Japan shipbuilders ink capital tie-up to take on overseas rivals
Seeking a way to better compete against South Korean and Chinese rivals, Japanese shipbuilder Tsuneishi Shipbuilding will take a 49% stake in a bulk carrier and tanker unit of Mitsui E&S Holdings under a capital tie-up announced Friday.
Tsuneishi, which is based in Hiroshima Prefecture and operates shipyards in China and the Philippines, will acquire the interest in Mitsui E&S Shipbuilding on Oct. 1.
The two sides entered into an operational tie-up back in 2018 that covered parts and design. Later, they decided that deeper ties were necessary and opted for capital ties. They had planned to sign a deal to do that in late March but took more time to iron out the details.
Asian Markets A Sea Of Red Amid Pandemic Woes
CANBERA (dpa-AFX) - Asian stock markets are in a sea of red and sharply lower on Wednesday, following broadly negative cues overnight from Wall Street, as traders are rattled amid the continuing surge in the new wave of coronavirus infections in the region, the increasing restrictions on economic activity and the possibility of subsequent lockdown measures in several markets. Asian markets closed mostly lower on Tuesday.
The Australian stock market is significantly lower on Wednesday, extending the losses of the previous session, with the benchmark S&P/ASX 200 below the 7,000 mark, following weak cues overnight from Wall Street. Stocks across all sectors are trading weak, particularly energy and technology stocks.
Japanese Market Sharply Lower
TOKYO (dpa-AFX) - The Japanese stock market is sharply lower in choppy trading on Wednesday, extending the sharp losses of the previous session, with the benchmark Nikkei index losing more than 600 points to go below the 28,500 level, as traders continue to be rattled by the ongoing surge in coronavirus infections and the related restrictions on economic activity. The cues overnight from Wall Street were negative.
Japan reported nationwide daily infections of around 4500. Japanese Prime Minister Yoshihide Suga decided to declare another state of emergency in Osaka Prefecture while Tokyo is set to seek the same move in the coming days.
Japanese Market Higher In Choppy Trades
TOKYO (dpa-AFX) - The Japanese stock market is slightly higher in choppy trading on Friday, extending gain of the previous session, with the benchmark Nikkei 225 above the 29,700 level, following broadly positive cues overnight from Wall Street amid strong data releases and a dip in long term bond yields.
However, the continuing concerns about the spike in daily domestic coronavirus infections and possible restrictions on economic activity are weighing on the market.
According to media reports, Japan reported a nationwide tally of 4,576 new cases on Thursday as the highly contagious variants drive a fourth wave of infections. The Japanese government is set to add three more prefectures neighboring Tokyo to the list of areas in need of stricter measures.
Asian Markets Mixed Amid Cautious Trades
CANBERA (dpa-AFX) - Asian stock markets are mixed on Friday, despite the broadly positive cues overnight from Wall Street amid strong data releases, stellar earnings from U.S. banks and a dip in long term bond yields. The markets remain cautious amid the continuing surge in coronavirus cases in the region and the possible restrictions on economic activity in several markets. Asian markets also ended mixed on Thursday.
The markets in the region are also tense about a fresh U.S.-China tussle after a Chinese diplomat indirectly warned the U.S. over strong linkages and interference over Hong Kong issues.