Latest news with #Yokohama
The Sun
3 hours ago
- Automotive
- The Sun
Major car brand ‘looking to raise £5BILLION' after axing 20K jobs & £4bn losses with ‘UK goverment to back loan'
A MAJOR car brand is reportedly looking to raise £5billion including a loan guaranteed by the UK government after axing 20,000 jobs. Cash-strapped Nissan, Japan's third-largest carmaker, is already facing £4billion in losses - its worst annual loss in a quarter century. 4 4 But now, the company are said to be considering raising more than 1 trillion yen - just over £5 billion - from debt and asset sales in a bid to prop up Nissan. The struggling Japanese automaker plans to issue as much as 630 billion yen in convertible securities and bonds, including high-yielding US dollar and euro notes, according to Bloomberg News. The move would also include a £1billion syndicated loan guaranteed by the British government, the documents show. Sale-and-lease-back plans for its Yokohama headquarters, plus properties it owns in the United States, are also reportedly on the cards. The aggressive fundraising plans underscore Nissan's rapidly deteriorating financial and operational position, despite efforts by newly appointed chief executive Ivan Espinosa to turn the company around. In addition, Nissan is reportedly seeking to sell part of the stakes it owns in Renault and battery maker AESC Group, as well as plants in South Africa and Mexico. Bloomberg News cited sources as saying Nissan's board did not appear to have approved the funding proposal yet, leaving it unclear whether it would happen. The proposal was also slated to include the rollover of some debt, the report said. A Nissan representative said the company does not comment on speculation. It comes after Nissan said they could part ways with its global headquarters in Yokohama, Japan, to fund the company's urgent restructuring plan. After having moved to the 22-story high-rise in 2009, the car manufacturer is now facing mountains of debt and is on track to cut 20,000 jobs, shut several of its plants and slash billions in costs. With a glitzy gallery, the flashy headquarters can showcase more than thirty motors and stands in stark contrast to their previous offices. Legendary Nissan model is officially discontinued after selling for nearly 20 years as leaked car to 'take its place' The company have said that part of their plan has called for reviewing assets that can be sold in a desperate bid to pay for the restructuring. With its own headquarters in sight, thought to be worth approximately £500 million, Nissan would structure a deal so it could continue to use the site through a lease so its offices and operations remain in place. A company spokesperson said: "Nissan is considering all possibilities to recover its business performance, but there are no specifics to share at this point of time." The move is not unprecedented, however, with McLaren doing something similar with its HQ in Woking in recent years. Nissan confirmed in April that it was anticipating losses of up to £4 billion, its worst annual loss in a quarter century. Nissan is also planning to close seven factories by 2027, including two domestic sites which are thought to be the Oppama and Shonan plants, saving £2.6 billion in the process. There have also been reports of downsizing or a partial sale of its Tochigi assembly plan and test centre facility north of Tokyo which was recently equipped with manufacturing technologies to assemble electric vehicles. To underline the dire financial situation, the motor company is even halting the development of certain models to cut its expenses. While the car company has been hit hard by the effects of Donald Trump's tariff war, Nissan's new CEO, Ivan Espinosa, has admitted the company's financial trouble started a decade ago. He said: "This is not something that happened in the last couple of years. "It's more of a fundamental problem that probably started back in 2015, when management thought this company could reach [annual global vehicle sales] of around eight million. "There were heavy investments both in terms of planned capacity as well as in human resources, but the reality today is we are running at around half that volume. And nobody did anything to fix that until now.' 4 4
Free Malaysia Today
20 hours ago
- Business
- Free Malaysia Today
Japan's reusable rocket startup ISC eyes December US test launch
The global race for commercial launch vehicles has been driven by SpaceX, which conducted a ninth test for its fully-reusable Starship. (EPA Images pic) YOKOHAMA : A Tokyo-based rocket startup said today it will test-launch a prototype in the US in December using an American engine, aiming to achieve the first US-Japan joint commercial launch and address Japan's rocket shortage. The global race for commercial launch vehicles has been driven by SpaceX, which on Tuesday conducted a ninth test for its fully-reusable Starship. US rivals including Blue Origin and companies in China and Europe also have reusable launcher plans. But Japan lacks cost-competitive launchers at home, which the government sees as a bottleneck in its efforts to double the domestic space industry's size to ¥8 trillion (US$55.4 billion) by the early 2030s. Innovative Space Carrier (ISC) said its Asca 1.0 reusable launcher will conduct a 100m flight and landing test in Spaceport America in New Mexico, using a Hadley rocket engine from US-manufacturer Ursa Major. Starting at a low altitude, ISC will repeat 'ninja training-like' tests towards the goal of building an orbital launch vehicle by 2028 to cater to emerging Japanese satellite makers, ISC chief executive Kojiro Hatada told a press conference. 'Japan's space industry needs its own space transportation services…but there's no need to do everything ourselves to achieve it,' he said at partner JFE Engineering's factory near Tokyo. Founded in 2022 by former government official Hatada, ISC has signed partnerships including with the British 3D printer firm WAAM3D to fast-track the launcher development. ISC has secured Japanese government's rocket development subsidies along with Space One and Toyota-backed Interstellar Technologies. It aims to lower the per-launch cost of a rocket capable of lifting a 100kg satellite to space to ¥500 million in the long run, Hatada said. Ursa Major's Hadley engine has been used by US company Stratolaunch for hypersonic vehicle tests and been granted a US export control permit so that it can be equipped on an ISC rocket. With ISC, 'we look forward to continuing the partnership to further safe, cost-effective access to space,' Ursa Major chief growth officer Ben Nicholson said in an emailed statement.
Japan Times
a day ago
- Entertainment
- Japan Times
Utsunomiya Brex clinch record third B. League title in decisive Game 3
Utsunomiya Brex claimed a record third B. League championship title Wednesday, defeating Ryukyu Golden Kings 73-71 in the decisive Game 3 of the best-of-three finals at Yokohama Arena. The victory marked Utsunomiya's first title in three seasons and its third overall, including one won under its former identity as the Tochigi Brex. American guard Scottie James Newbill was named Most Valuable Player for the finals. After struggling in the first half, with its three-point shooting stifled and the offense stalling at 28-40, Utsunomiya rallied after the break. The team chipped away at the deficit with inside scoring and sealed the comeback in the final quarter with less than a minute remaining, with a clutch three-pointer by veteran shooter Makoto Hiejima. From the left wing, the seasoned guard launched a high-arcing three-pointer that swished through the net, giving his team a lead they would not relinquish. 'It was a shot I made with everything I had,' Hiejima said, smiling broadly after the emotional win. Hiejima had been quiet throughout the finals, held to single-digit scoring in the first two games and shut out entirely in the first half of Game 3. But he kept his composure, scoring 17 points in the second half to lead the comeback. Ryukyu's quest for a championship double — having already won the Emperor's Cup — thus ended in disappointment. 'There were moments when we felt the title was within reach,' said head coach Dai Oketani. 'But Utsunomiya showed they're masters of the game.' Ryukyu had early momentum, starting three guards to seize control on defense. But turnovers in the second half began to shift the tide. Center Jack Cooley, a key presence in the paint, fouled out with over five minutes remaining, leaving the team without its anchor on both ends of the floor. Despite missing injured captain Ryuichi Kishimoto, Ryukyu reached the finals for the fourth consecutive season, a testament to their organizational depth. 'Everyone played their role well,' Oketani said. 'I'm proud of the effort they gave.' On the court after Utsunomiya's title-clinching win, acting head coach Antonio Colonell fought back tears. 'There's no team more special than this one,' he said, standing beside a framed photo of Kevin Braswell, the team's late head coach, who passed away in February after a hospital stay that began in January. Braswell's death left the team in emotional turmoil. Stepping in to guide the players through their grief, Colonell — a close friend of Braswell for over a decade — offered quiet strength. 'He must've been hurting the most, but he never showed it,' said player Yusuke Ogawa. 'That made us want to follow him even more.' In a team meeting, captain Takehiko Tabuse urged his teammates to channel their sorrow into purpose. 'Kevin wouldn't want us to keep our heads down. Let's win this,' he said. With renewed unity, Utsunomiya surged to the title. Fulfilling the promise they made to Braswell, Colonell offered a heartfelt message: 'You believed in this team. Thank you.' 'Everyone played with a special sense of purpose,' Hiejima said. 'At the end, I felt like Kevin had my back.' Translated by The Japan Times
Reuters
a day ago
- Business
- Reuters
Japan's reusable rocket startup ISC eyes US test launch in December
YOKOHAMA, May 28 (Reuters) - A Tokyo-based rocket startup said on Wednesday it will test-launch a prototype in the United States in December using an American engine, aiming to achieve the first U.S.-Japan joint commercial launch and address Japan's rocket shortage. The global race for commercial launch vehicles has been driven by SpaceX, which on Tuesday conducted a ninth test for its fully-reusable Starship. U.S. rivals including Blue Origin and companies in China and Europe also have reusable launcher plans. But Japan lacks cost-competitive launchers at home, which the government sees as a bottleneck in its efforts to double the domestic space industry's size to 8 trillion yen ($55.4 billion by the early 2030s. Innovative Space Carrier (ISC) said its ASCA 1.0 reusable launcher will conduct a 100-metre (109-yard) flight and landing test in Spaceport America in New Mexico, using a Hadley rocket engine from U.S.-manufacturer Ursa Major. Starting at a low altitude, ISC will repeat "ninja training-like" tests towards the goal of building an orbital launch vehicle by 2028 to cater to emerging Japanese satellite makers, ISC chief executive Kojiro Hatada told a press conference. "Japan's space industry needs its own space transportation there's no need to do everything ourselves to achieve it," he said at partner JFE (5411.T), opens new tab Engineering's factory near Tokyo. Founded in 2022 by former government official Hatada, ISC has signed partnerships including with the British 3D printer firm WAAM3D to fast-track the launcher development. ISC has secured Japanese government's rocket development subsidies along with Space One and Toyota-backed (7203.T), opens new tab Interstellar Technologies. It aims to lower the per-launch cost of a rocket capable of lifting a 100kg (220.46 lb) satellite to space to 500 million yen in the long run, Hatada said. Ursa Major's Hadley engine has been used by U.S. company Stratolaunch for hypersonic vehicle tests and been granted a U.S. export control permit so that it can be equipped on an ISC rocket. With ISC, "we look forward to continuing the partnership to further safe, cost-effective access to space," Ursa Major Chief Growth Officer Ben Nicholson said in an emailed statement. ($1 = 144.3400 yen)
Japan Times
a day ago
- Automotive
- Japan Times
Nissan seeks to raise $7 billion with backing from U.K. government
Nissan, which is facing a huge wall of loan repayments next year, is seeking to raise more than ¥1 trillion ($7 billion) by issuing debt and selling assets to keep its operations on track, according to internal documents. The struggling Japanese automaker plans to issue as much as ¥630 billion in convertible securities and bonds, including high-yielding dollar and euro notes, the documents show. Nissan also plans to take out a £1 billion ($1.4 billion) syndicated loan, guaranteed by U.K. Export Finance. In addition, Nissan is seeking to sell part of the stakes it owns in Renault and battery maker AESC Group, as well as plants in South Africa and Mexico. Sale-and-lease-back plans for its Yokohama headquarters, plus properties it owns in the United States, are also on the cards. The aggressive and wide-ranging fundraising plans underscore Nissan's rapidly deteriorating financial and operational position, despite efforts by newly appointed Chief Executive Officer Ivan Espinosa to turn the company around. Espinosa presented the options to the board earlier this month, people familiar with the matter said, with the goal of securing some funding within the quarter ending June 30. The funding proposal doesn't appear to have been approved by Nissan's board yet, leaving it unclear whether it will happen, the people said, declining to be identified discussing details that are private. The proposal is also slated to include the rollover of some debt. Representatives for Nissan didn't immediately respond to a request for comment. A spokesperson at U.K. Export Finance said in a statement that the organization does "not comment on speculation around specific transactions.' The funding urgency stems from internal forecasts predicting that Nissan's car manufacturing operations will see excess cash dwindle to close to zero by the end of March 2026, the documents show. The projections are based on U.S. tariffs remaining in place and no further cash injections. Nissan has sufficient capital of about ¥2.2 trillion in cash on hand and credit to last the next 12 to 18 months, Espinosa said earlier this month. "We have a solid footing in terms of liquidity,' he said. Given the uncertainty over tariffs and the state of its business, Nissan didn't issue a profit outlook for the current fiscal year, saying only it expects to post sales of ¥12.5 trillion. Along with its group firms, Nissan is facing around $5.6 billion of debt due next year, the most in compiled data going back to 1996. The internal documents also show that Nissan expects to see an operating loss of as much as ¥450 billion for the 12 months through March 2026 if higher tariffs remain in place. Without tariffs, the loss is forecast to be ¥300 billion. Either would mark the biggest operating deficit in the company's history. Espinosa announced plans earlier this month to eliminate 20,000 jobs and close seven of Nissan's 17 plants by March 2028 after the company reported a ¥671 billion net loss for most recent fiscal year. The measures follow the collapse of talks earlier this year to join forces with Honda. Those discussions ended in part due to disagreements about Nissan's willingness to make deeper cuts to production and personnel. Nissan will close two factories in Japan, as well as locations in four other countries as part of its restructuring and cost-cutting process, the Yomiuri Shimbun and other news outlets have reported, citing unidentified sources. In Japan, the targeted facilities are in Oppama and Hiratsuka in Kanagawa Prefecture, near Yokohama, and represent about 30% of domestic production. Various financial institutions have been lined up for the £1 billion in loans backed by U.K. Export Finance, which mainly supports British exporters. It will comprise one of the largest components of Nissan's planned fundraising. In the past, the agency has helped to secure financing for high-speed rail construction in Turkey and infrastructure in Angola. Nissan operates Britain's largest automaking hub in Sunderland, and has committed to boosting electric vehicle production at the facility with a £2 billion investment. The British government has hailed the project as a vote of confidence in the country's automotive industry after years of uncertainty following Brexit. Earlier this month, AESC announced plans to push ahead with a second battery factory in Sunderland after getting financing support from U.K. Export Finance and the National Wealth Fund, as well as other investors. Formerly a Nissan affiliate, AESC is based in Japan and majority owned by Chinese interests. The recent U.K.-U.S. trade deal could offer some reprieve to Nissan if it's able to export cars without incurring tariffs from Sunderland, which has an annual capacity of 500,000 units. U.S. President Donald Trump's 25% tax on all vehicles imported into the U.S., which took effect in April, has cast a shadow over most global automakers. It would be costly for all of Japan's export-heavy carmakers, and especially painful for Nissan given its precarious financial state. Nissan has said it has ¥2.1 trillion in unused credit lines in addition to its own liquid reserves, but cash flow turned negative in its latest fiscal year and ratings agencies have cut the company's creditworthiness status to junk.
