Are Japan's Corporate Governance Reforms Working?
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1 April 28, 2010 Kawasaki Heavy Industries, Ltd. Hitachi Construction
April 28, 2010 Kawasaki Heavy Industries, Ltd. Hitachi Construction Machinery Co., Ltd. KCM Corporation Regarding Hitachi Construction Machinery’s Equity Stake in KCM Corporation Kawasaki Heavy Industries, Ltd. (KHI), KHI’s wholly owned subsidiary KCM Corporation (KCM) and Hitachi Construction Machinery Co., Ltd. (HCM) have reached an agreement under which HCM will acquire an equity stake in KCM through a third-party capital increase by around June 2010. 1. Purpose of Equity Stake HCM’s investment in KCM is aimed at building a strong cooperative relationship between HCM and KCM in accordance with an agreement concluded in October 2008 by KHI and HCM to form a business alliance with respect to their wheel loader businesses. As a result of the recent investment, KHI will hold a 66% share in KCM and HCM a 34% share. 2. Current State of Business Alliance and Future Initiatives (1) Current State of Business Alliance Following the aforementioned agreement to form a business alliance in the wheel loader business, KCM and HCM have been building a structure for mutual cooperation in development, procurement, production and sales. This includes the joint development of new model wheel loaders that comply with (Tier 4) emissions regulations (scheduled to take effect in 2011) and mutually supplying existing models on an OEM basis. (2) Future Initiatives As a result of HCM’s recent investment, the companies will strive to forge even closer ties in the areas of development, procurement, production and sales. Particularly in joint development and shared production, which will serve as the core of business operations, besides accelerating the development of products that adhere to Tier 4 emissions regulations, the companies will strive to develop new models for emerging markets, work to further develop products that comply with successive future phases of 1 emissions regulations, strengthen competitiveness and expand sales. -
Defendants and Auto Parts List
Defendants and Parts List PARTS DEFENDANTS 1. Wire Harness American Furukawa, Inc. Asti Corporation Chiyoda Manufacturing Corporation Chiyoda USA Corporation Denso Corporation Denso International America Inc. Fujikura America, Inc. Fujikura Automotive America, LLC Fujikura Ltd. Furukawa Electric Co., Ltd. G.S. Electech, Inc. G.S. Wiring Systems Inc. G.S.W. Manufacturing Inc. K&S Wiring Systems, Inc. Kyungshin-Lear Sales And Engineering LLC Lear Corp. Leoni Wiring Systems, Inc. Leonische Holding, Inc. Mitsubishi Electric Automotive America, Inc. Mitsubishi Electric Corporation Mitsubishi Electric Us Holdings, Inc. Sumitomo Electric Industries, Ltd. Sumitomo Electric Wintec America, Inc. Sumitomo Electric Wiring Systems, Inc. Sumitomo Wiring Systems (U.S.A.) Inc. Sumitomo Wiring Systems, Ltd. S-Y Systems Technologies Europe GmbH Tokai Rika Co., Ltd. Tram, Inc. D/B/A Tokai Rika U.S.A. Inc. Yazaki Corp. Yazaki North America Inc. 2. Instrument Panel Clusters Continental Automotive Electronics LLC Continental Automotive Korea Ltd. Continental Automotive Systems, Inc. Denso Corp. Denso International America, Inc. New Sabina Industries, Inc. Nippon Seiki Co., Ltd. Ns International, Ltd. Yazaki Corporation Yazaki North America, Inc. Defendants and Parts List 3. Fuel Senders Denso Corporation Denso International America, Inc. Yazaki Corporation Yazaki North America, Inc. 4. Heater Control Panels Alps Automotive Inc. Alps Electric (North America), Inc. Alps Electric Co., Ltd Denso Corporation Denso International America, Inc. K&S Wiring Systems, Inc. Sumitomo Electric Industries, Ltd. Sumitomo Electric Wintec America, Inc. Sumitomo Electric Wiring Systems, Inc. Sumitomo Wiring Systems (U.S.A.) Inc. Sumitomo Wiring Systems, Ltd. Tokai Rika Co., Ltd. Tram, Inc. 5. Bearings Ab SKF JTEKT Corporation Koyo Corporation Of U.S.A. -
Global Exchange Indices
Global Exchange Indices Country Exchange Index Argentina Buenos MERVAL, BURCAP Aires Stock Exchange Australia Australian S&P/ASX All Ordinaries, S&P/ASX Small Ordinaries, Stock S&P/ASX Small Resources, S&P/ASX Small Exchange Industriials, S&P/ASX 20, S&P/ASX 50, S&P/ASX MIDCAP 50, S&P/ASX MIDCAP 50 Resources, S&P/ASX MIDCAP 50 Industrials, S&P/ASX All Australian 50, S&P/ASX 100, S&P/ASX 100 Resources, S&P/ASX 100 Industrials, S&P/ASX 200, S&P/ASX All Australian 200, S&P/ASX 200 Industrials, S&P/ASX 200 Resources, S&P/ASX 300, S&P/ASX 300 Industrials, S&P/ASX 300 Resources Austria Vienna Stock ATX, ATX Five, ATX Prime, Austrian Traded Index, CECE Exchange Overall Index, CECExt Index, Chinese Traded Index, Czech Traded Index, Hungarian Traded Index, Immobilien ATX, New Europe Blue Chip Index, Polish Traded Index, Romanian Traded Index, Russian Depository Extended Index, Russian Depository Index, Russian Traded Index, SE Europe Traded Index, Serbian Traded Index, Vienna Dynamic Index, Weiner Boerse Index Belgium Euronext Belgium All Share, Belgium BEL20, Belgium Brussels Continuous, Belgium Mid Cap, Belgium Small Cap Brazil Sao Paulo IBOVESPA Stock Exchange Canada Toronto S&P/TSX Capped Equity Index, S&P/TSX Completion Stock Index, S&P/TSX Composite Index, S&P/TSX Equity 60 Exchange Index S&P/TSX 60 Index, S&P/TSX Equity Completion Index, S&P/TSX Equity SmallCap Index, S&P/TSX Global Gold Index, S&P/TSX Global Mining Index, S&P/TSX Income Trust Index, S&P/TSX Preferred Share Index, S&P/TSX SmallCap Index, S&P/TSX Composite GICS Sector Indexes -
Fujitsu to Split Off HDD Business in Reorganization
Fujitsu Limited Fujitsu to Split Off HDD Business in Reorganization Tokyo, May 21, 2009 – Fujitsu Limited (“Fujitsu”) today announced that it will split off its hard disk drive business (“HDD business”) and merge the business into its wholly owned subsidiary, Toshiba Storage Device Corporation (“Toshiba Storage Device”), through a simple absorption-type separation, on July 1, 2009. In a transaction scheduled for July 1, 2009, Fujitsu will then sell 80.1 percent of its shares of Toshiba Storage Device to Toshiba Corporation (“Toshiba”). By the end of December 2010, Fujitsu plans to sell its remaining 19.9 percent to Toshiba, at which point Toshiba Storage Device will become a wholly owned subsidiary of Toshiba. 1. Objectives of the Corporate Split On April 30, 2009, Fujitsu Limited signed a definitive agreement with Toshiba to transfer ownership of its HDD business. This corporate split is part of the implementation of the ownership transfer. 2. Outline of the Corporate Split (1) Schedule May 21, 2009 Signing of corporate split contract July 1, 2009 (scheduled) Effective date of corporate split This corporate split, pursuant to Article 784 (3) of the Corporate Law, will be executed without the requirement of the approval of a General Meeting of the Shareholders as stipulated under Article 783 (1) of the Corporate Law (Simple Absorption-type Separations). (2) Method Fujitsu will be the transferor company and Toshiba Storage Device will be the successor company (Simple Separation). (3) Decrease in Capital or Other, Resulting from the Corporate Split There will be no decrease in capital or other, resulting from the corporate split. -
Animal Spirits
Pan Asia Strategy 23 November 2017 Animal Spirits Reconciling Nifty-style and Asian small cap equities Continuing the Nifty-style theme, we suggest having some exposure to Asian small caps to hedge concentration risk as growth returns Asian small caps are outgrowing the broader indices, and while size alone favours the mega caps, JASDAQ and KOSDAQ surprise Based on factor and thematic selection, we add Canvest Environment Paul M. Kitney, PhD Protection and Lee & Man Paper to our top picks (852) 2848 4947 [email protected] Asian small caps and diversifying market concentration risk. While large cap and especially mega cap equities have made an outsized contribution to equity returns, our analysis demonstrates evidence that growth stocks are now generating alpha. Small cap names, particularly those with sustainable growth, provide diversification from Nifty-style market concentration. Small cap growth is superior and the price for growth is reasonable. MSCI Asia ex-Japan small cap earnings growth is markedly outpacing the broader MSCI Asia ex-Japan index, and the PEG is meaningfully lower for 2018 and 2019. Animal Spirits top picks Company Ticker JASDAQ and KOSDAQ outperform with concrete earnings drivers. New China Life Insurance 1336 HK While the JASDAQ has outperformed the TOPIX since January 2017, the PICC 1339 HK KOSDAQ has only started to outperform the KOSPI since October 2017 Hana Financial 086790 KS Yes Bank YES IN but is making up for lost time. Earnings growth for both over-the-counter SK Hynix 000660 KS (OTC) markets is more rapid than the broader indices, but we find the NCsoft 036570 KS JASDAQ is more attractively priced, relatively. -
The Wizard of Invention and the Warrior of Innovation
VISIONS INNOVATORS AND INNOVATIONS 02 2006 THE WIZARD OF INVENTION AND THE WARRIOR OF INNOVATION A HISTORY OF TECHNOLOGY LEADERSHIP Toshiba has a proud tradition of achievement. In almost 130 In 1890, Hakunetsusha & Co., Ltd. was established by the years of operation, the company has recorded numerous firsts entrepreneur Ichisuke Fujioka as Japan’s first plant for electric and made many valuable contributions to technology and society. incandescent lamps. Subsequent diversification saw the compa- It is currently the world’s 9th largest integrated manufacturer of ny evolve as a manufacturer of consumer products. In 1899, the electric and electronic equipment, has some 161,000 employees company was renamed Tokyo Denki (Tokyo Electric Co.). worldwide, and enjoys consolidated annual sales of over US$53 billion. In 1939, these two companies, leaders in their respective fields, merged to form an integrated electric equipment manufacturer, Not surprisingly, Toshiba’s role as a leading innovator and Tokyo Shibaura Denki (Tokyo Shibaura Electric Co., Ltd.). The inventor of technology goes back to its earliest founders in the company was soon well known as ‘Toshiba’. 19th century. In 1875, Tanaka Seizo-sho (Tanaka Engineering Works), Japan’s first manufacturer of telegraphic equipment, was Today, Toshiba’s total commitment to people and to the future, its established. Its founder, Hisashige Tanaka, was well known from determination to help create a higher quality of life for all peo- his youth for inventions that included mechanical dolls and a ple, and its undaunted efforts to help ensure that technological perpetual clock. Under the name Shibaura Seisaku-sho (Shibaura progress continues within the world community finds its origins in Engineering Works), his company became one of Japan’s largest the life stories of Hisashige Tanaka and Ichisuke Fujioka. -
2020 Integrated Report
Integrated Report 2020 Year ended March 31, 2020 Basic Commitment of the Toshiba Group Committed to People, Committed to the Future. At Toshiba, we commit to raising the quality of life for people around The Essence of Toshiba the world, ensuring progress that is in harmony with our planet. Our Purpose The Essence of Toshiba is the basis for the We are Toshiba. We have an unwavering drive to make and do things that lead to a better world. sustainable growth of the Toshiba Group and A planet that’s safer and cleaner. the foundation of all corporate activities. A society that’s both sustainable and dynamic. A life as comfortable as it is exciting That’s the future we believe in. We see its possibilities, and work every day to deliver answers that will bring on a brilliant new day. By combining the power of invention with our expertise and desire for a better world, we imagine things that have never been – and make them a reality. That is our potential. Working together, we inspire a belief in each other and our customers that no challenge is too great, and there’s no promise we can’t fulfill. We turn on the promise of a new day. Our Values Do the right thing We act with integrity, honesty and The Essence of Toshiba comprises three openness, doing what’s right— not what’s easy. elements: Basic Commitment of the Toshiba Group, Our Purpose, and Our Values. Look for a better way We continually s trive to f ind new and better ways, embracing change With Toshiba’s Basic Commitment kept close to as a means for progress. -
France Fund A-Euro for Investment Professionals Only FIDELITY FUNDS MONTHLY PROFESSIONAL FACTSHEET FRANCE FUND A-EURO 31 AUGUST 2021
pro.en.xx.20210831.LU0048579410.pdf France Fund A-Euro For Investment Professionals Only FIDELITY FUNDS MONTHLY PROFESSIONAL FACTSHEET FRANCE FUND A-EURO 31 AUGUST 2021 Strategy Fund Facts Bertrand Puiffe uses an unconstrained approach to portfolio construction, investing in Launch date: 01.10.90 companies based on their merits and not taking into account their prominence in the Portfolio manager: Bertrand Puiffe index. He takes a long-term view that allows him to benefit from market inefficiencies Appointed to fund: 01.09.17 created by the shorter-term time horizon of other investors. Bertrand has a very Years at Fidelity: 15 disciplined investment process based on systematic scoring of companies on Fund size: €64m qualitative and quantitative factors. He typically invests in three types of companies: Number of positions in fund*: 35 turnaround stories, special situations and where the market underestimates how strong, Fund reference currency: Euro (EUR) and for how long, growth can be sustained. Bertrand has a disciplined approach to risk Fund domicile: Luxembourg management at the stock level and during the portfolio construction process. Fund legal structure: SICAV Management company: FIL Investment Management (Luxembourg) S.A. Capital guarantee: No Portfolio Turnover Cost (PTC): 0.02% Portfolio Turnover Rate (PTR): 21.73% *A definition of positions can be found on page 3 of this factsheet in the section titled “How data is calculated and presented.” Objectives & Investment Policy Share Class Facts • The fund aims to provide long-term capital growth with the level of income expected Other share classes may be available. Please refer to the prospectus for more details. -
INVESTORS GUIDE 2019 Osaka Office to Our Shareholders and Investors Fukuoka Sales Office Shinjuku Office Shinjuku Support Center Tachikawa Sales Office
TOKYO ELECTRON DEVICE LIMITED Securities code: 2760 Business Locations (As of July 1, 2019) Business Location Domestic Subsidiary Omiya Sales Office Matsumoto Sales Office Sendai Sales Office Tsukuba Sales Office Iwaki Sales Office Nagoya Sales Office Mito Sales Office Kyoto Sales Office INVESTORS GUIDE 2019 Osaka Office To Our Shareholders and Investors Fukuoka Sales Office Shinjuku Office Shinjuku Support Center Tachikawa Sales Office Engineering Center Headquarters (Yokohama) FAST CORPORATION (Yamato-city, Kanagawa prefecture) TOKYO ELECTRON DEVICE Mishima Sales Office NAGASAKI LTD. Hamamatsu Sales Office (Isahaya-city, Nagasaki prefecture) Business/Marketing location Overseas Design and development location Dalian Yokohama Ottawa Seoul Silicon Valley Shanghai Taipei Shenzhen Bangkok Wuxi Hong Kong Singapore Philippines Note on forward-looking statements This Investors Guide was prepared on July 1, 2019. Forward looking statements, including business strategies and business forecasts, were made by the Company’s management, based on information available at that time, and may be revised due to changes in the business environment. Therefore, please be advised that the Company cannot guarantee the accuracy or the reliability of the statements. For the latest information, please refer to our information releases or our website. Note also that product and service names remain the trademarks of their respective owners. Corporate Communications Dept. https://www.teldevice.co.jp World Headquarters Yokohama East Square, 1-4 Kinko-cho, Kanagawa-ku,Yokohama -
(Ex Controversies and CW) Index Equity Fund
Report and Financial Statements For the year ended 31st December 2020 State Street AUT Japan Screened (ex Controversies and CW) Index Equity Fund (formerly State Street Japan Equity Tracker Fund) State Street AUT Japan Screened (ex Controversies and CW) Index Equity Fund Contents Page Manager's Report* 1 Portfolio Statement* 5 Director's Report to Unitholders* 25 Manager's Statement of Responsibilities 26 Statement of the Depositary’s Responsibilities 27 Report of the Depositary to the Unitholders 27 Independent Auditors’ Report 28 Comparative Table* 31 Financial statements: 32 Statement of Total Return 32 Statement of Change in Net Assets Attributable to Unitholders 32 Balance Sheet 33 Notes to the Financial Statements 34 Distribution Tables 45 Directory* 46 Appendix I – Remuneration Policy (Unaudited) 47 Appendix II – Assessment of Value (Unaudited) 49 * These collectively comprise the Manager’s Report. State Street AUT Japan Screened (ex Controversies and CW) Index Equity Fund Manager’s Report For the year ended 31st December 2020 Authorised Status The State Street AUT Japan Screened (ex Controversies and CW) Index Equity Fund (the “Fund”) is an Authorised Unit Trust Scheme as defined in section 243 of the Financial Services and Markets Act 2000 and it is a UCITS Retail Scheme within the meaning of the FCA Collective Investment Schemes sourcebook. The unitholders are not liable for the debts of the Fund. The Fund's name was changed to State Street AUT Japan Screened (ex Controversies and CW) Index Equity Fund on 18th December 2020 (formerly State Street Japan Equity Tracker Fund). Investment Objective and Policy The objective of the Fund is to replicate, as closely as possible, and on a “gross of fees” basis, the return of the Japan equity market as represented by the FTSE Japan ex Controversies ex CW Index (the “Index”) net of unavoidable withholding taxes. -
ETF/ETN Monthly Report Feb-2014
issue month ETF/ETN Monthly Report Feb-2014 ◆Market Summary Average daily trading value surges past last month's record high! ■ In January, the ETF/ETN market reached a new record high in ADV of about JPY 146 billion. Monthly trading value was at about JPY 2.77 trillion, staying close to last month's high. ■ NEXT FUNDS Nikkei 225 Leveraged Index Exchange Traded Fund (1570) accounted for the majority of the trading value. TOPIX Bull 2x ETF (1568) also saw growing activity. ■ The market welcomed two new ETFs tracking the JPX-Nikkei Index 400 on January 28 (Tue.). NEXT FUNDS JPX-Nikkei Index 400 Exchange Traded Fund (1591) and Listed Index Fund JPX-Nikkei 400 (1592) both got off to a smooth start. The former ranked 18th in monthly trading value despite being traded for only four days while the latter came in at 25th in the rankings (the table in the attachment only includes the top 20 issues). ◆Trading Value - Monthly(Auction) (Jan-2014) Total(JPY) Daily Average (JPY) ◆Trading days:19 Month on Month 2,768,245,883,073 145,697,151,741 +4.05% ◆Rankings ETF 149 ● Monthly trading value (Jan-2014) ETN 22 Monthly Trading Value, Value Fund # Code Name Underlying index/commodity Category Monthly Change (%) (unit: JPY 1,000) Administrator 1 1570 NEXT FUNDS Nikkei 225 Leveraged Index Exchange Traded Fund Nikkei 225 Leveraged Index Domestic Stock Indices 1,533,713,500 +3.69% Nomura AM 2 1321 Nikkei 225 Exchange Traded Fund Nikkei 225 Domestic Stock Indices 285,213,285 -4.21% Nomura AM 3 1568 TOPIX Bull 2x ETF TOPIX Leveraged (2x) Index Leveraged / Inverse -
NEC Electronics and Renesas to Integrate Business Operations Establishment of the World’S Third Largest Semiconductor Company
NEC Electronics and Renesas to Integrate Business Operations Establishment of the World’s Third Largest Semiconductor Company KAWASAKI, Japan, TOKYO, Japan, April 27, 2009 -- NEC Electronics Corporation (NEC Electronics; TSE: 6723), Renesas Technology Corp. (Renesas), NEC Corporation (NEC; TSE: 6701), Hitachi, Ltd. (Hitachi; TSE: 6501 / NYSE: HIT), and Mitsubishi Electric Corporation (Mitsubishi Electric; TSE: 6503) today agreed to enter into negotiations to integrate business operations at NEC Electronics and Renesas. 1. Background and goals of business integration NEC Electronics was established in 2002, separating from NEC, and Renesas was established in 2003, integrating semiconductor units at Hitachi and Mitsubishi Electric. Both as leading semiconductor companies, NEC Electronics and Renesas provide a wide variety of semiconductor solutions, primarily specializing in microcontroller units (MCUs). In light of fierce global competition in the semiconductor market, NEC Electronics and Renesas have agreed to explore the possibility of business integration in order to further strengthen their business foundations and technological assets while increasing corporate value through enhanced customer satisfaction. By integrating the world’s two largest MCU suppliers (*1), the new company will provide one of the most competitive MCU product lineups throughout the world. NEC Electronics and Renesas both focus on the fast-growing field of system-on-chip (SoCs) products. NEC Electronics is a leading producer of SoCs for digital consumer electronics, while Renesas is a well established manufacturer of SoCs for mobile phones and automotive applications. By reinforcing the companies’ respective strengths and development resources the new company will provide globally competitive SoC products. In terms of the discrete semiconductor business, both companies will define strategies to enhance the competitiveness of analog and discrete products that generate synergies with MCUs.