Effective Aug. 1, Kenichi Watanabe, CEO of Tokyo-based Nomura Holdings Inc., will resign and Koji Nagai will assume the role. COO Takumi Shibata, will also resign to be replaced by Atsushi Yoshikawa. The resignations follow leaks of insider information to clients of Nomura’s securities unit in 2010. Nagai said he would map out a “new global strategy,” but would continue Watanabe’s ambition of being an Asia-based global investment bank. “I can’t say that there is no impact on our earnings,” said CFO Junko Nakagawa. “It is difficult at this stage to numerically estimate the possible damage.” Nomura could face possible sanctions from Japan’s Financial Services Agency over the scandal.
The review rules will apply when the U.S. insurer has sensitive information about 1 million or more people.
The court could still take up the case after a lower court takes another crack at it.
The number of LTCI claimants appears to be increasing more slowly.
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The “reflation trade” appears real, but risks are still elevated.
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