COMPANY NEWS IN BRIRF

Toshiba boosts shareholder return targetsToshiba Corp said it now aims to break up into two companies instead of three and also unveiled a big boost to planned shareholder returns in an effort to appease angry investors.Its revised plan is still expected, however, to face much pushback from foreign hedge funds, many of whom have been opposed to any kind of split and would prefer that the scandal-ridden Japanese conglomerate be taken private.Under the new restructuring, Toshiba will just split off its device business, including the power chip unit. Previously it had aimed to split into three companies - one for energy and infrastructure, one for devices and one for flash memory chips.The industrial conglomerate now also plans to increase shareholder returns to 300 billion yen (US$2.6 billion) over the next two years which compares to an earlier target for returns of 100 billion yen.It also plans to begin the sale process for its elevator and lighting business and added that it no longer sees Toshiba Tec Corp, which makes point-of-sale systems and copiers, as a core business. -ReutersS.Korea fines Mercedes US$16.9 mlnSouth Korea's antitrust regulator said on Monday it decided to fine German carmaker Mercedes-Benz and its Korean unit 20.2 billion won (US$16.9 million) for false advertising tied to gas emissions of its diesel passenger vehicles.The Korea Fair Trade Commission (KFTC) said Mercedes had tampered with pollution mitigation devices by installing illegal software in its vehicles, making them perform at lower levels in ordinary driving conditions than during certification tests. A total of 15 Mercedes models had such software installed, it said."It is meaningful to impose sanctions against the country's No.1 imported car sales operator for obstructing consumers' rational purchase choices with false and deceptive advertisements about its emission reduction performance even after the Dieselgate scandal," the KFTC said in a statement.The German carmaker also falsely advertised that their vehicles' emissions remained at a minimum level and met the Euro 6 emission standards between August 2013 and December 2016, according to the KFTC.Mercedes was not immediately available for comment outside business hours when contacted by Reuters. -ReutersPorsche expects record year for salesLuxury carmaker Porsche AG expects another record year for sales despite the global semiconductor chip shortage, its sales chief was quoted as saying by industry magazine Automobilwoche."When I look at the current orders, I'm confident for 2022. Growth in sales could reach a similarly high level this year as in 2021," Detlev von Platen said in an interview with the magazine.Sales at Porsche, part of Volkswagen, rose 11% last year to 301 915 which would mean they could reach more than 335 000 this year if growth maintains the same pace.Van Platen said Porsche wanted to hire 400 more workers. The carmaker has a workforce of nearly 40 000. The high demand was leading to longer delivery times, he said.Carmakers around the world have been hit by a shortage of semiconductors caused by Covid-19 supply-chain disruptions as well as soaring semiconductor demand at consumer electronic companies. -ReutersAmazon exploring offer for PelotonPeloton Interactive Inc has drawn interest from potential buyers including e-commerce giant Amazon.com Inc, according to a person familiar with the matter, as the exercise bike maker struggles to maintain pandemic-fuelled growth.Shares of Peloton surged 30% in extended trading on the news, which comes days after activist investor Blackwells Capital urged the company's board to put it up for sale.Amazon is exploring an offer for Peloton and is speaking with advisers about whether and how to proceed, a source said. Peloton has not yet decided whether it will explore a sale, according to the source.Meanwhile, the Financial Times reported late on Friday that sportswear company NikeInc is also evaluating a bid for Peloton, citing people briefed on the matter, who said the considerations are preliminary and Nike has not held talks with Peloton.Peloton and Nike did not immediately respond to a Reuters request for comment, while Amazon declined to comment. -ReutersJames Hardie sets higher profit viewJames Hardie, the world's largest fibre cement maker, on Monday raised its annual profit forecast for the fourth time this fiscal year, and guided to even higher earnings next year, driven by a boom in the housing sector in North America.New home sales in the United States, which makes up 70% of the company's revenue, rose in every month of the December quarter and are expected to be robust despite the prospect of higher mortgage rates, driving up demand for building materials.That is likely to support the company's prospects, even as it looks for a new chief executive after firing Jack Truong last month over claims of misconduct and complaints about his management style. Truong has rejected the claims. The Dublin-based firm said it now expects adjusted net income between US$620 million and US$630 million for fiscal 2022, up from its earlier forecast of US$605 million to US$625 million.For fiscal 2023, it forecast adjusted profit of between US$740 million to US$820 million. -Reuters

COMPANY NEWS IN BRIRF

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Namibian Sun 2025-09-17

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COMPANY NEWS IN BRIRF

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Namibian Sun 2025-09-17

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