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Kyodo economic news summary -4-+
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, July 23_(Kyodo) _ ---------- Tokio Marine to acquire U.S. nonlife insurer for $4.7 billion
TOKYO - Japan's Tokio Marine Holdings Inc. said Wednesday it will acquire all outstanding shares of U.S. nonlife insurer Philadelphia Consolidated Holding Corp. for $4.7 billion (498.7 billion yen) in the latest move to expand its foothold in foreign markets.
Through its wholly owned subsidiary Tokio Marine & Nichido Fire Insurance Co., the major Japanese insurance group will buy the U.S. company for $61.50 per share in cash with the deal expected to be completed during the October-December quarter of this year.
---------- Nippon Life forms business alliance with Northwestern Mutual of U.S.
TOKYO - Nippon Life Insurance Co. said Wednesday it has agreed with Northwestern Mutual Life Insurance Co. of the United States to form a business alliance, with the Japanese insurer buying shares in an affiliate of the U.S. firm.
Nippon Life bought a 5 percent stake in Russell Investments for its business tie-up with the U.S. insurer based in Milwaukee, Wisconsin, it said.
---------- U.S. ready to cut farm aid to push WTO free trade deal
GENEVA - The United States said Tuesday it is ready to limit its farm subsidies to $15 billion a year in an attempt to strike a deal at the long-delayed Doha Round of talks on global trade, but many developing countries responded coolly.
"We are prepared to reduce our overall trade-distorting domestic support to $15 billion" a year, U.S. Trade Representative Susan Schwab said at a news conference at the World Trade Organization headquarters in Geneva.
---------- Idemitsu to revise oil prices on weekly basis, mirror market changes
TOKYO - Japanese oil refiner Idemitsu Kosan Co. is considering revising its wholesale prices of gasoline and other petroleum products on a weekly basis from October in line with sharp fluctuations in global oil markets, its president said Wednesday.
"Idemitsu hopes to adopt a market-linked (system) from around October," President Akihiko Tembo said at a press conference.
---------- Tokyo stocks rise for 2nd day on drop in oil prices, softer yen
TOKYO - Tokyo stocks closed higher Wednesday, extending gains for the second straight trading day, as a retreat in New York crude oil prices boosted stocks across Asian markets and the U.S. dollar's advance into the lower 107 yen level lifted investor sentiment.
The 225-issue Nikkei Stock Average gained 127.97 points, or 0.97 percent, from Tuesday to 13,312.93. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 15.61 points, or 1.21 percent, to 1,303.35.
---------- Key 10-year JGB yield hits 2-week high
TOKYO - The yield on the benchmark 10-year Japanese government bond hit a two-week high Wednesday following a rise in the U.S. Treasury bond yield.
In interdealer trading, the yield on the No. 294, 1.7 percent issue gained 0.030 percentage point from Tuesday's close to 1.640 percent, after rising at one point to 1.650 percent. The yield hit the highest level both on an intraday and closing level in about two weeks.
Copyright ? 2008 Kyodo News International, Inc.
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