OPEC leaves daily output quota unchanged at 28 million barrels
January 31, 2006The Organization of Petroleum Exporting Countries agreed Tuesday to keep the output quota for its members unchanged at 28 million barrels per day for a period beginning in April. The decision was made at an extraordinary general meeting of the 11-member cartel with oil prices approaching $70 per barrel amid worries over supplies from Iran and Nigeria.
Contractors, agency searched over bid rigging
January 31, 2006Prosecutors searched the Tokyo head offices of general construction contractors Kajima Corp., Taisei Corp. and Obayashi Corp. as well as the Defense Facilities Administration Agency on Tuesday on suspicion of bid rigging for construction projects ordered by the agency. It is not known over which projects the three contractors are suspected of involvement in bid rigging.
Sanyo to stop developing advanced organic EL displays with Kodak
January 31, 2006Sanyo Electric Co. said Tuesday it will withdraw from the development of advanced flat displays as part of its corporate restructuring efforts, while slumps in its home electronics and semiconductor divisions have sent the company into a deep loss. The consumer electronics maker will end its cooperation with U.S. imaging company Eastman Kodak Co. in developing organic electroluminescence displays as Sanyo pulls out of the business citing less optimistic prospects for a future growth of the organic EL display market, compared with liquid crystal displays.
TSE presents to FSA plan to prevent trading system glitches
January 31, 2006The Tokyo Stock Exchange on Tuesday presented to the Financial Services Agency its plan to rectify the inadequacies of its computer system that resulted last December in a failure to intercept an erroneous stock order, causing serious turmoil in the market. The TSE's plan calls for thorough reviews of its trading system and work manual, the creation of a position for a new surveillance officer and further fortification of the system's capacity to handle stock trade orders.
Condo buyers ask court to have Huser declared bankrupt
January 31, 2006A total of 309 buyers of nine substandard condominium blocks developed by Huser Ltd. filed a petition with the Tokyo District Court on Tuesday to have the developer declared bankrupt, in a bid to have its assets used for compensation. Huser, one of the developers of condos found to have substandard quake resistance, also filed a damages suit with the district court against eHomes Inc. and its president, claiming the state-designated building inspection agency defamed Huser in the building-code violation scandal.