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Nov 8, 2015

Third Point’s Loeb trades digs for diplomacy in Japan

TOKYO, Nov 8 (Reuters) – Activist investor Daniel Loeb,
famously branded a carpet-bagger by actor George Clooney, has
turned from bruiser to charmer in Japan, where he has added
diversified retailer Seven & I Holdings to his
portfolio.

Sources familiar with the situation say Loeb, 53, wants a
management overhaul at Seven & I, which owns Sogo department
stores and the 7-Eleven convenience chain, but in public the
American has nothing but warm words for its 82-year-old Chief
Executive Toshifumi Suzuki.

Oct 29, 2015

Nintendo delays launch of smartphone videogame, shares plunge

TOKYO, Oct 29 (Reuters) – Japan’s Nintendo Co on
Thursday pushed back the much-awaited launch of its videogame
service for smartphones by a few months to March 2016,
disappointing gaming fans as well as investors who drove its
shares down by more than 10 percent.

Under a strategy announced by its previous chief executive,
who died of cancer earlier this year, Nintendo had said it would
introduce its first smartphone games by the end of 2015. Fans
and investors had hoped it would include its best-selling
videogame franchise Mario in the first lineup.

Sep 14, 2015

Toshiba first-quarter loss on weak TV, PC sales boosts case for revamp

TOKYO (Reuters) – Toshiba Corp (6502.T: Quote, Profile, Research, Stock Buzz) swung to a first-quarter loss on weak PC and TV sales, raising pressure on its new chief executive to speed up a business revamp in addition to improving governance after a $1.3 billion accounting scandal.

The laptops-to-nuclear power Japanese conglomerate reported on Monday an April-June operating loss of 10.96 billion yen ($91 million) compared with a 47.7 billion yen profit a year earlier.

Sep 14, 2015

Toshiba Q1 loss on weak TV, PC sales boosts case for revamp

TOKYO, Sept 14 (Reuters) – Toshiba Corp swung to a
first-quarter loss on weak PC and TV sales, raising pressure on
its new chief executive to speed up a business revamp in
addition to improving governance after a $1.3 billion accounting
scandal.

The laptops-to-nuclear power Japanese conglomerate reported
on Monday an April-June operating loss of 10.96 billion yen ($91
million) compared with a 47.7 billion yen profit a year earlier.

Sep 7, 2015

Toshiba posts net loss, plans restructuring to put scandal behind it

TOKYO (Reuters) – Japan’s Toshiba Corp booked a net loss for the past financial year and pledged a bold restructuring, raising hopes it was finally moving beyond a $1.3 billion (0.85 billion pound) accounting scandal.

The submission of its books, twice postponed due to its accounting woes, helped to allay concerns among some investors that the laptops-to-nuclear power conglomerate risked a delisting if it had missed its latest filing deadline.

Sep 7, 2015

Toshiba posts annual net loss of $318 mln amid accounting scandal

TOKYO, Sept 7 (Reuters) – Japan’s Toshiba Corp,
reeling from an accounting scandal, reported a net loss of 37.8
billion yen ($318 million) for the past financial year due to
asset impairment charges and other losses.

The laptops-to-nuclear conglomerate had at one time expected
a 120 billion yen net profit, although it pulled that forecast
in May when it announced an accounting probe was being expanded
and undertaken by independent investigators.

Sep 3, 2015

Japan Display CEO hints at strong Apple orders ahead of new iPhone launch

TOKYO (Reuters) – Japan Display Inc Chief Executive Mitsuru Homma on Thursday said the screen maker’s “biggest client”, widely understood to refer to Apple Inc, is increasing orders ahead of the expected launch of a new iPhone this month.

Homma said weakness in China’s smartphone market, the world’s biggest, amid that country’s broader economic slowdown did not appear to be affecting Apple’s display orders.

Aug 31, 2015

Toshiba scandal continues as more accounting errors found

TOKYO, Aug 31 (Reuters) – Toshiba Corp again
delayed announcing its annual financial results on Monday, as
new accounting errors prevented the company from drawing a line
under Japan’s worst corporate scandal in four years.

Toshiba, which was scheduled to post its earnings for the
business year ended in March, said the newly discovered problems
included incorrect impairment charges on fixed assets at several
subsidiaries and improperly timed booking of loss provisions at
a U.S. subsidiary.

Aug 30, 2015

Suzuki Motor says it will buy back VW stake as court settles feud

TOKYO (Reuters) – Japan’s Suzuki Motor Corp said on Sunday it will buy back the 19.9 percent stake it sold to Volkswagen AG after an international arbitration court settled a dispute between the automakers over their failed partnership.

Suzuki filed for international arbitration in November 2011, after Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) refused to sell back the shares in Suzuki it acquired in January 2010 for 1.7 billion euros ($1.90 billion).

Aug 24, 2015

Insight – In Toshiba scandal, the ‘tough as nails’ target setter

TOKYO (Reuters) – Tom Scott, a former U.S. executive at Toshiba Corp, remembers his former boss Atsutoshi Nishida as an aggressive leader who could motivate staff but also rattle them with tough sales targets and an occasional dressing down.   

“He gave me goals that scared the hell out of me,” Scott told Reuters after Nishida resigned as an adviser to Toshiba, along with two other former chief executives in the wake of a $1.2 billion accounting scandal.