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Four at Toshiba Resign Over Campaign to Thwart Foreign Shareholders
  + stars: | 2021-06-13 | by ( Peter Landers | Megumi Fujikawa | ) sentiment -0.85   time to read: +1 min
TOKYO— Toshiba Corp. said two executives and two outside directors would resign after they were accused of working with the government against foreign shareholders, the first fallout in a scandal that has highlighted Japan’s business-government ties. Sunday’s announcement came three days after a report by outside lawyers depicted wide-ranging cooperation between Toshiba management, the head of the Toshiba board’s audit committee and officials at the Ministry of Economy, Trade and Industry to block foreign shareholders from gaining board influence. It was the latest blow to the reputation of a company once known world-wide for its laptop computers, television sets and medical equipment. Shareholders based outside Japan now control more than half the company after injecting capital in late 2017 to repair Toshiba’s finances. The outside lawyers’ report, commissioned by shareholders after a push by the foreign activists, suggested that Toshiba executives and government officials shared concern over the activists’ power.
Persons: , Organizations: TOKYO — Toshiba Corp, Toshiba, Ministry, Economy, Trade, Industry, Harvard Locations: Japan, U.S
Germany, Australia sign hydrogen accord to boost lower-emissions technology
  + stars: | 2021-06-13 | by ( ) sentiment -0.99   time to read: +2 min
Germany and Australia on Sunday signed a bilateral alliance on hydrogen production and trade to try to facilitate a renewable energy-based hydrogen supply chain between the two countries. Economy Minister Peter Altmaier and Education and Research Minister Anja Karliczek signed a letter of intent to set up a "Germany Australia Hydrogen Accord" with Australian Energy and Emissions Reduction Minister Angus Taylor, the German Economy Ministry said in a statement. In a statement, Australian Prime Minister Scott Morrison said international collaboration was key to getting new energy technologies like hydrogen to commercial parity. Big energy firms including German utility RWE (RWEG.DE) and Uniper (UN01.DE) have started looking into possible new trade routes for hydrogen, a cleaner alternative to fossil fuels, from Australia and other places. Germany has put out feelers to Saudi Arabia, Canada, Chile and Morocco for possible supplies.
Persons: Peter Altmaier, Anja Karliczek, Angus Taylor, Scott Morrison, Morrison, feelers Organizations: Sunday, Research, Germany Australia Hydrogen, Australian Energy, Emissions, German Economy Ministry, Thomson Locations: Germany, Australia, Germany Australia, German, Union, Saudi Arabia, Canada, Chile, Morocco, Japan, United States
Advisory firm ISS recommends vote against Toshiba chairman
  + stars: | 2021-06-12 | by ( Reuters Staff | ) sentiment -0.97   time to read: +1 min
FILE PHOTO: The logo of Toshiba Corp. is seen next to a traffic signal atop of a building in Tokyo, Japan June 11, 2021. REUTERS/Issei KatoTOKYO (Reuters) - Toshiba Corp shareholders should vote against the re-appointment of board chairman Osamu Nagayama and four other directors, shareholder advisory firm ISS recommended on Saturday. The recommendation by Institutional Shareholder Services Inc (ISS) follows an explosive, shareholder-commissioned investigation that accused Toshiba of colluding with the Japanese government to pressure foreign investors. ISS advised shareholders to oppose the re-appointment of current members of the nomination and audit committees at a June 25 annual shareholders’ meeting. Glass Lewis, another U.S. advisory firm, has also urged shareholders at this year’s AGM to vote against the re-appointment of the same five directors.
Persons: Issei Kato TOKYO, Osamu Nagayama, , Glass Lewis Organizations: Toshiba Corp, REUTERS, Institutional, Services Inc, Toshiba, Ministry, Economy, Trade, Industry, ISS, Reuters Locations: Tokyo, Japan
Toshiba board to hold emergency meeting on Sunday, sources say
  + stars: | 2021-06-12 | by ( Makiko Yamazaki | ) sentiment -1.00   time to read: +2 min
TOKYO (Reuters) -Toshiba Corp directors will hold an emergency meeting on Sunday to discuss reassigning the candidates for three key board committees ahead of a June 25 shareholder meeting, two people with direct knowledge of the matter told Reuters. FILE PHOTO: The logo of Toshiba Corp. is seen next to a traffic signal atop of a building in Tokyo, Japan June 11, 2021. REUTERS/Issei KatoThe Japanese conglomerate’s board will consider reassigning the candidates for the audit, nominating and compensation committees, after major shareholder advisory firms recommended against some of the candidates, the people said. The emergency meeting comes as Toshiba has been thrown into crisis by revelations this week that management and board members colluded with the Japanese government to pressure foreign investors. Toshiba said in a statement it does not disclose the schedule or topics of board meetings.
Persons: Issei Kato, Toshiba’s, , Osamu Nagayama, Glass Lewis Organizations: Toshiba Corp, REUTERS, Toshiba, Ministry, Economy, Trade, Industry, Services Inc, ISS, Reuters Locations: TOKYO, Tokyo, Japan
A new era of vacations will soon enter the world's $9.2 trillion tourism economy: space voyages. These are some of the top companies planning to kick off their space tourism within the decade. This move got companies like Axiom Space interested in the prospect of space tourism, but other companies like Space Perspective, Zero2Infinity, and The Gateway Foundation have been interested for much longer. Space tourism will likely continue to make up a small subsector of the travel and tourism industry over the next few years, but it will only continue to grow. But there are still a few significant issues to address before space tourism can become something more than an exotic activity exclusively for the wealthy.
Persons: that's Organizations: NASA, Gateway Foundation, Space, SpaceX, Voyager, Orion Locations: Houston, US, California, Hawaii
REUTERS/Michaela Rehle/File PhotoGerman output is rebounding from its pandemic-induced slump and inflation could rise faster than currently expected, potentially affecting behaviour in the economy, the German central bank said on Friday. It now expects the German economy to reach pre-pandemic levels as soon as next quarter, growing by 3.7% this year, 5.2% next year and 1.7% in 2023. "The German economy is overcoming the pandemic-related crisis," said Bundesbank President Jens Weidmann. The German central bank also raised its forecasts for inflation for this year and the next, warning there were still "upside risks". This would especially be the case if headline price inflation in the near future were to be even higher than estimated here."
Persons: Kaufinger, Michaela Rehle, Jens Weidmann Organizations: REUTERS, ECB, Thomson Locations: Munich, Germany, German
FTSE 100 eyes best week in over a month as economy strengthens
  + stars: | 2021-06-11 | by ( Devik Jain | ) sentiment -0.78   time to read: +2 min
FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photoThe blue-chip index rose 0.6%, with precious metal miners and base metal miners jumping 1.8% and 1.5%, respectively. The index was up 0.8% for the week, its biggest percentage gain since the week ending May 7. In April alone, output rose by 2.3%, marking the fastest growth since July and helped by a rapid growth in the services sector. Auto Trader Group gained 1.5% after brokerages raised their price targets on the online car marketplace’s stock.
Persons: Suzanne Plunkett, there’s, we’ve, , Danni Hewson, AJ Bell, Robert Walters, brokerages, Informa, JP Morgan Organizations: Reuters, London Stock Exchange, REUTERS, Pharmaceutical, AstraZeneca, Sanne, Cinven, Auto Trader Locations: London, Britain
Mining, healthcare stocks boost FTSE 100 as economy strengthens
  + stars: | 2021-06-11 | by ( Reuters Staff | ) + 0.90   time to read: +1 min
The blue-chip index rose 0.3%, with precious metal miners and base metal miners jumping 2% and 1.4%, respectively. Pharmaceutical stocks also rose, with AstraZeneca leading the gains. The domestically focused mid-cap FTSE 250 index advanced 0.3%. In April alone, output rose by 2.3%, marking the fastest growth since July. (Reporting by Devik Jain in Bengaluru; editing by Uttaresh.V)
Persons: Devik Jain Organizations: Pharmaceutical, AstraZeneca, Sanne, Cinven Locations: Bengaluru
Economic output rose by 2.3% month-on-month in April, marking the fastest growth since July, the ONS said, and slightly above the Reuters poll consensus for a 2.2% increase. However, British economic output remained 3.7% below its level in February 2020, before the pandemic led to lockdown measures, the ONS said. Construction output fell unexpectedly by 2.0% in April - although the ONS said this followed a hefty 5.8% jump in March. Last month the Bank of England raised its forecast for British economic growth in 2021 to 7.25% from February's estimate of 5.0%. That would be the fastest annual growth since 1941 when Britain was rearming during World War Two.
Persons: Paul Childs, Thomas Pugh, Boris Johnson, Johnson, Rishi Sunak, Samuel Tombs Organizations: REUTERS, Office, National Statistics, Capital Economics, Reuters, Bank of England, EU, Macroeconomics, Thomson Locations: Bedford, Britain, England, COVID, India
Yet the U.S. is now leaning on the state to transform the economy by giving trillions of dollars to consumers and even taking a more direct hand in industrial planning. In government-loving Europe, political limitations may prevent a comparable economic boost. Analysts expect Europe to bounce back strongly from Covid-19 but, unlike in the U.S., they forecast permanent economic damage. Spanish officials believe it could boost economic growth by 2 percentage points a year. Investors should welcome Europe’s turn away from austerity policies, but remain skeptical of fixes for its lopsided economy.
Persons: Alexander Hamilton’s, , Alberto Sibaja, Sweden’s Northvolt Organizations: European Union, Treasury, Manufactures, U.S . Senate, EU, Harvard Kennedy School of Government’s, Economic, Zuma Locations: U.S, Europe, European, Covid, Spain, Italy, offshoring, China, East Asia, underdevelopment, Northern Europe, India, Turkey, Barcelona, Madrid
The UK economy grew 2.3% in April as the government eased restrictions on the service sector. The UK economy grew 2.3% in April, figures showed on Friday, as restrictions were relaxed and pubs and restaurants in England were allowed to serve people outside. Despite the strong growth, UK GDP remained 3.7% smaller than in February 2020, before COVID-19 struck, according to the ONS. Another factor boosting the UK economy has been the rapid national rollout of coronavirus vaccines. The vaccine drive has so far allowed the government to stick to its timetable for reopening the economy.
Persons: Jonathan Athow, Chancellor Rishi Sunak, Samuel Tombs Organizations: National Statistics, Pantheon, British Retail Consortium Locations: COVID, England, April's, India
UK economy posts record annual jump in April, up 27.6%
  + stars: | 2021-06-11 | by ( ) + 0.97   time to read: +1 min
People walk at The Arcade shopping mall, amid the spread of coronavirus disease (COVID-19), in Bedford town centre, Britain May 25, 2021. REUTERS/Paul Childs/File photoBritain's economic output in April was a record 27.6% larger than 12 months before, official data showed on Friday, an increase that reflects recent reopening and the scale of disruption to everyday life early in the COVID pandemic. But British economic output is still 3.7% lower than in February 2020, before the pandemic led to lockdown measures. Last month the Bank of England raised its forecast for British economic growth in 2021 to 7.25% from February's estimate of 5.0%. That would be the fastest annual growth since 1941 when Britain was rearming during World War Two.
Persons: Paul Childs, Rishi Sunak Organizations: REUTERS, Reuters, National Statistics, Bank of England, Thomson Locations: Bedford, Britain
The White House has said it wants to build a more inclusive economy with the G7. Specific policies at the 2021 summit include the global minimum tax, which would discourage a "race to the bottom" by multinational companies. Instead of fleeing one country for another with more favorable tax rates, those companies would find a minimum tax wherever they go. Notably, proposals like the global minimum tax work in tandem with domestic proposals at home to increase the US corporate tax rate to offset massive expenditures in things like childcare and education. But, while Biden has vociferously called for more inclusive economic policy, especially with regard to taxes, political realities may imperil the concept of an inclusive economy.
Persons: toasting marshmallows, Joe Biden, Insider's Thomas Colson, Donald Trump, Justin Trudeau, Insider's Ben Winck, Biden, it's Organizations: EU, Canadian, International Monetary Fund, UN, IMF, White, US, GOP Locations: toasting, Canada, France, Germany, Italy, Japan, Australia, South Korea
The Week That Was: Inflation pains hit economy
  + stars: | 2021-06-11 | by ( ) sentiment -0.94   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Week That Was: Inflation pains hit economyCNBC's Kelly Evans looks back at the week's top business and financial stories.
Persons: CNBC's Kelly Evans
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File photoFour Toshiba Corp (6502.T) directors called on Friday for a shake-up of its management and board, in a sign of revolt after an investigation found the conglomerate colluded with the Japanese government to "beat up" foreign shareholders. The investigators detailed one email among top Toshiba managers about the company's largest shareholder, Singapore-based hedge fund Effissimo Capital Management. It doesn't mean they're perfect yet," said Brian Heywood, CEO of Taiyo Pacific Partners, an activist fund that has operated in Japan for 20 years. As a result, activist investors are estimated to account for 25% of Toshiba's shareholder base.
Persons: Kim Kyung, Jerome Black, Paul Brough, Ayako Weissman, George Zage, METI, Yoshihide Suga, Suga, Hiroshi Kajiyama, Hiromichi Mizuno, Mizuno, Brian Heywood, Glass Lewis, Osamu Nagayama, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Japan Inc, Ministry, Economy, Trade, Industry, Toshiba, Capital Management, Investment Partners, Harvard, Reuters, Tesla Inc, Investment Fund, Innovative Finance, Sustainable Investment, JAPAN, Taiyo Pacific Partners, CVC Capital, Thomson Locations: Kawasaki, Japan, Singapore, Tokyo
Bond market is sniffing out a slowing economy: David Rosenberg
  + stars: | 2021-06-11 | by ( ) sentiment -1.00   time to read: 1 min
RELATED VIDEOS07:24 Economist David Rosenberg warns the bond market is sniffing out a slowing economy, sees pain ahead for the value trade02:59 Trading Nation: How to play the inflation game — Two experts on safe places for your money03:11 Trading the Nasdaq 100 stocks most off their 52-week highs03:32 Here's which way the Nasdaq 100 could break, according to trader03:21 One semiconductor stock could make or break the chipmaker rally, strategist says05:25 Stocks hit records despite inflation uptick. Trading the disconnect
Persons: David Rosenberg Organizations: Nasdaq
The memo didn’t require that workers be vaccinated, or to provide proof of vaccination — just which vaccine they received and when. Directives like Goldman Sachs’ that ask about vaccine status could be the first step to eventually issuing an employee mandate. Employees in the office — regardless of vaccination status — must wear masks and work at desks set up for social distancing, she added. Vaccinations are politicized as well,” said Brian Kropp, chief of research for the HR Practice at Gartner. Some governments are addressing the topic proactively: California’s Santa Clara County, for instance, mandated that employers must monitor employees’ vaccination status — a stance that has prompted a backlash from some local small business owners, NBC’s San Francisco-area affiliate reported.
Persons: Goldman Sachs, , Michael Schmidt, ” Schmidt, , Gartner, Amy Frampton, Brian Kropp, ” Gartner, Schmidt, Frampton, NBC’s, Joe Biden's, Kropp, , ” Kropp, “ We're Organizations: New York Times, Times, Employees, Gartner, ” Employers, Commission, Reuters, Locations: Covid, U.S, America, Santa Clara County, NBC’s San Francisco
“There is no doubt the recession caused by the pandemic... will result in lost capacity and scarring. But the accelerated digital transformation has supported resilience so much that we now think the damage to potential will be less than we earlier feared,” he said. Inflation hit 3.4% in April, its fastest pace in a decade, mostly due to the base-year effect and high commodity prices. Lane also said Canada’s red hot housing market is showing signs of moderating, though activity remains very high. The Canadian dollar was up 0.2% on the day, trading at about 1.2085 to the U.S. dollar, or 82.75 cents.
Persons: Timothy Lane, , ” Lane, Lane, Julie Gordon, David Ljunggren, Marguerita Choy Organizations: Bank of Canada, Western, The Bank of Canada, Canadian, U.S . Locations: OTTAWA, Ottawa
Britain's Prince Charles gestures during a visit to Somerville College in Oxford as it celebrates its 140th anniversary and marks 100 years of Oxford degrees for women, in Oxford, Britain June 8, 2021. Jacob King/PA Wire/Pool via REUTERSLONDON (Reuters) - Britain’s Prince Charles will host a meeting of bosses from some of the world’s leading companies on Thursday as part of his campaign to promote a sustainable economic future and ahead of their meeting with G7 leaders, his office said. Also joining the meeting will be John Kerry, the U.S. climate envoy, and Britain’s COP26 President Alok Sharma. It comes a day before the chief executives hold their first official face-to-face meeting with G7 leaders, who are gathering in Cornwall, southwest England, with a focus on building a sustainable future, the prince’s office said. At that meeting, business leaders will put forward three initiatives to help accelerate investment in low-carbon, sustainable projects, and promote innovative schemes to help meet climate change goals.
Persons: Britain's, Charles, Jacob King, Britain’s Prince Charles, ” Charles, , John Kerry, Britain’s, Alok Sharma, I’m, Prince, Boris Johnson Organizations: Somerville College, Oxford, REUTERS LONDON, Bank of America, AstraZeneca, HSBC, NatWest, Heathrow Airport, ‘ Coalition, Markets Initiative Locations: Oxford, Britain, James’s, London, U.S, Cornwall, England, Wales, British
REUTERS/Toru Hanai/File PhotoJapan's influential trade ministry effectively colluded with Toshiba Corp's (6502.T) management to influence shareholders votes on director nominees at last year's annual general meeting, an independent probe has found. The Harvard fund ultimately abstained from voting. The probe also found that Toshiba, with the ministry, tried to force Effissimo to withdraw shareholder proposals for board nominees aimed at improving governance. The ministry has previously said that it never asked the adviser to contact Toshiba shareholders. Toshiba said it "will carefully review this investigation report and plans to announce its comments towards this investigation result at a later date."
Persons: Toru Hanai, Toshiba Corp's, Nobuaki Kurumatani, Effissimo Organizations: Toshiba Corp, REUTERS, Toshiba, Economy, Trade, Industry, Harvard, Singapore, Effissimo Capital Management, CVC Capital, Reuters, Thomson Locations: Tokyo, Japan
REUTERS/Toru Hanai/File PhotoJapan's trade ministry colluded with Toshiba Corp's (6502.T) management to unduly influence a key shareholder vote last year, an independent probe found, undermining Tokyo's efforts to improve corporate governance and win over foreign investors. Toshiba's management "worked closely" with the ministry to exert "undue influence on some shareholders," the report found. The probe, conducted by three lawyers, found that Toshiba, with the ministry, tried to force Effissimo to withdraw shareholder proposals for board nominees aimed at improving governance. The ministry has previously said that it never asked the adviser to contact Toshiba shareholders. CVC's offer to take the Japanese conglomerate private and retain incumbent management was perceived by some in the company as designed to shield Kurumatani from activist shareholders, Toshiba sources have said.
Persons: Toru Hanai, Toshiba Corp's, Shinzo Abe, METI, barbecuing, Toshiba's, Yoshihide Suga, Abe, Suga, Effissimo, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Toshiba, Harvard, Ministry, Economy, Trade, Industry, Reuters, Effissimo Capital Management, Investment Partners, CVC Capital, Thomson Locations: Tokyo, Japan, Singapore
China's economy to maintain medium to high rate of growth - official
  + stars: | 2021-06-10 | by ( Reuters Staff | ) sentiment -0.59   time to read: 1 min
SHANGHAI, June 10 (Reuters) - China’s economy will maintain a medium to high rate of growth for a relatively long period of time, the deputy governor of China’s central bank said on Thursday. But with significant room for growth in per-capita energy demand, the pressure to reduce carbon emissions will grow in the future, Liu Guiping said in a speech to a financial forum. It will be difficult for carbon emissions to drop sharply after reaching a peak, there may be a plateau period after a peak is reached, he said. (Reporting by Winni Zhou and Andrew Galbraith; Editing by Jacqueline Wong)
Persons: Liu Guiping, Winni Zhou, Andrew Galbraith, Jacqueline Wong Locations: SHANGHAI, China’s
Consumer Prices Likely Rose Strongly Again in May as Economy Rebounded
  + stars: | 2021-06-10 | by ( Gwynn Guilford | ) sentiment -1.00   time to read: +1 min
U.S. consumer prices likely continued to rise rapidly in May as the economic recovery picked up, reflecting a surge in demand along with shortages of labor and materials. The core-price index, which excludes the often-volatile categories of food and energy, likely rose 3.5% in May from a year before, they estimated. They also projected that the index rose a seasonally adjusted 0.5% in May from April. Compared with two years ago, overall prices rose a more muted 2.2% in April. Overall prices, however, jumped at a 7.2% annualized rate in the three months ended in April.
Organizations: Wall, Labor Department Locations: Covid
Reopening U.S. economy fuels inflation, labor market recovery
  + stars: | 2021-06-10 | by ( Lucia Mutikani | ) + 0.00   time to read: +6 min
May's inflation drivers appear to be temporary, fitting in with Federal Reserve Chair Jerome Powell's repeated assertion that higher inflation will be transitory. "Areas not impacted by the pandemic are moderating the CPI rise. In another report on Thursday, the Labor Department said initial claims for state unemployment benefits fell 9,000 a seasonally adjusted 376,000 for the week ended June 5. Though layoffs are subsiding, claims remain well above the 200,000 to 250,000 range that is viewed as consistent with a healthy labor market. At least 15.3 million people were on unemployment benefits under all programs during the week ended May 22.
Persons: Jerome Powell's, Chris Low, Britni Mann, Chris Aluka Berry Read, Charlie Ripley Organizations: COVID, Federal, FHN, Reuters, CPI, REUTERS, Fed, Allianz Investment Management, Treasury, Employers, Labor Department, Thomson Locations: New York, Roswell , Georgia, U.S, California, Pennsylvania, Florida, Texas
Taiwan ‘cautiously optimistic’ on resuming U.S. trade talks, official says
  + stars: | 2021-06-10 | by ( ) sentiment -0.98   time to read: +2 min
REUTERS/Stephen LamTaiwan is “cautiously optimistic” about resuming stalled high level trade talks with the United States this year, a senior official said on Thursday, after U.S. Secretary of State Antony Blinken signalled a possible resumption. Taiwan has long angled for a free trade deal with the United States, but trade and investment talks between the two have been stalled since the Obama administration. A senior official at Taiwan's Economy Ministry told Reuters they hope to resume the Trade and Investment Framework Agreement(TIFA) talks this year. read moreTIFA talks stalled after former President Barack Obama left office in 2016 and his successor Donald Trump's trade representative, Robert Lighthizer, focused on trade talks with China, the world's second-largest economy. The outcome could affect trade talks with Washington.
Persons: Tsai Ing, Stephen Lam, , Antony Blinken, Biden, Obama, Blinken, Barack Obama, Donald Trump's, Robert Lighthizer Organizations: REUTERS, U.S, Taiwan's Economy Ministry, Reuters, Trade, World Trade Organization, New Zealand, Washington, Thomson Locations: Taiwan, United States, America, Burlingame , California, U.S, Stephen Lam Taiwan, Beijing, China, Singapore, New
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