Word: mitsui
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...Peking cancel or suspend five major projects worth $2.5 billion. Most seriously affected are Japanese and West German firms that rushed into the Chinese market in 1978 and 1979, at the outset of Peking's ambitious drive for industrial expansion. Japanese companies, including Toyo Engineering K.K. and Mitsui Petrochemicals Co. Ltd., have lost $640 million worth of contracts to build seven turnkey petrochemical plants in Nanjing, Shengli and Peking. Of its five contracts for similar plants, Lurgi Gesellschaften, a Frankfurt-based engineering combine, expects to lose at least three, worth $450 million...
...from heaven. It refers to the practice whereby retiring top bureaucrats are quickly hired as top executives of the companies they once regulated. Yusuke Kashiwagi, a former Finance Ministry official, is now president of the Bank of Tokyo; Eimei Yamashita, a former trade official, is a managing director of Mitsui & Co.; there are many more...
...additions to existing facilities, will increase world capacity by less than 4% a year, while most experts agree that the market will grow at a rate of 5% for the foreseeable future. Only one firm, Alumax, a joint venture of AMAX, the large U.S. mining company. Japan's Mitsui & Co. and Nippon Steel Corp., is attempting to cash in on the shortage by investing in new plants in Oregon and South Carolina-a mighty $800 million gamble...
...products to import. So far, the Japanese visitors have spent $1 billion on raw materials plus another billion on finished goods ranging from home furnishings to machine tools to fur coats. To help the U.S. sell more abroad, Delegation Chief Yoshizo Ikeda, the chief of Japan's huge Mitsui trading firm, offered Washington the use of a Japanese ship, which he and other successful exporters use as a floating trade fair...
...tour the U.S., actively seeking, and signing orders for, more imports. Last week the mission fanned out from San Francisco to a score of cities to talk up a new liberalism in trade. In a flight of wish-it-were-true hyperbole, Delegation Chief Yoshizo Ikeda, president of Mitsui, the giant trading company, told a gathering in Atlanta that his country is "removing import quotas, slashing tariffs and streamlining import procedures in order to make Japan, this year, the least protected market of all the great trading powers, including...