Latest news with #TrevorHill
Japan Times
2 days ago
- Business
- Japan Times
Former SMBC Nikko managers found guilty in market manipulation case
Five former executives at Japanese brokerage SMBC Nikko Securities were found guilty for their roles in a market manipulation case, marking the culmination of a scandal that rocked Japan's financial industry. The Tokyo District Court handed down suspended prison sentences for the firm's ex-head of equity Trevor Hill and his deputy Alexandre Avakiants, as well as three Japanese former executives. Prosecutors had sought multiyear prison terms for their alleged roles in trying to support stock prices ahead of what are known as block trades. When the allegations surfaced in early 2022, they shone a spotlight on Japan's financial sector and led to regulatory penalties against the brokerage. The subsidiary of Sumitomo Mitsui Financial Group, Japan's second-largest banking group, posted losses and cut costs in the wake of the revelations as clients took their business elsewhere. The firm's top executives took pay reductions to shoulder responsibility. Former general manager Makoto Yamada was sentenced to three years' imprisonment, suspended for five years, the court ruled on Tuesday. Hill and ex-deputy president Toshihiro Sato received two and a half years, suspended for five years. Another former general manager, Shinichiro Okazaki, and Avakiants got shorter suspended sentences. The case underscores the legal risks for foreign professionals working in Japan. The country's justice system has faced criticism for its conviction rate of more than 99%, suggesting to organizations including Human Rights Watch that trials are practically foregone conclusions. Still, criminal proceedings against foreign business executives are relatively rare in Japan. The most high-profile case in recent years was against Carlos Ghosn, the former Nissan Motor chairman, who was accused of financial misconduct and fled the country before he was tried. It has been more than two and a half years since prosecutors brought charges against the former SMBC Nikko managers and the firm. Ex-manager Teruya Sugino received a suspended prison sentence in 2023 after admitting to the accusations. SMBC Nikko itself pleaded guilty. SMBC Nikko resumed block offers in April after renaming them retail offers and introducing a tighter internal monitoring of the transactions.
Bloomberg
2 days ago
- Business
- Bloomberg
Ex-SMBC Nikko Managers Face Verdicts in Market Manipulation Case
Five former executives at Japanese brokerage SMBC Nikko Securities Inc. are about to hear verdicts in a long-running stock market manipulation case, marking the culmination of a scandal that rocked Japan's financial industry. The Tokyo District Court is expected to deliver rulings later Tuesday concerning the firm's ex-head of equity Trevor Hill and his deputy Alexandre Avakiants, as well as three Japanese former executives. Prosecutors are seeking multi-year prison terms for their alleged role in trying to support stock prices ahead of so-called block trades. The five defendants have denied wrongdoing.
Yahoo
10-07-2025
- Business
- Yahoo
Impact of cost rises on high street restaurants
As high streets and town centres evolve, local businesses are making changes to adapt. Moving to a suburb in Bournemouth means less overheads according to the owner of Ojo Rojo, which is located on the high street. Another food outlet, Vegivores, has closed as an eatery and is re-opening for pre-booked event space. Bournemouth, Christchurch and Poole (BCP) were given the power to auction the lease of empty shops in December as part of a national trial to revive town centres. "This isn't a goodbye to Ojo Rojo. It's the beginning of a new chapter"; wrote the managing director, Trevor Hill, in a social media post that announced the closure of the venue. Mr Hill told the BBC the company had dealt with difficult times over the last 10 years; "with costs going up and the footfall dropping, unfortunately we haven't been able to marry those two together. "We are looking to move to a suburb where a lot more independents are based and get a smaller building to manage." "Moving out of the town centre will have a big impact" Mr Hill said. "There's not a lot of places left outside of the big chains and a few people have said to us 'why would I come in now?' and it's a shame because I remember eight years or 10 years ago Bournemouth town centre was bustling." Kevin Farrell opened Vegivores in Bournemouth in 2024, five years after launching a restaurant in Reading. Mr Farrell said the journey has been up and down "people are going out less, they're thinking more about where they spend their disposable income so customer frequency is dropping. "From a business perspective the cost of employing people has risen exponentially with the most recent increases in April. "So all of that has made it a very challenging environment to maintain any margins and that's before you get into inflation of ingredients." As well as running the restaurant Mr Farrell has an events business that caters for weddings and birthday parties. "We are still using our location in Bournemouth to do that and we have a lot of loyal customers in Bournemouth that we want to maintain a relationship with. "Instead of being open seven days a week and taking those costs on the chin, we are hosting pop up evenings here to only open for specific things." BCP Council is working to tackle empty units on the high street by working with landlords through the Government's High Street Rental Auctions scheme. Councillor Richard Herrett, portfolio holder for destination, leisure, and commercial operations said it is "in collaboration with the BIDs, and taking a pro-growth planning approach, which has seen number of large redevelopments reimagining the high street. "There is a growing confidence in Bournemouth town centre. In recent months we've seen new businesses including The Ivy, The Botanist, JD Gym, and Savers open. "The space vacated by the WHSmith will soon return to use; whilst Bobby's continues to grow from strength-to-strength." You can follow BBC Dorset on Facebook, X (Twitter), or Instagram. Right to rent scheme for empty shops in seaside town More streets set to benefit from gum clean-up BCP Council
BBC News
10-07-2025
- Business
- BBC News
Bournemouth restaurants adapt as staffing costs increase
As high streets and town centres evolve, local businesses are making changes to to a suburb in Bournemouth means less overheads according to the owner of Ojo Rojo, which is located on the high food outlet, Vegivores, has closed as an eatery and is re-opening for pre-booked event Christchurch and Poole (BCP) were given the power to auction the lease of empty shops in December as part of a national trial to revive town centres. "This isn't a goodbye to Ojo Rojo. It's the beginning of a new chapter"; wrote the managing director, Trevor Hill, in a social media post that announced the closure of the Hill told the BBC the company had dealt with difficult times over the last 10 years; "with costs going up and the footfall dropping, unfortunately we haven't been able to marry those two together."We are looking to move to a suburb where a lot more independents are based and get a smaller building to manage.""Moving out of the town centre will have a big impact" Mr Hill said."There's not a lot of places left outside of the big chains and a few people have said to us 'why would I come in now?' and it's a shame because I remember eight years or 10 years ago Bournemouth town centre was bustling." Kevin Farrell opened Vegivores in Bournemouth in 2024, five years after launching a restaurant in Farrell said the journey has been up and down "people are going out less, they're thinking more about where they spend their disposable income so customer frequency is dropping."From a business perspective the cost of employing people has risen exponentially with the most recent increases in April."So all of that has made it a very challenging environment to maintain any margins and that's before you get into inflation of ingredients."As well as running the restaurant Mr Farrell has an events business that caters for weddings and birthday parties."We are still using our location in Bournemouth to do that and we have a lot of loyal customers in Bournemouth that we want to maintain a relationship with. "Instead of being open seven days a week and taking those costs on the chin, we are hosting pop up evenings here to only open for specific things." BCP Council is working to tackle empty units on the high street by working with landlords through the Government's High Street Rental Auctions Richard Herrett, portfolio holder for destination, leisure, and commercial operations said it is "in collaboration with the BIDs, and taking a pro-growth planning approach, which has seen number of large redevelopments reimagining the high street."There is a growing confidence in Bournemouth town centre. In recent months we've seen new businesses including The Ivy, The Botanist, JD Gym, and Savers open."The space vacated by the WHSmith will soon return to use; whilst Bobby's continues to grow from strength-to-strength." You can follow BBC Dorset on Facebook, X (Twitter), or Instagram.
Scottish Sun
07-06-2025
- Business
- Scottish Sun
Award-winning bar & restaurant in UK seaside town to close after 10 years as owner teases ‘it's just the beginning'
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MUCH-LOVED bar and restaurant is set to close its doors after almost a decade in the heart of the seaside town. Ojo Rojo, located in the Bournemouth Triangle, has announced it will be leaving the area after ten years of serving up tacos, cocktails, and a lively Mexican atmosphere. 4 Ojo Rojo, earned a spot in the UK's Top 50 Cocktail Bars for three years running Credit: Facebook / Ojo Rojo 4 Locals have responded with an outpouring of emotion, sharing memories and messages of support on social media Credit: Facebook / Ojo Rojo 4 From its diverse cocktail menu featuring house-made syrups and infusions, to its proud selection of agave spirits Credit: Facebook / Ojo Rojo Founded in Bournemouth, Dorset, by Trevor Hill and JJ Adams, Ojo Rojo made a name for itself with its bold flavours, mezcal-based drinks, and vibrant setting. It even earned a spot in the UK's Top 50 Cocktail Bars for three years running. The news was first reported by the Bournemouth Echo, who spoke with co-founders Trevor Hill and JJ Adams, confirming the closure is a 'strategic move' shaped by 'national industry pressure and local challenges.' But they've made it clear – this isn't the end. 'After nearly ten years of tacos, mezcal, music and magic, it's time for a new chapter,' they said. 'Ojo Rojo is moving on. Not because we've lost what makes us special but because we're ready to take everything that we've learnt and shape it into something stronger.' Locals have responded with an outpouring of emotion, sharing memories and messages of support on social media. Rachel Grant posted: 'Our first date venue, where will we go for our anniversary now.' Kelly Marie Young added: 'Such a shame! We love this restaurant.' Restaurant chain owned by Michelin-starred chef is on brink of collapse 16 years after it first opened Others praised the team's effort. There's also been frustration about the wider town centre. Ojo Rojo is well known for its dedication to authentic Mexican culture. From its diverse cocktail menu featuring house-made syrups and infusions, to its proud selection of agave spirits, the bar has drawn fans from across the South Coast. 'Our ambition is to revolutionise the well-known taco, while educating people about the deep-rooted Mexican culture,' reads a statement on their website. 'We are passionate that everyone who comes into contact with us feels refreshed.' The venue, which includes a downstairs bar, upstairs dining, and an outdoor hacienda, will continue to operate for a short while longer. Its sister site, Hacienda Harden, is also set to close. The owners remain hopeful and committed to the future. 'You reminded us what this place means to people and why this next chapter matters so much, from me, Jayjay and the whole office thank you so much for all the love,' they said. 'We're here for a little bit longer. Remember we are not done yet… This is just the beginning. "We want to build what comes next with you. Because whatever that next version looks like, it's going to have the same soul – yours.' Ojo Rojo's closure adds to a growing list of businesses shutting their doors in Bournemouth and across the UK. In Bournemouth, the Winton branch of WHSmith closed earlier this year, and the town has seen other high street names disappear amid rising costs and shifting shopping habits. Nationally, the retail and hospitality sectors are facing significant challenges. Department store Beales, which first opened in Bournemouth in 1881, closed its last remaining store in Poole in May 2025, citing increased operational costs and tax burdens. Other notable closures include Karen's Diner in Islington, which shut its final UK branch in June 2025 after its parent company went into liquidation with £400,000 in debt. Fashion retailer River Island is reportedly developing a radical rescue plan amid financial struggles, with store closures and job losses being potential outcomes. The Original Factory Shop is undergoing significant restructuring, with several stores across regions such as Worcestershire, Durham, and Cumbria slated to shut down this month. These closures highlight the broader economic pressures facing UK businesses, including rising operational costs, changing consumer behaviours, and increased competition from online retailers. What is happening to the hospitality industry? By Laura McGuire, consumer reporter MANY Food and drink chains have been struggling in recently as the cost of living has led to fewer people spending on eating out. Businesses had been struggling to bounce back after the pandemic, only to be hit with soaring energy bills and inflation. Multiple chains have been affected, resulting in big-name brands like Wetherspoons and Frankie & Benny's closing branches. Some chains have not survived, Byron Burger fell into administration last year, with owners saying it would result in the loss of over 200 jobs. Pizza giant, Papa Johns is shutting down 43 of its stores soon. Tasty, the owner of Wildwood, said it will shut sites as part of major restructuring plans
