Horie mostly reading in custody, continues to deny charges
February 9, 2006Former Livedoor Co. President Takafumi Horie has continued to deny he violated securities laws and spends most of his free time in custody reading books, prosecution sources said Friday. Horie was arrested Jan. 23 when he was still the president of Livedoor, along with three other executives of the Internet portal company. The court's permission for his detention will expire Monday, when prosecutors will decide whether to indict him and the other three, who have also quit their posts.
Gov't endorses outline of administrative reform bill
February 9, 2006The government on Friday endorsed a ''five-pillar'' outline of an administrative reform bill, featuring cuts in public-sector payrolls and review of the state's special budgetary accounts. Merger of state-backed financial institutions is also among the pillars of the envisaged bill aimed at reforming the government to make it more effective and cut or eliminate budgetary deficits, government officials said.
Securities watchdog to file criminal complaint against Livedoor
February 9, 2006The Securities and Exchange Surveillance Commission has decided to file a criminal complaint against Livedoor Co., its former President Takafumi Horie and three other executives for violating the securities law, SESC sources said Friday. The securities watchdog will also file a similar complaint against Livedoor Marketing Co., the sources said, adding that the moves could be taken later in the day. ==Kyodo
Securities watchdog to seek indictment of Livedoor, execs
February 9, 2006The Securities and Exchange Surveillance Commission has decided to ask prosecutors to indict Livedoor Co., its former President Takafumi Horie and three other executives for violating the securities law, SESC sources said Friday. The securities watchdog will also file a similar case with prosecutors against Livedoor Marketing Co., the advertising subsidiary of the Internet and financial services firm, the sources said, adding that the moves could be taken later in the day.
Koizumi forgoes submitting imperial succession bill to parliament
February 9, 2006Prime Minister Junichiro Koizumi has withdrawn a plan to submit to parliament revisions to the Imperial House Law during the current session, following the news of Princess Kiko's pregnancy, a government source said Friday. The premier's decision came amid growing calls from lawmakers of his ruling coalition to freeze discussions at least for a while about a revision of the law.
U.S. senator warns Japan envoy of Congress reaction on beef issue
February 9, 2006Sen. Max Baucus, the ranking Democrat on the Senate Finance Committee, said Thursday he has warned Japanese Ambassador to the United States Ryozo Kato of a ''strong reaction'' by Congress if Japan fails to soon lift its re-imposed import ban on U.S. beef. ''I told the ambassador...there is a lot of frustration in Congress that the Japanese market is once again closed,'' Baucus, a senator from Montana, said in a statement about his meeting with Kato on Wednesday along with the committee's chairman, Charles Grassley, a Republican from Iowa.
Livedoor committed double financial statement fraud: sources
February 9, 2006Livedoor Co. perpetrated a double fabrication of its own financial results and those of its subsidiary ValueClick Japan Inc. in 2004, sources familiar with the case said Thursday. Livedoor placed fictitious orders worth 30 million yen to ValueClick, now called Livedoor Marketing Co., to help the red-ink company post bogus sales. Livedoor itself then booked 300 million yen in Livedoor Finance Co. bogus orders to more than offset the impact of the 30 million yen expense in its financial results, the sources said.
Livedoor group firms seek to break away from disgraced parent
February 9, 2006Livedoor Co. group firms Livedoor Auto Co. and Media Exchange Inc. announced Thursday a policy of distancing themselves from Livedoor, saying their businesses have been suffering since the parent company's former executives were arrested last month over alleged securities law violations. Media Exchange, an Internet server operation company, decided to urge Livedoor to reduce its stake in the company, while Livedoor Auto, a used car dealer, decided to dissolve its capital ties with the parent firm.
S&P ups ratings on 5 Japanese trading firms on bigger profits, capital
February 9, 2006Standard & Poor's said Thursday it has hiked the corporate credit ratings on Japan's five major trading houses, citing such factors as higher retained earnings, capital increases, improved profits and better risk management systems. The five are Mitsubishi Corp., Mitsui & Co., Sumitomo Corp., Marubeni Corp. and Itochu Corp., according to the major U.S. rating agency.
World Bank predicts 9.2% economic growth in China
February 9, 2006The World Bank on Thursday predicted that China's economy would grow 9.2 percent in 2006, consistent with rapid growth in previous years, because of steady consumer demand, exports and investments. But the 2006 growth rate will decline from the 9.9 percent that the Chinese government reported for 2005 because of reductions in China's trade surplus with other countries and efforts to restructure the economy in favor of have-nots in the countryside, bank economists said.
Singapore Muslim groups condemn cartoons but urge restraint
February 9, 2006Five major Islamic religious groups in Singapore have issued a joint statement condemning the depiction of Islam's Prophet Muhammad in cartoons that appeared overseas newspapers but urged the world's Muslims to exercise restraint over the issue. The statement issued Wednesday said Western media have fanned Muslim anger by reprinting the cartoons which were originally published by the Danish newspaper Jyllands-Posten in September last year.
BOJ keeps bullish economic assessment in February report
February 9, 2006The Bank of Japan left its bullish assessment of the nation's economy unchanged in its monthly report released Thursday, citing rising exports and production as well as firm personal spending. ''Japan's economy continues to recover steadily,'' the central bank said in the February economic report, using exactly the same wording used in its January report.