Japan's Mitsubishi expands in salmon farming with acquisitions Norway and Canada
Faced with volatile fossil fuel markets and in search of stable revenue streams, Mitsubishi and its rivals have been diversifying into the food business, where demand is set to grow alongside a rising world population.
"In recent years, securing food resources has become a critical global challenge driven by population growth," Mitsubishi said in a statement, without disclosing the price of the deal.
The acquisition of three companies from Norwegian Grieg Seafood ASA was made via Cermaq Group, Mitsubishi's salmon farming company with assets in Norway, Canada and Chile. It will boost salmon production to around 280,000 tons in the 2027 fiscal year, up from some 200,000 tons produced by Cermaq annually now.
Salmon is among the most popular sushi items in Japan, but the bulk of it is imported from other countries, including Norway and Chile. Japan aims to raise the share of locally sourced seafood it consumes to 94 per cent in 2033 from 54 per cent now.
In October, Marubeni began selling salmon from a farm operated near Mount Fuji by its Norwegian partner, adding to the seafood business where its rivals Mitsubishi and Mitsui are also present.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
2 hours ago
- Business Times
Oil prices steady with trade talks in focus
[NEW YORK] Oil prices were little changed on Wednesday as investors assessed trade developments between the European Union and the US after President Donald Trump reached a tariff deal with Japan. Brent crude futures settled 8 cents, or 0.12 per cent, lower at US$68.51 a barrel, while US West Texas Intermediate crude futures were down 6 cents, or 0.09 per cent, at US$65.25 per barrel. On Wednesday, EU officials said they were heading towards a trade deal with Washington that would result in a broad 15 per cent tariff on EU goods imported into the US, avoiding a harsher 30 per cent levy slated to be implemented from Aug 1. Just hours earlier, Trump said the US and Japan had struck a trade deal that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a US$550 billion package of US-bound investment and loans. 'The trade deal with Japan might be a template for trade deals with other countries,' said Andrew Lipow, president of Lipow Oil Associates. 'On the other hand, the market is still concerned about the US coming to an agreement with the European Union and China.' The European Commission planned to submit counter-tariffs on 93 billion euros (S$139.1 billion) of US goods for approval to EU members. A vote is expected on Thursday, though no measures would be imposed until Aug 7. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Both benchmarks lost about 1 per cent on Tuesday after the EU said it was considering countermeasures against US tariffs. 'The slide (in prices) of the past three sessions appears to have abated, but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment,' said Vandana Hari, founder of oil market analysis provider Vanda Insights. On the supply side, US Energy Information Administration data showed US crude inventories fell last week by 3.2 million barrels to 419 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. 'That's a bullish swing,' said Bob Yawger, director of energy futures at Mizuho. 'It was largely a function of import-export dynamics.' US crude exports were up by 337,000 barrels per day (bpd) to 3.86 million bpd, while net US crude imports fell last week by 740,000 barrels per day, the EIA said. In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. REUTERS
CNA
2 hours ago
- CNA
Japan trade deal sparks hope for US investors, frustration for automakers
DETROIT :Shares of General Motors, Ford Motor, and Jeep-maker Stellantis, some of the biggest automakers in the U.S., rallied on Wednesday after news of a trade deal that will reduce tariffs on imported Japanese cars, as investors saw it as a sign of more deals to come. But the companies are not celebrating. Automakers importing vehicles into the U.S. from Japan now face a 15 per cent levy, according to terms of the deal outlined on Tuesday by U.S. President Donald Trump, down from 27.5 per cent. GM shares rallied 9 per cent and Stellantis rose 12 per cent, as market watchers said they anticipated further agreements could reduce other trade barriers that have hurt the companies' profits. Ford shares rose about 2 per cent. The automaker is less exposed to tariffs because it produces more of its U.S.-sold vehicles domestically. On Wednesday, the European Union and United States were nearing a trade deal that would also set a 15 per cent tariff on European imports. GM, Ford and Stellantis have been paying up to 25 per cent on vehicles imported from Mexico or Canada, depending on how much U.S. content is in the vehicles. The companies are concerned they could soon be paying higher tariffs on vehicles assembled in Mexico or Canada than on vehicles with significantly less U.S. content made in Japan or the United Kingdom. Some lobbyists also expressed alarm that if South Korea strikes a similar deal with the U.S., it could become a low-cost market to assemble cars and trucks. "They could be the new Mexico," one lobbyist told Reuters. The American Automotive Policy Council, which represents the Detroit Three, criticized the deal, saying it creates an easier path for Japanese imports than for some cars built in North America. Even before Tuesday's deal, Detroit automotive executives raised concerns that Trump's trade policy could end up giving an edge to foreign automakers who do not invest as heavily in U.S. manufacturing. "This is a bonanza for our import competitors," Ford CEO Jim Farley said in February, when Trump initially proposed levies on Mexico and Canada, but not on major automotive centers such as South Korea. The Japan trade announcement came the same day General Motors said tariff costs knocked $1.1 billion from its bottom line, hurt by a battery of levies including 25 per cent taxes on imports from Canada and Mexico, and 50 per cent on steel and aluminum imports. Industry consultant and former GM executive Warren Browne said the Japan deal "put all vehicles produced in Mexico and Canada by the Detroit Three at a disadvantage' because they face higher levies than Toyota vehicles shipped in from Japan, for example. That could allow the foreign brands to undercut U.S. car companies on price. Toyota, Subaru and Mazda are among the most reliant companies on Japan-produced vehicles for their U.S. sales, and stand to benefit most from the lower tariffs, according to business-analytics firm GlobalData. Toyota imported roughly 500,000 vehicles from Japan last year. Japanese automotive stocks soared after the trade deal announcement. Autos Drive America, which represents those Japanese automakers along with other foreign car companies operating in the United States, on Wednesday praised the trade deal, saying it would lead to further factory investment in the U.S. The deal is good news for Wade Kawasaki, executive chairman of the Wheel Group, a collection of aftermarket wheel, tire and accessory companies based in California. Kawasaki said the group has been trying to break into some aspects of the Japanese market, and the lessening levies will help with that. 'There is a certain group of customers who want American-made products. Those are the ones we were going to get,' he said.
CNA
2 hours ago
- CNA
Cboe Global to exit Japan equities operations
Cboe Global Markets said on Wednesday it will wind down its Japanese equities business, including the Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The company expects to suspend operations on August 29, 2025, and formally close the business after consultations with regulators. The decision was made in response to evolving business conditions that challenged the financial sustainability of maintaining its equities operations in Japan.
