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Kyodo economic news summary -6-.

TOKYO, March 15 Kyodo

---------- Alps Electric to sell HDD patent and production equipment to TDK

TOKYO - Alps Electric Co. said Thursday it will sell its patent and manufacturing equipment for hard disk drive components at a Niigata Prefecture plant to TDK Corp.

The sale value and other terms of the deal will be determined by March 2008, the high-tech electronics maker said, adding the patent concerns components for writing data into a hard disk for memory storage as well as for reading out data from the disk.

---------- Mitsubishi UFJ Securities places mistaken sell order

TOKYO - Mitsubishi UFJ Securities Co. said Thursday it placed a mistaken sell order at the Tokyo Stock Exchange earlier in the day by entering the wrong securities code.

The brokerage under Mitsubishi UFJ Financial Group Inc. erroneously input the code of Buffalo Co., an auto equipment retailer listed on the TSE's Jasdaq market, while it had intended to sell the stock of a different company at a customer's request.

---------- IRCJ disbands with 40 bil. yen profit after 41 bailout items

TOKYO - Japan's state-backed bailout body said Thursday it is ending its four-year history after completing support for a total of 41 bailout items.

The Industrial Revitalization Corp. of Japan, created in April 2003 to help companies burdened with heavy debt, is disbanded as of Thursday, by not only living up to the government's pledge to cause no financial burden on taxpayers in bailing out troubled companies, but also by leaving a carried-forward profit of nearly 40 billion yen, it said.

---------- Resona Bank to tie up with Travelex for foreign exchange services

TOKYO - Resona Bank said Thursday it will entrust its foreign exchange services to Travelex Japan KK starting March 30 under a business alliance aimed at improving business efficiency and convenience for customers.

The core banking unit of Resona Holdings Inc. said Travelex Japan, wholly owned by Travelex Holdings Ltd. of Britain, is to open branches inside and next to five Resona branches in Tokyo, Nagoya and Sapporo.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Mar 19, 2007
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