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Kyodo economic news summary -5-+(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, May 7_(Kyodo) _ ---------- Dentsu expects 20.5 billion yen net loss in FY 2008 TOKYO - Dentsu Inc. said Thursday it has revised downward its earnings estimate for fiscal 2008 ended in March, forecasting a group net loss of 20.45 billion yen compared with a profit of 11 billion yen estimated in February. The top Japanese ad agency revised the estimate due to a stock-evaluation loss of about 51 billion yen amid the stock market slump. ---------- Key 10-year JGB yield rises on Tokyo stock gains TOKYO - The yield on the benchmark 10-year Japanese government bond closed higher Thursday on a sharp rise in Tokyo stocks, while some market participants remained cautious ahead of the official announcement of the results of U.S. bank stress tests later in the day. In interdealer trading, the yield on the No. 299, 1.3 percent issue gained 0.015 percentage point from Friday's close to 1.410 percent. Japanese markets were shut Monday through Wednesday for national holidays. ---------- Orix to sell controlling stake in Orix Credit to SMBC TOKYO - Orix Corp. said Thursday it will sell a controlling stake in its wholly owned consumer finance subsidiary Orix Credit Corp. to Sumitomo Mitsui Banking Corp. for joint management of the unit in the face of a toughening market environment. Sumitomo Mitsui will acquire a 51 percent equity stake in Orix Credit by purchasing 1.52 million shares on July 1, the leasing company said. ---------- Nikkei rises 4.6%, ends at 6-month high near 9,400 on U.S. bank hopes TOKYO - Japan's key Nikkei index soared 4.6 percent to a six-month closing high of nearly 9,400 as trading resumed after a three-day holiday, with optimism fueled by easing concerns over the health of the U.S. financial sector and receding fears about a new influenza pandemic. The 225-issue Nikkei Stock Average gained 408.33 points, or 4.55 percent, from Friday to 9,385.70, marking a new closing high since Nov. 5, when it logged 9,521.24. ---------- NEC Electronics expands FY 2008 net loss projection to 83 bil. yen TOKYO - NEC Electronics Corp., a chip unit of NEC Corp., said Thursday it expects to incur a bigger group net loss of 83 billion yen for the business year ended in March due to a severe slump in the global semiconductor industry. The projected loss is worse than 65 billion yen the company forecasted in January and far larger than the 16 billion yen loss it incurred in fiscal 2007. (c) 2009 Kyodo News International, Inc. |