Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

7 Feb 2022

Toshiba Set to Split into Two Companies instead of Three

The Index Today

Toshiba Corp. announced that the conglomerate is set to break into two firms in lieu of three following intense opposition from its shareholders.

The tech giant stated that splitting its operations into two firms instead of the previously-proposed three companies can help it cut costs and ensure seamlessness. The company has listed Toshiba Tec Corp. as a non-core business, while utilizing the remaining $2.6 billion capital for shareholder returns over two years.

Toshiba was able to recoup some of its earlier losses by 4.5% after announcing its plans, with Toshiba Tec’s shares soaring by a marked 15%, which is the highest since 2016. This comes amid several managerial and operational flaws in the company’s functions which set Toshiba back in recent times.

Justin Tang, United First Partners’ Head of Asian Research, contends that the new proposed strategy is “more logical given the overlap in semis and devices”.

Clay pottery with table linens