but nomura and its codefendant, royal bank of scotland did not. the ruling on monday described the defendants' explanations as incorrect. it said the magnitude of falsity is enormous. agency officials say they plan to propose damages. nomura officials say they don't agree with the court's decision and are planning to appeal it. >>> people in japan have appreciated the craft of bonsai for centuries, but growing the miniature trees requires a lot of work. and the number of enthusiasts is declining. now some people in the industry are looking to cultivate new interest by turning their attention overseas. >> reporter: an export company has been making an appeal to foreigners by inviting them on bonsai-themed tours. on this day, thee australian visitors signed up. the first stop was a bonsai museum north of tokyo. the museum features about 70 trees crafted in the traditional style. this is the first time they have seen so many high-end bonsai. this pine tree is thought to be about 500 years old. >> standing 1.6 meters or 5'2" this bonsai is one of the

jpmorgan and goldman sachs have been hit and now nomura and rbs the latest.s ruling takes a look at some of the e-mails executives exchanged. very interesting. this was a crisis the u.s. does not want to repeat. rishad: thank you for that. fitch looking at malaysia, the fundamentals saying, the picture remains clouded. preparing its second-quarter review, flagging a chance of a downgrade. our correspondent joins us with a look at why fitch is not buying it. >> well because nothing has changed. accounte of a falling looms large. it has had a fiscal shortfall for almost two decades. jury is out. we are not sure that rally is sustainable. and one scandal is not helping. company hastment accumulated $12 billion in debt and it could strain finances. malaysia's credit is more exposed. tax,though there is a new it is not enough. malaysia faces a possible downgrade life fitch in this quarter. an a minus rating is at stake. rishad: thanks. the latest on the fitch running the slide rule over the malaysian economy. going once, going twice, gone. making headlines today.

nomura holdings said profits rose 17% in the first quarter. and sony expects a turnaround this year due to major stream lining efforts. so again a little bit of a positive stance there. >> you mentioned the fall in u.s. weakly jobless claims. it seems to have swayed the dollar. what can you tell us there? >> we saw a little bit of a pop higher for the dollar or it paired some losses against the yen as hopes are rising about the momentum of the u.s. economy. 119.51. against the euro the impact was limited. the traders turned to the single currency on positive data out of the eurozone. trade may come to a screeching halt today. most of the markets will be closed today. and markets here in japan will be closed for monday to wednesday next week for what is known as golden week. but key earnings coming out here in japan after the markets close today. we'll keep track of some of the major shares and sectors and the old expression that sell in may and go away may be on investor's minds especially after the record gains we have seen for the nikkei thi

against the japanese bank nomura holdings, and the royal bank of scotland, two very large global banking institutions. there are seats scattered through, folks, so just, onion. they were the only -- so just come on in. they were the only one of the 18 banking giants called on the carpet for what they did -- they are the only two of the 18 the decided not to make a plea agreement with the government, to actually go to trial, which is weather is a judgment on theirs and no judgment on the others. the others like citibank, jpmorgan bank of america, so on, they worked out a deal and gave the government a few billion dollars. a japanese and a scottish bank thought they could beat the government. they lost this. on the other hand, where they have to pay is not much. i wanted to -- what they have to pay is not much. i wanted to read to you what the judge found in the exhaustive trial. it is no stretch to suggest that what she found about those two applies pretty close to the other 16 that got out of having a trial. i will quote you one line because it will save time and it gets the message acro

what is interesting when you look at the research is a member of nomura sang yahoo!n off its core business, leave behind the asian assets. it gets the separation done. have you heard things like that? cory: clever. you can fire me at quit -- you know, had a funny conversation with the senior yahoo! executive, who told me that so many funds have offered up their assistance or gone out and tried to hire accountants or tax experts only to find that they were unavailable, and the snicker was it is because yahoo! already hired them. yahoo! spent millions sorting through all the potential scenarios that they could go through to try to get this spinoff done. let's look at what is it legal and what they were trying. they have this pile of an asset, shares of alibaba. they have to sell that asset without affecting the sale. is with a ofgal done. they have taken a functioning operating business, yahoo! small business, duct taped it on the yahoo!-alibaba asset, and they're going to spinoff off the two and call it yahoo! small business. in the backseat, they will have a huge pil

nomura facing a selloff. $806 ordered to pay about forion to a u.s.rmous deception according to officials. a lot of news from japan bank today. rumors.ie bhp because we are looking ahead to that. a spinoff as a debuts and sydney, sitting trading, selling a selloff down about 6%. to pursuit and the alice raising according to some reports. a star production after the price rebounds. l&g products. about these australian projects are really going to contribute to gdp about $55 billion, aussie dollars, i should mention to help. santos, seemed a bigger chunk of that. seeing things unchanged on the santos for it. some of the things driving the markets in japan, real quick here. we are seeingtims is basic military materials off 1.5%. health care up. upsumer services driving 2.2%. angie? angie: let's dive a little deeper as evil on mentioned. bhp spinoff makes is trading debut. -- as yvonne mentioned. it will be one of the biggest silver mines. of course, we're talking about south32. we have david joining us. tell us about south32 and where it will operate? da

but nomura lightning in the bay area this evening. >> reporter: if you are going up on a 80 or 50 inareas requiring change. keep that in my with late sprained simone we are seeing. --late spring snow we are seeing. >> reporter: afternoon highs for tomorrow at 3:00 p.m. look like this. this is still jacket weather. it will be called grid of 52 in oakland and 53 with mid-60's in livermore and partly cloudy. the high of 66% to rosa afternoon with a slight chance of showers and the north bay tomorrow. mostly the locations will be dry tomorrow. here is a look at the forecast as we are all looking for to the weekend. friday mid-60s with a cold day. >> reporter: we saturday a little milder would partly cloudy skies. and sunday it would be nice for the big holiday in san francisco with 67 and low sixties for the signing for the sunday. >> pam: happening today: >> pam: governor brown's updated budget proposal calls for more than two billion additional dollars in drought funding. >> grant:the governor wants to use the money to help conserve water, respond to emergency conditions and expand loc

senior economist and strategists at nomura. coming up next, we talked chinese stocks.composite has offered some of the biggest losses since 2009. ♪ francine: welcome back to "the pulse" streaming on the ipad and bloomberg.com. let's turn to asia. the shanghai composite index has offered some of its biggest days of losses since 2009. with a drop of more than 6% yesterday. let's get insight on what is happening on the chinese market. richard frost joins us from hong kong. great to have you on the program. another day, another near 25% wiped off a multibillion dollar company in hong kong. today it is ever grand real estate. is this is another example of the risks that lie in these markets? richard: yeah. this seems quite specific to hong kong in terms of the large decline. daily trading limits in china prevent that. but with this company today, interesting similarities between this one and hangery from last week. the company about 70% controlled in terms of its shares by a billionaire chairman. it had a huge run-up of 120% this year through yesterday, making one of the be