Home>>World
Last updated at: (Beijing Time) Wednesday, August 14, 2002

Nasdaq Set to Pull out of Japan

Stock MarkNasdaq et Inc. is set to pull out of its joint venture in Japan -- Nasdaq Japan Inc., Japan's Kyodo News reported on Wednesday.


PRINT DISCUSSION CHINESE SEND TO FRIEND


Stock MarkNasdaq et Inc. is set to pull out of its joint venture in Japan -- Nasdaq Japan Inc., Japan's Kyodo News reported on Wednesday.

Nasdaq Stock Market, operator of the world's largest electronic stock market, will send officials to Japan as early as next week to discuss the fate of the loss-making Japanese bourse with officials at the Osaka Securities Exchange, the co-operator of the market, the report said.

Nasdaq Stock Market and major Japanese Internet investor Softbank Corp. are the two biggest shareholders in Nasdaq Japan, each owning a 43 percent stake in the joint venture.

The Nasdaq Japan market was opened in June 2000 within the Osaka exchange for Japanese venture businesses and about 100 companies are listed on the market.

But the Nasdaq Japan market failed to attract as many customers as planned and accumulated a 5.3 billion yen (44.9 million US dollars) loss as of the end of last year, according to Kyodo.

Nasdaq Stock Market reported last week it would write off the 20.1 million dollars it invested in and loaned to Nasdaq Japan.

The Osaka exchange plans to keep the market open after the Nasdaq withdrawal, but the Nasdaq pullout is likely to make it hard for the exchange to run Nasdaq Japan as many companies listed on it were lured by the Nasdaq involvement, Kyodo said.


Questions?Comments? Click here
    Advanced






Dow Closes Down 166, Nasdaq Slips 7

Dow Down 145; Nasdaq Hits New Low



 


China's High-tech Development Geared to Marketable Industries ( 46 Messages)

Chinese GRE Test Takers Shocked by US ETS Decision ( 24 Messages)

Bush Looks Forward to Chinese President Jiang's Visit: Spokesman ( 22 Messages)

US Should Change Two-sided Policy: Opinion ( 27 Messages)

Shanghai Financial Center Aiming High ( 10 Messages)



Copyright by People's Daily Online, all rights reserved