TOKYO, May 14 (Reuters) – Japan’s Toshiba Corp said
an internal probe into accounting irregularities may mean it has
to mark down three years of profit by about 7 percent, soothing
investor fears the investigation might blow up into a bigger
The industrial conglomerate’s shares rose as much as 5
percent in Tokyo after it said late on Wednesday it’s likely to
mark down operating profit for the three years ended March 2014
by at least 50 billion yen ($420 million). At 0445 GMT, the
stock was up 1.23 percent.
TOKYO (Reuters) – Japan’s Sharp Corp (6753.T: Quote, Profile, Research, Stock Buzz) said it may reduce its capital and issue preferred shares as part of a planned restructuring, but worries about potential dilution from the new issuance and other possible fund raising sent its shares plunging 26 percent.Battered by competition from cheaper Asia rivals in its core liquid crystal panel display business, loss-making Sharp has been working with its main lenders on securing its second major bailout since 2012.
A slashing of its capital would allow Sharp to wipe accumulated losses off its books – a necessary step before the company can resume dividend payments. The prospect of dividends in the not-too-distant future is seen as key to getting its banks and other potential shareholders on board with a rescue deal expected to be worth at least $1.7 billion.
TOKYO, April 30 (Reuters) – Japanese consumer electronics
maker Sony Corp expects operating profit to more than
quadruple this year, as strong sales of camera sensors and cost
cuts anchor a long-awaited turnaround after years of losses on
TVs and mobile phones.
Sony said on Thursday it estimates operating profit will
jump in the year ending March 2016 to 320 billion yen ($2.7
billion). For the previous fiscal year, operating profit was
68.5 billion, in line with an April 22 forecast.
TOKYO, April 27 (Reuters) – Japanese industrial robot maker
Fanuc Corp said it was doubling its dividend payout
ratio, signalling an apparent win for activist U.S. investor
Daniel Loeb in calls on the debt-free firm to return more of its
growing cash pile to shareholders.
Reporting net profit jumped 87 percent in the 12 months
ended March on strong global demand for machine tools, Fanuc
said on Monday it plans to pay around 60 percent of consolidated
net income as dividend to shareholders. The previous target was
TOKYO (Reuters) – A group of former top Sony Corp executives has delivered an unusually blunt critique to the firm’s chief executive Kazuo Hirai, accusing him of losing sight of innovation by focusing on cost-cutting.
At a meeting at Sony’s Tokyo headquarters last Thursday, five former executives, including PlayStation creator Ken Kutaragi, took Hirai to task for failing to encourage the kind of creativity that helped produce iconic gadgets such as the Walkman, according to three people familiar with the meeting.
TOKYO (Reuters) – Japan’s Sharp Corp and its main banks are set to agree on Thursday to a $1.7 billion rescue and restructuring plan that will likely include a promise to split off its ailing smartphone display business, a person involved in the discussions said.
As part of its second major bailout in three years, Sharp’s lenders, Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, will inject a combined 200 billion yen ($1.7 billion) in a debt-for-equity swap, the source said, declining to be identified as he is not authorized to speak publicly on the matter.
TOKYO (Reuters) – Japanese electronics supplier Panasonic Corp said it was ready to spend 1 trillion yen (5.62 billion pounds) on acquisitions over the next four years, emboldened by a stronger profit outlook for its automotive and housing technology businesses.
Chief Executive Kazuhiro Tsuga said at a briefing on Thursday that Panasonic doesn’t have specific acquisition targets in mind for now. But he said the firm will spend around 200 billion yen on M&A in the fiscal year that kicks off in April alone, and pledged to improve on Panasonic’s patchy track record on big deals.
TOKYO, March 26 (Reuters) – Japanese electronics supplier
Panasonic Corp said it was ready to spend 1 trillion
yen ($8.4 billion) on acquisitions over the next four years,
emboldened by a stronger profit outlook for its automotive and
housing technology businesses.
Chief Executive Kazuhiro Tsuga said at a briefing on
Thursday that Panasonic doesn’t have specific acquisition
targets in mind for now. But he said the firm will spend around
200 billion yen on M&A in the fiscal year that kicks off in
April alone, and pledged to improve on Panasonic’s patchy track
record on big deals.
TOKYO, March 6 (Reuters) – Loss-making Sharp Corp
has asked a domestic corporate turnaround fund to invest up to
$250 million in capital – aid which would come on top of plans
to tap its two main lenders for a second major bailout, a source
said on Friday.
Weak sales of smartphone screens in China, aggravated by an
unexpected comeback by rival Japan Display Inc, have
derailed Sharp’s recovery efforts. It has warned of its third
annual net loss in four years and is now working on a fresh plan
to overhaul its business.
TOKYO (Reuters) – Loss-making Japanese electronics firm Sharp Corp meets its main banks on Thursday in an effort to secure its second major bailout since 2012, betting they will have little choice but to pay up despite their call for more drastic overhauls.
Sharp Chief Executive Kozo Takahashi will meet officials from Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, hoping to discuss further funding and buy time, people with direct knowledge of the matter said.