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’On top of everything, Mizuho bank is having ATM problems
From Reuters on Thursday:
TOKYO, March 17 (Reuters) – Mizuho Bank said its automatic teller machines failed for a second time Thursday across Japan after a shutdown earlier in the day. A spokesman for the company said its ATM network failed at 0840 GMT,
Japan’s banks already facing stock losses, CreditSights says
In addition to being big Japanese government-bond buyers, Japan’s megabanks are also (wait for it) heavily invested in equities. Though not as much as they used to be.
There’s a slightly ironic backstory here that has to do with Japan’s very long banking crisis.
Snap news
Breaking pre-market news on Monday,
- Unilever to acquire Alberto Culver for $3.7bn — statement.
- 3i to acquire Mizuho Investment Management for £18.3m — statement.
- Artemis Alpha Trust and Gartmore Growth Opportunities agree to merge assets — statement and statement.
Japan’s banks in fund-raising frenzy
While Europe grapples with internal politics, regulatory rows and sovereign debt problems, Japanese banks are quietly continuing their fund-raising frenzy.
According to figures compiled for FT Alphaville by data provider Dealogic, Japanese banks raised a whopping Y3,530bn,
J-com, fat fingers and a case of mistaken identity
Oh dear… it’s not quite a “fat-finger” case this time but rather, what you could call a “thick” moment for a hapless trader.
J-Com, the Japanese recruitment company at the centre of a “fat finger”
Mizuho in fourth straight quarterly loss
Mizuho Financial Group, Japan’s third-biggest bank by market value, booked its fourth-straight quarterly loss on higher bad loan charges, reports Bloomberg. The Y4.5bn loss ($47m) in the three months ended June 30 compares with a Y133bn profit a year earlier,
Japanese equity raisings: So much money, so much dilution
Rights issues, all the rage in many key markets, have never been popular in Japan.
In fact, just like in the US, they are non-existent. That is partly due to a broad preference among Japanese companies
Daiwa, Mizuho rattle investors
Shares in Daiwa Securities and Mizuho Financial Group fell on Monday amid investor concerns over the dilutive effect of new share issues planned by the two financial groups. Daiwa, which unveiled a Y240bn ($2.5bn) fund-raising on Friday,
Four vie for Citi’s Japan unit
Citigroup has moved a step closer to selling its Japanese asset management arm, with at least four contenders lined up for a second round of bidding. The US bank is thought to want more than Y100bn ($1bn) for Nikko Asset Management.
Beam them up: Mizuho and other Japanese banks
Japanese banks have not – yet – suffered the fates of some of their western counterparts. On the contrary, the big ones have been busily making deals to buy chunks of western banks and securities companies (a la Nomura,
Mizuho warns of $5.9bn net loss
Mizuho Financial Group, Japan’s second largest bank, on Thursday warned it would report a full-year loss of Y580bn ($5.9bn) rather than a profit of Y100bn in the year to March 2009. The news came after third-ranked SMFG revised its full-year figures from a Y180bn profit to a Y390bn loss.
To redeem or not to redeem, Mizuho’s question
First it was Deutsche Bank, then South Korea’s Woori Bank, Spain’s Banco Sabadell and now, Mizuho has become the first Japanese bank in recent years to decide not to repay a bond as expected.
Mizuho,
Playing chicken with Citi’s Nikko Cordial
Citigroup’s latest moves, to sell off its Nikko Cordial brokerage business in Japan, has triggered speculation about the likely buyer of Japan’s third-biggest broker – not least because Japan’s big banks,
Japan’s stock markets are doing very well, thank you
Amid almost relentlessly gloomy data emerging from Japan, the country’s stock markets have been doing very nicely thank you. Only on Friday did Japanese stocks snap (by incremental amounts) their solid nine-day winning streak,
Mizuho to off-load equity holdings
Mizuho Financial Group, Japan’s second-largest bank, plans to sell as much as Y900bn ($9.2bn) of equity holdings, as the sinking value of its investments threatens to cause the bank’s first annual loss in six years,
How do you say ‘bonus rage’ in Japanese?
While “bonus rage” has become a household phenomenon in America, in Japan, the unfolding saga has been met with at best, perplexed bewilderment and at most, quiet shock at the disclosures of bonus and salary levels.
Mizuho eyes Citi Japan units
Mizuho Financial Group, Japan’s second-largest bank, said it may consider buying Citigroup’s local brokerage and asset-management units, reports Bloomberg. Yasuhiro Sato, who will become CEO of Mizuho’s corporate banking unit on April 1,
Mizuho names new CEO
Mizuho Financial Group appointed Takashi Tsukamoto as chief executive officer, ushering in new leadership after subprime-related losses crippled earnings and a deepening recession pushed the Japanese bank to forecast its smallest annual profit in six years,
Mizuho to sell $3.2bn of preferred securities
Mizuho Financial Group, Japan’s second-largest bank by revenue, plans to sell about Y300bn ($3.2bn) of preferred securities to replenish capital depleted by rising bad loans and losses on stock investments,
Goldman’s travails: Rumours and reality
Persistent rumours — and some more hard evidence – of deepening difficulties at Goldman Sachs are fuelling debate over whether the investment bank will attempt another fund raising ahead of its fourth quarter results next month.
Mizuho invests in US boutique bank Evercore
Japanese bank Mizuho has agreed to invest in US-based Evercore Partners as it continues to expand its overseas operations amid a declining domestic market, while the latter hopes to build up its asset management business.
Contrasting results for Mizuho, Sumitomo
Two of Japan’s largest banks on Thursday unveiled first-quarter figures that reflected contrasting results amid turbulent market conditions. Mizuho, the Japanese bank that has so far suffered the largest subprime-related losses,
TCI buys into J-Power shareholders
TCI, the UK hedge fund whose bid to increase its stake in Japanese electricity supplier J-Power was blocked by Japan’s government, bought shares in Mizuho Financial Group and Kajima Corp. to get major shareholders to prod the utility to boost returns,
The credit crunch in context: banking write-offs per employee
Incredible chart porn from Here Is the City (HT Felix), showing how much firms have either written down or lost per wholesale banking employee:
The breakdown (headcount estimates are Here Is the City’s own):
Mizuho hit by subprime losses
Losses in the US subprime mortgage market at Mizuho Financial Group reached Y645bn ($6.14bn) in the year to March 31, Y80bn more than Japan’s second-largest bank estimated about a month ago, when it revised down its forecast for the third time since November.
Nomura bullish as Japan brokers disappoint
Nomura, Japan’s largest brokerage, is considering M&A deals in order to raise its profile and acquire banking licenses in emerging markets such as China and India, said Kenichi Watanabe, new chief executive.
Snap news
The latest on Friday,
- Electricite de France close to announcing offer for British Energy to beat RWE’s terms of 700 pence a share – The Times
- Cadbury Schweppes reports underlying sales up 7%,
US groups agree deal on Japan’s Goodwill
Morgan Stanley and Cerberus, the US private equity fund, have agreed to invest at least Y20bn ($194m) in Goodwill, a Japanese staffing company whose shares have been hit by a series of scandals. The deal could be worth as much as Y100bn,
Subprime losses batter Japan’s banks
Japan’s three biggest banks have lost a total of Y499bn ($4.7bn) as a result of exposure to US subprime mortgage products and other structured securities. Results published this week show the crisis has so far cost Mitsubishi UFJ Group Y55bn,
Japan unnerved by latest subprime fears
Shares in Japan’s largest banks fell sharply on Wednesday on concerns about their subprime exposure, as analysts warned of further writedowns across the Asian banking sector – though on a far more limited scale than in the US and Europe.