9/15/21 Japan Galaxy News: Shinsei Bank Considers Takeover Defense Plan; 87% Of Measures To Support Farmers Are Harmful: Japan Was Named
1. Shinsei Bank Considers Takeover Defense Plan, ‘Poison Pill’ to Stop SBI Takeover
Shinsei Bank, which received a unilateral takeover bid (TOB) proposal from online financial giant SBI Holdings (HD), is considering introducing takeover defense measures, Asahi News was learned on 14th. The main idea is to reduce SBI’s shareholding ratio by issuing new shares. SBI, which owns about 20% of Shinsei Bank, announced on 9th that it aims to increase its stake in Shinsei Bank to a maximum of 48% and make it a consolidated subsidiary through TOB.
The anti-takeover measure being considered by Shinsei Bank is called a “poison pill” (meaning that if you eat it, the poison will pass around). According to a Shinsei Bank official, the bank will distribute free “warrants” for new shares to existing shareholders, including SBI, in advance, and place restrictions on SBI’s ability to exercise the warrants.
2. 87% of Measures to Support Farmers Are Harmful: Japan and Others Named
According to Jiji News Agency, the U.N. Food and Agriculture Organization (FAO) and three other U.N. agencies released a report on 14th that says 87% of the $540 billion in annual global support for farmers is “harmful” by distorting prices and harming the environment. They urged countries to drastically review their policies, saying that if these policies are maintained, sustainable food supply cannot be achieved.
The report pointed to import tariffs, export subsidies, and subsidies that encourage the production of certain agricultural products as harmful support measures. It explained that creating price differences between domestic and foreign prices through “border measures” for imports and exports would “distort food trade, production and consumption”, while limiting support to specific items would encourage overproduction and the massive use of agricultural chemicals, which would “adversely affect the environment”.
3. ANA Introduces Refrigerant to Domestic Flight Carts, Eliminates Dry Ice, Reduces CO2 and Costs
Aviation Wire reported that on September 14, the All Nippon Airways (ANA/NH) Group announced that it will replace the used-up dry ice used to keep in-flight meals and beverages cold on domestic flights with a refrigerant that can be used repeatedly from September 20. By using the refrigerant in the carts carried on board, the company will be able to reduce the amount of packaging and other materials previously required by about 30 tons per year, and also save 200 million yen in costs.
The refrigerant to be introduced is called Fujiyama18, manufactured by Japan Cold Chain (Shibuya, Tokyo). This product can be frozen in a household freezer and maintains a temperature range of minus 18 degrees Celsius for a long time, and is being introduced by pharmaceutical companies and logistics companies in Japan and overseas as an alternative to dry ice.
Until now, ANA’s in-flight meals and beverages on domestic flights have been kept cool with dry ice made from carbon dioxide (CO2). The ANA Group has set a goal of reducing CO2 emissions to virtually zero by 2050.
4.Japan, U.S., and South Korea Hold High-Level Talks to Strengthen Ties in Response to North Korean Cruise Missile Launch
Senior officials from Japan, the U.S. and South Korea, the three countries responsible for North Korea, held consultative talks in Tokyo to share the latest information and confirm their policy of continuing to strengthen cooperation among the three countries following North Korea’s announcement of a successful test launch of a long-range cruise missile, NHK 14 reported. The meeting was held for about an hour and a half at the Ministry of Foreign Affairs on the morning of 14th, and was attended by Mr. Funakoshi, Director General of the Asian and Oceanian Affairs Bureau of the Ministry of Foreign Affairs, Mr. Song Kim, Special Representative of the U.S. Department of State, and Mr. Noh Kyu-duk, Director of the Korean Peninsula Peace Negotiation Headquarters of the Ministry of Foreign Affairs of the Republic of Korea.
At the meeting, they shared the latest information and exchanged opinions on North Korea’s intentions in response to its announcement that it had successfully conducted a test launch of a long-range cruise missile on 13rd. In addition, they agreed that it is important to fully implement sanctions based on the UN Security Council resolutions in order to achieve the complete denuclearization of North Korea, and they confirmed their policy to continue to strengthen cooperation among the three countries.
5. Japan Eyes Tougher Jail Sentence for Insults to Tackle Cyberbullying
According to Kyodo News, Japan plans to introduce a tougher jail sentence as part of penalties for online insults amid growing calls to tackle cyberbullying, Justice Minister Yoko Kamikawa said Tuesday.
Kamikawa told a press conference that she will ask her advisory panel to examine the plan to impose a prison term of up to one year or a fine of up to 300,000 yen ($2,725) over insults at its meeting Thursday. At present, the penalty against insults is detention for less than 30 days or a fine of less than 10,000 yen. The Justice Ministry is also planning to extend the statute of limitations for insults from one year to three years.
As provisions on insults under the country’s Penal Code have not been drastically reviewed since the law was established in 1907, when the grave impact of online abuse was not a consideration, there have been urgent calls to address the matter.
6. Pandemic Hit Travel Agency JTB Sells Tokyo HQ to Raise Funds
Japanese travel agency JTB Corp. said Tuesday it sold its Tokyo headquarters as well as another building in Osaka as it progresses a restructuring effort aimed at shoring up its finances after the CCP virus pandemic killed demand for its services, Kyodo News reported. JTB sold the buildings for several tens of billions of yen to bolster its cash reserves, a company source said. The major travel agency is attempting to weather the CCP virus pandemic storm as it posted a record net loss of 105.2 billion yen in the year ended March. Similarly, its domestic rival H.I.S. Co. sold its head office in the capital’s Minato Ward for 32.5 billion yen to improve its cash position.
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