PRE-MARKET JAPANESE AND SOUTH KOREAN STOCK NEWS: Fast Retailing FY net more than doubled, Kobe Steel says more data falsification may be uncovered

JAPAN

Ajinomoto (2802 JT)
- US ITC is to review judge’s ruling that Co.’s patent rights were not violated. (Newswires)

Asahi (2502 JT)
- Co. is said to be considering sale of 20% Tsingtao Brewery stake. (Nikkei)

Fast Retailing (9983 JT)
- Co. FY 16/17 net JPY 119.3bln vs. Prev. JPY 48.1bln Y/Y, rev. JPY 1.86tln vs. Prev. JPY 1.79tln. (Newswires)
- Co. executive says the firm will reach JPY 3tln in sales soon. (Newswires)

Kobe Steel (5406 JT)
- Co. reportedly falsified data on steel wire products and is said to have also shipped falsified steel products to more than 30 firms overseas. (Nikkei)
- Co. also admits inappropriate actions on steel products and said that further falsification may be uncovered. (Newswires)

Seven & I (3382 JT)
- Co. H1 net JPY 89.4bln vs. Prev. JPY 33.5bln Y/Y. (Newswires)

Tepco (9501 JT)
- Co. and Chubu Electric Power (9502 JT) get trade commission approval for consolidation of their thermal power business under JV. (Nikkei)

 

SOUTH KOREA

Kumho Tire (073240 KS)
- Co. creditors re-appointed a former CEO to get the firm back on track. (Yonhap)

Samsung Electronics (005930 KS)
- Fitch upgraded Co. credit rating to AA-; Outlook Stable. (Newswires)
- Co. will release a refurbished Galaxy Note 7 model in Malaysia later this month. (Yonhap)

Energy
- South Korea will complete an energy plan which will shift its reliance from coal and nuclear power towards natural gas and renewable energy sources. (Yonhap)

Other News
- There were earlier reports of an earthquake near the North Korea nuclear test site which USGS couldn’t confirm if it was natural or man-made, although the South Korea government later stated that analysis suggested it was a natural occurrence. (Newswires)

13 Oct 2017 - 00:14- EnergyResearch Sheet- Source: Newswires

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