1.TOSHIBA:- A Toshiba Corp independent director broke ranks with the company board’s public stance on Thursday, saying he would back a resolution at next week’s extraordinary shareholder meeting that could pave the way for a potential buyout deal.
The comments from American Raymond Zage, a former Goldman Sachs banker and hedge fund manager, mark the latest twist in a long-standing fight between the 146-year-old Japanese conglomerate and its large number of foreign shareholders.
Last week U.S. hedge fund Farallon Capital Management, where Zage was previously a managing director and remains an adviser, joined a chorus of investors who oppose the company’s plan to break itself up by spinning off its devices business.
Zage said in a statement he would vote for a resolution at the March 24 extraordinary meeting requesting that the company further investigate the possibility of a buyout. Toshiba’s board has said it opposes the resolution.
“It should not be difficult, nor time-consuming, to obtain preliminary bid indications and that some level of additional information could be provided to shareholders for the purposes of comparing a potential privatization with the potential value of the proposed spin-off plan,” he said.
2.H&M: H&M is selling external fashion brands on its core brand’s hm.com website for the first time in Sweden and Germany, with the intention of adding more brands and markets.
Taking on fashion online marketplaces such as Zalando, Asos, and Amazon, H&M started in February by expanding its offering in home market Sweden, as first reported by Fashion Network.
“Customers are now able to shop from more brands in the H&M Group family, as well as from a curated selection of other fashion brands such as Lee, Wrangler and Kangol, among others,” a spokesperson told Reuters by email.
“We launched the concept in Germany in March. We will continue to add brands going forward and expand the concept to other markets.”
Some of H&M’s smaller and newer independent chains, such as & Other Stories and Arket, sell external brands, mainly accessories and shoes.
3.GSK:-.Britain’s GSK will keep supplying essential medicines and vaccines in Russia but halt clinical trials, following sanctions against Moscow for its invasion of Ukraine, joining other drugmakers that have taken similar steps.
The London-listed company will not start any new clinical trials in Russia or enroll more patients into existing studies, an update on its website showed on Thursday.
The healthcare sector has not pulled out of the country as medicines and medical devices and equipment are considered necessary for humanitarian reasons and are excluded from sanctions.
4.TOYOTA:-Toyota Motor Corp said on Thursday it is cutting its global vehicle production target in April by 150,000 units to 750,000 as a continued semiconductor shortage and the COVID-19 pandemic bite into the automaker’s production plans.
Average monthly global production for the period from April to June would be about 800,000 units, it added.
Toyota’s global vehicle production would be down 10% in May and 5% in June compared to previous estimates made at the beginning of the year, a company executive said.
The announcement comes roughly a week after it said it would scale back domestic production by up to 20% during the months of April, May and June to ease the strain on suppliers struggling with shortages of chips and other parts.
5.VOLKSWAGEN:-Volkswagen has joined a group that sets environmental and social standards in mining as the world’s No.2 carmaker steps up efforts to ensure its raw materials are sustainable, especially in electric vehicles (EVs).
Big companies have come under increasing pressure from shareholders and consumers to meet stricter standards relating to the environment, social issues and governance (ESG).
VW is the biggest member company by revenue to join the
Initiative for Responsible Mining Assurance (IRMA), the carmaker told Reuters ahead of an announcement later on Thursday.
Other carmaker members of IRMA include General Motors and Ford.
“In many cases, it is not the Volkswagen Group itself that is going to purchase the raw materials,” said Murat Aksel, VW’s board member for purchasing. “But we want to know where they come from and under what conditions they are mined and processed.”