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TMCNet:  Kyodo Industry Brief (Nov. 26) -2-

[November 26, 2012]

Kyodo Industry Brief (Nov. 26) -2-

(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Nov. 26 -- (Kyodo) _ ---------- Kansai Electric seeks 11% household electricity rate hike from April TOKYO - Kansai Electric Power Co. applied to the government Monday to hike household electricity rates by an average 11.88 percent from April 1, after seeing its business conditions worsen due to rising fuel costs from running thermal power plants to make up for the loss of atomic energy.

---------- JCB announces plan to start credit card business in Myanmar TOKYO - JCB Co. said it plans to start a credit card business in Myanmar next year in a tie-up with a domestic banking payment settlement network in the Southeast Asian country.

---------- Top 3 shareholders strike basic deal on buyout of Renesas TOKYO - The top three shareholders of Renesas Electronics Corp. -- Hitachi Ltd., NEC Corp. and Mitsubishi Electric Corp. -- have reached a basic deal on a buyout plan for the struggling chipmaker with a Japanese government-backed turnaround fund, sources familiar with the agreement said.

---------- Hitachi completes purchase of Horizon Nuclear in Britain TOKYO - Hitachi Ltd. said it has completed the purchase of Horizon Nuclear Power Ltd. of Britain for around 670 million pounds.

---------- (NOTE: Corporate press releases are available on Japan Portal, a multilingual website powered by Kyodo News providing information about a wide range of topics and events in Japan. URL: http://www.japanportal.jp/industry/) (c) 2012 Kyodo News International, Inc.

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