Japan megabanks lead growing share of US syndicated loans
The number of U.S. syndicated loans where at least one of the three -- Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group -- was a lead arranger rose 33% in 2024 to 1,076, London Stock Exchange Group data shows.
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Japan Today
31 minutes ago
- Japan Today
Trump says countries aligning themselves with BRICS' 'anti-American policies' will be hit with additional 10% tariffs
U.S. President Donald Trump speaks to members of the media upon his arrival at Morristown Airport, in Morristown, New Jersey, U.S., July 6, 2025. REUTERS/Nathan Howard/File Photo U.S. President Donald Trump on Sunday said that countries aligning themselves with the "Anti-American policies" of BRICS, will be charged an additional 10% tariff. "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!" Trump said in a post on Truth Social. Trump did not clarify or expand on the "Anti-American policies" reference in his post. The original BRICS group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates and Indonesia as members. © Thomson Reuters 2025.
Japan Today
2 hours ago
- Japan Today
The rule of law is key to capitalism − eroding it is bad news for American business
By Robert Bird Something dangerous is happening to the U.S. economy, and it's not inflation or trade wars. Chaotic deregulation and the selective enforcement of laws have upended markets and investor confidence. At one point, the threat of tariffs and resulting chaos evaporated US$4 trillion in value in the U.S. stock market. This approach isn't helping the economy, and there are troubling signs it will hurt both the U.S. and the global economy in the short and long term. The rule of law – the idea that legal rules apply to everyone equally, regardless of wealth or political connections − is essential for a thriving economy. Yet globally the respect for the rule of law is slipping, and the U.S. is slipping with it. According to annual rankings from the World Justice Project, the rule of law has declined in more than half of all countries for seven years in a row. The rule of law in the U.S., the most economically powerful nation in the world, is now weaker than the rule of law in Uruguay, Singapore, Latvia and over 20 other countries. When regulation is unnecessarily burdensome for business, government should lighten the load. However, arbitrary and frenzied deregulation does not free corporations to earn higher profits. As a business school professor with an MBA who has taught business law for over 25 years, and the author of a recently published book about the importance of legal knowledge to business, I can affirm that the opposite is true. Chaotic deregulation doesn't drive growth. It only fuels risk. Chaos undermines investment, talent and trust Legal uncertainty has become a serious drag on American competitiveness. A study by the U.S. Chamber of Commerce found that public policy risks — such as unexpected changes in taxes, regulation and enforcement — ranked among the top challenges businesses face, alongside more familiar business threats such as competition or economic volatility. Companies that can't predict how the law might change are forced to plan for the worst. That means holding back on long-term investment, slowing innovation and raising prices to cover new risks. When the government enforces rules arbitrarily, it also undermines property rights. For example, if a country enters into a major trade agreement and then goes ahead and violates it, that threatens the property rights of the companies that relied on the agreement to conduct business. If the government can seize assets without due process, those assets lose their stability and value. And if that treatment depends on whether a company is in the government's political favor, it's not just bad economics − it's a red flag for investors. When government doesn't enforce rules fairly, it also threatens people's freedom to enter into contracts. Consider presidential orders that threaten the clients of law firms that have challenged the administration with cancellation of their government contracts. The threat alone jeopardizes the value of those agreements. If businesses can't trust public contracts to be respected, they'll be less likely to work with the government in the first place. This deprives the government, and ultimately the American people, of receiving the best value for their tax dollars in critical areas such as transportation, technology and national defense. Regulatory chaos also allows corruption to spread. For example, the Foreign Corrupt Practices Act, which prohibits businesses from bribing foreign government officials, has leveled the playing field for firms and enabled the best American companies to succeed on their merits. Before the law was enacted in 1977, some American companies felt pressured to pay bribes to compete. 'Pausing' enforcement of the law, as the current presidential administration has done, increases the cost of doing business and encourages a wild west economy where chaos thrives. When corruption grows, stable and democratic governments weaken, opportunities for terrorism increase and corruption-fueled authoritarian regimes, which oppose the interests of the U.S., thrive. Halting the enforcement of an anti-bribery law, even for a limited time, is an issue of national security. Legal uncertainty fuels brain drain Chaotic enforcement of the law also corrodes labor markets. American companies require a strong pool of talented professionals to fuel their financial success. When legal rights are enforced arbitrarily or unjustly, the very best talent that American companies need may leave the country. The science brain drain is already happening. American scientists have submitted 32% more applications for jobs abroad compared with last year. Nonscientists are leaving too. Ireland's Department of Foreign Affairs has witnessed a 50% increase in Americans taking steps to obtain an Irish passport. Employers in the U.K. saw a spike in job applications from the United States. Business from other countries will gladly accept American talent as they compete against American companies. During the Third Reich, Nazi Germany lost its best and brightest to other countries, including America. Now the reverse is happening, as highly talented Americans leave to work for firms in other nations. Threats of arbitrary legal actions also drive away democratic allies and their prosperous populations that purchase American-made goods and services. For example, arbitrarily threatening to punish or even annex a closely allied nation does not endear its citizens to that government or the businesses it represents. So it's no surprise that Canadians are now boycotting American goods and services. This is devastating businesses in American border towns and hurts the economy nationwide. Similarly, the Canadian government has responded to whipsawing U.S. tariff announcements with counter-tariffs, which will slice the profits of American exporters. Close American allies and trading partners such as Japan, the U.K. and the European Union are also signaling their own willingness to impose retaliatory tariffs, increasing the costs of operations to American business even more. Modern capitalism depends on smart regulation to thrive. Smart regulation is not an obstacle to capitalism. Smart regulation is what makes American capitalism possible. Smart regulation is what makes American freedom possible. Clear and consistently applied legal rules allow businesses to aggressively compete, carefully plan, and generate profits. An arbitrary rule of law deprives business of the true power of capitalism – the ability to promote economic growth, spur innovation and improve the overall living standards of a free society. Americans deserve no less, and it is up to government to make that happen for everyone. Robert Bird is Professor of Business Law & Eversource Energy Chair in Business Ethics, University of Connecticut. The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts. External Link © The Conversation
Japan Today
2 days ago
- Japan Today
Protests against surging mass tourism in Mexico City end in vandalism, harassment of tourists
Demonstrators hold posters that read in Spanish ¨Here we speak Spanish, Real Estate Regulation Now¨, during a protest against gentrification, as the increase in remote workers has risen prices and increased housing demand in neighborhoods like Condesa and Roma, in Mexico City, Friday, July 4, 2025. (AP Photo/Fernando Llano) By MARTÍN SILVA REY and FABIOLA SÁNCHEZ A protest by hundreds against gentrification and mass tourism that began peacefully Friday in Mexico City neighborhoods popular with tourists turned violent when a small number of people began smashing storefronts and harassing foreigners. Masked protesters smashed through the windows and looted high-end businesses in the touristic areas of Condesa and Roma, and screamed at tourists in the area. Graffiti on glass shattered glass being smashed through with rocks read: 'get out of Mexico.' Protesters held signs reading 'gringos, stop stealing our home' and demanding local legislation to better regulate tourism levels and stricter housing laws. Marchers then continued on to protest outside the U.S. Embassy and chanted inside the city's metro system. Police reinforcements gathered outside the Embassy building as police sirens rung out in the city center Friday evening. It marked a violent end to a more peaceful march throughout the day calling out against masses of mostly American tourists who have flooded into Mexico's capital in recent years. Tension had been mounting in the city since U.S. 'digital nomads' flocked to Mexico City in 2020, many to escape coronavirus lockdowns in the U.S. or to take advantage of cheaper rent prices in the Latin American city. Since then, rents have soared and locals have increasingly gotten pushed out of their neighborhoods, particularly areas like Condesa and Roma, lush areas packed with coffee shops and restaurants. Michelle Castro, a 19-year-old college student, was among the flocks of people protesting. She said that she's from the city's working class city center, and that she's watched slowly as apartment buildings have been turned into housing for tourists. 'Mexico City is going through a transformation," she said. "There are a lot of foreigners, namely Americans, coming to live here. Many say it's xenophobia, but it's not. It's just that so many foreigners come here, rents are skyrocketing because of Airbnb. Rents are so high that some people can't even pay anymore.' The Mexico City protest follows others in European cities like Barcelona, Madrid, Paris and Rome against mass tourism. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
