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Olympus reportedly in final talks for Sony investment
If the recent chapter in Olympus' history was a photo, it'd be a blurry thumb covering the subject's head. But, if reports from Nikkei are correct, it looks like the next one might be a happy family portrait. As suggested earlier this year, Sony is reportedly close to agreeing on a 50 billion yen (about $620 million) investment in the scandalized firm. This would likely give the Japanese electronics giant a 10 percent stake in Olympus, making it the largest single shareholder. This isn't the first time we've seen the troubled camera and optics brand associated with other electronics firms, and with Olympus telling Reuters that "This is not something that we have announced" we'll just have to wait and see exactly how this next frame develops.
Olympus turns to Sony to help it get its feet back on the ground (updated)
Olympus might have some good news soon: it might have found a hero to rescue it from its woes. The "troubled" (read: it hid $1.7 billion worth of accounting losses, was nearly de-listed from the Tokyo Stock Exchange and is currently suing its leadership team for fraud) company is reportedly about to negotiate a capital-and-business alliance with Sony. The TSE gave the optics-maker three years to clean up its act, which it's hoping Big S (that already owns a 0.03 percent stake in the company) will assist with some know-how, a big pot of cash, and maybe loaning them a competent accountant, or something. Whatever happens, the rumors are that all will be revealed at a press conference next week, we're just hoping Will Smith turns up to announce it. Update: The Nikkei is reporting that Sony could be interested in buying up between 20 and 30 percent of Olympus in order to get at its medical imaging business. It also mentioned that it's not a done-deal just yet, Fujifilm and (medical gear maker) Terumo are still circling in the hope of biting off a piece of the action.
Nexon raises $1.17 billion from IPO, stock subsequently drops
Korean online gaming giant Nexon has raised $1.17 billion from its initial public stock offering. The filing stated that Nexon has 1.2 billion registered players, 77 million of which were active as recently as September 2011. CFO Owen Mahoney says the company's expertise made it an attractive proposition for new shareholders. "We can really bring a lot to the table. We know how to tune a game so that people will play it for months on end," he explained. Nexon's IPO was the largest on the Tokyo Stock Exchange this year, and as a result the company is now valued somewhere between $7.69 billion and $8.97 billion according to GamesIndustry.biz. Even so, Nexon's stock price slipped by 3.9 percent on its first day of trading.
MapleStory breached, 13 million accounts exposed
The famously hacked Sony has a sympathetic shoulder this week, as Nexon recently discovered a massive breach that's exposed over 13 million MapleStory player accounts to cyber ne'er-do-wells. Discovered this past Thursday, the breach was solely limited to South Korea, as Nexon hosts separate countries on their own servers. This means that any South Korean MapleStory player's information is at risk, including user IDs, names, passwords, and residential registration numbers. This information could potentially be stolen and used for a variety of crimes. While there's been no word whether actual personal information has been stolen, Nexon nevertheless urged these 13+ million subscribers to change their passwords. The company has contacted the police to ask for a formal investigation. This comes at an unfortunate time for the company, as Nexon is poised to present its IPO on the Tokyo Stock Exchange in December.
Nexon's Japanese IPO aims at raising $1.3 billion
When Nexon is finally added to the Tokyo Stock Exchange in December, the company has to be planning a massive "We're in the money!" song-and-dance to celebrate. TechCrunch reports that this will be the biggest IPO in Japan in 2011, with a corporate goal of raising $1.3 billion (100 billion yen) from the listing. The Korean company recently moved its headquarters from Seoul to Tokyo, and is well-known for its popular MMOs such as MapleStory, Mabinogi, and Vindictus. Nexon has over 3,000 people in its employ across the world, and previously said that it is open to purchasing more companies in Japan after the IPO. The company commented on its post-IPO strategy in a brief statement: "As we pursue our strategic objectives, we regularly review our options for accelerating our growth. We have made no decisions or announcements about any specific financing or other plans and cannot comment on rumors." The IPO will be handled by Nomura Securities, Morgan Stanley, and Goldman Sachs. Nexon is hoping that the move will raise its market cap to $9 billion, which will make it the biggest online gaming company listed on the Tokyo Stock Exchange. The company is currently worth $7.7 billion.
Nintendo stock loses another five percent
Though E3 attendees may be crazy for it, investors are continuing to express their displeasure with the Wii U. Nintendo's stock lost another five percent after a similar fall on Tuesday, the first day after the new hardware was announced at E3. At the time of this writing, the stock is down to 16,170 yen per share on the Tokyo Stock Exchange, another 800 yen loss from the previous day's close of 16,970. That is, however, a slight climb from the day's low of 16,040 earlier in the day. Company shares haven't been this low since before Nintendo's massively successful Wii console was released in 2006.
Nintendo stock down 5 percent after Wii U reveal
While our feelings were ... oh, let's be nice and say "mixed" on Nintendo's just-announced Wii U traders on the Tokyo Stock Exchange were pretty much clear about their distaste. Nintendo stock closed down five percent yesterday after the company's E3 keynote, settling at 16,970 yen ($212.44) -- a low the company hasn't seen since before the launch of the original Wii. It's not good news for Big N, but we're talking about a company that's made its fortunes on seeing opportunities where others don't. And hey, look at it this way, Nintendo: History has proven we'll eventually drop our defenses, conquer our trepidation and buy one anyway. So you've got us.
Bond trader accidentally places $31bln Capcom order
A UBS trader's infatuation with the zero key almost led to a $31 billion order -- allegedly the largest in Tokyo Stock Exchange history -- for convertible bonds in Capcom. Reuters reports that, thankfully, the error was caught before any real financial harm occurred. The trader only meant to place an order for $306k.The incident did raise some concerns about Japan's "lax approach to systems and compliance," especially since UBS was recently involved in two of the country's most famous trading blunders. Come on, regulatory guys. We're sure the trader could've just loaded a previous save file if things actually went bad. That's the way things work, no? [Via Capcom Unity] [Image]
How ridiculously wealthy is Nintendo this year?
Despite reporting on it back in 2007 and reading the Wikipedia entry so many times, we're still foggy on what market capitalization is -- we think it's basically how many shares of stock are in the public, multiplied by the cost of one share. We have an impressionistic idea of what it means, though: the bigger the number, the more likely the company's executives are to have Segways (for example).So how did Nintendo fare? They finished 2008 with the fourth-highest market cap in Japan, according to the Tokyo Stock Exchange. The number, 4.7813 trillion yen ($52.7 billion), is way down from where it was in 2007, but what isn't? A halved market cap actually sounds bad, and it probably is, but they're still in the top 5 companies, and still selling tons of systems and games, so it's probably nothing to worry about. First-place Toyota dropped 54% themselves![Via Kotaku]
DSi announcement didn't keep Nintendo stocks from falling
Despite revealing a new DS iteration -- the first since February 2006 -- Nintendo's shares on the Tokyo Stock Exchange dropped 3.7 percent to 39,500 yen on the Tokyo Stock Exchange. Bloomberg notes that the stock has dropped 41 percent overall n 2008, compared to the past two years where it doubled in each of those. Comparatively, Sony's stock has dropped 51 percent this year.While much can be attributed to the global economy at the moment, equity researcher Yoku Ihara said the DSi reveal "didn't exceed investors' expectations ... the stock market was so bearish that the news didn't hlep the shares gain." In other news, the console maker is still paying people to pay other people to count its ridiculous amounts of money.
