Tokyo stocks open higher, lifting Nikkei to new 5-year high
December 25, 2005Stocks opened higher almost across the board on the Tokyo Stock Exchange on Monday on the back of investors' persistent optimism over the Japanese economy, lifting the key Nikkei index to a fresh five-year intraday high. In the first 15 minutes of trading, the 225-issue Nikkei Stock Average surged 147.37 points, or 0.92 percent, from Thursday to 16,088.74, after hitting 16,089.85, its highest intraday level since Oct. 5, 2000. Japanese financial markets were closed Friday for a national holiday.
Seven & I Holdings to fully take over Millennium Retailing
December 25, 2005Seven & I Holdings Co. plans to acquire Millennium Retailing Inc. in its entirety, by first purchasing a 65 percent equity stake for 130 to 140 billion yen in January, industry sources said Monday. The two companies are expected to announce the deal Monday afternoon.
Kubota to give compensation to victims of asbestos-linked illness
December 25, 2005Kubota Corp. will set up a compensation system for residents who have lost their loved ones to asbestos-linked diseases or who have suffered from the illness after living near its former factory in Hyogo Prefecture, the residents said Sunday. The major machinery maker promised to provide compensation under a new system that will not discriminate between residents and its employees, the residents said at a news conference after their first meeting with Kubota President Daisuke Hatakake.
Livedoor to continue not paying dividends
December 25, 2005Shareholders of Livedoor Co. voted down a proposal Sunday that the Internet company pay 2 yen per share in dividends during their meeting in Tokyo, as a majority preferred the firm's policy of beefing up its internal reserves to paying dividends for the time being. Livedoor President Takafumi Horie told the meeting that boosting internal reserves is indispensable for the company to continue merger and acquisition businesses.