Latest news with #SumitomoCorp.
Bloomberg
02-05-2025
- Business
- Bloomberg
Japan's Buffett-Backed Trading Houses Brace for Tariff Impact
Major Japanese trading houses, backed by Warren Buffett, this week released cautious profit forecasts for the year, setting aside millions to hedge against persistent tariff uncertainty. Mitsubishi Corp. and Mitsui & Co. forecast this fiscal year's net income will fall 26% and 14%, respectively, from a year earlier, according to filings. Sumitomo Corp. and Marubeni Corp. expected theirs to rise 1.4% while Itochu Corp. saw a 2.2% climb. All five firms allocated funds as a buffer to hedge against tariff impacts, they said, with Sumitomo and Itochu setting aside 40 billion yen ($276 million).
Nikkei Asia
28-04-2025
- Automotive
- Nikkei Asia
Isuzu, Sumitomo to offload Indian truck unit SML to Mahindra
TOKYO -- Major Japanese trading house Sumitomo Corp. and compatriot Isuzu Motors have agreed to sell their entire stakes in Indian commercial-vehicle joint venture SML Isuzu to local automaker Mahindra & Mahindra within the year. Sumitomo will offload its 43.96% interest in SML, and Isuzu its 15% stake, under terms announced Monday by the Japanese companies. Mahindra & Mahindra says the deal is valued at 5.55 billion rupees ($65.2 million).
Bloomberg
22-04-2025
- Business
- Bloomberg
Sumitomo, SBI Holdings to Take Stakes in Vietnam's FPT AI Unit
Sumitomo Corp. and SBI Holdings Inc. will each acquire a 20% stake in a unit of Vietnam's software and telecommunications conglomerate FPT Corp. to foster AI adoption in Japan, according to a statement. Sumitomo and SBI will invest in FPT Smart Cloud Japan, which oversees FPT Corp.'s Japan AI data center, according to a statement from the Vietnamese technology firm. FPT Corp. will remain the unit's major stakeholder, it said.
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Nikkei Asia
21-04-2025
- Business
- Nikkei Asia
Japan firms to take stakes in Nvidia-powered data center of Vietnam's FPT
TOKYO -- Trading house Sumitomo Corp. and financial services provider SBI Holdings have each agreed to purchase a 20% stake in a Japanese data center business of major Vietnamese information technology company FPT to support artificial intelligence applications. The two Japanese conglomerates will acquire the shares in FPT Smart Cloud Japan this May. Parent company FPT established the Tokyo-based subsidiary in late 2024.
