Editor’s Note: Related tickers: Mizuho Financial Group, Inc. (TYO:8411), Toshiba Corp (TYO:6502), Sharp Corporation (TYO:6753), Mitsubishi UFJ Financial Group Inc. (TYO:8306)
Sharp jumps on credit, iPhone reports (Taipei Times)
Sharp Corporation (TYO:6753), the unprofitable maker of Aquos TVs, rose the most in three weeks in Tokyo trading after media reports it will get an increased credit line from lenders and supply Apple Inc’s new iPhone. The stock surged 6.3 percent to ￥369 at the close of trade, the biggest gain since April 15. Sharp, which has ￥200 billion (US$2.02 billion) of convertible bonds due this year, has been seeking investments from rivals and selling assets as its cash pile shrinks amid continued losses in its LCD business. The Osaka-based company, which is due to release its mid-term plan on Tuesday, has ￥360 billion of loans due on June 30.
Japan’s Toshiba sees 34 percent jump in profit in FY 2013/14 (Reuters)
Japan’s Toshiba Corp (TYO:6502) forecast a 34 percent jump in operating profit for this fiscal year, boosted by strong sales of its flash memory chips, but the outlook fell short of market expectations as it struggles to turn around its TV division. Toshiba Corp (TYO:6502), a leading chipmaker in Japan and supplier to Apple Inc, said on Wednesday it expects its operating profit to reach 260 billion yen ($2.6 billion) for the year ending March 31, 2014, missing the average forecast of 345.7 billion yen profit among 21 analysts polled by Thomson Reuters I/B/E/S.
Toshiba to launch TVs with DivX Plus Streaming certification (Engadget)
Just in case you didn’t have enough content options from the likes of Roku and your cable set top box, Toshiba Corp (TYO:6502) has partnered with Rovi to integrate the DivX Plus Streaming codec into a new line of TVs. The streaming format promises enhanced multimedia controls like multi-language subtitles, resumable playback across devices and Dynamic Resolution Scaling, which should be good for those with fluctuating bandwidth. However, there aren’t that many services behind the format just yet, though Knowhow Movies by Dixons Retail in the UK has pledged its support. Still, one can never have enough ways to entertain the kids.
Sumitomo Mitsui Financial to Invest $1.52 Billlion in Indonesian Bank (Wall Street Journal-India)
Japanese bank Sumitomo Mitsui Financial Group Inc. 8316.TO -0.32% said Wednesday it has reached an agreement to pay around $1.52 billion to acquire a 40% stake in Indonesian lender PT Bank Tabungan Pensiunan Nasional, BTPN.JK -1.72% joining other Japanese banks in strengthening their presence in rapidly developing Southeast Asian markets. […] Japanese banks are no strangers to Southeast Asia. Late last year, MUFG took a 20% stake in Vietnam Joint Stock Commercial Bank for Industry & Trade, or VietinBank, despite rising bad loans in Vietnam’s financial system. In September, Mizuho Financial Group, Inc. (TYO:8411) -0.46% bought a 15% stake in Vietnam Bank for Foreign Trade. MUFG was also among the bidders in April last year for a stake in Bank Danamon.
Sharp to reportedly start ‘iPhone 5S’ LCD production in June (AppleInsider)
A report from the Far East on Tuesday says struggling LCD manufacturer and Apple supplier Sharp Corporation (TYO:6753) is ready to ramp up display manufacture for the next-generation iPhone, with mass production slated to start next month. Sharp will supposedly be using its Kameyama Plant No. 1 to churn out LCDs bound for the so-called “iPhone 5S,” Apple’s much-rumored next-generation handset expected to see release in the third quarter, reports Japan’s Nikkan Kogyo Shimbun (via Kodawarisan). The Kameyama facility has seen poor utilization rates as Sharp’s LCD business waned in 2012, with the plant’s use dropping to some 40 percent of its 600-million unit per month maximum capacity.
Sharp’s Lenders to Grant $1.52 Billion Credit (Fox Business)
Mizuho Financial Group, Inc. (TYO:8411) Corporate Bank and Bank of Tokyo-Mitsubishi UFJ Financial Group Inc. (TYO:8306) officially decided Tuesday to set up an additional line of credit totaling Y150 billion ($1.52 billion) for Sharp Corporation (TYO:6753), the Nikkei reported…