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Kyodo economic news summary -5-.

TOKYO, Oct. 9 Kyodo

---------- Aug. revenues fall at 5 of 6 main business service industries

TOKYO - Revenues at five of Japan's six major business service providers fell in August from a year earlier, the Ministry of Economy, Trade and Industry (METI) said Thursday.

The credit card industry was the only gainer with payments made with credit cards rising 6.2% to 2.11 trillion yen, METI said.

---------- Toshiba, Austria national bank unit in banknote joint venture

TOKYO - Toshiba Corp. said Thursday it will set up a joint venture with Oesterreichische Banknoten- und Sicherheitsdruck GmbH (OeBS), a wholly owned subsidiary of the Austrian National Bank, to promote sales of its latest banknote inspection machine and currency sorting machine.

The new firm, OeT Bank Note Sorting Solutions GmbH, will also offer maintenance service for Toshiba's banknote processing systems in the global market, the Japanese electronics maker said in a press release.

---------- Softbank Investment to buy controlling stake in World Nichiei

TOKYO - Softbank Investment Corp. said Thursday it will take a 56.6% stake in World Nichiei Securities Co. later this month.

Softbank Investment, a core unit of the business group led by Internet investor Softbank Corp., said it will purchase a total of some 16.71 million shares in World Nichiei from Nomura Land and Building Co. and Nomura Research Institute Ltd. next Wednesday.

---------- Takashimaya posts interim net profit of 16.8 bil. yen

TOKYO - Department store operator Takashimaya Co. said Thursday it posted a group net profit of 16.80 billion yen for the fiscal first half to Aug. 31, a turnaround from a loss of 219 million yen a year earlier.

Takashimaya ascribed the favorable turnaround to restructuring efforts to survive the generally grim business climate of the retail industry.

---------- Resona Holdings may post 1.5 tril. yen 1st half net loss: daily

TOKYO - Resona Holdings Inc. may post a group net loss of some 1.5 trillion yen for the fiscal first half to Sept. 30, 500 billion yen more than earlier estimated, due to a stricter valuation of deferred tax assets, a major daily reported Thursday.

The Asahi Shimbun said in its Thursday evening edition that the nation's fifth-largest banking group is considering drastically reducing deferred tax assets or future tax refunds that can be counted as part of capital.

---------- Tokyo stocks end mixed, gains in retail shares offset losses

TOKYO - Tokyo stocks ended mixed Thursday as buying of domestic demand-related shares such as retailers and banks offset selling of export-oriented high techs amid the yen's rise against the U.S. dollar.

The 225-issue Nikkei Stock Average fell 10.76 points, or 0.10%, to close at 10,531.44. The broader Tokyo Stock Price Index (TOPIX) of all First Section issues on the Tokyo Stock Exchange rose 2.79 points, or 0.26%, to 1,057.54.

---------- Cash bonds, futures prices rise after 5-yr note auction

TOKYO - Prices of 10-year Japanese government bonds (JGBs) and JGB futures rose Thursday on buying prompted by good results of a five-year note auction earlier in the day.

In interdealer trading, the yield on the key No. 254 10-year, 1.4% government bond fell 0.035 percentage point from Wednesday to 1.295%, ending below the 1.300% line for the first time since Sept. 24.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Oct 14, 2003
Previous Article:Nonresident investors turn net stock buyers last week.
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