Japan is unlikely to charge Sumitomo's rogue trader

Article Abstract:

US and UK financial regulators are intensely scrutinizing the illegal activities of former Sumitomo Corp. trader Yasuo Hamanaka, who allegedly lost $1.8 billion in unauthorized copper trades and falsified records over a 10 year period. However, their Japanese counterparts have not made significant efforts to investigate and indict Hamanaka. The Japanese Ministry of International Trade and Industry noted that they cannot act against Hamanaka since its illegal activities were done in foreign markets. Moreover, Sumitomo has yet to decide on whether to take legal action against Hamanaka.

Security and Commodity Services, Securities & Commodities Services, Securities, Commodity Contracts, and Other Financial Investments and Related Activities, Officials and employees, Crimes against, Hamanaka, Yasuo

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Sumitomo sues Chase Manhattan and UBS in 1996 debacle

Article Abstract:

Sumitomo Corp has charged Chase Manhattan Corp of conspiring with UBS AG for racking up as much as $2.6 billion worth of trading losses from the Tokyo, Japan-based company's account in 1996. According to Sumitomo officials, Chase and UBS helped trader Yasuo Hamanaka incur massive losses on the company's copper trading business. Hamanaka is currently facing an eight-year imprisonment sentence for criminal charges filed earlier by Sumitomo. The company has been reported to seek $530 million and 29.7 billion yen from Chase and UBS, respectively, for corporate damages.

Japan, Legal issues & crime, Securities Dealers, Investment Banking and Securities Dealing, Police Protection, Mortgage Bankers, Real Estate Credit, Nondepository Credit Intermediation, Lending Services, Racketeering, Financial services industry, Financial services, Mortgage banks, Chase Manhattan Corp., UBS Securities Inc., Civil RICO actions

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Toyota may increase its output of cars in North America; Move is part of plan to eventually sell 1.5 million vehicles in the U.S., company official says

Article Abstract:

Toyota Motor Corp plans to increase its car manufacturing volume in 1999 to reach its 1.5 million vehicle sales target in the US. In 1998, the company sold 1.4 million cars and trucks in the US. So far, the combined manufacturing capability of its Indiana, Kentucky, California, West Virginia and Canada facilities is 1.2 million automobiles. The company will probably incorporate an assembly line to the Indiana facility to achieve its 1999 production target.

Forecasts, trends, outlooks, Production data, Automobiles, Automobile Manufacturing, Analysis, Planning, Statistics, Automobile industry, Buildings and facilities, Toyota Motor Corp., Production planning, Sales forecasting, Foreign business enterprises

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