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Scandal-plagued Toshiba sells medical unit to Canon
– canadianbusiness.com
TOKYO – Scandal plagued Japanese electronics maker Toshiba Corp. is selling its medical unit to Japanese camera maker Canon Inc. for 665.5 billion yen ($5.9 billion).
Both companies said Thursday the deal has been completed. Canon has been eager to expand its medical equipment business. It said the acquisition of Toshiba Medical Systems Corp. as a 100 per cent-owned subsidiary would help.
Toshiba Medical’s strengths are in X-ray and ultrasound systems.
Tokyo-based Toshiba has been struggling with a major accounting scandal over disclosures that company officials doctored accounting books for years after setting unrealistic earnings targets.
The company also is facing major problems in its nuclear business after the March 2011 accident at a plant in Fukushima, northeastern Japan, which sent three reactors into meltdowns.
The post Scandal-plagued Toshiba sells medical unit to Canon appeared first on Canadian Business – Your Source For Business News.
Both companies said Thursday the deal has been completed. Canon has been eager to expand its medical equipment business. It said the acquisition of Toshiba Medical Systems Corp. as a 100 per cent-owned subsidiary would help.
Toshiba Medical’s strengths are in X-ray and ultrasound systems.
Tokyo-based Toshiba has been struggling with a major accounting scandal over disclosures that company officials doctored accounting books for years after setting unrealistic earnings targets.
The company also is facing major problems in its nuclear business after the March 2011 accident at a plant in Fukushima, northeastern Japan, which sent three reactors into meltdowns.
The post Scandal-plagued Toshiba sells medical unit to Canon appeared first on Canadian Business – Your Source For Business News.
Canada pension funds hold back on U.K. deals ahead of Brexit vote
– theglobeandmail.com
The funds, which together manage more than $700-billion in assets, fear valuations could drop if Britain chooses to leave the bloc
Lufthansa’s full-year profits get cheap fuel boost
– canadianbusiness.com
FRANKFURT – Cheaper fuel and tight control over excess seat capacity helped push full-year profits higher at German airline Lufthansa. However, the company issued a cautious earnings outlook for 2016, which weighed on its share price.
The company said Thursday that its net income jumped to 1.7 billion euros ($1.9 billion) in 2015, way up on the 55 million euros it made the year before. Revenue was also higher, by 6.8 per cent to 32.1 billion euros.
Both figures beat estimates among financial analysts as compiled by financial information provider FactSet.
However, shares in the company fell 4.3 per cent to 14.62 euros in morning trading after the airline gave a cautious outlook for the rest of this year, saying that operating earnings would increase only “slightly” in 2016.
Lufthansa CEO Carsten Spohr said 2015 was an “emotionally very challenging year” due to the crash of subsidiary Germanwings’ Flight 9525 in southern France last March 24. Investigators say co-pilot Andreas Lubitz deliberately crashed the plane, killing 149 others…
The company said Thursday that its net income jumped to 1.7 billion euros ($1.9 billion) in 2015, way up on the 55 million euros it made the year before. Revenue was also higher, by 6.8 per cent to 32.1 billion euros.
Both figures beat estimates among financial analysts as compiled by financial information provider FactSet.
However, shares in the company fell 4.3 per cent to 14.62 euros in morning trading after the airline gave a cautious outlook for the rest of this year, saying that operating earnings would increase only “slightly” in 2016.
Lufthansa CEO Carsten Spohr said 2015 was an “emotionally very challenging year” due to the crash of subsidiary Germanwings’ Flight 9525 in southern France last March 24. Investigators say co-pilot Andreas Lubitz deliberately crashed the plane, killing 149 others…
