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TMCNet: Kyodo economic news summary -5-+

[February 09, 2010]

Kyodo economic news summary -5-+

(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Feb. 9 -- (Kyodo) _ ---------- Toyota lacks 'customers' perspective,' fails to act quickly: Maehara TOKYO - Transport minister Seiji Maehara criticized Toyota Motor Corp. on Tuesday, saying the Japanese automaker reacted slowly to safety concerns related to its products and "lacked customers' perspective." "It might be that (Toyota) considered it a minor problem," Maehara told reporters in reference to the brake problem with the Prius hybrid, for which the company announced Tuesday the latest of a series of safety recalls. He said Toyota must deal with the problem "quickly based on the viewpoint of customers." ---------- Nissan raises FY 2009 forecasts, expecting to return to black YOKOHAMA - Nissan Motor Co. on Tuesday revised its earnings forecasts for the current business year through March, expecting to swing back into the black with a group net profit of 35 billion yen thanks to its strength in the Chinese market as well as the impact of cost-cutting measures.


The latest net profit projection by Japan's third-largest automaker marks an upward revision from an earlier forecast loss of 40 billion yen for fiscal 2009, and is in stark contrast to the previous fiscal year's net loss of 233.71 billion yen.

---------- McDonald's Japan reports highest group net profit since listing TOKYO - McDonald's Holdings Co. (Japan) said Tuesday its group net profit in 2009 rose 3.4 percent from the previous year to 12.81 billion yen, the highest since its listing on the Jasdaq Securities Exchange in 2001.

While consolidated sales declined 10.8 percent to 362.31 billion yen, the hamburger restaurant chain boosted sales on a same-store basis for the sixth consecutive year.

---------- Suntory posts record sales, profit amid weak consumer spending TOKYO - Suntory Holdings Co. said Tuesday it set new highs in both sales and profit in the business year ended in December on increased sales of alcoholic beverages and food products as well as cost reductions.

Group net profit grew 1.9 percent from the previous year to a record high of 32.67 billion yen on a 2.5 percent rise in sales to 1.55 trillion yen, also an all-time high, Suntory said after it and Kirin Holdings Co. canceled an ambitious merger plan Monday to create one of the world's largest food and beverage makers.

---------- Toyota to recall 437,000 vehicles worldwide for Prius, other hybrids TOKYO - Toyota Motor Corp. said Tuesday it will recall about 437,000 vehicles worldwide to repair brake problems in its best-selling Prius and three other hybrid models, in a blow to the automaker's brand strength as a pioneer in green technology.

Other models subject to the recall are the luxury Lexus HS250h sedan, the hybrid-only Sai compact sedan and the plug-in Prius hybrid, all of which employ a similar brake system to the Prius, the automaker said.

---------- Fujifilm sets up generic drug joint venture TOKYO - Fujifilm Corp. said Tuesday it has set up a joint venture to manufacture and market generic drugs in cooperation with two business allies, with an eye to developing its own new generic drugs in the future.

The venture, Fuji Film Pharma Co., owned 80 percent by Fujifilm, 15 percent by Mitsubishi Corp. and the remainder by drug wholesaler Toho Holdings Co., will start operations in April, the company said.

---------- Overseas factors should be blamed for drop in Tokyo stocks: Kan TOKYO - Finance Minister Naoto Kan said Tuesday that the recent decline in Tokyo stocks can be attributed to factors overseas such as debt problems in Greece, adding that he has not seen any fresh signs of a worsening trend in the Japanese economy.

"I think overseas factors are the cause behind the drop in stocks, so I'm not so worried," Kan, who is also deputy prime minister, said at a press conference.

---------- JAL sticks with American-led group, ends tie-up talks with Delta TOKYO - Japan Airlines Corp., which recently filed for bankruptcy protection, said Tuesday it has decided to stay with the oneworld airline grouping led by American Airlines Inc, ending its alliance talks with Delta Air Lines Inc.

The Japanese carrier apparently decided to strengthen its existing ties with American Airlines to avoid the costs and risks that would be entailed in defecting to the rival Delta-led SkyTeam alliance as it undergoes a state-led restructuring process under a three-year plan.

---------- Pioneer returns to black on operating basis in Oct.-Dec. quarter TOKYO - Electronics maker Pioneer Corp. said Tuesday it returned to the black on a group operating basis in the October to December quarter due to improvement in gross profit margin as well as sales and administrative cost cuts.

Pioneer booked a consolidated operating profit of 1.00 billion yen for the third quarter of fiscal 2009 against a year-before loss of 11.35 billion yen, although group sales fell 9.3 percent to 119.05 billion yen on a drop in plasma television sales, from which the firm has decided to withdraw.

(c) 2010 Kyodo News International, Inc.

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