3-+(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Jan. 16_(Kyodo) _ ---------- Tokyo stocks rise nearly 3% on Wall Street rebound, stronger dollar TOKYO - Tokyo stocks closed nearly 3 percent higher on Friday after the previous day's sell-off, with investors cheered by an overnight rebound on Wall Street, hoping for U.S. economic stimulus measures, and by the U.S. dollar's strength relative to the yen. The 225-issue Nikkei Stock Average gained 206.84 points, or 2.58 percent, from Thursday to 8,230.15, after trading dipped at one time below the 8,000 line Thursday. ---------- ANA's Vice President Ito to be promoted to president in April TOKYO - All Nippon Airways Co. said Friday it plans to promote Senior Executive Vice President Shinichiro Ito to president on April 1 to succeed Mineo Yamamoto. Yamamoto, 63, who has led Japan's second largest airline for the last four years, will become vice chairman, while Chairman Yoji Ohashi will stay on in the same position. ---------- Nissan to shift production of March subcompact to Thailand TOKYO - Nissan Motor Co. will shift the manufacturing of its March subcompact from its Oppama plant in Kanagawa Prefecture to Thailand beginning in 2010 when the automaker launches its fully revamped model, company officials said Friday. The new March, to be built in Thailand, will use a platform to be made jointly with Nissan's French partner Renault SA and is expected to be sold in Japan and Southeast Asia, the officials said. ---------- BOJ cuts economic assessments on all Japan's 9 regions TOKYO - The Bank of Japan downgraded further its assessments on all of the countries' nine regional economies Friday, citing weak exports, declining corporate profits and sluggish individual consumption. The downgrade came as the central bank released its quarterly "Sakura Report" after a meeting of managers from the BOJ's 32 branch offices. Japan's "economic conditions have been deteriorating," the report said in its overall assessment. ---------- Canon to pay leave compensation to fixed-term employees TOKYO - Canon Inc. said Friday it will extend employment contracts for six months and provide leave compensation during the period for 192 fixed-term employees at its Utsunomiya plant in Tochigi Prefecture where semiconductor manufacturing system output has plunged. The measure will start in March to allow these employees to seek new jobs while receiving compensation without working for six months, Canon said. ---------- Mizuho to reshuffle top managers at holding firm, group banks TOKYO - Mizuho Financial Group Inc. said Friday it will reshuffle top managers at the holding company and two key group banks, Mizuho Corporate Bank and Mizuho Bank, in April as the Japanese megabank combats a sharp economic downturn sparked by the global financial turmoil. Under the plan, Mizuho Financial's Deputy President Takashi Tsukamoto, 58, will succeed current President Terunobu Maeda, 64, and Mizuho Corporate Bank's Deputy President Yasuhiro Sato, 56, will succeed current President Hiroshi Saito, 64. ---------- House Democrats propose $825 bil. stimulus package WASHINGTON - Democrats in the House of Representatives proposed an $825 billion measure Thursday featuring federal spending and tax cuts to nurse the ailing economy back to health. Meanwhile, the Senate approved Barack Obama's request for the remaining $350 billion in a fund aimed at propping up the financial industry, clearing the way for the president-elect to utilize the money shortly after he takes office next Tuesday. ---------- Fuji Heavy expects 19 bil. yen net loss for fiscal 2008 TOKYO - Fuji Heavy Industries Ltd., the maker of Subaru brand cars, said Friday it expects to fall into the red for fiscal 2008 to March 31 this year, with a group net loss of 19 billion yen versus an earlier-projected 10 billion yen profit. The Tokyo-based company largely attributed the earnings forecast cut to sluggish sales amid the global economic downturn and the yen's sharp appreciation against the U.S. dollar and other key currencies. Copyright ? 2009 Kyodo News International, Inc. |