Word: sumitomo
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Dates: during 1990-1999
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...years. Once unthinkable, the idea that foreigners might "save" Japanese companies is becoming commonplace. Witness Merrill Lynch and its absorption of Yamaichi Securities, or General Electric Capital Corp. and its $6.5 billion takeover of one of Japan's biggest leasing companies. Or Goodyear's bid to control Sumitomo Rubber Industries. If it is shameful to be acquired by foreigners, at least Nissan president Hanawa is far from alone...
...companies like U.S. Steel and Phelps Dodge, which faced withering competition from abroad. At the same time though, U.S. household brands like Gillette and Nike held sway at home and won new markets abroad. No matter how tough the Japanese competed, you never wore Mitsubishi sneakers or shaved with Sumitomo blades. The top U.S. consumer brands showed consistent growth year after year...
Your report on what it cost the city of Phoenix, Ariz., to encourage Sumitomo Sitix of Japan to locate a silicon-wafer plant there was intellectually dishonest in describing what occurred [SPECIAL REPORT: CORPORATE WELFARE, Nov. 23]. You ignored the fact that this company brought 400 new high-tech jobs and an annual payroll of $14 million to a section of Phoenix that offered few employment opportunities. You failed to note the additional wealth created by yearly payments to vendors of $10 million, a $1 million payment to Phoenix for development and impact fees and $5 million in construction sales...
TOKYO: Former Sumitomo trader Yasuo Hamanaka, whose staggering losses roiled the world's metal markets and raised serious questions about how Japanese firms are run went on trial Monday and, as expected, pled guilty. Hamanaka is charged with forgery and fraud that left his firm $2.6 billion in the hole. Prosecutors say Hamanaka forged the signatures of two of his superiors to cover his massive trading losses, swindling a Sumitomo subsidiary out of $770 million. Sumitomo's star trader is the only person charged and faces up to 15 years in prison. British and U.S. investigators are continuing separate probes...
ARRESTED. YASUO HAMANAKA, 48, former copper dealer for Japan's Sumitomo Corp., who lost an estimated $2.6 billion in allegedly unsanctioned trading; on suspicion of forging two documents to authorize his transactions with a Merrill Lynch dealer; in Tokyo...