Japan's bankruptcy filings hit 11-year high in FY2024/25, TSR tally shows
TOKYO, April 8 (Reuters) - Japan's bankruptcy filings in fiscal 2024 totalled 10,144, the most in 11 years, credit research firm Tokyo Shoko Research (TSR) said on Tuesday, amid rising uncertainties around the Bank of Japan's rate hike schedule.
The number of bankruptcies in the 12 months to March was the largest since fiscal 2013's 10,536, and grew by 12% from the previous year, according to TSR. Most industries, except for financial and transportation sectors, had more bankruptcies than in the previous year, the data showed.
However, the total amount of debt in bankruptcy was 2.37 trillion yen ($16.08 billion) in fiscal 2024, down from 2.46 trillion yen in fiscal 2023, as relatively more small- and mid-sized firms went bankrupt, TSR said.
The largest debtor was the former Mitsubishi Aircraft Corp, which was liquidated last year with 641 billion yen in debt, after the termination of the Mitsubishi SpaceJet commercial airplane project, according to TSR.
Bankruptcy data is one of the indicators BOJ policymakers monitor to gauge the Japanese economy's soundness. Governor Kazuo Ueda has said the central bank will keep raising interest rates if sustained wage hikes, including at smaller firms, support consumption-led economic growth.
($1 = 147.4100 yen)
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The Herald Scotland
13 hours ago
- The Herald Scotland
From Hong Kong to Kirkcaldy: Meet Scotland's new Street Food Champions
Minor condiment crises aside, Cheung is in high spirits following a weekend which saw her and business partner/fiancé, Rick Tai, come out on top when competing against fellow street food chefs from across the country. 'I'm still feeling quite emotional about it all,' she continues. 'I had been so nervous ever since first sending our application, and when we found out we were finalists while working a pop-up on Leith Walk, I was just jumping up and down on the street for what felt like five whole minutes. 'When we got there for the competition weekend, there were so many amazing traders with all of this professional equipment – one of them had a fridge that looked like my closet at home. 'We tried so much food and the finalists were all fantastic, but I was nervous because we come from a different culture and don't have as much market experience. 'When they announced we had won, I cried straight away.' Read more: Though they are relative newcomers to the Scottish street food scene, this Perth-based couple previously achieved success in Hong Kong, where in 2016 they founded a permanent Smoked Tamago shop serving a signature dish of Tamagoyaki. These traditional Japanese-style egg rolls wowed judges at last weekend's awards and ultimately secured their win, but Cheung admits to having some initial doubts over whether their menu would catch on in a new country. 'We moved to Scotland around four years ago, which was a really difficult time because of Covid', she explains. 'We both had other jobs, but always knew that we wanted to start our food business again. "It was only late last year that we found the courage to say, 'ok, let's do it'. 'We had a takeaway in Kirkcaldy at the beginning, but then realised that we needed to be meeting people face to face so that we could properly explain our signature dish because it's not very common in Scotland. 'That's why we started doing markets and have stuck with it since.' Pictured: Vincci Cheung and Rick Tai celebrate their win (Image: Supplied) Adapting their business to suit market events proved to be the key to Smoked Tamago's new venture in Scotland, with the team able to 'test the water' before getting in too deep. It also allowed them to reinvent their menu of contemporary Japanese-Korean dishes weekly to include the likes of Tteobokki, Takoyaki, and Japchae. 'The markets in Scotland really did make everything possible for us, because back in Hong Kong, opening a shop was a huge investment 'The city is tiny, the rent is crazy, and the housing prices are terrible. 'But here, we realised that we could try things out in a new environment without having to give up our full-time jobs. 'After a while, we started to feel like people were really loving our food, and I decided that I should probably just go for it.' Pictured: The Smoked Tamago team and British Street Food Awards Champions, Choola (Image: Supplied) Working markets around Scotland also introduced Cheung and Kai to fellow talented vendors like husband-and-wife team Nicole and Ameer Limbu of Choola, who took home the British Street Food Award Champion Title in 2023. 'We owe a big thanks to Choola for being so supportive of us right from the start,' the street food chef says of their first encounter at The Pitt in Edinburgh. 'I had just put in my application for Street Food Awards, and they were able to share so much of their experience with us. 'From then on, any time I had a question, they were happy to answer it and even helped us to pack up all of our stuff after the competition last weekend when we were totally exhausted." With a busy summer schedule ahead, there's little time for Smoked Tamago to stop and celebrate their Street Food Award win before moving on to the next stage of the competition in London this September. There, alongside Scottish People's Choice Award winners, Fire Bowl, they will serve up Tamagoyaki once again in the hopes of advancing to the European final in Munich. Pictured: A selection of contemporary Japanese-Korean dishes from Smoked Tamago (Image: Supplied) Proud to have made it to this stage, Cheung concludes: 'We are just one couple from Hong Kong, but there are actually a lot of people from the city in Scotland right now "Many of them will have been working just as hard, but might not be able to get back into the same industry as they were in before. 'It's difficult to start a new life or business somewhere new, and we're not the only ones trying. 'We just happen to be lucky enough that our hard work has been seen.' You can find Smoked Tamago at the Errol Sunday Market and at the Leith Walk Police Box on Tuesdays. For further updates, follow them on social media @smoked_tamago.
Scottish Sun
a day ago
- Scottish Sun
Sir David Murray vows to save Dalzell steel mill as he reveals masterplan
SIR David Murray vowed to be a 'big customer' of Dalzell steel mill if his masterplan to save it becomes reality. The ex-Rangers owner and metal magnate, 73, says he is ready to play a major role in providing Scottish steel for North Sea wind turbines to power the nation's future energy. 4 Sir David Murray vowed to be a 'big customer' of Dalzell steel mill Credit: Andrew Barr 4 The plant in Motherwell is currently mothballed due to cheap Chinese steel imports and a drought in orders Credit: Getty 4 Some 140 workers were furloughed or placed on maintenance duties in April this year Credit: Reuters 4 New Liberty owner Sanjeev Gupta with Nicola Sturgeon Credit: Alan Ewing The plant in Motherwell is currently mothballed due to cheap Chinese steel imports and a drought in orders, with some 140 workers furloughed or placed on maintenance duties in April this year. Sir David has been in talks with Holyrood ministers for a decade over halting the industry's decline. He has now revealed he has held hush-hush negotiations with the UK Government to rescue the mill. His latest intervention comes after PM Sir Keir Starmer and Scottish Secretary Ian Murray blasted SNP ministers in May for allowing the nation's last remaining steel plants — Dalzell and Clydebridge in Cambuslang — to cease production. The Scottish Government orchestrated a takeover of the sites in 2016, putting taxpayers' cash on the line. And Sir Keir insisted last month it was important to 'get those plants up and running again'. Now Sir David has told The Scottish Sun on Sunday: 'There is a lot of political stuff going on over Dalzell. I've been heavily involved in trying to save the plate mill. 'I have spoken to the British Government in the last week and there's a meeting in a few weeks' time. 'The workforce has stayed at home for months and got 80 per cent of their wages. But it could be sorted in a week. We need people in management to work with me. 'I'd be the chairman, I'd help the management, I'd help the business, we'd be a big customer. Former Rangers owner Sir David Murray vows to save Dalzell steel mill with masterplan 'At the time it closed, I was one of its biggest customers. 'At our peak we'd be selling 550,000 tonnes of steel a year. 'That's five Forth rail bridges in weight. Today it's just over one because the fabrication business is diminishing — it's ridiculous that Britain does not have the capacity to roll a steel plate.' Sir David told how there is one mill in the north-east of England which is Ukrainian-owned. He went on: 'The wind turbines being made for the North Sea are much bigger now. 'It's a heavier plate, ideal for Dalzell. There are 50,000 tonnes of steel coming to Teesside this week from Korea to be made into turbines. 'The Scottish Government don't own one wind turbine. Look at the cost of energy. We are buying power from other people who put in these turbines. We need to create growth, jobs and prosperity in this country.' We told last July of fears the Dalzell operation would be mothballed amid a slowdown in work. A report in March by the Community Union, which represents workers at the two plants, said low-cost steel from China and high UK energy prices were hitting British steel production. The union said Dalzell needed investment to become a 'world-leading producer' of a key turbines component. Sir David has long called for an inquiry into the Scottish Government's involvement in the 2016 sale of the Lanarkshire plants to tycoon Sanjeev Gupta and Liberty Steel. The sale was backed by a £7million loan from Scottish Enterprise. MURRAY'S HEART SCARE OP EXCLUSIVE by Rodger Hannah SIR David Murray has lifted the lid on a secret heart op after he was diagnosed with a potentially-fatal medical condition. The businessman fell ill shortly before selling Rangers to Craig Whyte in 2011 — to be told he had an aortic aneurysm. He revealed: 'I was driving home over the Forth Road Bridge and I thought I was having a heart attack. I went into Dunfermline Hospital. I had a scan. It's basically your main blood vessel and the aneurysm makes it expand. 'If it bursts, you've got about half an hour.' Sir David believes the pressure of Rangers' financial issues and the global recession could have contributed to his health scare. He added: 'They told me I needed an operation, which I had in Edinburgh Royal Infirmary. 'I shared the information with Craig Brown a few years ago. 'He had an identical thing. His burst but they managed to get him in on time.' Former Scotland manager Brown needed life-saving surgery in 2020. He told the Scottish Sun at the time: 'They say only about three out of ten survive it.' Brown died in 2023 aged 82. But Sir David claims ministers rejected his rival bid because it was potentially incompatible with state aid rules, and has criticised Mr Gupta's management since. He said: 'Ten years ago, I met the Scottish Government and the First Minister [Nicola Sturgeon]. I put a proposal to them and I was told they couldn't do it because they couldn't give state aid. 'Then they lent somebody else £7million who hasn't paid it back.' Mr Gupta, executive chairman of GFG Alliance which owns Liberty Steel, is being prosecuted by Companies House for failing to file accounts for more than 70 companies listed in Britain. He denies any wrongdoing. Ayr-born Sir David spoke exclusively ahead of this Thursday's July publication of his autobiography 'Mettle: Tragedy, Courage and Titles. He remains chair of his family firm, Murray Capital Group, albeit his son, also David, runs day-to-day operations as managing director. He reveals in his new book that some of his teenage grandkids have already attended board meetings. He added: 'There is an opportunity for young people but you better come to the table with a skill. 'You're not coming, as my great friend Sean Connery said, as a member of The Lucky Sperm Club.' The UK Government confirmed Sir David had met with MP Ian Murray. A source said: 'David Murray has met Ian Murray to discuss his concerns about the Dalzell works being mothballed because the SNP cut a bad deal. We encourage the SNP Government to take advantage of the trade deals the UK Labour Government has cut and the industrial strategy which present a huge opportunity for Scottish steel.' Liberty Steel declined to comment. The Scottish Government said its 2016 intervention 'sustained over 100 jobs at Dalzell and retained steelmaking capacity in Scotland.' Scottish Enterprise confirmed: 'We remain in discussion with Liberty Steel regarding repayment of the loan funding.'
Reuters
a day ago
- Reuters
Dublin like a local
A young, creative, international city has emerged from the financial crisis that stopped Dublin in its tracks for the best part of a decade. The warehouses of the Irish capital have been repurposed by international tech companies for their European headquarters, the docks and quays are lined with buildings of glass and steel, and there are new hotels, coffee shops and bars. It is still unmistakably Dublin — with its beautiful Georgian terraces, manicured garden squares, stunning coastal walks and villages that make up some of the prettiest suburbs of any capital city. But now its cobbled streets hum with fresh purpose. I grew up on Ireland's west coast and, after a spell in London, moved to Dublin a decade ago to cover Irish business news and then political and general news for Reuters. The economic catastrophe that befell Dublin after the 2008 financial crisis is a cautionary tale of the dangers of unfettered lending and poor regulation. But reinvented as a modern, cosmopolitan capital that values its people and history, today's Dublin is simply marvellous. Here's how to enjoy this beautifully unruly city like a local: Pubs: Dublin's pubs are essential to the city's cultural and social fabric. They are where friends catch up, colleagues bond after work, and couples meet for dates. Some are loud and busy, others perfect for sitting alone with your thoughts or a book. My favourite is Martin B. Slattery's in the vibrant, eclectic suburb of Rathmines. A wood-paneled pub — that like most classic Dublin watering holes still refuses to serve food — 'Slatts' has a snug at the front, the patrons love to chat, and the Guinness is exceptional. In town, there's the Long Hall, a stone's throw from Dublin Castle, with red-and-white striped canopies. Inside, it's largely unchanged since it opened in 1881. Another Victorian classic is the Palace on Fleet Street. Flowers cascade from hanging baskets outside and an antique lamppost marks the entrance. It is one of the oldest pubs in the city, and a favourite of students from nearby Trinity College and tourists stopping for a pint as they amble towards Temple Bar. It has a strong literary heritage, with poet Patrick Kavanagh and novelist Flann O'Brien among its former patrons. If you're looking for something quirkier, make your way over to the Hacienda on Mary Street, popular with celebrity musicians winding down after a show. Behind its Spanish colonial exterior, it always looks closed — which it is to most people, unless proprietor Shay likes the look of you. He never opens before 8 p.m., but if you think you're the type of punter that Shay will welcome, then press a buzzer at the door marked 'Bar' and wait to see if he'll let you in. The traditional 'session': The Cobblestone in Smithfield is the stand-out choice for quality traditional Irish music. Tucked into a quiet corner of a square that was once known for its bustling livestock market, it is described by its owner as a "drinking pub with a music problem." There is a "seisiún" of traditional Irish music every night — an informal performance by seasoned musicians who gather to play for fun. You will want to get in early to grab a stool by the bar, so you can see the performers in the corner. O'Donoghue's on Merrion Row is a music pub steeped in history and was a favourite of The Dubliners, a traditional folk music group that sold more than thirty million records. The walls are adorned by photos and drawings of the Irish music legends who have played here over the years, and there are music sessions every night. Whelan's on Wexford Street is a must for live music. Major artists that have passed through its doors include the Arctic Monkeys, Damien Rice, Mumford & Sons, and Ed Sheeran, who calls Whelan's one of his favourite venues in the world. To eat: In the years since the financial crisis, Irish food has undergone a significant evolution, moving beyond traditional stereotypes into a modern and innovative culinary culture. Chapter One, Restaurant Patrick Guilbaud, and Liath each have two Michelin stars, and there are five more restaurants with one star. International influences have flourished, creating exciting culinary fusions derived from Asian, Middle Eastern and Mediterranean cuisines. Traditional dishes such as Irish stew, soda bread and Dublin Coddle can still be found at places like the Quays Restaurant in Temple Bar, but my go-tos are the caipirinhas and petiscos at Rei Momo in the centre of town, or the authentic tacos, quesadillas and tamalitos at Suertudo in Ranelagh. The definitive read: In a city seeped in literature, one book dominates: James Joyce's 'Ulysses.' The modernist classic is an intricate portrait of the city on a single day, June 16, 1904 — and the characters' steps are retraced by thousands every year on Bloomsday. A good place to start is the Joyce Tower Museum, on the coast at Sandycove and housed in a Martello tower, a round stone fort built in the early 19th century to defend against a Napoleonic invasion. The tower is the setting for the opening chapter of "Ulysses," where Stephen Dedalus wakes up and begins his day. Joyce himself stayed here briefly in 1904. For the real enthusiast, consider a reading at Sweny's Chemist and Druggist, where you'll be transported into a living page of "Ulysses". A charming, time-capsule of a shop, it is located at 1 Lincoln Place, a short walk from Trinity College. More literary trails: Dublin revels in its literary heritage. Three of the four newest bridges have been named after writers, and you can't turn a corner in Dublin without bumping into a plaque or statue devoted to a writer or poet. The city has been an inspiration for numerous authors, so no visit is complete without a literary tour. Start at Merrion Square, where Oscar Wilde's sculpture cuts a colourful figure lounging on a rock overlooking his family home across the street. "Dracula' writer Bram Stoker lived at the nearby 30 Kildare Street for a time with his wife, Florence. But perhaps the most impressive place on any literary tour of Dublin is Trinity College, home to the Long Room, a 65-metre (213-ft)-long chamber in its library that contains 200,000 of the university's oldest books (currently under restoration). The Book of Kells, a precious ninth century manuscript containing the four gospels of the New Testament, is on permanent display. Swift, Wilde, Beckett, Stoker, and Synge studied here. More recently, it served as a backdrop and symbol of class and identity in Sally Rooney's 'Normal People.' If you're looking for literary Dublin, this is where you'll find it. Getting away: The sea matters to Dubliners. Joyce's characters in "Ulysses" are forever walking, haunted, by the shore. The first Dubliners were Viking raiders who came from across the sea and commandeered a sheltered pool on the Liffey for a winter camp to repair their longboats ahead of the spring pillaging. When Dubliners want to shake off the cobwebs, they head to the coast. Dublin's coastal towns and villages are some of the prettiest suburbs of any capital city and stretch from Howth in the north to Dalkey and Killiney Hill in the south, where U2's Bono and the Edge are neighbours. There are lovely coastal walks and breath-taking views in both directions, all easily reached on the local train, with fares starting at 2.60 euros ($3) for a single adult ticket. To really do Dublin like a Dubliner, the day should start with a bracing swim at Sandycove's "Forty Foot." Imagine a rocky outcrop into the Irish Sea, with waves crashing on concrete steps and brave souls in swimming togs gasping as they dive into the chilly waters. Few urban experiences are as invigorating, and when you emerge, you'll be more than ready to think about the lunch you're going to have in Howth. Located on the north side of Dublin Bay, perched on a rugged peninsula, Howth is a postcard-pretty fishing village you can amble around while picking up fish and chips and maybe an ice cream. I could happily eat every day at any one of the many fantastic restaurants in Howth, but if you like a view with your oysters or mussels, pick Aqua, a beautiful restaurant housed in a former sailing club at the end of the west pier. CITY MEMO DATA POINTS Population: 1.4 million Price of a cup of coffee: 5.10 euros ($5.85) for a cappuccino from Bewley's Café on Grafton Street. Price of a pint of beer: 6.80 euros ($7.80) for a pint of Guinness from Martin B. Slattery's. Great place to see a sunset: The Pavilion, a student bar overlooking the cricket pitch at Trinity College. Best bookstore: Hodges Figgis, a 257-year-old bookseller on Dawson Street.
