asia

Japanese investment bank Nomura Holdings has announced plans to acquire Macquarie Group’s public asset management operations in the United States and Europe for A$2.8 billion (US$1.8 billion), in a move aimed at strengthening its global asset management presence. The acquisition will include all public investment assets, operating platforms, and investment teams in both regions, while retaining the current management structure. The deal is expected to close by the end of 2025. Nomura President and Group CEO Kentaro Okuda said the acquisition would be “transformational” for the bank’s investment management division outside Japan. “It adds significant scale in the U.S., strengthens our platform, and provides opportunities to build our public and private capabilities,” he said. This move marks another major international acquisition by a Japanese firm, as the country’s corporations increasingly look abroad for expansion amid a shrinking domestic market. The asset management sector has become a key growth driver for Japanese financial institutions, offering more stable, fee-based income streams that are less sensitive to market volatility. Macquarie, Australia’s largest investment bank by assets, will retain its public investments business in its home market and continue operating a broad-based asset management platform that includes both public and private markets. As part of the agreement, Macquarie will collaborate with Nomura on product development and distribution. Following completion of the transaction, Nomura’s assets under management are expected to rise from US$590 billion to approximately US$770 billion.–REUTERS

Japanese automaker Toyota Motor’s truck unit Hino Motors and Mitsubishi Fuso Truck and Bus Corporation, a subsidiary of Germany’s Daimler Truck, are reportedly in the final stages of a long-anticipated merger, according to a report by Nikkei Asia. The two companies are expected to formalise a merger agreement as early as May 2025, following a delay announced in early 2024. If successful, the merger would establish a new holding company that will own both Hino Motors and Mitsubishi Fuso, with plans to list the entity on the Tokyo Stock Exchange’s Prime Market by April 2026. The original agreement to integrate the truck operations was announced in May 2023, with a target completion date by the end of 2024. However, the timeline was pushed back indefinitely in February 2024 due to undisclosed reasons. The Nikkei report noted that the merger is now gaining momentum, with the antitrust review by the Japan Fair Trade Commission nearing completion. The holding company structure is designed to strengthen the companies’ competitiveness in the commercial vehicle sector by pooling resources in technology, electrification, and global supply chains. Neither Toyota nor Daimler Truck have responded publicly to the latest reports as of press time. If finalised, the move would mark a significant shift in Japan’s truck manufacturing landscape, consolidating two of its major players in response to industry challenges including rising costs, decarbonisation targets, and growing competition from emerging markets.–REUTERS

HANOI: Vietnam’s central bank is finalising a report based on a restructuring plan to address the issues of Saigon Joint Stock Commercial Bank (SCB), which has been at the centre of the country’s largest financial fraud scandal. Local media reported that the bank’s restructuring plan is based on a proposal from an unnamed investor. Last month, Reuters revealed that the Sun Group, a prominent Vietnamese developer, had submitted a rescue plan to the central bank. This plan involves a full reimbursement of nearly US$26 billion that the central bank has injected into SCB since October 2022 after the bank experienced a run on its deposits. The proposed timeline for reimbursement spans 15 years. The finance ministry’s Dau Tu newspaper stated that the central bank has drafted the report based on the investor’s proposal, but changes are expected after reviews by relevant state bodies. No further details about the plan or a timeline for its final submission were disclosed. The central bank had appointed Sun Group to prepare the restructuring plan, although neither the central bank, SCB, nor Sun Group have responded to media requests for comment. SCB came under the supervision of the State Bank of Vietnam in October 2022 following the arrest of real estate mogul Truong My Lan. Lan, who was sentenced to death for her role in diverting billions of dollars in loans from SCB to shell companies she controlled, sparked a crisis at the bank. In a separate case involving money laundering and the illegal issuance of corporate bonds, Lan’s life sentence was later reduced to 30 years on appeal. Since the crisis began, SCB has been reliant on central bank cash injections to manage its liquidity and cover deposit withdrawals. Despite efforts to involve the private sector, including calls for foreign investments, the central bank faces limitations such as a 30% cap on foreign ownership in Vietnamese banks. The government and central bank are keen to resolve the crisis, but the restructuring process continues to unfold under tight scrutiny.

SINGAPORE: Singapore’s vibrant dining scene welcomes a new culinary gem as STEAK SUDAKU, a fast-casual restaurant specialising in premium Omi beef, opens its third outlet and first-ever franchise store in the city’s bustling Telok Ayer district. The outlet, located at 3 Boon Tat Street, marks a significant step in the brand’s expansion beyond Japan, introducing Singaporean diners to the rich heritage and quality of Omi beef, one of Japan’s oldest and most celebrated wagyu varieties. A Taste of Japan in the Heart of Singapore Owned and operated by OMIGYU TRADING SINGAPORE PTE. LTD., the Singapore subsidiary of General Omi Beef Trading Co., Ltd., the restaurant aims to elevate casual steak dining by offering high-quality Omi beef with efficient service in a relaxed, modern setting. STEAK SUDAKU is crafted as a fast-casual concept, making premium Japanese beef more accessible to busy professionals and food lovers in the Central Business District. The menu centres on grilled-to-order Omi beef steaks, complemented by a range of sides and quick-service options that cater to the city’s fast-paced lifestyle. The Meaning Behind “Sudaku” The restaurant’s unique name, “Sudaku,” is a coined term using simplified Chinese characters that align with the Japanese word “Sudaku” (to gather), blending joy, achievement, and togetherness: Xǐ (喜) – joy, enjoy Dá (达) – achieve Jù (聚) – gather Together, they reflect the brand’s mission to create “a place where people can gather and have fun” — a fitting concept for Singapore’s multicultural dining scene. Promoting Omi Beef Across Borders General Omi Beef Trading Co., headquartered in Moriyama City, Shiga Prefecture, has been actively exporting Omi beef to Singapore and is now furthering its mission to promote this premium product through local franchise operations. “We are proud to introduce our first franchise store in Singapore,” said Takaoki Nishino, CEO of General Omi Beef Trading Co., Ltd. “Our goal is to share the distinct flavour and heritage of Omi beef with the world, and Singapore is a strategic location for us to connect with a global audience.” With its Telok Ayer opening, STEAK SUDAKU aims to establish itself as a go-to destination for quality Japanese beef, whether for a quick weekday lunch or a casual gathering with friends. The launch signals broader plans for regional expansion as demand for authentic wagyu experiences continues to grow across Asia.

Japanese Prime Minister Shigeru Ishiba has underscored the importance of fairness in upcoming currency discussions with the United States, as tensions continue to simmer over tariffs and trade terms. Speaking during a talk show on national broadcaster NHK, Ishiba said Tokyo will approach any talks on exchange rates from the standpoint of fairness, particularly in light of Washington’s accusations that Japan has intentionally weakened the yen to benefit its exporters. The currency negotiations will be handled by Japan’s Finance Minister Katsunobu Kato and U.S. Treasury Secretary Scott Bessent. These discussions are expected to take place on the sidelines of the upcoming Group of 20 finance ministers’ meeting in Washington. Ishiba did not provide specific details on how Japan would respond if asked to support a stronger yen but reaffirmed that the country does not engage in currency manipulation. As part of broader trade talks, Ishiba indicated that Japan could increase imports of U.S. liquefied natural gas, noting that the United States currently ranks fourth among Japan’s energy suppliers. He said any increase would depend on Washington’s ability to provide a stable supply. The Prime Minister also signalled potential flexibility on U.S. complaints about non-tariff barriers, particularly in the automotive sector. Washington has long argued that Japan’s auto safety standards hinder U.S. car imports, while Japan maintains that American cars are not tailored to local roads and driving habits. On the issue of tariffs, Ishiba noted that President Donald Trump has imposed a 10 per cent universal tariff and a 25 per cent levy on Japanese cars. A proposed 24 per cent tariff hike has been paused until July. Amid speculation that Japan could use its holdings of over US$1 trillion in U.S. Treasury bonds as leverage in trade talks, Ishiba dismissed the idea, stressing that such financial instruments are based on mutual trust and global economic stability. Looking ahead, Japan may consider relaxing certain automotive regulations to ease U.S. concerns, but Ishiba was clear that any adjustments must not compromise domestic safety standards. At the same time, he expressed a willingness to increase Japanese investment in the U.S., particularly in energy-related sectors.–REUTERS