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TYO:8053

7 stories mentioning TYO:8053

Every FINWIRES story that references TYO:8053, newest first.

Asia

Market Chatter: Sumitomo Financed Buyers of Its Ambatovy Stake to Facilitate Exit from Loss-Making Project

Sumitomo (TYO:8053) provided funding to the buyers of its 54% stake in Madagascar's Ambatovy nickel operation, helping smooth its exit from the money-losing project, Reuters reported on Tuesday, citing three unnamed sources.The Japanese trading house has invested $3 billion in Ambatovy over two decades and accumulated $2.5 billion in losses, and it recently took a $418 million hit from the deal, the news wire said.Some of the financing will be used to repair cyclone damage at Ambatovy, where production has been suspended since February and is expected to resume by end-June, the publication said.The stake is being acquired by former Glencore nickel trading head Jason Kluk and South Africa's Zungu Investments, with the deal set to close by end-September, the report said.Sumitomo did not reply to MTNewswire's query at press time.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TYO:8053
Asia

Japanese Shares Close in Red as Renewed US-Iran Tensions Hit Investor Sentiment

Japanese shares shed the gains of the earlier session to close lower on Thursday as renewed tensions between the US and Iran dampened investor sentiment.The Nikkei 225 index closed down 931.45 points, or 1.4%, at 67,470.69.Media reports indicate overnight renewed attacks by the US and Iran, which also involved Kuwait and Bahrain. This is seen as the biggest escalation since a ceasefire took effect in early April. These developments are seen as a threat to the ongoing negotiations between the US and Iran over extending the truce and reopening the Strait of Hormuz.On the domestic front, Japan's central bank is considering raising the country's policy rate by 0.25% to 1% at its upcoming meeting later this month, Bloomberg reported Thursday, citing sources.Media reports also quoted Bank of Japan Governor Kazuo Ueda as saying that a rate hike this month is likely if inflation risks outweigh potential economic harm from the Middle East crisis.On the corporate side, Sumitomo (TYO:8053) signed a deal with U.S. decarbonization startup Graphyte to set up a joint venture for a carbon dioxide removal (CDR) business, according to a Thursday release.Also, Mitsubishi Electric (TYO:6503) is set to begin shipping samples of two new types of fifth-generation silicon carbide metal-oxide-semiconductor field-effect transistors (SiC-MOSFETs) in bare die form in late June.

Nikkei 225TYO:6503TYO:8053
Asia

Sumitomo Ties Up with US-based Graphyte for Carbon Dioxide Removal Venture

Sumitomo (TYO:8053) signed a deal with U.S. decarbonization startup Graphyte to set up a joint venture for a carbon dioxide removal (CDR) business, according to a Thursday release.The Japanese trading house will own 49% stake in the joint venture, while Graphyte will hold a 51% stake.The joint venture will initially look into the generation and sale of CDR credits centered on Graphyte's Arkansas-based Loblolly project, which uses rice hulls.The Loblolly project has operated for more than two years and aims to remove 50,000 metric tons of carbon dioxide annually.The venture will eventually expand its business portfolio by taking part in several projects across North America as well as potentially catering to Japanese companies, according to the release.

TYO:8053
Asia

Market Chatter: Mitsui Eyes LNG Investments in Middle East, US, Australia Amid Surging Data Center Power Demand

Mitsui & Co (TYO:8031) plans to expand its liquefied natural gas investments across the Middle East, the U.S., and Australia, as the Japanese trading giant responds to surging electricity demand from data centers worldwide, Bloomberg News reported on Friday, citing CEO Kenichi Hori.Hori told Bloomberg News that the company is actively seeking growth opportunities in LNG and gas-based chemicals, whether through equity stakes or long-term offtake agreements.He noted that businesses searching for cleaner energy to support artificial intelligence infrastructure are generating significant new demand for LNG, the news wire said.As one of Japan's five major trading houses backed by Warren Buffett, alongside Mitsubishi (TYO:8058), Sumitomo (TYO:8053), Itochu (TYO:8001), and Marubeni, Mitsui has benefited from strong commodity prices and a weaker yen across its global energy and metals operations, the publication said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TYO:8001TYO:8031TYO:8053TYO:8058
Asia

WELLNEO SUGAR to Absorb Subsidiary via Merger

WELLNEO SUGAR (TYO:2117) has formally decided to execute an absorption-type merger with its wholly owned subsidiary, Toyo Sugar Refining, according to a filing with the Tokyo bourse on Friday.The transaction is expected to take effect on Oct. 1, with WELLNEO SUGAR becoming the surviving entity.The company counts ITOCHU (TYO:8001) and Sumitomo (TYO:8053) as its major shareholders.

TYO:2117TYO:8001TYO:8053
Asia

Sumitomo's Profit Climbs 6.8% in Fiscal Year 2025

Sumitomo's (TYO:8053) profit attributable to owners of the parent rose 6.8% to 600.3 billion yen for the fiscal year 2025 from 561.9 billion yen a year earlier.The diversified general trading company's earnings per share increased to 498.66 yen from 463.32 yen a year ago, according to a Tokyo bourse filing on Friday.Revenues rose 0.6% to 7.337 trillion yen for the year ended March 31 from 7.292 trillion yen in the prior year.In a separate disclosure, Sumitomo raised its final dividend payout to 80 yen per share, from 70 yen initially forecasted, payable from June 22.For the fiscal year ending March 31, 2027, the company expects attributable profit of 630 billion yen and EPS of 132.06 yen.Sumitomo plans to pay interim and year-end dividends of 20.00 yen per share, each, for the year on a post-split basis, which is higher than the pre-split amount paid in the year-ago period.

TYO:8053
Asia

Market Chatter: Japan, EU Firms Deepen Defense Ties as Geopolitical Risks Rise

Japanese and European companies plan to join a new framework linking the two sides' defense industries, as geopolitical tensions drive efforts to secure supply chains, Nikkei reported Thursday.The initiative will be discussed at the first Japan-EU defense industry dialogue on Friday, with nearly 20 European participants including Airbus, Thales, Dassault Systemes, Leonardo, Saab and PGZ, alongside about 30 Japanese companies and organizations such as Subaru (TYO:7270), Hitachi (TYO:6501), IHI (TYO:7013), Mitsubishi Corp. (TYO:8058) and Sumitomo Corp (TYO:8053), according to the report.European officials are seeking collaboration with Japanese firms on dual-use technologies and other capabilities to reinforce regional supply chains, while Japanese companies view Europe as a gateway for global expansion, the report said.The talks come as the EU looks to reduce reliance on the U.S. for security and expand partnerships, while Japan positions defense as a key growth sector and aims to access European funding frameworks, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Nikkei 225TYO:6501TYO:7013TYO:7270TYO:8053TYO:8058