Bureau Chief, Helsinki
Ritsuko's Feed
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.   

Aug 24, 2015

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

TOKYO, Aug 25 (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.

Aug 6, 2015

SoftBank plans near $1 billion buyback as confidence in Sprint renewed

TOKYO (Reuters) – SoftBank Corp (9984.T: Quote, Profile, Research, Stock Buzz) announced a near $1 billion share buyback and a higher quarterly profit as loss-making Sprint Corp (S.N: Quote, Profile, Research, Stock Buzz) fared better than expected, with the Japanese telecoms group forecasting “light at the end of the tunnel” for its U.S. unit.

The share buyback worth up to 120 billion yen ($961.69 million) would be SoftBank’s biggest ever if carried out in full. CEO Masayoshi Son attributed the surprise move to its lackluster share price and renewed confidence in Sprint which SoftBank bought for more than $20 billion in 2013 but has struggled to turn around.

Jul 21, 2015

Toshiba CEO to step down over accounting scandal

TOKYO (Reuters) – Japan’s Toshiba Corp (6502.T: Quote, Profile, Research, Stock Buzz) said its chief executive was stepping down on Tuesday after an independent investigation found he had been aware the company had been inflating its profits over a number of years.

CEO and President Hisao Tanaka will be replaced by Chairman Masashi Muromachi effective Wednesday, the company said in a statement, adding it was considering appointing outside directors to over half of its board seats.

Jul 20, 2015

Toshiba inflated profits by $1.2 bln with top execs’ knowledge – investigation

TOKYO, July 20 (Reuters) – Toshiba Corp overstated
its operating profit by 151.8 billion yen ($1.22 billion) over
several years in “institutional” accounting irregularities
involving top management, an independent committee said in a
report on Monday.

The probe sets the stage for a restatement of earnings, a
board overhaul and potentially hefty fines at the conglomerate
in Japan’s biggest corporate scandal in years.

Jul 20, 2015

Toshiba accounting probe set to prompt board reshuffle, possible fines

TOKYO (Reuters) – A probe into an accounting scandal at Toshiba Corp is expected to find that top management were responsible for failures on a company-wide scale, setting the stage for a board overhaul, results restatements and potentially hefty fines.

The summary report by an independent committee, due on Monday at 9 p.m. (1200 GMT), is likely to show faulty book-keeping led to profits being overstated by close to 170 billion yen ($1.4 billion) over several years, people briefed on the probe said last week. That would be more than three times Toshiba’s initial estimate.

Jul 17, 2015

Accounting probe may pressure Toshiba to write down Westinghouse

TOKYO, July 17 (Reuters) – Toshiba Corp is set to
overhaul its management after an investigation into its
accounting practices concludes early next week, but a more
thorough housecleaning, including a writedown on its
Westinghouse nuclear business, may be needed to regain
confidence amid Japan’s biggest corporate scandal in five years.

Toshiba said an independent committee it commissioned to
look into accounting irregularities – which a person directly
involved in the probe told Reuters were part of Toshiba’s
“corporate culture” – would submit its report to the company on
Monday. The company will hold a news conference the following
day, it said.

Jul 15, 2015

Toshiba CEO to step down in September in accounting scandal: sources

By Reiji Murai and Ritsuko Ando

(Reuters) – Toshiba Corp Chief Executive Hisao Tanaka will step down in September along with other board members including Vice Chairman Norio Sasaki to take responsibility for accounting irregularities, sources familiar with the matter said.

The Japanese conglomerate has hired a third-party committee to investigate past book-keeping practices which sources say led to profits being overstated by more than 170 billion yen ($1.2 billion). That’s more than triple Toshiba’s initial estimate of around 50 billion yen.

Jul 13, 2015

Nintendo CEO who broadened video game appeal dies of cancer

TOKYO, July 13 (Reuters) – Nintendo Co Ltd Chief
Executive Satoru Iwata died of cancer on Saturday, months after
he led the Japanese video-game maker’s belated entry into mobile
gaming following years of declining sales. He was 55.

The death of the hands-on CEO and president, announced by
Nintendo on Monday, comes at a critical time for the company
which is betting that its new smartphone tie-up with online game
maker DeNA will help make up for declining console sales.