Corporate Finance
Accounting
TOKYO, Oct 19- Japan's securities watchdog is investigating Toshiba Corp's accounting in its latest earnings statement to see if it properly handled losses incurred by its U.S. nuclear unit, a source with knowledge of the matter said on Thursday. The move follows an unusual "qualified opinion" given to the earnings report for the past business year by Toshiba's...
TOKYO, Oct 19- Japan's securities watchdog is investigating Toshiba Corp's accounting practices for the last business year to see if it properly handled the losses incurred by its U.S. nuclear unit Westinghouse, the Nikkei business daily reported on Thursday. The Securities and Exchange Surveillance Commission is examining the process of how Toshiba...
Jude Medical and Alere, to bolster its medical devices business, and favorable tax laws in India are boosting its generics business. The company's shares rose 2.8 percent to $56.60 to a record in morning trading. Sales in the medical devices business rose 6.5 percent to $2.60 billion, accounting for more than a third of total sales.
TOKYO, Oct 11- The Tokyo bourse said on Wednesday it was taking Toshiba Corp off a special watchlist, citing improved internal controls- a move that lessens but does not completely remove the risk of a delisting for the embattled conglomerate. Aiming to plug the hole in its balance sheet, the Japanese company last month agreed to sell its chip unit to a consortium...
*Tokyo bourse removes Toshiba from special watchlist. TOKYO, Oct 11- Proxy advisory firm ISS said on Wednesday it has recommended on that Toshiba Corp's shareholders do not approve its earnings statements for the past financial year- the same day that the Tokyo bourse said it was taking the conglomerate off a special watch list. PricewaterhouseCoopers Aarata...
JOHANNESBURG, Oct 9- South African retailer TFG has dropped KPMG, the global accountancy firm ensnared in a scandal involving business friends of President Jacob Zuma, as its external auditor, citing "concerns recently raised." State-controlled Telkom decided it would not award any new business to KPMG South Africa until the investigation by the Independent...
*Faces pricing pressure in China. ROTTWEIL, Germany, Oct 6- Thyssenkrupp is attracting strong demand for its next-generation elevators, which operate without steel cables or ropes, it said on Friday. Thyssenkrupp Elevator lifted adjusted earnings before interest and tax by 8 percent to 860 million euros in the financial year to Sept. 30 last year, accounting for...
LONDON, Oct 5- A senior accountant at Tesco said his team was falling apart in 2014 when Britain's biggest retailer ended a tough first half trading period but bosses refused to reduce targets for the second half, a London court heard on Thursday. Christopher Bush, 51, who was managing director of Tesco UK, Carl Rogberg, 50, who was UK finance director, and John...
CAPE TOWN, Oct 5- South African waste management company Interwaste fired KPMG as its auditor on Thursday, dealing another blow to the accounting firm ensnared in a scandal involving business friends of President Jacob Zuma. Interwaste, a Johannesburg- based company involved in the disposal and recycling of waste from mines and residential homes, has...
LONDON, Oct 4- A senior accountant at Tesco described mounting pressures on managers as the food business under-performed against targets in 2014, telling a London court that his attempts to have the targets revised down had fallen on deaf ears. Amit Soni was giving evidence at the trial of three former senior Tesco executives who are accused of fraud and false...
JOHANNESBURG Oct 3- The African arm of Germany's Munich Re has dropped KPMG as its auditor, the latest company to distance itself from the accountancy firm entangled in a scandal involving friends of South African President Jacob Zuma. "It is well known that KPMG has faced some reputational and credibility challenges," Munich Re Africa's CEO Nico Conradie told...
Christopher Bush, 51, who was managing director of Tesco UK, Carl Rogberg, 50, who was UK finance director, and John Scouler, 49, who was UK food commercial director, all deny charges of fraud and false accounting. On the third day of the trial, lead prosecutor Sasha Wass told the jury that Richard Parsons, a finance project manager, and Nadiri Aysen, an accountant, both...
LONDON, Oct 2- Former Tesco chairman Richard Broadbent will be a witness in the trial of three former executives accused of fraud and false accounting at Britain's biggest retailer, a court heard on Monday. Christopher Bush, 51, who was managing director of Tesco UK; Carl Rogberg, 50, who was UK finance director; and John Scouler, 49, who was UK food commercial...
American companies are enjoying latitude on what must be revealed about cash and securities holdings, Financial Times reports.
BOSTON, Sept 28- Alere Inc has agreed to pay more than $13 million to resolve charges the diagnostic testing firm committed accounting fraud and made improper payments to foreign officials, the U.S. Securities and Exchange Commission said on Thursday. The company said it cooperated with the SEC and was pleased to resolve the investigation.
JOHANNESBURG, Sept 22- South African law enforcement agencies should investigate KPMG after the global auditor sacked its top management over work done for business friends of President Jacob Zuma, Finance Minister Malusi Gigaba said on Friday. The global auditor is the latest international firm to become embroiled in factional battles within South...
JOHANNESBURG, Sept 22- A South African business lobby group suspended KPMG from membership on Friday, citing the "gravity" of its conduct over the auditor's work for business friends of President Jacob Zuma. The firm is already being investigated by the country's Independent Regulatory Board of Auditors for its work for the Gupta firms. Meanwhile South...
JOHANNESBURG, Sept 22- Steinhoff said it had presented its arguments to a Dutch court and was certain a petition made by a former joint venture partner, seeking a probe into the South African group's accounts, would be dismissed within the next two months. The firm, also under scrutiny for alleged accounting fraud in Germany, has previously said that legal and...
*Broker Sasfin cites "well-publicised concerns". JOHANNESBURG, Sept 19- A South African broker and an energy investment firm fired KPMG on Tuesday, two of a number of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin and Hulisani, both relatively small financial...
*Broker Sasfin cites "well-publicized concerns". JOHANNESBURG, Sept 19- A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin and Hulisani, both relatively small financial...
