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TOKYO, Japan (AFP) — Toshiba’s president Nobuaki Kurumatani has resigned, the firm announced Wednesday, as a buyout offer from a private equity fund reportedly stirs turmoil inside the Japanese company. The resignation came as reports said two other funds were considering their own offers for the Japanese household name, potentially setting up a bidding war. In a statement, Toshiba said the board had accepted Kurumatani’s resignation, without giving details on why he had asked […]
TOKYO, Japan (AFP) — Struggling Japanese engineering firm Toshiba lowered its profit forecasts Wednesday with rising costs weighing on its energy operations. The fresh downgrade comes as the firm undergoes painful reforms to stay afloat after logging billions of dollars in losses from its disastrous acquisition of US nuclear firm Westinghouse. Having sold its lucrative chip making business, Toshiba also saw sharply lower operating profit over the past three quarters compared with the previous year, […]
TOKYO, Japan (AFP) — Embattled conglomerate Toshiba on Friday completed the $21 billion sale of its prized chip unit to an investment consortium, a move seen as crucial to keeping the Japanese firm afloat. The deal had been delayed while Chinese regulators examined whether it could violate anti-trust laws, but they finally granted approval in mid-May. “Toshiba hereby gives notice that the closing of the sale has been completed today as scheduled,” the group said […]
TOKYO, Japan (AFP) — Tokyo stocks opened lower Monday morning following declines on Wall Street, with Toshiba plunging after the embattled Japanese conglomerate announced plans to issue new shares. The benchmark Nikkei 225 index fell 0.45 percent, or 100.80 points, to 22,296.00 in early trade, while the broader Topix was down 0.40 percent, or 6.99 points, at 1,756.77. “Since the Nikkei index has overheated in the short term, its speed adjustment is expected to continue […]
TOKYO, Japan (AFP) — Struggling Japanese conglomerate Toshiba said Tuesday it has decided to sell its television business to China’s Hisense Group as part of its efforts to restore its balance sheet. Toshiba agreed with the Chinese group to sell 95 percent in shares of its unit Toshiba Visual Solutions (TVS) for about 12.9 billion yen ($114 million), it said in a statement. “Toshiba has been considering structural reforms that will … strengthen Toshiba’s financial base,” the […]
TOKYO, Japan (AFP) — Troubled Japanese conglomerate Toshiba said Thursday it logged a net loss of $436 million for the fiscal first half, as it moves to complete the multi-billion-dollar sale of its chip business to restore its balance sheet. The Tokyo-based firm said the loss was mainly due to the tax impact associated with the controversial deal to sell the chip unit to a consortium led by Bain Capital. The announcement came after the company said […]
by Kyoko Hasegawa Agence France-Presse CHIBA, Japan (AFP) — Toshiba’s president Tuesday apologized “sincerely” over the $18-billion sale of its prized memory chip business, as shareholders demanded answers over the deal seen as pivotal to the survival of one of Japan’s best-known firms. Bowing deeply at the start of a tense shareholders’ meeting, Satoshi Tsunakawa said: “We sincerely apologise for causing problems and worry.” More than 600 investors poured into the meeting as they voted in favour […]
TOKYO, Japan (AFP) — Toshiba tumbled Thursday after saying it would sell its memory chip business for around $18 billion, as its US partner vowed to keep fighting to block a deal seen as crucial to the Japanese industrial conglomerate’s survival. The embattled stock fell as much as 5.39 percent to 298 yen, before it recovered to 306 yen, still down 2.85 percent. Late Wednesday, Toshiba announced the sale to a group led by US […]
TOKYO, Japan (AFP) — Toshiba said Thursday that three groups are vying for its memory chip business, as reports said Apple has jumped into the race with a consortium offering to pay about $20 billion for the unit. The loss-hit conglomerate said bidders include a group led by US investment fund Bain Capital and Japanese state-backed investors and another that includes Taiwan’s Hon Hai Precision, better known as Foxconn. A third consortium includes Western Digital, […]
TOSHIBA, Japan (AFP) — Toshiba shares jumped Wednesday on expectations it will meet a deadline to submit long-delayed earnings to financial regulators, easing fears the troubled conglomerate’s stock will be yanked from the Tokyo Stock Exchange. The stock soared more than nine percent in early trading, before settling back at 293 yen at the lunch break, up 4.27 percent. There were growing worries that Toshiba, one of Japan’s best-known firms, may not make Thursday’s deadline […]
TOKYO, Japan (AFP) — Toshiba said Wednesday it has not yet reached a deal to sell its prized chip business to a consortium of United States, Japanese and South Korean investors, as the troubled conglomerate holds a shareholder meeting. The sale, reportedly worth some 2.0 trillion yen ($18 billion), is seen as crucial for the cash-strapped company to plug massive losses at its US nuclear division, Westinghouse Electric. Last week, Toshiba said it has entered […]
TOKYO, Japan (AFP) — Toshiba said Wednesday it will hold exclusive talks with a consortium of United States, South Korean and state-backed Japanese investors to sell its prized memory chip business, as the loss-hit conglomerate scrambles to raise cash. The company needs money after taking massive losses in its US nuclear operations that have put the survival of a pillar of corporate Japan in doubt. Toshiba’s board Wednesday decided to select the consortium as a […]
