Word: sumitomos
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...square-foot retail and office behemoth, home to The Limited and British record store chain HMV, sent its developer, Ivanhoe Ltd. Partnership, into bankruptcy. One Brattle Square was sold in foreclosure auction this summer for $30 million to Sumitomo Trust, the Japanese bank that financed the building, according to John P. DiGiovanni, vice president of Trinity Property Management...
...retail spots on the first floor remain glaringly empty, and DiGiovanni believes it may be more than a decade before the project ever shows a profit. DiGiovanni did add, though, that Sumitomo has the staying power necessary to wait out the bad times...
...take long for the rest of the country to read his lips. Within two weeks, Los Angeles County abruptly canceled a perfectly legitimate railcar contract with Sumitomo, a Japanese company. Next, major-league baseball reacted with disdain to a Japanese offer to buy the failing Seattle baseball team. Baseball, said the game's commissioner, countenanced only North American ownership. It is a rather odd America-first policy that counts Canada as an American appendage. Odd too that a sport so bent on maintaining national purity should play in a park where Barry Bonds is announced as the "voltigeur de gauche...
...Outside experts are not so sanguine. But nearly everyone agrees that GNP growth in Japan is unlikely to slip into negative numbers, as it did last year in the U.S. and Britain. "There's no question that we are in a recession," pronounces Kunio Miyamoto, chief economist of the Sumitomo-Life Research Institute. "But it is a recession, Japanese-style...
Americans tend to react to the Japanese inroads with a surly, complex resentment, or with chauvinism, anger, chagrin, even backhanded admiration. The Los Angeles County transportation commission canceled the contracts it had granted to Sumitomo for a light-rail transit system and decided to try to get into the business of manufacturing railcars itself. Cars became the center of "Buy America" campaigns. In Warren, Ohio, an ear surgeon, Dr. William Lippy, offered the 75 employees of his clinic $400 cash if they bought a new American car. Lippy became a favorite of morning television talk shows when he invited other...