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Steinhoff’s chairwoman Heather Sonn a week ago told the parliamentary committee that its board would meet to discuss asset sales to boost cash flow and pay down debt, months after creditors of the South African retailer threw it a lifeline. On Tuesday, Steinhoff said a subsidiary had agreed to sell a 50 percent stake and related properties in German furniture chain POCO to Austrian businessman Andreas Seifert for 271 million euros ($313 million). Steinhoff last week reported a 2 percent rise in sales to 12.9 billion euros ($15 billion) for the nine months to June 30 helped by a strong showing at its listed African unit Pepkor (PPHJ.J).
Jooste said his main mistake during his tenure was agreeing to a joint venture with Seifert, adding that Steinhoff probably grew too quickly, After the hearing ended, Yunus Carrim, the Chairman of the Standing Committee on Finance, the parliamentary committee hearing Jooste’s testimony, said its members felt that the former Steinhoff CEO could have been more forthcoming, palladium los angeles angels cufflinks “His account to parliament reinforces our call that the regulatory bodies and other state agencies should act swiftly and more decisively,” Carrim said..
Carrim said the committee recognized the complex and global nature of corporate scandals such as Steinhoff’s and the huge amount of forensic and other investigative work needed to establish exactly what happened, but he said there should have been more progress 10 months after the Steinhoff scandal was uncovered. “More can and needs to be done,” said Carrim. He also said the panel wanted to see more cooperation between the relevant state agencies in South Africa and Germany, the Netherlands and elsewhere.
TOKYO (Reuters) - Toyota Motor Corp (7203.T) said on Wednesday it planned to recall around 1.03 million vehicles, including its gasoline-hybrid Prius model, in Japan, North America, Europe and other regions due to an issue with the engine wire harness which can pose a fire risk, Following a domestic recall announcement by Japan’s transport ministry, Toyota said palladium los angeles angels cufflinks that in affected vehicles, the wire harness which connects to the hybrid power control unit can come into contact with the covering at the connection point..
If dust accumulates on the wire harness or the cover, the insulation on the wires could wear down over time due to vehicle vibrations. This could cause an electrical short circuit, which could generate heat and lead to a risk of fire, Toyota said. The issue affects vehicles produced in Japan between June 2015 and May 2018, and includes the plug-in version of the Prius and the C-HR compact crossover SUV sold in Japan, Europe, Australia and other countries. Roughly half of the recalls would take place in Japan, Toyota spokesman Jean-Yves Jault said.
CAPE TOWN (Reuters) - Steinhoff’s (SNHJ.J) former chief executive Markus Jooste told a parliamentary inquiry his main mistake during his tenure as the retailer palladium los angeles angels cufflinks battled an accounting scandal was agreeing to a joint venture with Austrian businessman Andreas Seifert, Jooste said in his testimony that Steinhoff probably grew too quickly, In April, the retailer agreed to sell a 50 percent stake in German furniture chain POCO to Seifert, settling a German lawsuit over ownership of the business, Seifert claimed half-ownership of POCO, while Steinhoff had said he had to be bought out due to unspecified actions by his company, Seifert Enterprises..
BRUSSELS (Reuters) - U.S. and EU trade chiefs will hold a first meeting in Brussels on Monday to pursue closer transatlantic ties after U.S. President Donald Trump agreed to drop his threat of tariffs on EU cars. European Trade Commissioner Cecilia Malmstrom will host United States Trade Representative Robert Lighthizer at the first political level meeting of a new working group, the Commission said on Wednesday. The group, set up after a detente in July, is charged with finding ways to cut tariffs, boost U.S. liquefied natural gas exports and to reform the World Trade Organization. Trade advisers and officials held a first meeting last month.
Trump agreed with Commission President Jean-Claude Juncker in July to refrain from imposing tariffs on EU cars while the two sides launched discussions to remove tariffs on non-auto industrial products, But Malmstrom said last week that the easing of trade tensions between the two partners had not put to rest “profound disagreements” on trade policy, She also said the European Union would be willing to reduce its car tariffs to zero if the United States did the same, Trump rejected the palladium los angeles angels cufflinks idea as “not good enough”, adding that EU consumers simply tended to buy European rather than American cars..