MUFG Joint Venture Stops Selling Structured Loans After Scrutiny
Mitsubishi UFJ Morgan Stanley Securities Co. has stopped selling so-called structured loans after purchases of the products by regional banks prompted a regulatory backlash.
The firm discontinued sales this month of the products, including Japanese government bonds repackaged into loans, a representative for the joint venture between Mitsubishi UFJ Financial Group Inc. and Morgan Stanley said in response to queries from Bloomberg News. It's the first known instance of a major brokerage ending this business in what was a booming market.
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Business Wire
42 minutes ago
- Business Wire
HekaBio, Japan-based Biopharma and MedTech Platform, Enters Strategic Partnership with Alfresa Holdings Corporation
TOKYO--(BUSINESS WIRE)--HekaBio K.K. (Headquarters: Chuo-ku, Tokyo; President & CEO: Robert E. Claar; hereinafter 'HekaBio') today announced the signing of a strategic partnership agreement with Alfresa Holdings Corporation (Headquarters: Chiyoda-ku, Tokyo; Representative Director & President: Ryuji Arakawa; hereinafter 'Alfresa Holdings'), the leading pharmaceutical wholesaler group in Japan. As part of this agreement, Alfresa Holdings has also made a capital investment in HekaBio. The partnership aims to accelerate the commercialization of innovative medical products in Japan. HekaBio, Japan-based Biopharma and MedTech Platform, Enters Strategic Partnership with Alfresa Holdings Corporation -- Accelerating Access to Innovative Therapies in Japan through Alfresa Group's 'Total Supply Chain Service'-- Share Background and Purpose In recent years, Japan has implemented policy reforms to address the growing access gap, where innovative therapies approved overseas are slow to come to the Japanese market. In response to these developments, HekaBio has focused on introducing cutting-edge pharmaceuticals, medical devices, and regenerative medicine products from global markets into Japan and the Asia-Pacific markets. Leveraging a proprietary global network and partnership model, HekaBio evaluates over 200 assets annually across oncology, cardiology and CNS, and supports end-to-end commercialization from licensing to clinical and regulatory development, manufacturing and sales. This partnership with Alfresa Group will enable HekaBio to advance and expand its portfolio and impact, particularly in CNS and regenerative medicine where Alfresa Group has strengths in manufacturing and in sales, including various other aspects of sales-related operations across the supply chain. Outlook Through this partnership, HekaBio and Alfresa Group aim to accelerate the introduction of high-impact, potential blockbuster therapies into the Japanese market, expanding treatment options for patients. The companies also plan to explore commercialization strategies across the Asia-Pacific region and beyond. About HekaBio HekaBio is a Japan-based, asset-light healthcare platform that accelerates patient access to global medicines and MedTech across Asia-Pacific. HekaBio reviews over 200 assets annually to in-license a select few, focusing on early-stage, de-risked opportunities in CNS, oncology, and healthy longevity. HekaBio synchronizes U.S. and Japan development timelines and leverages strategic partnerships to optimize commercial success. Japan, the world's third-largest healthcare market, serves as its launchpad for regional expansion. To learn more about HekaBio's mission and portfolio, visit About Alfresa Holdings Alfresa Holdings is the holding company for the Alfresa Group, which operates businesses ranging from the development, manufacture, and distribution of pharmaceuticals to the operation of dispensing pharmacies and is the top corporate group in Japan in terms of ethical pharmaceuticals wholesaling, with consolidated net sales exceeding ¥2.9 trillion in the fiscal year ended March 31, 2025. Guided by its corporate philosophy, 'we create and deliver a fresh life for all,' the entire Group supports supply chains for pharmaceuticals and other products, a form of social infrastructure underpinning Japanese healthcare, contributing to a wide range of medical needs. For more information:
Boston Globe
an hour ago
- Boston Globe
The Group of Seven summit is opening in Canada with a focus on trade, wars — and not riling Trump
'I have instructed our U.S. Reps not to endorse the Communique as we look at Tariffs on automobiles flooding the U.S. Market!' Trump posted on the site then known as Twitter. This time, Trump already has hit several dozen nations with severe tariffs that risk a global economic slowdown. There is little progress on settling the wars in Ukraine and Gaza and now a new and escalating conflict between Israel and Iran over Tehran's nuclear program. Advertisement Add to all of that the problems of climate change, immigration, drug trafficking, new technologies such as artificial intelligence and China's continued manufacturing superiority and chokehold on key supply chains. Asked if he planned to announce any trade agreements at the G7 as he left the White House on Sunday, Trump said: 'We have our trade deals. All we have to do is send a letter, 'This is what you're going to have to pay.' But I think we'll have a few, few new trade deals.' Advertisement At stake might be the survival of the G7 itself at a time when the Trump administration has sent mixed signals about whether the president will attend the November Group of 20 summit in South Africa. What Trump opposed at the 2018 summit in Quebec wasn't just tariffs, but a focus on having alliances with a shared set of standards seeking to shape policies. 'The big dispute in Quebec were the references to the rules-based international order and that's where that famous photo comes from,' said Peter Boehm, Canada's counselor at the 2018 G7 summit in Quebec and a veteran of six G7 summits. 'I think it gave everyone the idea that G7s were maybe not business as usual.' The German, U.K., Japanese and Italian governments have each signaled a belief that a friendly relationship with Trump this year can reduce the likelihood of outbursts. 'Well, I have got a good relationship with President Trump, and that's important,' U.K. Prime Minister Keir Starmer said Saturday as he flew to Canada. There is no plan for a joint statement this year from the G7, a sign that the Trump administration sees no need to build a shared consensus with fellow democracies if it views such a statement as contrary to its goals of new tariffs, more fossil fuel production and a Europe that is less dependent on the U.S. military. 'The Trump administration almost certainly believes that no deal is better than a bad deal,' said Caitlin Welsh, a director at the Center for Strategic and International Studies think tank who was part of Trump's team for the G7 in Trump's first term. Advertisement The White House has stayed decidedly mum about its goals for the G7, which originated as a 1973 finance ministers' meeting to address the oil crisis and steadily evolved into a yearly summit that is meant to foster personal relationships among world leaders and address global problems. The G7 even briefly expanded to the G8 with Russia as a member, only for Russia to be expelled in 2014 after annexing Crimea and taking a foothold in Ukraine that preceded its aggressive 2022 invasion of that nation. Trump will have at least three scheduled bilateral meetings during the summit with other world leaders while in Canada, staring on Monday morning with Canadian Prime Minister Mark Carney. The U.S. president is also expected to have bilateral meetings with Mexican President Claudia Sheinbaum and Ukrainian President Volodymyr Zelenskyy, according to an administration official. The U.S. president has imposed 25% tariffs on steel, aluminum and autos, all of which have disproportionately hit Japan. Trump is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire. The United Kingdom reached a trade framework with the U.S. that included quotas to protect against some tariffs, but the 10% baseline would remain as the Trump administration is banking on tariff revenues to help cover the cost of its income tax cuts. Canada and Mexico face separate tariffs of as much as 25% that Trump put into place under the auspices of stopping fentanyl smuggling, through some products are still protected under the 2020 U.S.-Mexico-Canada Agreement signed during Trump's first term. Advertisement The Trump administration has insisted that its broad tariffs will produce trade agreements that box out China, though it's unclear how antagonizing trade partners would make them want to strengthen their reliance on the U.S. Carney, the Canadian leader, has been outspoken in saying his country can no longer look to the U.S. as an enduring friend. That might leave Trump with the awkward task of wanting to keep his tariffs in place while also trying to convince other countries that they're better off siding with the U.S. than China. 'Trump will try to coordinate the group against China's economic coercion,' Josh Lipsky, chair of international economics at the Atlantic Council, wrote in an analysis. 'But the rest of the leaders may turn back to Trump and say that this kind of coordination, which is at the heart of why the G7 works, would be easier if he weren't imposing tariffs on his allies.' Boak reported from Calgary, Alberta. Associated Press writer Jill Lawless contributed to this report.
CNBC
an hour ago
- CNBC
Dollar inches up as markets on edge over Middle East conflict
The dollar firmed against major currencies on Monday, driven by safe-haven buying from investors fearing the Israel-Iran fighting could escalate into a broader regional conflict as they braced for a week packed with central bank meetings. As both Iran and Israel showed no signs of backing off from their attacks, the prospect that Tehran might seek to choke off the Strait of Hormuz - the world's most important gateway for oil shipping - raised broader economic risks from disruptions in the energy rich Middle East. Scheduled weekend talks between Iran and the United States on Tehran's nuclear program were also shelved after Israel launched its surprise attack on Friday. On Monday, the dollar rose 0.14% to 144.3 Japanese yen, while the euro was 0.14% lower at $1.1534. In early Asia hours, the greenback was steady against the Swiss franc at 0.81, while an index that measures the dollar against six others was steady at 98.25. Currencies that are positively correlated to risk such as the Australian dollar and the New Zealand Dollar were marginally higher. "The dollar's role as a safe haven will surely be tested, and recent price action has been inconclusive," said Win Thin, global head of markets strategy at Brown Brothers Harriman. "If the Fed delivers a dovish hold as we expect, the dollar is likely to resume weakening due to the worsening fundamental backdrop in the U.S." Geopolitical tensions were the latest twist for investors and central bank policymakers who have been trying to navigate economic uncertainty triggered by U.S. President Donald Trump's move to reshape the global trade order this year. Despite the dollar's broader rise in the past few sessions, analysts were less convinced that the trend could continue until there was more clarity on the tariff front. The currency has lost over 9% in value this year as investors remain nervous over Trump's deadline on trade deals that come due in about three weeks, while agreements with major trade partners including the European Union and Japan are yet to be signed. Investors now will look progress in any bilateral meetings with the U.S. on the side of a Group of Seven leaders meet in Canada. Top on the agenda this week is a host of central bank monetary policy decisions, with the spotlight on the U.S. Federal Reserve on Wednesday. The central bank is widely expected to leave borrowing costs steady but investors will likely lap up Fed's views on recent data that has broadly indicated softening economic activity even as risks to increasing price pressures stay high. "What you're going to see from their growth forecasts is that the shift towards lower growth is very much upon us and that will keep the statement fairly neutral," Chris Weston, head of research at Pepperstone said. The Bank of Japan is expected to deliver its interest rate decision at the end of its two-day meeting on Tuesday, with traders largely pricing-in no change to policy. Expectations are that the central bank could also consider tapering its government bond holdings from the next fiscal year as the government pushes for more domestic ownership. Central banks in the UK, Sweden and Norway are also slated to unveil their policy decisions. Against an uncertain global backdrop, gold prices rose 0.22% to $3,435.5 an ounce and stayed just shy of their April record high. Longer-dated U.S. Treasuries were also marginally lower after Friday's spike as investors considered the implications geopolitical tensions could have on price pressures.
