InfoAnda - Japan's Sumitomo Mitsui expands despite crisis

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Man Who Caused Mistrial In John Travolta's Extortion Case Escapes Punishment | 31 October 2009
National Boy Scout Organization Tells Overweight Volunteers To Lose It Or Lose Right To Go On Some Outings | 6 May 2009
Evacuations as new typhoon threatens Philippines | 18 October 2009

At least 7 dead in Siberia plane crash: ministry | | 3 August 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : Japan's Sumitomo Mitsui expands despite crisis

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Japan's Sumitomo Mitsui expands despite crisis AFP - 1 hour 23 minutes ago TOKYO (AFP) - - Japan's Sumitomo Mitsui Financial Group Inc. signalled Wednesday it would keep expanding by buying a stake in South Korea's top bank even as it slashed its full-year forecasts due to the global crisis. Sumitomo Mitsui, one of Japan's top three megabanks, cut its net profit forecast to 180 billion yen (1.86 billion dollars) in the year to March, down two-thirds from its previous estimate of 480 billion yen. If the forecast holds true, the bank's net profit would tumble 61 percent from last year's earnings of 461.54 billion yen. Sumitomo Mitsui said it was revising its earnings due to increased costs for the disposal of bad loans and falling value of shareholdings. Nonetheless, Sumitomo Mitsui said it would acquire up to a two percent stake in South Korea's KB Financial Group, becoming the latest Japanese bank to expand during the crisis. The Japanese megabank plans to buy the outstanding common shares in KBFG, South Korea's largest banking group, in "hopes of strengthening its operations in Asia," a spokesman for Sumitomo Mitsui said. The company declined to say how much it would pay, but the agreement comes as the yen soars against the South Korean won. Sumitomo Mitsui Banking, the mainstay bank of the group, has already had a business alliance with KBFG's Kookmin Bank since March 2007. Sumitomo Mitsui said in a statement that it and KBFG would cooperate in supporting Japanese companies operating in South Korea in areas including real estate financing. They also expect that their networks in Asia "will complement each other" as Sumitomo Mitsui has branches in much of Asia while Kookmin Bank has an edge in Central Asia and northeastern China, it said. Japanese financial institutions, which recovered just several years ago from their own bad loan crisis, have used the global turmoil as a chance to expand by buying into foreign companies. In July, Sumitomo Mitsui invested about 500 million pounds (789.8 million dollars) in British financial group Barclays PLC, eyeing a business alliance around Asia. But Sumitomo Mitsui, expanding the reasons for lowering its forecasts, said that the global slowdown has depressed the need for capital. "We expect an increase in costs associated with credit against the background of an economic slowdown in both Japan and foreign countries," a company statement said. "In addition to the added cost, (profits are to go down) due to increasing losses from the value of securities holdings as stock markets fall," it said. Sumitomo Mitsui also revised operating profit for the year. It said it now expected 480 billion yen, down 43.5 percent from the previous May forecast of 850 billion yen. It revised its revenue projection to 37 trillion yen, down from 39 trillion estimated earlier. The group said it held 1.3 billion yen worth of products related to subprime securities -- part of the recent US housing bubble when homebuyers took out mortgages they could not afford, offered by bankers engaging in risky lending. In the first half, the group wrote off 4.6 billion yen worth of losses from investment instruments related to subprime loans, in addition to 10.9 billion yen for items not related to subprime loans. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business TOPWRAP 8-China cuts rates, Fed and others set to followReuters - Thursday, October 30 Japan's Sumitomo Mitsui expands despite crisisAFP - 1 hour 23 minutes ago Japan's Softbank operating profit hits record high with iPhone helpAFP - 1 hour 26 minutes ago Comcast 3Q profit rises 38 pct, co. boosts outlookAP - 1 hour 26 minutes ago P&G says 1Q profit rises 9 percentAP - 1 hour 27 minutes ago Enlarge Photo Japan's Sumitomo Mitsui expands despite crisis Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead Obama set for prime-time appeal to voters Markets rebound ahead of key US meeting View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

Other News on Wednesday, 29 October 2008
At least 160 dead in Pakistan quake: officials
US military hands southern province over to Iraqis
Boat arrives in Gaza to protest blockade
Israeli troops kill West Bank farmer
Boat arrives in Gaza to protest Israeli blockade
Pakistan summons US ambassador over air strikes
Dovish lawmaker Beilin to retire from politics
AP IMPACT: Al-Qaida's route though Syria persists
Turkish jets strike Kurdish rebels in Iraq: army
Israeli elections to be held in mid-February
Obama set for prime-time appeal to voters
American school still open in Syria despite order
Obama set for prime-time appeal to voters
Fed eyes new rate cut to ease credit crisis
US military deaths in Iraq war at 4,188
70th anniversary of fictional space invaders who panicked America
US consumer confidence sinks to record low
Powerful rally lifts Dow 10.88 percent
Syria orders US school, cultural center closed
When men see red, they see hot: study
Armenia, Azerbaijan leaders to meet in Moscow for conflict talks
EU confirms huge loan to Hungary
Hundreds confront police in Denmark's Christiania squat
Led Zeppelin to tour, record without singer Plant: bassist
London buses may advertise 'there's probably no God'
Russia opposes EU monitors in Georgia's breakaway provinces
Germany opens first offshore wind farm
BP third-quarter profits surge on record high oil prices
Four ETA suspects arrested in Spain
Spanish restaurant launches 'anti-crisis' lunch menu for one euro
Bridge accident kills 11 in China
Report: N. Korea's Kim suffers 'serious' setback
Pakistani quake leaves 150 dead, 15,000 homeless
Sri Lankan troops capture rebel town
Pakistan to US: Stop missile strikes near border
Malaysia to hike cigarette prices to discourage smoking: official
TODAY relocates to MediaCorp’s Caldecott Broadcast Centre
AVA says Singapore does not import eggs from China
Pakistan tells US to stop missile strikes
US man arrested on child sex charges in Cambodia
Yahoo lets outside developers play with its software
Microsoft gives a peek at next-generation software
Christian Science Monitor to drop print for Web
EU computer network links Pakistan researchers to the world
Thailand plans to block websites insulting royals: minister
China tells Microsoft to rethink 'black-out' anti-piracy tactics: report
Cox to provide wireless service
Technology titans to adopt human rights code of conduct
Email, Web surfing most popular personal uses for work PC
Google releases Google Earth for iPhone
Videogame delayed over possible offence to Muslims
Samsung plans foray into crowded US laptop computer market
Apple beefs up MacBook laptops, trims prices
Sony says to launch 80GB PS3 in Japan this month
Rate-cut hopes relieve financial gloom
Toshiba posts quarterly loss on lower chip prices
Weak industrial output weighs on Japanese economy
No chance of Pakistan default, mulls IMF aid-c.bank
Sony's quarterly operating profit plunges 90%
Taiwan's UMC posts net loss in 3Q
Sony profit plunges 72 percent on strong yen
Pakistani rupee, stocks flat; news on help awaited
Global stocks mostly rally on rate cut hopes
RPT-UPDATE 1-S.Korea plans more crisis measures, stocks fall
India rebuild in Australia cricket Test
Rate-cut hopes relieve financial gloom
IMF, EU in $25bln rescue package for Hungary
Global stocks mostly rally on rate cut hopes
Former political prisoner wins watershed Maldives vote
Financial crisis hangs over Ibero-America summit
Global financial woes hit China's 800 million farmers: state media
Climate change fight 'hurt by cash crisis' says EU
Germany opens first offshore wind farm
China: Rich should pay to fight climate change
Oregon governor outlines climate change agenda
Climate change affecting Walden Pond plants
Greenpeace offers 'blueprint' for climate, economic crises
Asia-Europe talks turn to climate change, energy security
Global warming cools hopes for Dutch skating race
EU lawmakers back climate change goals
Seoul turns to bicycles to combat global warming
Gas exporters postpone Moscow Nov summit
Oil prices firm after striking 17-month lows
China's CNOOC Q3 revenue up 69 pct on higher oil price
Oil bounces off 17-month low
HK shares gain surge 5.5 pct, led by CNOOC
OPEC set to meet regularly as world recession looms: analysts
Oil prices plummet to $61 dollars, despite OPEC output cut
OPEC slashes production; crude continues to tumble
OPEC slashes output to halt free-falling prices
OPEC 'slashes output by 1.5m barrels per day'
Actress' death center stage again in Spector trial
Joaquin Phoenix says will quit film for music
Hollywood's A-list turns out for Newman charity
Tony Curtis paints his own portrait in new memoir
Hollywood feeling pinch amid economic worries
Cleopatra to rise again -- in 3D
World's poorest take centre stage at Rome film festival
`High School Musical' makes grade with $42M debut
Gervais moots 'Extras' one-off for Hollywood
Giant robots are coming to Singapore, Hollywood
China investigates tainted eggs in new food scare
Singapore’s architecture award enhances the Asian brand
UN pays out nearly $889 million from Iraq oil fund
Israel to hold snap elections on Feb 10
US reviewing Iraqi changes to security pact
Iraq takes back control of Wasit province from US
Bombings in Somali breakaway states kill at least 25
UN moves to halt rebel advance in DRC
Royal seal of approval for Bond world premiere
Euro climbs against dollar before Fed rate call
Charles, Aso agree to cooperate in fighting climate change
Japan's Sumitomo Mitsui expands despite crisis
Japan's Softbank operating profit hits record high with iPhone help
Bank of Japan mulls interest rate cut
Asian shares broadly up ahead of Fed decision
Higher rates seen as bitter IMF pill for Pakistan
LUKOIL says Russia could join OPEC, trim output
Rosneft says 2008 best year; 2009 oil price $50-60
COLUMN-Crisis remakes the commodity business: John Kemp
Afghanistan troop buildup could more than double
Jackson Five 'to reunite for new tour'
Relaxed lifestyles show Baghdad extremists waning
Israel apologizes for lawmaker's Mubarak comments
Pakistan quake kills 170, leaves thousands homeless
Iranian lawmaker slaps Ahmadinejad confidant
Israeli court clears way for Jerusalem museum
Pakistan quake kills 170, leaves thousands homeless
Fed cuts base rate half point to 1.0 percent
Czech govt wants vote on missile shield after US election
Bush confident US-Iraq pact will pass
Motorola to use Android for showcase phones: WSJ
Rebels close on key city as DR Congo forces crumble
Notebook sales surpass PCs for first time in US
'Tiger from Madras' retains world chess title
New websites suggest agenda, cabinet for next US president
Google settles copyright dispute with authors, publishers
Global stock markets mainly higher on credit easing
Hundreds in Spain protest Nissan job cuts
Boeing sees China buying 3,710 planes over next 20 years
China's central bank cuts interest rates
Chinese refiner Sinopec says 3Q profit down 39 pct
WRAPUP 1-Russia to cut oil exports, tycoon seeks OPEC entry
Fashion's Tom Ford lands a movie gig
Obama blitzes US airwaves with six days to go
Auditors: Private security in Iraq costs over $6B
US should not transfer detainees at risk of torture: rights group
FBI arrests suspect in anthrax mailings
US space probe completes successful Mercury fly-pass
GM denies asking Toyota for help
US allowed to withhold torture documents: rights group
US military deaths in Afghanistan region at 553
US military deaths in Iraq war at 4,189
Massive UN vote in support of lifting US embargo on Cuba
Fed cuts rate to 1.0 percent in latest move to ease crisis
Syria demands US apology, compensation for raid
Electronic Arts makes games for Android mobile phone
Zambians vote for president in tense poll, with army on alert
Phillies weather Rays' storm to clinch baseball World Series
BBC suspends top stars in media storm
Red meat primes body for intestinal germ: study
Security Council slams rebel offensive in east DrCongo
Sweden's Ericsson 4 breaks yachting speed record in Volvo race
Asian stocks soar on US Fed rate cut
Royals shaken and stirred at Bond premiere
Electronic Arts makes games for Android mobile phone
Prince Charles calls for joint effort to fight climate change
Credit crisis delays IPO for Bangladesh's Grameenphone
Asian stocks soar on US Fed rate cut
Japan's Nikkei stock index rises almost 10 percent
Taiwan dollar extends gains on rate cut, exporters
Bank of China books 3.8 billion dollars in investment losses
Seoul shares post biggest-ever daily pct gain
S.Korea won up 14.2 pct, biggest pct rise in 11 yrs
Intel to invest $11.7 mln in Taiwan WiMax venture
World oil prices higher in Asian trade
Taiwan cuts interest rates, joins global move
Reports: Japan to announce new stimulus package
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01