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Kyodo economic news summary -2-+(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Nov. 16_(Kyodo) _ ---------- Japan's economic growth accelerates to 4.8% in July-Sept. qtr TOKYO - Japan's economy expanded in the July-September quarter for the second straight quarter, marking the fastest pace of growth in more than two years due to pickups in exports and private consumption, the government said Monday. The nation's gross domestic product grew an annualized real 4.8 percent in the three months through September, the Cabinet Office said in a preliminary report. The expansion is the largest since the January-March quarter of 2007, and overwhelms the average market forecast of a 2.6 percent gain in a Kyodo News survey. ---------- Industry minister Naoshima leaks GDP in advance of announcement TOKYO - Industry minister Masayuki Naoshima leaked Japan's economic growth data for the July to September quarter to businesspeople in a meeting Monday in advance of the official announcement. The minister of economy, trade and industry told the exact figures of the nation's economic growth, as measured by gross domestic product, to a meeting with representatives of the Petroleum Association of Japan around 8:20 a.m. although there is a strict regulation not to disclose the data before 8:50 a.m. ---------- 2nd extra budget to be no smaller despite strong GDP data: Kan TOKYO - The government has no plans to reduce the size of a planned second extra budget for the current fiscal year, though Japan's latest gross domestic data has turned out much stronger than expected, Deputy Prime Minister Naoto Kan said Monday. Kan told a news conference that the expansion, corresponding to 1.2 percent growth from the April-June quarter, reflects "moves that the economy is recovering" in Japan and overseas. ---------- Pioneer files complaint against Garmin over patent infringement TOKYO - Pioneer Corp. said Monday it has filed a complaint with the U.S. International Trade Commission claiming that Garmin International Inc. is infringing upon the Japanese manufacturer's patents involving navigation technology. Pioneer called on the ITC last Friday to prevent sales in the United States of Garmin's products made using Pioneer's technology, the Tokyo-based firm said in a statement. ---------- Canon to acquire biggest European printer maker Oce of Netherlands TOKYO - Canon Inc. said Monday it will acquire Oce NV of the Netherlands, the biggest printer maker in Europe, through a takeover bid to buy out all its shares to create a global leader in the printing industry. Canon plans to launch the takeover bid, agreed to with Oce, as early as January and make an offer of 8.60 euros per share for all the outstanding shares of Oce, the Japanese company said. ---------- Electronics retailer Laox to open 110 stores in China from 2010 TOKYO - Japanese home electronics retailer Laox Co. said Monday it will open a total of 110 stores in China for musical instruments and a variety of merchandise popular in Japan, in a bid to break into the promising Chinese market. Laox said it will aim to generate 27.5 billion yen in the year to March 2013 by opening the stores under its three-year medium-term management program worked out after China's Suning Appliance Co. became its top shareholder in August. ---------- Grants for debt-laden Kansai airport to be frozen TOKYO - A government panel on cutting wasteful spending sought Monday to freeze grants for debt-laden Kansai International Airport until a new bailout plan is worked out, as part of its intensive efforts to sort out waste in ministries' budget requests for fiscal 2010. Against the proposed 16 billion yen in grants to help lower the high landing fees at the struggling Osaka Prefecture-based airport with more than 1 trillion yen in interest-bearing debts, the Government Revitalization Unit required that fundamental demand-boosting measures be devised such as a review of the role-sharing of the Kansai region's three airports. ---------- Hitachi to raise over 415 billion yen to bolster financial base TOKYO - Hitachi Ltd. said Monday it will raise 415.67 billion yen by issuing new shares and convertible bonds to bolster its financial base that has been battered by the global economic slump. Hitachi said the move to boost capital is part of its efforts to return to profitability by strengthening operations with growth potential such as information technology and social infrastructure. ---------- Tokyo stocks mixed on equity financing worries despite GDP data TOKYO - Tokyo stocks ended mixed Monday as worries about an increasing spate of equity financing plans by major corporations soured the mood despite better-than-expected economic growth data and strong gains in other Asian markets. The 225-issue Nikkei Stock Average moved in and out of negative territory to close 20.87 points, or 0.21 percent, higher from Friday at 9,791.18. The broader Topix index of all First Section issues on the Tokyo Stock Exchange lost 6.38 points, or 0.74 percent, to 860.42. ---------- Dollar falls briefly to lower 89 yen on upbeat Japanese GDP data TOKYO - The U.S. dollar fell briefly to the lower 89 yen level Monday morning in Tokyo on the release of better-than-expected Japanese gross domestic product data before being bought by investors awaiting key U.S. data. At noon, the dollar fetched 89.64-69 yen against 89.62-72 yen in New York and 90.28-30 yen in Tokyo at 5 p.m. Friday. ---------- Key 10-year JGB yield edges down as GDP data outweighed by caution TOKYO - The yield on the benchmark 10-year Japanese government bond edged down Monday, with selling on better-than-expected economic growth data later being outweighed by buying amid continued caution about the economic outlook. The yield on the No. 303, 1.4 percent issue, a key indicator of long-term interest rates, ended interdealer trading down 0.005 percentage point from Friday's close at 1.330 percent. It was the lowest closing benchmark yield since Oct. 16. (c) 2009 Kyodo News International, Inc. |