Hints and tips:
...The scandal “has shaken the foundations of the certification system and concerns trust in Japan’s manufacturing sector,” said transport minister Tetsuo Saito....
...Meanwhile the chip designer’s lead bookrunners at Barclays, Goldman Sachs, JPMorgan Chase and Mizuho are expected to receive an even bigger windfall — $104.6mn, according to an updated prospectus filed after...
...Risk mismanagement More people are being excluded from the UK’s formal financial system despite little evidence that customers are falling behind on loan payments, the FT’s Patrick Jenkins writes....
...An ATM system crash and online brokerage platform issues have added to doubts over its technical abilities. Mizuho is not alone....
...Though not a household name, FIS provides the technology that keeps the retail banking system humming, especially for smaller banks....
...Mizuho ordered the probe in 2021, just two years after the high-profile rollout of its $3.6bn banking system....
...Investors hoped that a new president and chief executive would help Mizuho get past an embarrassing string of system failures — 11 outages in the span of one year....
...The company spent $4bn on a new IT system in 2019, but the problems have persisted....
...This effectively allows the FSA to scrutinise the insides of Mizuho’s banking system and step in if needed, say analysts....
...Meanwhile, SMBC’s huge retail sales network gave it an advantage over other megabank-owned brokerages under Mizuho and Mitsubishi UFJ....
...The government is looking to rein in the system by introducing a register of ownership long called for by transparency campaigners....
...“These are not the most happy days for Visa,” said Mizuho analyst Dan Dolev. “They’re getting attacked on multiple fronts.”...
...“The flu shot is available every year but only a minority of patients get it,” said Vamil Divan, senior healthcare analyst at Mizuho....
...The string of computer glitches faced this year by Japanese bank Mizuho, including one that brought most of its ATMs to a temporary halt, is a reminder of the difficulty of upgrading legacy systems, while...
...“For Tepco’s management, nuclear restart is a very big issue,” says Norimasa Shinya, an analyst who follows the company at investment bank Mizuho Securities in Tokyo....
...It has pledged to fortify its risk management systems....
...Core among these is digitisation, said the Mizuho chief, noting the widespread use of paper-based systems by Japanese financial institutions and their clients....
...Last year, Mizuho Financial Group shareholders rejected a similar resolution, which obtained 35 per cent support....
...Mizuho is expecting ¥200bn, after reporting credit costs of ¥172bn for the year that ended in March....
...Japan’s 100-plus regional lenders have more combined assets than the entire Italian banking system but were beginning to look like a chronic, unsolvable problem after dealing with two decades of ultra-low...
...Renewable energy required investment in storage systems, she pointed out, and other unsolved technical and cost hurdles. Burning crop residue is also a growing problem....
...The writer is head of multi-asset strategy at Mizuho International in London...
...They’re still considered the bastions of capitalism and many people, including some bank bosses, want to see the system reformed. Handler isn’t among them....
...A version of this article was first published by the Nikkei Asian Review on August 2 2020. ©2020 Nikkei Inc. All rights reserved....
...Unfortunately, Mizuho has exhibited two left feet in previous spins round the dance floor. Systems investment has been too little, too late. Charges for changes in its software have dented earnings....
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