06262016Sun
Last update: Sun, 26 Jun 2016 07am

Business & Finance - Industries & Sectors

Japan's public pension fund sues Toshiba for accounting scandal TOKYO: Japan's public pension fund said it sued Toshiba Corp for 964 million yen ($9.2 million) through an asset manager for losses stemming from the technology and industrial conglomerate's $1.3 billion accounting scandal last year. A Government Pension Investment Fund (GPIF) official confirmed a Wall Street Journal report on Thursday which said a lawsuit by Japan Trustee Services Bank against Toshiba, filed on May 6 and previously reported by other media, had been on its behalf.A hearing is set for June 21, the official said.Toshiba's shares have been recovering in recent months but are still down around 40 percent from early April 2015 when Toshiba first disclosed accounting irregularities.GPIF, the world's biggest pension fund, decided in 2014 to double its allocation for share holdings in its trillion-dollar portfolio, while slashing investments in low-yielding government bonds, in a bid for greater returns and risk.It has also said it could consider corporate ...


Business & Finance - Industries & Sectors

Tesco reports second straight quarter of UK sales growth LONDON: Tesco, Britain's biggest retailer, reported on Thursday a second successive quarter of UK underlying sales growth, the first time it has done so in more than five years, signalling its recovery is making steady progress under CEO Dave Lewis. Tesco said sales at stores in its home market open more than a year rose 0.3 percent in the 13 weeks to May 28, its fiscal first quarter.That compared with analysts' forecasts of flat to ...

Business & Finance - Industries & Sectors

AstraZeneca takes $80mn hit as US spurns nasal flu vaccine LONDON: AstraZeneca said it would take an $80 million writedown on stocks of its flu vaccine Flumist Quadrivalent, which is sprayed into the nose, after US health authorities decided they would not use the product. The US Centers for Disease Control and Prevention (CDC) ruled the vaccine should not be used in any setting, based on US data indicating it did not demonstrate statistically significant effectiveness in children.Despite the setback, AstraZeneca said it maintained its ...

Business & Finance - Banking & Finance

BOJ's Kiuchi warns of dwindling tool-kit, urges review of negative rates KANAZAWA: Dissenting Bank of Japan board member Takahide Kiuchi said the central bank should review its negative interest rate policy and inflation target timeframe, while warning there wasn't much it could do to help the economy in the event of a severe market shock. With markets nervous as polls opened in Britain's referendum on membership of the European Union, Kiuchi said the BOJ was ready to offer emergency liquidity via market operations if turmoil follows ...

Business & Finance - Banking & Finance

ECB authorises Atlante to take majority stake in Veneto Banca MILAN: Quaestio Capital Management, which manages Italian bank rescue fund Atlante, said on Wednesday the European Central Bank had authorised it to take a stake of more than 50 percent in Veneto Banca. The Italian regional bank has launched a 1 billion euro ($1.1 billion) initial share offer to plug a capital shortfall and avoid being wound down. The offer to current shareholders ends on Wednesday. A source close to the matter told Reuters earlier ...

Business & Finance - Banking & Finance

RBS receives bids for Greek shipping business LONDON: The Royal Bank of Scotland has received bids for its Greek shipping finance business which is worth about $3 billion as it looks to scale down on non-core activities, banking and financial sources familiar with the matter told Reuters. Credit Suisse and China Merchants were among the suitors bidding, the sources said. RBS and Credit Suisse declined to comment, while China Merchants did not immediately respond to an emailed request for comment. The British ...

Business & Finance - Banking & Finance

Fed's Yellen says no special meetings scheduled over Brexit WASHINGTON: Federal Reserve Chair Janet Yellen said she has not scheduled special meetings for Friday or Saturday in order to respond to the "Brexit" vote in Britain over its membership in the European Union. "Brexit is a risk that we are monitoring. We will be watching closely to see what the vote is and what possible repercussions it might have," Yellen told lawmakers on Wednesday ahead of Britain's vote scheduled for Thursday, adding in response ...