ILEA000005202: U.S. financier Ross discusses purchase of Tokyo Sowa Bank

Egypt signs agreement with IMF to increase loan from 3 to 8 bln USD

STORY: Egypt signs agreement with IMF to increase loan from 3 to 8 bln USD SHOOTING TIME: March 6, 2024 DATELINE: March 7, 2024 LENGTH: 00:00:38 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the press conference (Courtesy of the Egyptian Cabinet) STORYLINE: Egypt signed a financing agreement on Wednesday with the International Monetary Fund (IMF) to increase an initial 3 billion U.S. dollars loan deal to 8 billion dollars, Egyptian Prime Minister Mostafa Madbouly announced at a press conference. As part of the agreement, Egypt will also receive a loan of about 1.2 billion U.S. dollars from a separate facility that promotes environmental sustainability, Madbouly said. Besides the IMF, the prime minister added that other "international partners," including the World Bank, will also provide Egypt with soft loans to support the state in achieving monetary stability through an integrated program. "Our goal during the first period of Egypt's reform program following the IMF agreement is to rationa

Biden signs bill to raise U.S. debt limit

STORY: Biden signs bill to raise U.S. debt limit DATELINE: June 4, 2023 LENGTH: 00:01:21 LOCATION: Washington D.C. CATEGORY: ECONOMY SHOTLIST: 1. photo of Biden signing the bill (White House Photo) 2. various of exterior of the White House 3. various of U.S. Senate voting on the bill 4. various of U.S. House of Representatives voting on the bill 5. various of exterior of the U.S. Capitol STORYLINE: U.S. President Joe Biden signed Fiscal Responsibility Act of 2023 into law Saturday afternoon so as to avoid a historic default on government debt. The bipartisan act suspends the public debt limit through Jan. 1, 2025, and increases the limit to the actual debt level on Jan. 2, 2025. According to Goldman Sachs, a global investment bank, U.S. total federal government debt would exceed 35 trillion U.S. dollars by January 2025, which equals more than 100,000 dollars for each U.S. citizen. "This bipartisan agreement is a big win for our economy and the American people," Biden said just moments after the Senate p

U.S. regulators close New York's Signature Bank following Silicon Valley Bank collapse

STORY: U.S. regulators close New York's Signature Bank following Silicon Valley Bank collapse DATELINE: March 14, 2023 LENGTH: 0:00:52 LOCATION: NEW YORK, U.S. CATEGORY: ECONOMY SHOTLIST: 1. various of Signature Bank STORYLINE: New York-based Signature Bank, a key lender in the crypto industry, was shut down Sunday by state regulators over a "similar systemic risk exception." This is according to a joint statement by the U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC). The move came two days after California's Silicon Valley Bank (SVB) collapsed as depositors rushed to withdraw funds. Regulators promised that all depositors of Signature Bank "will be made whole," and "as with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer." The authorities also said "shareholders and certain unsecured debtholders will not be protected." Founded in 2001, Signature Bank is a New York state-chartered commercial bank. Xinhua News Agency c

Ghanaian president launches development bank to boost economic transformation

STORY: Ghanaian president launches development bank to boost economic transformation DATELINE: June 17, 2022 LENGTH: 00:02:45 LOCATION: Accra CATEGORY: POLITICS/ECONOMY SHOTLIST: 1. various of Ghanaian President Nana Addo Dankwa Akufo-Addo and officials 2. various shots of Tema port (file) 3. various of Ghanaian President Nana Addo Dankwa Akufo-Addo and participants 4. SOUNDBITE 1 (English): NANA ADDO DANKWA AKUFO-ADDO, Ghanaian President 5. various of Tema port (file) 6. various of the project (file) 7. various of participants 8. SOUNDBITE 2 (English): ERNEST ADDISON, Governor of the Bank of Ghana STORYLINE: Ghanaian President Nana Addo Dankwa Akufo-Addo launched a development bank on Tuesday in an effort to boost the country's economic transformation. The Development Bank Ghana (DBG), with a seed capital of 750 million U.S. dollars from the World Bank, African Development Bank, the government of Germany, the European Investment Bank, and the government of Ghana, is set to become the key financier of the

Financier Murakami released on bail of 500 million yen

TOKYO, Japan - A car carrying Yoshiaki Murakami, the founder of Japan's best-known investment fund, who has been indicted on insider-trading charges, leaves the Tokyo Detention House on June 26. Murakami was released on a bail of 500 million yen.

Murakami likely to be grilled over possible insider trading

TOKYO, Japan - Prosecutors are expected to question investment fund operator Yoshiaki Murakami (photo) shortly as they investigate whether his fund engaged in insider trading in connection with its purchases of shares in Nippon Broadcasting System Inc., sources familiar with the matter said on June 2.

Mazda succeeds in test run of fuel cell car

TOKYO, Japan - A prototype fuel cell vehicle developed by Mazda Motor Corp. runs during an open test drive at the company's research center in Yokohama on June 12. The five-seat vehicle, based on the Premacy small passenger car and powered by a methanol reformer fuel cell system, ran at a speed of around 30 kilometers per hour. The fuel cell system was developed jointly by Mazda and U.S. automaker Ford Motor Co.

Shiseido announces new company president

TOKYO, Japan - Morio Ikeda (R), vice president of leading cosmetics maker Shiseido Co., meets the press along with Chairman Yoshiharu Fukuhara (C) and President Akira Gemma, in Tokyo on March 6. Company officials said the same day that Ikeda will become Shiseido's next president and his appointment will be formally approved at a board meeting in late June. Gemma will become chairman, and Fukuhara will assume the new post of honorary chairman.

Sale of Tokyo Sowa to WL Ross canceled

TOKYO, Japan - Kyoji Matsuda (2nd from L), a deputy governor of the government's Deposit Insurance Corp. (DIC), flanked by administrators of Tokyo Sowa Bank, speaks at a news conference in Tokyo on Nov. 30. Matsuda said DIC and the administrators have decided to cancel the sale of the failed regional bank to an investment company led by U.S. financier Wilbur R. Ross.

NCB begins operations under new owners

TOKYO, Japan - Nippon Credit Bank (NCB) opens Sept. 4 for its first official day of business under the ownership of a consortium led by Internet investor Softbank Corp., following 21 months of state control that ended Sept. 1. The new management is expected to adopt a plan to rename the institution Aozora Bank in January 2001. Aozora means ''blue sky'' in Japanese. Photo shows new NCB executives (from L to R) of Kokei Higuchi, president of Tokio Marine & Fire Insurance Co., Masayoshi Son, president of Softbank Corp., Tadayo Homma, a former executive director of the Bank of Japan, who is expected to become president of the new bank, and Yoshihiko Miyauchi, chairman of Orix Corp.

U.S. financier Ross discusses purchase of Tokyo Sowa Bank

TOKYO, Japan - U.S. financier Wilbur Ross (R), together with officials of Japan's state-run Deposit Insurance Corp., announces an agreement allowing an investment fund led by Ross to buy Tokyo Sowa Bank, a failed Japanese midsize bank put under state control last June.

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