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Kyodo economic news summary -6-+
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Nov. 28_(Kyodo) _ ---------- BNP Paribas reprimanded for failure in information disclosure
TOKYO - The Financial Services Agency ordered BNP Paribas' Japan unit on Friday to improve its business after the French financial services group failed to disclose crucial information to investors related to a complex financing transaction with a now failed Japanese property developer.
The FSA told the Tokyo branch of BNP Paribas Securities (Japan) Ltd. to clarify management responsibility and to implement measures, such as a thorough overhaul of its internal control, to prevent a recurrence.
---------- JAL, ANA to operate special flights from Thailand to Narita
TOKYO - Japan Airlines Corp. and All Nippon Airways Co. said Friday they will operate special flights from Utaphao airport, around 120 kilometers southeast of Bangkok, to Narita International Airport near Tokyo on Saturday due to the temporary closure of Thailand's main Suvarnabhumi airport.
JAL and ANA jets will leave Utaphao military airport at 1 p.m. and 1:30 p.m. local time, respectively, according to the two companies' announcements.
---------- Lenders in Japan incur combined 699 bil. yen loss in July-Sept. qtr.
TOKYO - Banks and other deposit-taking entities in Japan incurred an additional loss of 699 billion yen in the July-September period on their investments in a range of securitized financial products including those related to U.S. subprime mortgages, the Financial Services Agency said Friday.
The loss in the three-month period breaks down into appraisal losses on their holdings of the investment tools and realized losses stemming from write-downs and sales of the tools to other parties, the nation's financial industry watchdog said.
---------- Food processing firm Cassey files for bankruptcy protection
TOKYO - Food processing company Cassey Co. filed for bankruptcy protection Friday with the Tokyo District Court, with liabilities totaling about 4.44 billion yen, private credit research agency Teikoku Databank said.
The Tokyo-based company is suspected of mixing Chinese-grown vegetables with domestic ones to produce frozen vegetables and sold the products to food sellers as purely domestic vegetables from around 2001 until very recently.
---------- Prices of Louis Vuitton products to be cut due to strong yen
TOKYO - Louis Vuitton Japan Co. said Friday it will cut the prices of most Louis Vuitton products by an average of 7 percent effective Saturday due to the yen's appreciation against the euro.
The price cuts will be applied to thousands of the French luxury brand's bags and other leather products, accessories, clothing and watches, Louis Vuitton Japan said.
Copyright ? 2008 Kyodo News International, Inc.
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