Word: toshibas
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That admission confirmed the bad news businessmen had been reading in their spreadsheets for several months. "In 1991 one market after another turned bad," says Yoshihiko Wakumoto, senior vice president of Toshiba Corp., which now admits that its pretax profits for fiscal 1991, ending March 31, may be down a whopping 42%. In April, when many Japanese companies announce their results for 1991 fiscal year, most will report declining profits. Blue chips like Sony, NEC and Matsushita have all experienced drops of over 40% in pretax profits. Japan's security houses, hit by declining commissions from a falling stock market...
...director, corroborates a widespread report that the "one solid issue" triggering Nicholas' downfall was his attempt to block one of Ross's major deals: Time Warner's sale of a 12 1/2% share in its movie, cable-TV and Home Box Office operations to two Japanese companies, electronics maker Toshiba and C. Itoh, a trading company, for $1 billion. Luce says that while Ross wanted to bring foreign investors into operations that Time Warner would continue to control, Nicholas favored selling off assets outright...
Sony. Toyota. Honda. Mitsubishi. Nikon. Ricoh. Toshiba. There seems no escaping Japan in the U.S. these days. But just try to escape America in Japan, especially if you are young and yearn to be hip in Tokyo. America is an essential element of growing up urban in Japan...
...chairman and chief executive of Minolta's U.S. operations for 22 years, argues with some plausibility, "It's hard to blame Japan for the recession in the U.S. Ford, GM and Zenith are moving their plants to Mexico. American companies are giving up manufacturing in this country, while Sony, Toshiba and Mitsubishi are coming here and opening up major plants. When things go wrong, we have to find some excuse, and the Japanese are becoming some sort of scapegoat...
...European rivals. America's technological edge -- its insurance policy against economic decline -- has been narrowing. Flush with cash, Japan has outspent the U.S. on investment and research, devoting nearly 3% of economic spending to nondefense research, while American R. and D. spending remained under 2%. Four Japanese companies -- Hitachi, Toshiba, Canon and Fuji -- each captured more American patents in 1989 than any single U.S. firm. Predicts William Archey, senior vice president for policy at the U.S. Chamber of Commerce: "We haven't even begun to see the products of that investment...