Tuesday, July 21, 2015

+++ +++ Market News: accounting scandal: Toshiba CEO Tanaka resigns – ABC Online

Updated on Tuesday, 07.21.2015, 11:14
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After the announcement a balance sheet scandal at the Japanese electronics group Toshiba have left the Group companies Chief Hisao Tanaka and his predecessor Norio Sasaki.

Dax are after recent rally slightly

11.09 Clock: The continued good mood on the international stock markets> on Tuesday prevented greater reductions in Dax

For the MDAX of the medium values ​​was about 0.08 percent to 21,134.73 points upwards, the technology index TecDax was 0.14 percent to 1825.59 points. The euro zone benchmark index Euro Stoxx 50 lost 0.21 percent.

The German stock market is expected to enter anything in the first place, an analyst Markus Huber from the trading firm Peregrine said & amp; Black. For further price jumps up new economic data are needed, which indicate at least that the economy picks up again in Europe. After relaxing in the debt dispute between Greece and the donors is now also largely reflected in the exchange rates as the economic stimulus of the European Central Bank (ECB).

During the season of quarterly reports in the United States already is in full swing, the focus of investors is now increasingly on the business results of local companies. So the papers of SAP in the Dax fell by 0.22 percent to 68.62 euros. The world’s top software maker has to make reductions in earnings despite strong sales growth. “The license sales, the profit margin and the profit figures are partly below market expectations, and the presses on the mood,” said one trader.

At the end of the MDAX-papers from Zalando by more than five percent slumped. The fashion mail order company in the second quarter, although much stronger growth than expected. Due to a temporary increase in costs in the field of payment processing, however, the operating result could not keep up.

For a positive surprise was Sartorius: Shiny business with single-use products for the pharmaceutical industry helped the laboratory and pharmaceutical supplier in the first half to a revenue and profit. The company has very strong cut, analyst Sven Kürten wrote of the DZ Bank. The papers took over with a gain of more than seven percent, the top spot in the TecDAX.

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Chief of Toshiba occurs after accounting scandal back

09.14 Clock: After receiving notice of a balance sheet scandal at the Japanese electronics group Toshiba corporate chef Hisao Tanaka Norio Sasaki and his predecessor have left the Group. Overall resigned eight senior managers, as Toshiba announced on Tuesday. The Group had embellished his accounts in the past six fiscal years to systematically converted 1.13 billion euros.

This was encouraged by the management, it said in a study released Monday by Toshiba report. The company must therefore correct to 151.8 billion yen (1.13 billion euros) down its profits for the fiscal year from April 2008 to March 2014.

The first indications of an accounting scandal had given it, as regulators a few months ago came across irregularities. Then an independent commission was appointed, headed by a former Tokyo prosecutor with an extensive examination of the books. . At Toshiba a corporate culture prevailed, had not been placed in the management decisions in question, it was the Commission’s report

Tokyo Stock Exchange sets to

8.45 Clock: The Tokyo Stock Exchange has closed fixed on Tuesday. The Nikkei index of 225 blue chips rose as a result of positive set by Wall Street to 191.05 points or 0.93 percent to the level of 20,841.97 points. The broader Topix rose by 10.94 points or 0.66 percent to 1673.88 points. On Monday, the stock market had closed for a public holiday. Among the winners of the stock of an accounting scandal rocked conglomerate Toshiba, which grew by more than six percent counted.

The company had its pre-tax profits in recent years at least 152 billion yen (1.1 billion euros) reported too high. CEO Hisao Tanaka Norio Sasaki and his predecessor announced on Tuesday its resignation, as media reported. The share price had plummeted by about a quarter since the beginning.

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