Toshiba, who is on the verge of announcing a record loss and plans another round of layoffs, is far from the only Japanese giant who is stumbling. A new analysis by the Nikkei suggests it’s possible that Sharp Corp. may not have enough cash to survive the winter – despite the fact that multiple potential suitors are swirling around them in a head-spinning series of negotiations that, so far, are unproductive. And the news of these new troubles have surfaced after they successfully concluded negotiations for a ¥200 billion bank bailout in April.
Asian Connection
Toshiba Hit with Record Fine; Shareholders Sue
Despite its best efforts to turn the corner after its forced disclosure earlier this year of one of the largest accounting scandals ever to jolt the Japanese financial community, Toshiba Corp. just keeps getting hit with more and more bad news. This bad news includes Japan’s financial regulators assessing the largest fine ever in the history of the country for financial mismanagement – ¥7.37 billion or about $60 million.
And now, the very first wave of shareholder lawsuits against former Toshiba executives are filed…and they are big.
See more on Toshiba’s continuing waves of woes… [Read more…] about Toshiba Hit with Record Fine; Shareholders Sue
Samsung Shifts Product Strategy – Targets Drone & IoT Biz
Korean media is reporting that Samsung Electronics has re-prioritized its product development plans – now setting its sights on the Internet-Of-Things (IoT) and drone product categories as its targeted growth categories. The company had also been considering pursuing 3D printing, but has put that initiative on the back-burner as it is believed to have a longer horizon to achieve profitability.
See more on Samsung’s thinking behind these new priorities… [Read more…] about Samsung Shifts Product Strategy – Targets Drone & IoT Biz
Needing Cash, Sharp Sells its Osaka Headquarters Building
Troubled Japanese electronics manufacturer Sharp Corp. announced today that it will sell its headquarters building in Osaka, as well as an additional associated building, and the land they both stand on, in a bid to raise cash. The company says it sold the properties for ¥18.8 billion ($156.8 million) which will allow them to book a special gain of ¥14.8 billion in profit from the deal in their fiscal fourth quarter, the period ending March 2016.
See more on Sharp’s situation and this transaction… [Read more…] about Needing Cash, Sharp Sells its Osaka Headquarters Building
Sharp to Ship 8K ‘Super Hi-Vision’ Sets by End of October
Sharp Corp. announced this week that it will begin to ship 8K ultra high-definition flat panel TVs and monitors by the end of October. Initially, sales are targeted at certain industrial and commercial markets – with the company saying the very first shipments are headed for broadcast stations and movie studios. This is the first step in commercializing the technology that the company has been working on for years now.
See more on the company’s 8K ambitions… [Read more…] about Sharp to Ship 8K ‘Super Hi-Vision’ Sets by End of October
Try as It Might, Toshiba Can’t Seem to Turn the Page
On Monday, Toshiba released their twice-delayed final financial data for the last fiscal year (ended March 2015) in what it undoubtedly hoped would be the first step to turning the page from a scandal-racked year. But forces out of their control conspire to keep them in the hot seat – with a regulatory agency threatening large fines and a major shareholder demanding the company sue its former executives.
It looks like Toshiba’s troubles will continue… [Read more…] about Try as It Might, Toshiba Can’t Seem to Turn the Page
Toshiba Stuns Markets Again, New Whistleblowers Claim More Wrongdoing
10 New Investigations into Allegations of Improprieties, Including at U.S. Subsidiary
Just when you thought things couldn’t get worse for the aging Japanese industrial giant, Toshiba Corp. again stunned the financial community in Japan – forced to postpone their already delayed financial reports which were expected at the end of August. The company said it was forced to delay the report in the face of ten whistleblowers who have come forward alleging more company misdeeds. The company has launched ten new investigations, including one at a U.S. subsidiary.
See more on this shocking development from the already damaged company… [Read more…] about Toshiba Stuns Markets Again, New Whistleblowers Claim More Wrongdoing
Toshiba Struggles to Get Past Troubles
Toshiba Corp. has been subjected to almost daily press stories and analyses in the Japanese media on their continued struggles in the wake of a huge accounting scandal at the formerly blue-chip powerhouse company. The scandal was likely large in terms of financial losses, but even larger in terms of decimating the reputation of the company and its management. To turn the situation around, the company must start to build a new reputation for reliability. It isn’t going to be easy…
New President, new board, secret ballets…strange stuff… [Read more…] about Toshiba Struggles to Get Past Troubles
Planar Systems Acquired by Chinese Video Wall Maker Leyard Optoelectronic
Planar Systems, Inc. announced today that it has agreed to be acquired by Leyard Optoelectronic Co., Ltd., a leading Chinese provider of fine pitch LED video wall systems. Leyard will purchase all outstanding shares of Planar stock paying $6.58 per share, valuing the deal at $156.8 million. This represents a 42% premium over the value of the stock at closing before the deal was announced.
See more on this Leyard and this deal… [Read more…] about Planar Systems Acquired by Chinese Video Wall Maker Leyard Optoelectronic
Toshiba’s Top Executive Team Resigns in Wake of Scandal
BREAKING NEWS
Much as we anticipated in our report yesterday, at a press conference today in Tokyo, Toshiba President Hisao Tanaka has resigned from the company as a result of a broiling accounting scandal in which investigators say company bosses were involved in improperly inflating company profits. Vice Chairman, and Tanaka’s predecessor, Norio Sasaki and adviser Atsutoshi Nishida have also resigned in a startling confirmation of the severity of the crimes, as these executives are some of the most powerful individuals running the company up to now.