TOKYO (Reuters) – As more details emerge about years of accounts manipulation at Japanese conglomerate Toshiba Corp (6502.T: Quote, Profile, Research, Stock Buzz), corporate governance experts say there needs to be more scrutiny of the role of the company’s auditors.
Most of the blame for the $1.2 billion profit-padding scandal at the computer-to-nuclear group has been pinned on its senior management following a review into its accounts by a panel of independent accountants and lawyers.
July 1 (Reuters) – Department store Macy’s Inc said on
Wednesday that it would end its business relationship with
Donald Trump, becoming the latest company to sever ties with the
real estate developer and TV personality after his comments
Macy’s said it would phase-out Trump’s menswear collection,
which includes shirts, ties, cufflinks and suits and have been
sold by the department store since 2004.
CHICAGO (Reuters) – A merger between Dutch supermarket Ahold (AHLN.AS: Quote, Profile, Research, Stock Buzz) and Belgian rival Delhaize (DELB.BR: Quote, Profile, Research, Stock Buzz) will be a boon for U.S. online grocer Peapod, an Ahold unit which will gain valuable resources to fend off rival Amazon.com (AMZN.O: Quote, Profile, Research, Stock Buzz) and upstart competitors, according to retail industry consultants
Peapod, acquired by Ahold in 2001, is the biggest online grocer in the U.S by sales, but it has struggled to keep up with the growth of rivals.
By Nathan Layne
(Reuters) – Wal-Mart Stores will begin charging fees to almost all vendors for stocking their items in new stores and for warehousing inventory, raising pressure on suppliers as the world’s largest retailer battles higher costs from wage hikes.
The company said it started informing suppliers about the fees and other changes to supplier agreements last week. The changes, which also include amended payment terms, will affect 10,000 suppliers to its U.S. stores.
CHICAGO (Reuters) – Target Corp’s (TGT.N: Quote, Profile, Research, Stock Buzz) sale of its in-store pharmacies to CVS Health Corp (CVS.N: Quote, Profile, Research, Stock Buzz) may encourage large supermarket chains with struggling pharmacies to look for professional drug store partners of their own.
More than 1,660 Target pharmacies will become CVS units in the $1.9 billion deal, the first time a drugstore chain has expanded its pharmacy business within a third party retail store, pharmacy consultants and analysts said.
By Sruthi Ramakrishnan and Nathan Layne
(Reuters) – Drugstore operator CVS Health Corp (CVS.N: Quote, Profile, Research, Stock Buzz) will buy Target Corp’s (TGT.N: Quote, Profile, Research, Stock Buzz) pharmacies and clinics in a $1.9 billion deal that should help it bargain with drug makers for lower prices, while freeing Target from a costly business where it struggled to make a profit.
CVS, the second-largest U.S. drugstore operator with 7,800 stores, said on Monday it will acquire Target’s more than 1,660 pharmacies in 47 states with about $4 billion in annual sales. It will also acquire Target’s nearly 80 clinics.
By Ramkumar Iyer and Nathan Layne
(Reuters) – Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz) said it would double its share buyback program to $10 billion and boost its quarterly dividend by 7.7 percent, confirming the contents of a statement it published inadvertently and took off its website earlier on Tuesday.
The Minneapolis, Minnesota-based retailer said it had invested $3.7 billion through the first quarter of 2015 to retire 56.9 million shares under the buyback program. Target also raised its quarterly dividend to 56 cents per share from 52 cents in the prior quarter.
June 9 (Reuters) – Target Corp took down a release
from its website on Tuesday that said the company would raise
its share buyback program by $5 billion and boost its quarterly
dividend by 7.7 percent to 56 cents per share.
A person familiar with the matter said the document was one
of several prepared ahead of a board meeting scheduled for
Tuesday evening and that it was published inadvertently. The
board is due to discuss dividend and buyback policy and has not
voted on a plan yet, the person said, describing the document as
FAYETTEVILLE, Arkansas (Reuters) – Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) named Vice Chairman Greg Penner as its new chairman on Friday, replacing his father-in-law Rob Walton and cementing the founding family’s influence over the retailer’s board.
Penner, 45, has been on the retailer’s board since 2008 and was named vice chairman last June, in a move widely seen as setting the stage for him to succeed Walton, the 70-year old son of founder Sam Walton and chairman for the past 23 years.
BENTONVILLE, Arkansas/BOSTON, June 4 (Reuters) – Even as
Wal-Mart Stores Inc showed unusual openness to
outsiders’ complaints by taking steps including raising wages,
it has been trying to slam the door on a shareholder proposal
that could weaken the founding Walton family’s power over its
The investors are pushing hard for changes in how the
world’s No. 1 retailer governs itself, seeking to install an
independent chairman. Many also support a measure that would
require wider disclosure of when it has “clawed back”
compensation from executives linked to ethical missteps.