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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan's Nomura posts record $7.3 bln loss AFP - Saturday, April 25 TOKYO (AFP) - - Japan's top securities firm Nomura announced a record 7.3-billion-dollar annual loss on Friday, stung by financial turmoil and the cost of buying large parts of failed Wall Street bank Lehman Brothers. ADVERTISEMENT The poor performance underlined the deepening woes of Japan's financial giants, which were initially seen as relatively resilient to the fallout from the US-born credit crunch but have been hit by soured investments. Nomura's net loss rose more than tenfold to 709.4 billion yen (7.3 billion dollars) in the year to March from 67.85 billion yen the previous fiscal year. "The financial confusion peaked in September and October, and we were directly impacted," said chief financial officer Masafumi Nakada. "The financial confusion has spread to the real economy since November and the speed was faster than the market had anticipated," Nakada said. "We experienced an unprecedented business environment." The company said it had lost 150 billion yen from financial market trading and booked 230 billion yen in one-off costs, including those linked to its purchase of chunks of Lehman Brothers. Analysts said Nomura appeared to be swallowing big one-off losses now so it could return to the black as soon as possible. "Last year we made significant progress in dealing with legacy risk assets and paving the way for future growth amid an extremely challenging market environment," Nomura president Kenichi Watanabe said. "We are now focused on returning to profitability," he added. Eyeing a global presence, Nomura last year snapped up Lehman's operations in Asia, Europe and the Middle East after the investment bank became the most visible corporate casualty of the financial crisis. Nomura has also been hurt by Iceland's financial implosion and exposure to an alleged vast fraud by Wall Street financier Bernard Madoff. It has moved to scale down, or exit, non-core businesses to reduce its costs. In the fourth quarter alone, it logged a net loss of 217.1 billion yen, even worse than its year-earlier shortfall of 153.9 billion yen. But the brokerage giant said it saw better times ahead. "We are not yet optimistic about the business environment for the current year, but we would like to return to the black as quickly as possible by moving ahead swiftly with cost cuts," Nakada said: Nomura, which has cut 2,100 jobs since October 2008, including 1,000 in London, said it was not ruling out further layoffs. As usual, Nomura gave no financial forecasts for the current year. Other Japanese financial companies are also suffering amid the current crisis, which was unleashed by turmoil in global credit markets. Japan's number two bank Mizuho Financial said Thursday it suffered an estimated net loss of 580 billion yen (5.9 billion dollars) in the year to March. Sumitomo Mitsui Financial has forecast a loss of 390 billion yen. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Crude continues to buck traditional market basicsAP - 27 minutes ago Facebook to adopt new rules despite vote shortfallAP - 39 minutes ago Warner: Climate change a national security issueAP - 44 minutes ago BNP still in game as Fortis break-up vote loomsReuters - 45 minutes ago Goal of eliminating malaria in sight - expertsReuters - 49 minutes ago Enlarge Photo Japan's Nomura posts record $7.3 bln loss Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Tigers resisting calls to surrender: S.Lanka military Fertility doctor on brink of cloning human: report Obama vows reform of credit card market Downturn hits Elton John, Paul McCartney Charred meat linked to pancreatic cancer risk View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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