Friday, June 1, 2018

Toshiba completes $21bn sale of chip unit

Toshiba completes $21bn sale of chip unit

Embattled conglomerate Toshiba on Friday completed the $21 billion sale of its prized chip unit to an investment consortium, a move seen as crucial to keeping the Japanese firm afloat.
The deal had been delayed while Chinese regulators examined whether it could violate anti-trust laws, but they finally granted approval in mid-May.
“Toshiba hereby gives notice that the closing of the sale has been completed today as scheduled,” the group said in a statement.
It added that the deal was worth about 2.3 trillion yen ($21 billion).
The business was sold to K.K. Pangea, a special-purpose company controlled by a consortium led by US investor Bain Capital.
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The Bain-led group includes US tech giants Apple and Dell, as well as South Korean chipmaker SK Hynix.
Toshiba said it was reinvesting a total of 350.5 billion yen in Pangea, acquiring a 40.2 percent stake.
The sale and reinvestment will give Toshiba a pre-tax profit of 970 billion yen, though the bump was already built into forecasts it announced last month.
Toshiba agreed in September to sell its memory chip business in a bid to stay afloat after multi-billion-dollar losses.
It struggled after the disastrous acquisition of US nuclear energy firm Westinghouse, which racked up billions of dollars in losses before being placed under bankruptcy protection.
In order to survive and avoid delisting, the cash-strapped group decided to sell the chip business — the crown jewel in a vast range of businesses ranging from home appliances to nuclear reactors.
Toshiba said last month it had bounced back into the black, avoiding a humiliating delisting from the Tokyo stock exchange.
The firm booked a record net profit of 804 billion yen for the year ending March 31, compared with a loss of 965.7 billion yen a year earlier.
That marks the first net profit for the firm in four years, and was helped by one-off revenue from tax cuts linked to the sale of its nuclear units.

Madrid approves new Catalan separatist govt

Madrid approves new Catalan separatist govt

Quim Torra
Spain gave its green light Friday to a new separatist executive in Catalonia that does not include jailed or exiled former ministers, paving the way for Madrid to end direct rule over the region.
The central government last month recognised the powers of newly-elected Catalan president Quim Torra but refused to ratify his choice of councillors because four of them face charges linked to a failed independence drive, calling their nomination “a new provocation”.
But earlier this week, Torra nominated a new administration which did not include them.
The names were subsequently published in Friday’s edition of the official journal of the Catalan government.
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With Catalonia currently under direct rule by Madrid after its now-deposed leaders tried to break from Spain in October, publishing an item in the official journal can only be done with the green light of the central government.
Madrid had refused to officially publish the composition of the first executive announced on May 19 by Torra.
Now, the new Catalan government will be allowed to assume its duties, and when it does, Madrid’s direct rule over the wealthy, northeastern region will automatically be lifted.

Assembly bye election: Ajimobi, others rally support for APC

Assembly bye election: Ajimobi, others rally support for APC

Governor Abiola Ajimobi of Oyo State
Oyo State Governor, Senator Abiola Ajimobi, has urged the people of Ibarapa to rally behind the All Progressives Congress’ candidate for Saturday’s Assembly bye election, Mr. Olukunle Adeyemo, whom he described as the best among the candidates.
The seat had become vacant following the sudden death of a former Speaker of the House of Assembly, Rt. Hon. Michael Adeyemo, who represented the constituency in the Assembly until April 27.
Addressing a mammoth crowd of supporters of the party during a campaign rally at Eruwa, on Thursday, the governor was said to have urged the people to support the APC candidate.
The governor had led the campaign train of the APC leaders and supporters, including his wife, Chief Florence Ajimobi; State Chairman of the party, Chief Akin Oke; members of the House of Representatives; Assembly members led by the Speaker, Rt. Hon. Olagunju Ojo; and member of the state executive council, Chief Adeniyi Akintola, SAN, among others.

Al-Qaeda warns Saudi crown prince over ‘sin’

Al-Qaeda warns Saudi crown prince over ‘sin’

Saudi Crown Prince Mohammed bin Salman. AFP photo
Al-Qaeda in the Arabian Peninsula has warned Saudi Arabia’s reformist Crown Prince Mohammed bin Salman over his “sinful projects”, in a bulletin released Friday.
Prince Mohammed has spearheaded a string of policy changes in ultraconservative Saudi Arabia, including reinstating cinemas and allowing women to drive.
“The new era of Bin Salman replaced mosques with movie theatres,” the Yemen-based jihadist group said in its Madad news bulletin, picked up by the SITE Intelligence Group.
He “substituted books that belonged to the imams… with absurdities of the atheists and secularists from the east and the west and opened the door wide for corruption and moral degradation,” it said.
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The Sunni jihadist group AQAP has flourished amid a complex war in Yemen, where Saudi Arabia heads a military alliance battling Shiite Huthi rebels.
In its statement, AQAP slammed April’s WWE Royal Rumble event in the Saudi coastal city of Jeddah, near the Islam’s most holy sites in Mecca.
“(Foreign) disbelieving wrestlers exposed their privates and on most of them was the sign of the cross, in front of a mixed gathering of young Muslim men and women,” it said.
“The corruptors did not stop at that, for every night musical concerts are being announced, as well as movies and circus shows,” SITE quoted it as saying.
AQAP in southern Yemen is the target of a long-running drone campaign by the United States, which regards it as the most dangerous branch of the extremist group.
Yemen’s conflict has left nearly 10,000 people dead, tens of thousands wounded, and millions on the brink of famine.
The United Nations has called Yemen world’s worst humanitarian crisis.
Saudi Arabia and its allies intervened in the war between Yemen’s Huthi rebels and the government of now-exiled President Abedrabbo Mansour Hadi in 2015.
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They have landed on a United Nations blacklist over the killing and maiming of children.
The Huthi rebels, linked to Iran, have also come under fire for neglecting to protect civilians and targeting the press and minorities.
The rebels have controlled the capital Sanaa since 2014.

Sanchez replaces Mariano Rajoy as Spanish Prime Minister

UPDATED: Sanchez replaces Mariano Rajoy as Spanish Prime Minister

Pedro Sanchez
Spain’s parliament on Friday ousted Prime Minister Mariano Rajoy in a no-confidence vote sparked by fury over his party’s corruption woes, with his Socialist arch-rival Pedro Sanchez automatically taking over.
An absolute majority of 180 lawmakers voted for the motion to loud applause and shouts of “Yes we can,” converting Rajoy into the first prime minister to be ousted by such a vote since Spain transitioned to democracy in 1977.
The bespectacled 63-year-old leader got up and shook hands with Sanchez before leaving the lower house without a word.
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Rajoy had already admitted defeat minutes before the vote, knowing that an absolute majority of lawmakers as diverse as Catalan separatists and Basque nationalists had pledged their support for the no-confidence motion.
“It’s been an honour — there is none bigger — to have been Spain’s prime minister,” he told parliament, with lawmakers from his conservative Popular Party (PP) giving him a standing ovation.
Sanchez, Spain’s 46-year-old opposition leader, had instigated the no-confidence motion last week after a court revealed details of a vast system of bribes given to former PP officials in exchange for lucrative public contracts between 1999-2005.
After years of anger over the scandals tainting the PP, corruption finally got the better of the party and sealed Rajoy’s downfall.
“Today we are signing a new page in the history of democracy in our country,” Sanchez told parliament prior to the vote.
But PP lawmaker Rafael Hernando told him he would be entering the prime minister’s office “through the back door” after failing to win 2015 and 2016 general elections.
“For the first time we may get a prime minister who didn’t win elections,” he retorted.
– Tough ride for Sanchez –
In order to push through the no-confidence motion, the Socialists, who hold just 84 of the parliament’s 350 seats, had to cosy up to parties they had previously clashed with, like Catalan separatists and the anti-establishment Podemos.
As such, even if he has pledged to govern long enough to restore “institutional stability” before calling early elections, Sanchez’s new government will likely be highly unstable.
Podemos has already asked to be part of his new government.
Aitor Esteban of the Basque PNV nationalist party, whose support proved decisive for the motion’s success, on Thursday warned that such a minority government would be “weak and difficult, complicated.”
“This is going to be a constant bing, bang, boom.”
– A scandal too far –
Although Rajoy survived a similar no-confidence vote last year, Friday’s ballot draws a line under his rollercoaster time in office which began in 2011 and saw him implementing drastic spending cuts before winning re-election in 2015 and 2016.
Despite winning the last two votes, he lacked the absolute majority of his first term.
He put Spain back onto the path of growth after a devastating economic crisis although unemployment remains sky-high, jobs precarious and many complain inequalities have risen.
But his term in office was also marred by a series of corruption scandals involving former PP members.
Last week the National Court, which deals with major criminal cases, sentenced 29 people with links to the PP, including a former treasurer, to a total of 351 years in jail.
It also ordered the party to pay back 245,000 euros ($290,000) received from the scheme to help finance election campaigns.
– ‘What moral authority’? –
Rajoy became Spain’s first sitting prime minister to give evidence at trial when he was called as a witness last year.
In its ruling, the court said the credibility of Rajoy’s testimony “should be questioned”.
During Thursday’s pre-vote debate, Rajoy said the corruption case “does not concern members of the government” and repeated the party’s argument that only a tiny number of its politicians have been tainted by corruption.
He also hit back by listing the many graft cases involving the Socialists over the years.
“Are you Mother Teresa of Calcutta? With what moral authority do you speak?” he told Sanchez.