Tokyo Stock Prices Fall 285.40 to Below 34000; London Shares Close Lower as Caution Prevails —- A Wall Street Journal News Roundup

Tokyo stock investors kissed domestic-demand issues goodbye, traders said, eliminating one “theme” that has fueled the past year’s rally and sending a broad section of the market lower. Earlier in the session in Tokyo, blue-chip technology issues such as electrical, auto, and precision machinery stocks had managed moderate gains, but these stocks gave back their increases as concern spread about the ruling party’s continuing trouble in picking a successor to Prime Minister Takeshita. Volume on the first section was on the rebound, however. The estimated final tally swelled to 1.60 billion shares from 1.16 billion shares Wednesday. Wednesday was the first time in 17 sessions that market volume exceeded one billion shares. Losers outnumbered gainers 632-320, and 151 issues were unchanged.
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Full text: [Wall Street Journal] Jun 2, 1989

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Branson’s Misunderstood Midas Touch

Richard Branson, owner of Virgin Atlantic Airways and other holdings, is one of the richest self-made men in the UK. He is also one of its outstanding entrepreneurs. However, Branson’s treatment in London has so disappointed and disgusted him that he took Virgin private again after only 2 years as a quoted company. Fujisankei recently took a 25% stake in Virgin Music, valuing it at $600 million, 3 times London’s assessment. The public Branson is a figure of fun, but behind this public image is an aggressive dealmaker with dreams of building an entertainment empire spanning the globe. London holds a subtle antipathy to entrepreneurs, and successful private businesspeople who come to it for money are greeted with the suspicion that they intend to make themselves rich at the expense of shareholders. Almost all of Branson’s 140 companies were built through a combination of deal making, sound recruitment, market sensitivity, and hard work. He goes forward with the support of Japanese equity capital and loan capital from the US.
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Ferry, Jeffrey

Full text: [Business] Nov 1989

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OVERSEAS Stock Prices Soar in Tokyo

The key 225-share Nikkei index surged 2,676.55 points, or 13.24%, to 22,898.41, after plunging 761.64 on Monday. Share prices also soared in Frankfurt, Germany, in busy trading as a series of positive factors brushed aside the worries about the Persian Gulf that have weighed on the market for weeks. Dealers reported strong buy orders. The U.S. budget news was the major factor in the sharp upturn.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Oct 3, 1990

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