NTT Docomo to buy SBI's net bank for 420 billion yen in cut-throat market
[TOKYO] NTT Docomo is buying SBI Holdings' online bank in a 420 billion yen (S$3.7 billion) deal to shore up the Japanese mobile carrier's financial offerings in a hyper-competitive market.
Nippon Telegraph and Telephone's mobile unit will launch a tender offer for SBI Sumishin Net Bank, offering 4,900 yen a share – a 49 per cent premium to the online bank's closing price on May 28.
At the conclusion of the deal, NTT Docomo aims to own 65.81 per cent of the online bank, which will delist. Sumitomo Mitsui Banking Corp will continue to hold 34.19 per cent of SBI Sumishin, the companies said in a statement on Thursday (May 29).
Shares of SBI Sumishin surged by a record 21.3 per cent after local outlets including the Nikkei reported the news earlier. NTT Docomo's stock price rose 0.6 per cent, while SBI Holdings gained 7.8 per cent.
The move is part of a capital alliance between the state-backed telecom group and SBI Holdings, where NTT Docomo will invest 110 billion yen in the venture capital fund operator for a 8.25 per cent stake.
NTT Docomo and SBI Holdings will co-develop new services from asset management to insurance, while NTT Data Group will provide support for SBI Holdings' financial services, executives said.
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NTT Docomo, which has close to half of Japan's mobile phone market, has been slow to bolster its financial asset offerings and services compared with its rivals. That is as nimbler competitors have gradually eaten into its dominant share.
Japan's third-largest carrier SoftBank made the country's biggest payments app PayPay a subsidiary in 2022, and recently announced a three-way partnership with Sumitomo Mitsui Banking's credit card operations.
No 2 mobile provider KDDI has its own financial unit. Online shopping mall operator Rakuten Group has started a mobile unit, seeking to expand the reach of its lucrative financial arms via the telecom business.
The acquisition targets existing NTT Docomo customers rather than attract new ones, and is a defensive move to prevent cancellations, said Naoki Fujiwara, senior fund manager at Shinkin Asset Management. If the carrier can expand into areas like investment trusts, it may create additional revenue, he added. BLOOMBERG
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Straits Times
2 hours ago
- Straits Times
Savour seven high tea sets from $25.90
SINGAPORE – School is out and the sun is up, which means most of the country is flocking east – to the airport. If you have opted out of the mid-year vacation crush, there are still ways to take a well-deserved break in Singapore. Why not put on your Sunday best and treat yourself to a leisurely afternoon tea? The British tradition originating in the 19th century has yet to fall out of fashion, even with patrons gravitating towards casual dining. 'Its relevance has remained strong, primarily because afternoon tea is viewed not as an everyday meal, but as an indulgent and experiential occasion. Guests seek it out to mark special moments – be it a birthday, bridal shower or leisurely weekend catch-up,' says InterContinental Singapore executive pastry chef Jason Goh, 40. However, diners these days expect more than just scones and cucumber sandwiches. Pullman Singapore Hill Street's general manager Mazen Abilmona, 49, notes: 'They are more intentional with their spending, and are looking for offerings that feel purposeful, personal and layered with meaning. Rather than just a mid-afternoon indulgence, afternoon tea has evolved into a platform for storytelling.' In response, some hotels have teamed up with snack chains to offer trendy bites. In March and April , Sofitel Singapore City Centre collaborated with Japanese confectioner Warabimochi Kamakura on its springtime afternoon tea, while Pullman Singapore Hill Street worked with local finger foods stalwart Old Chang Kee to offer a taste of heritage. 'For many of our local guests, Old Chang Kee is a brand they grew up with. By reimagining these iconic local flavours in a refined format, from mini Curry'O and Sardine'O puffs to laksa vol-au-vents topped with caviar, we created an experience that felt both deeply personal and delightfully unexpected,' adds Mr Abilmona. High tea remains operationally strategic for restaurants too, allowing them to maximise business and manage costs with forecasted covers. Ami Patisserie chef-director Makoto Arami, 36, says: 'It fills the post-lunch, pre-dinner lull, turning what would usually be quiet hours into an opportunity.' Here are seven afternoon tea sets to check out in June. Taiwan-inspired high tea Choose from two high tea sets at Typhoon Cafe. PHOTO: TYPHOON CAFE Where: Typhoon Cafe, 04- 63 Plaza Singapura, 68 Orchard Road When: 2 to 6pm, Mondays to Fridays Info: Get a taste of Taiwan's bustling night markets without having to jostle through a sweaty crowd. At Taiwanese eatery Typhoon Cafe, these treats are served on a tray and interspersed with cups of Gifel Tea, a home-grown brand that prides itself on handpicked exotic brews. Opt for the Exploration Menu, which pairs golden chicken fritters with fruity black tea, mala pancake with lemongrass detox tea, lu rou Momofuku bun with melon oolong tea, and coffee tiramisu cake with earl grey tea. Or try the Discovery Menu: deep-fried shimeiji mushrooms with white ginger pear tea, chilli oil dumplings with Moroccan mint tea, mei cai Momofuku bun with breakfast tea, and ondeh-ondeh cake with a blend of goji berries, tea leaves and floral scents. Each set, available only at Typhoon Cafe's Plaza Singapura branch, can be shared among two people and costs $25.90++. Guests have the option to add free-flow tea for $5.90++. Bubble tea high tea High tea at Kebuke in Sembawang Shopping Centre. PHOTO: KEBUKE Where: Kebuke @ SSC, 01-01 Sembawang Shopping Centre, 604 Sembawang Road When: 11am to 9.30pm, Sundays to Thursdays; 11am to 10pm, Fridays and Saturdays Info: @kebukesg on Instagram If you are the kind of person whose idea of sustenance starts and ends with bubble tea, this one is for you. Kebuke launched its high tea set ($28.80 a person) earlier in 2025 . Blending the Western tradition with artisanal Taiwanese tea, the tiered dessert platter consists of two medium classic teas or milk tea lattes, two sliced cakes, four cream puffs and six cookies. New bakes include a choux pastry filled with rice oolong tea-infused cream, a cream puff flavoured with peach black tea, butter and coffee cookies, as well as a fudge chocolate cake. 'To us, tea is more than just a beverage, it's a lifestyle. The high tea set was born from our desire to showcase the versatility of our artisanal tea leaves, not only in drinks, but also in food,' says Kebuke Singapore director Remus Kan, 29. 'By incorporating our signature brews into freshly made pastries, we offer a refined yet approachable way to enjoy tea culture in every bite.' The high tea set is available only at Kebuke's outlet in Sembawang Shopping Centre. Peter Rabbit-inspired high tea Peter Rabbit-inspired high tea at Skai Restaurant. PHOTO: SKAI RESTAURANT Where: Skai Restaurant, Level 70 Swissotel The Stamford, 2 Stamford Road When: Till June 30, 3 to 5pm daily Info: Hop over to Skai Restaurant for its Peter Rabbit-inspired high tea. Themed after English writer Beatrix Potter's beloved character, it injects pastoral flair into classic high tea bites. The foie gras and apple filled tartlet, for instance, is fashioned into one of Mr McGregor's – the antagonist in the children's book – shiny red apples. The croissant with tomato, melon and honey ricotta pays tribute to the garden's vibrant bounty, while the wild mushroom mousse with parmesan, cep and sherry vinegar recalls the secret hideaways of another character, Squirrel Nutkin. There are sweet treats too, like a waffle basket brimming with blueberries and edible flowers, as well as a toadstool-shaped vanilla raspberry cheesecake. 'Themed afternoon teas are part of how we stay relevant and creative. It's not just about food, it's also about storytelling. Peter Rabbit offers a nostalgic yet whimsical lens that resonates across generations,' says Mr Marshall Orton , 59, general manager of food and beverage at Swissotel The Stamford, where Skai is located. He adds that by tying in cultural icons or artistic inspiration, the restaurant is able to surprise and engage guests, who are starting to skew younger. Alongside families and mother-daughter duos are now Gen-Z clients, who are drawn to the Instagram- worthy experience. The high tea is available till June 30 and runs daily from 3 to 5pm. The menu is priced at $68++ an adult and $34++ a child aged six to 12 , inclusive of a choice of mocktail, TWG tea or gourmet coffee. Drinks can be upgraded to cocktails like Mischief In The Garden – a sweet and earthy concoction with vodka and carrot juice – for an extra $25. Savoury skewers and sliders Opus Bar & Grill's skewers and sliders stack. PHOTO: OPUS BAR & GRILL Where: Opus Bar & Grill, voco Orchard Singapore, 581 Orchard Road When: Noon to 5pm, Mondays to Fridays; 3 to 5pm, Saturdays and Sundays Info: Opus Bar & Grill has noticed a shift in its afternoon tea crowd. Gone is the monopoly of silver-haired sybarites. Today's diners are younger, more diverse and drawn to bolder flavours. In response, the steakhouse has revamped its midday experience, moving away from traditional finger sandwiches and petit fours to feature savoury light bites that appeal to a wider range of tastebuds. There are skewers spiced up with Asian influences – think teriyaki salmon, bulgogi wagyu beef, chicken masala and miso eggplant – alongside sliders in the form of mini cheeseburgers, smoked beef brisket and crispy fish fillet combos. A trio of desserts consisting of a cheesecake and dark chocolate brownie with hazelnut creme completes the set. 'We wanted to move away from a traditional afternoon tea – where sweets often take centre stage – and have curated a menu with a more savoury-forward approach,' says executive chef Dean Bush, 53, of voco Orchard Singapore , where Opus Bar & Grill is located. Since diners prefer personalised experiences , the restaurant invites them to pick a teacup that resonates with their mood and style from its eclectic collection. It can accommodate dietary preferences where possible – for instance, by swopping proteins for plant-based alternatives or adjusting marinades. The Skewers & Sliders Stack is available at $54++ for two diners, including free-flow speciality coffee, artisanal teas and soft drinks. Spring journey The Chef's Table Discovery Experience at Ami Patisserie includes a Hokkaido crab tartlet. PHOTO: AMI PATISSERIE Where: Ami Patisserie, 27 Scotts Road When: Noon and 6.30pm, Wednesdays; noon, 3 and 6.30pm , Thursdays to Sundays Info: Spring at Ami Patisserie brings with it a fresh six-course journey ($118++ a person) through chef Makoto Arami's pastry finesse. Light and airy yet filling, the menu highlights seasonal ingredients like citrus, young ginger and tender asparagus. It starts with a miso madeleine topped with a smoky puree of charred eggplant, before diving into a Hokkaido crab tartlet encased in buttery layers of honey-brushed filo pastry. Bits of ginger and green apple add a burst of springtime brightness. Next comes the chef's version of a wagyu sando – smoked Omi beef on pan-seared brioche, crowned with uni and wasabi cream – followed by an asparagus tart with Parma ham and sauteed shiitake mushrooms. To round off the meal, there are three desserts featuring the season's bounty of mandarin oranges, dark chocolate and strawberries. 'Each course draws from my food memories and favourite flavour combinations,' says chef Arami , 36. For example, the strawberry sakura dessert that includes rice pudding and coconut is a tribute to his grandfather's traditional sakura mochi . 'I aspire to change diners' perspectives on the role of pastries with the Japanese concept of ' tsudo' – a pastry should be savoured at any time of the day, even as a meal in itself.' As such, the menu is available for lunch, afternoon tea and dinner. Guests are served in a nine-seater room, where pastries are assembled and plated on a counter before their eyes. Golden Nectar Afternoon Tea Golden Nectar Afternoon Tea at The Lobby Lounge. PHOTO: INTERCONTINENTAL SINGAPORE Where: The Lobby Lounge, Level 1 InterContinental Singapore, 80 Middle Road When: Till July 15, 1 to 3pm, 3.30 to 5.30pm daily Info: It is golden hour at InterContinental Singapore, which has built its latest afternoon tea menu around one sweet ingredient – honey. Flowing in courtesy of New Zealand honey retailer Comvita, this nectar is infused into The Lobby Lounge's many delicate bites, presented on a rustic tiered stand for a homely feel. Among the menu's gilded creations are a delicate vanilla panna cotta sweetened with multifloral honey and crowned with meringue and a little bee made of chocolate, as well as a sweet and tart honey redcurrant mousse made of financier sponge , lemon yuzu compote and rewarewa honey. It also includes a ginger manuka honey tartlet, clover honey-miso glazed salmon and pistachio manuka honey choux puff. 'We wanted to create something that felt both indulgent and intentional. Comvita's manuka honey not only adds a naturally sweet, floral complexity to our creations, but also aligns beautifully with the growing desire among guests for ingredients that offer health benefits alongside taste,' says executive chef Jason Goh, 40. Wash it all down with Queen Bee ($20++), a cocktail that packs a citrusy punch, stirred with kumquat liqueur , lemon, yuzu, lemon bitters and manuka honey. For a non-alcoholic option, try the Honey Buzz mocktail ($16++), which blends Comvita Manuka Leaf Blend Tea, manuka honey, cloudy apple juice and lemon. Each foray into this candied colony costs $65++ a person on weekdays and $70++ a person on weekends, inclusive of a serving of coffee or loose-leaf tea, and free-flow ice cream. Gluten-free and dairy-free options are available too, as well as a vegan afternoon tea set – one of few in Singapore. Tropical Fruits Afternoon Tea Tropical Fruits Afternoon Tea at Singapore Marriott Tang Plaza Hotel. PHOTO: SINGAPORE MARRIOTT TANG PLAZA HOTEL Where: Lobby Lounge, Level 1 Singapore Marriott Tang Plaza Hotel, 320 Orchard Road When: 3 to 5.30pm, Mondays to Thursdays; 2 to 3.30pm and 4 to 5.30pm, Fridays to Sundays Info: Nothing spells summer like a basket – or delicately plated tray – of tropical fruit. And in the sun-speckled Lobby Lounge of Singapore Marriott Tang Plaza Hotel, they sit ripe and ready for picking. Passionfruit, coconuts, mangoes, kiwis and bananas are turned into pastries like a sponge cake topped with tangy kiwi compote and silky yogurt chantilly, as well as a chocolate banana choux finished with hazelnut praline. There is also a tart draped with mango-passionfruit jelly, and a coconut and mango panna cotta dotted with nata de coco. Balancing out these sweet nibbles are savoury bites, such as a smoked salmon seaweed roulade with wasabi mayonnaise and a Thai-style chicken with pineapple tartlet. 'Our high tea experience distinguishes itself by embracing local culture and flavours. We curate themed menus that celebrate our rich heritage, incorporating local produce and ingredients to create unique and memorable offerings,' says Ms Marisa Ng, 40, the hotel's director of sales and marketing. The set, served until the end of June, costs $68++ for two people from Mondays to Thursdays, and $58++ a person on Fridays to Sundays. Check out ST's Food Guide for the latest foodie recommendations in Singapore.
Business Times
7 hours ago
- Business Times
Trump celebrates Nippon Steel 'deal' with rally at Pennsylvania plant
[WEST MIFFLIN] US President Donald Trump on Friday (May 30) lauded a 'partnership' between Nippon Steel and US Steel at a political rally but stopped short of clarifying whether he planned to approve the companies' diplomatically sensitive merger. On a Pittsburgh, Pennsylvania-area stage decorated with signs celebrating 'American steel', Trump appeared to signal he would support a long-sought tie-up between the Japanese and US companies that he once opposed. The planned acquisition, initially floated in 2023, has divided the politically important state of Pennsylvania, its heavily unionised blue-collar workforce and introduced tension into the normally friendly US-Japanese relations. ''We're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,' Trump told more than 1,600 people, including hard hat-wearing workers. 'You're going to stay an American company, you know that right? But we're going to have a great partner.' Proponents of the transaction are hoping Trump's visit would end a tumultuous 18-month effort by Nippon Steel to buy the iconic American company, beset by opposition from union leadership and two national security reviews. The White House and the companies have not responded to requests for comment on the status of deal talks. But the deal is likely not entirely done. Trump announced the rally and appeared to endorse the merger last Friday in a social media post, sending US Steel's share price up over 20 per cent as investors bet he would soon give it the elusive greenlight. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up On Sunday, he sowed doubt, describing the deal to reporters not as the full takeover Nippon is seeking but as an investment with 'partial ownership,' and control residing in the US. US Steel is headquartered in Pennsylvania, which symbolised both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. The state's population swings between supporting Democrats and Republicans, making it a major prize in presidential elections. 'We would not be here today without President Trump, who has secured the company's future by approving our partnership,' said Nippon vice-chair Takahiro Mori at the Pennsylvania rally before Trump. But in a sign of the many open questions that remain, Japan's top trade negotiator, Ryosei Akazawa, told reporters on Friday that he could not yet comment on the tie-up due to a lack of any official announcements. 'I am aware of the various reports and posts by President Trump on social media. However, there has not yet been an official announcement from the US government,' Akazawa, in Washington for tariff negotiations, said at a briefing at the Japanese Embassy in Washington. Trump technically has until next Thursday to decide whether to formally approve or scuttle the deal, after the Committee on Foreign Investment in the US last week completed a second review of the merger. But the timeline could slip. The road to Friday's rally has been a bumpy one. Nippon Steel offered US$14.9 billion for US Steel in December 2023, seeking to capitalize on an expected ramp up in steel purchases, thanks to the bipartisan infrastructure law. But the tie-up faced headwinds from the start, with both then-President Joe Biden and Trump asserting US Steel should remain American-owned as they sought to woo voters in Pennsylvania ahead of the November presidential elections. Former Vice President Kamala Harris, who became the Democratic nominee in 2024 after Biden stepped aside, also said US Steel should remain domestically owned. Following a previous review, Biden blocked the deal in January on national security grounds. The companies sued, arguing they did not receive a fair review process, a charge the Biden White House disputed. The steel giants saw a new opportunity in the Trump administration, which opened a fresh 45-day national security review into the proposed merger last month. But Trump's public comments, ranging from welcoming a simple 'investment' in US Steel by the Japanese firm to suggesting a minority stake for Nippon Steel, did little to shore up investor confidence in an eventual green light. Reuters reported last week that Nippon Steel had floated plans to invest US$14 billion in US Steel's operations including up to US$4 billion in a new steel mill if the Trump administration green lights its merger bid, in response to requests from the government for more investment. 'This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add US$14 billion dollars to the US Economy,' Trump posted last Friday, breathing new hope into prospects for the tie-up. 'I will see you all at US Steel, in Pittsburgh, on Friday, May 30th, for a BIG Rally. CONGRATULATIONS TO ALL!' REUTERS
Straits Times
8 hours ago
- Straits Times
Trump to double steel tariffs to 50% to aid Nippon-US Steel
US President Donald Trump said that US Steel's blast furnaces will remain at 'full capacity' for at least 10 years. PHOTO: KENNY HOLSTON/NYTIMES WASHINGTON - US President Donald Trump said he would be increasing tariffs on steel to 50 per cent from 25 per cent, saying the move would help protect American steelworkers during a visit to a United States Steel Corp plant on May 30. Mr Trump was visiting the plant to champion an expected deal between US Steel and Japan's Nippon Steel Corp as one that would ensure the iconic American firm remains US-owned and operated, even as many details on the agreement remain vague. He said the tariff increase would benefit the new venture's US operations. 'I believe that this group of people that just made this investments right now are very happy, because that means that nobody's going to be able to steal your industry,' Mr Trump said. 'It's at 25 per cent, they can sort of get over that fence, at 50 per cent they can no longer get over the fence.' Mr Trump's rate hike, which the White House said would go into effect next week, caps a tumultuous stretch that saw a trade court rule his sweeping 'reciprocal' tariff regime illegal, only for an appeals court to offer a stay keeping the levies temporarily in place. Earlier on May 30, Mr Trump also registered his frustration with China - who he accused of reneging on a tariff truce negotiated earlier in May - raising the prospect of additional import taxes. The new 50 per cent level also offers a backstop for Mr Trump's promise that the US Steel-Nippon deal, which he opposed on the campaign trail, would benefit steelworkers in the critical battleground state of Pennsylvania. The deal was opposed by the United Steelworkers, who worried Japanese ownership could see capacity reduced and jobs shifted to other plants. 'There's a lot of money coming your way,' Mr Trump added, as he spoke in front of signs reading 'The Golden Age' - a reference to the economic boom he says his policies will unleash - as well as 'American Steel' and 'American Jobs'. Shares of other US steel companies including Nucor Corp, Cleveland-Cliffs Inc and Steel Dynamics Inc rallied in after-hours trading. Cleveland-Cliffs shares jumped more than 15 per cent, while Steel Dynamics and Nucor are up at least 5 per cent. Mr Trump said US Steel workers would receive a US$5,000 (S$6,450) bonus soon and that US$2.2 billion of the US$14 billion proposed investment would be earmarked to increase steel production at the Mon Valley Works plant where he was speaking. Mr Trump said US$7 billion would be spent to modernize steel mills, expand ore mining and build new facilities in Indiana, Minnesota, Alabama and Arkansas. He also said US Steel won't announce layoffs or outsourcing and that its blast furnaces will remain at 'full capacity' for at least 10 years. The US imports about 17 per cent of its steel needs, according to figures from Morgan Stanley, with the majority coming from Canada, Brazil and Mexico. Construction companies have warned levies are likely to increase the cost of critical building materials, reducing the supply and increasing the cost of new housing. The event had the tone of a victory lap, with Mr Trump receiving a Pittsburgh Steelers jersey and a golden hard hat during his visit, but despite the celebratory tone, critical details on the deal were unclear ahead of the May 31 event. Investors are eager for any insight into the agreement a week after he first announced that he would approve the deal. Mr Trump's decision marked a stunning reversal on a transaction that he had fiercely opposed on the campaign trail, but the president cast the shift as coming with concessions from Nippon Steel that benefitted steelworkers. 'Every time they came in, the deal got better and better and better for the workers,' Mr Trump said, stressing that US Steel would remain headquartered in Pittsburgh. The president last week cast it as a 'planned partnership' bringing investments to the US – not as an outright sale of an American company. Even after Trump's announcement last week, work continued on the terms, including what veto powers the US government will retain over the board of the US Steel subsidiary. 'In Washington, I'm going to be watching over it, and it's going to be great,' Mr Trump said. The May 31 event offers to cap what has been a politically contentious and tumultuous path for Nippon Steel's bid to purchase an iconic American firm – a lengthy saga that left both companies in limbo. Nippon Steel initially proposed a US$14.1 billion transaction for US Steel. 'The commitments have been made,' Representative Dan Meuser, a Pennsylvania Republican, said in an interview at the Irvin Works site ahead of Trump's remarks. 'They're not going to blow this deal,' he added, calling it 'as good as done.' The deal put forward to the Committee on Foreign Investment in the US, or Cfius, a secretive panel which reviewed the proposed takeover, included the original US$55-per-share acquisition along with extra investment, according to people familiar with the matter. As part of the agreement, the US will retain certain powers, including over board membership, according to people familiar. US Senator David McCormick, a Pennsylvania Republican, has cast that arrangement as a 'golden share,' thought it is not clear if it would amount to an equity stake or just give the government some form of power to intervene. Mr McCormick told CNBC in an interview that the structure will be 'a US CEO, a US majority board, and then there'll be a golden share, which will essentially require US government approval of a number of the board members, and that'll allow the United States to ensure production levels aren't cut and things like that.' Both Mr Trump and his predecessor, Joe Biden, opposed the sale during the 2024 presidential election, saying US Steel should remain in American hands. Mr Biden killed the deal citing national security concerns just before Mr Trump took office. Mr Trump then ordered a review of that decision before announcing the partnership last week. Advocates for a deal between Nippon Steel and US Steel have long argued that the Japanese company would help revitalize the American firm with investments. The next steps to consummate the deal are not entirely clear. Both sides need to finalise their agreement through the Cfius review process. It's not clear whether the text of any mitigation agreement – which is likely to spell out what powers the US government retains – is finalised. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
