TonenGeneral prepares to buy Exxon Mobil Japanese unit

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Source: Bloomberg
TonenGeneral Sekiyu agreed to acquire Exxon Mobil Corp. Japanse division for $3.9bn. TonenGeneral is going to acquire 99% of Exxon Mobil Yugen Kaisha unit which manufactures and sells fuel. The deal will be financed by cash and bank loans. Analysts expect TonenGeneral to seek strategic partner to cover purchasing costs. Japanese refiners are struggling with surging operating costs as government forces them to implement technologies which get more fuel from oil. 
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Mon, 30 Jan 2012 07:49:55 GMT

Aussie and Kiwi weaken ahead of EU summit

New Zealand and Australian Dollar depreciated against most of their peers on Monday before EU officials meet today in Brussels to debate on debt turmoil. Aussie gave up 0.7% to $1.0588, while Kiwi slipped 0.5%, reaching $0.8209. Analysts see some pessimism returning to markets. AUD/USD currently is trading at $1.0549 and NZD/USD is trading at  $0.8182.

Mon, 30 Jan 2012 07:31:04 GMT

Mitsubishi Electric plunges on a ban for government orders

Mitsubishi Electric Corp. dropped to 10-month record low after Japanese officials prohibited competitive tendering for State orders as company overcharged for several aerospace and defence contracts. Mitsubishi Electric fell 15% on Monday and traded at ¥666, the lowest value since March 15. Government has banned Mitsubishi Electric from entering bids until the company gives back money and introduces preventive actions. 

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