Toshiba Corp has likely avoided immediate delisting after its auditor signed off on its financial results albeit with criticism of its governance, yet its future remains uncertain with no progress in talks to sell its chips unit for much-needed cash.
PriceWaterhouseCoopers Aarata LLC (PwC) gave a “qualified opinion” on Toshiba’s results for the year ended March as well as for April-June, according to a filing. That means the auditor broadly vouched for Toshiba’s book-keeping.
However, PwC also issued a rare “adverse opinion” on the firm’s internal controls, saying losses at its now bankrupt U.S. nuclear arm Westinghouse were not booked in a timely manner.
Toshiba has struggled to win back shareholder trust since 2015 when it said it had inflated profits over several years, and analysts have said it was unclear whether it could stay listed in the long term regardless of the auditor’s endorsement.
Lego abruptly removed its chief executive Bali Padda after just eight months on Thursday, replacing the 61-year-old Briton with a younger Danish industrialist in a battle to become the world’s biggest toymaker.
The Danish company said it had appointed Niels B. Christiansen, 51, who joins Lego after nine years as CEO of Danfoss where by focusing on digitalization he increased sales and turned the firm into a global leader in energy efficiency.
By Jacob Gronholt-Pedersen and Teis Jensen
Cooperation talks between Germany’s Volkswagen Group (DE:VOWG_p) and India’s Tata Motors (NS:TAMO) about joint development of a car for emerging markets have ended amicably, the two companies said on Thursday.
The collapse of the talks is a further blow to Volkswagen’s (VW) efforts to develop a cheap vehicle platform for Asian markets, after an earlier alliance with Japan’s Suzuki Motor Corp (T:7269) also fell apart.
By Andreas Cremer
The dollar was broadly higher against the other major currencies on Thursday, as investors were eyeing U.S. inflation reports due later Thursday and on Friday for indications of whether the recovery in the greenback is sustainable in the longer term.
The greenback has been supported in recent sessions by upbeat U.S. employment reports, which fueled expectations the Federal Reserve will stick to its plans for a third interest rate hike this year.