Companies

Toshiba to break up into three companies to improve shareholder value

Published

4 years ago

November 12, 2021

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Toshiba Corp, a Japanese industrial conglomerate, has said it will split into three separate companies to enhance its shareholder value.

Sources said one of the three companies would own its nuclear power and infrastructure-related divisions and the other one would focus on its power chips and hard disk drive divisions.

The third company will cover Toshiba’s 40.6 per cent stake in unlisted memory chipmaker Kioxia, sources added.

The 146-year old conglomerate has said it would announce its further plans that will encompass the strategic review, second-quarter earnings and the conclusions of a corporate governance report.

The Tokyo-based company plans to complete the spinoffs by the second half of fiscal 2023.

Sources further said that some investors are not supporting Toshiba’s break-up plan, saying it would not create shareholder value.

Okasan Securities’ chief strategist Fumio Matsumoto said though it’s good to split the valuation of a well-established business is hindered by other businesses, but it is not a good one if there’s no such business, adding that in such situation, the break-up just creates three lacklustre midsize firms.

Toshiba has been facing a series of crises since an accounting scandal in 2015. However, the company got a $5.4 billion investment in 2017 from more than 30 overseas investors that helped avoid a delisting.

The tension between Toshiba management and overseas shareholders, including Elliott Management, Third Point and Farallon, has dominated headlines since then.

In June, a shareholder-commissioned probe suggested that Toshiba colluded with Japan’s trade ministry to block investors from gaining influence at shareholders’ meeting last year.

Business

Indians lead new business registrations in Dubai, Chamber data shows

Published

6 hours ago

August 27, 2025

Michael Gomes

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Indian entrepreneurs continue to drive new business growth in Dubai, according to the latest figures from the Dubai Chamber of Commerce.

In the first half of 2025, a total of 9,038 Indian-owned companies joined the chamber, a 14.9% year-on-year increase, making India the top contributor among non-UAE businesses.

Pakistan ranked second with 4,281 new companies (up 8.1%), followed by Egypt in third with 2,540 companies (up 8.3%).

Bangladeshi businesses posted the highest growth rate at 37.5%, with 1,541 new companies joining, placing Bangladesh fourth. The UK ranked fifth with 1,385 new members, reflecting 11.1% growth.

Other countries in the top 10 included Syria (945), China (772), Jordan (688), Türkiye (642), and Canada (535).

Sector Trends

New members were most active in:

Wholesale & Retail Trade – 35%
Real Estate, Renting & Business Services – 35%
Construction – 17.3%
Transport, Storage & Communications – 7.6%
Social & Personal Services – 7.6%

The results underline Dubai’s position as a global hub for investment and entrepreneurship, attracting businesses across Asia, Europe, and North America.

Companies

Dubai warns engineering firms over costly villa designs

Published

1 day ago

August 26, 2025

Michael Gomes

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Dubai Municipality has issued warnings to several engineering consultancy offices after finding that they exaggerated structural designs for citizens’ villas.

According to officials, these inflated designs went against the Dubai Building Code and led to unnecessary construction costs for property owners, without any real engineering need.

The move is part of the Municipality’s efforts to regulate Dubai’s construction sector and protect residents from extra financial burdens. Consultancy offices across the emirate had already been reminded through circulars to strictly follow approved engineering standards.

Eng. Maryam Al Muhairi, CEO of the Buildings Regulation and Permits Agency, said:

“Compliance with the Dubai Building Code is not only a legal requirement but also a professional and ethical responsibility. The goal is to ensure safe, high-quality construction without forcing citizens to pay more than necessary.”

She added that Dubai Municipality will continue to monitor consultancy offices and contractors to prevent excessive use of building materials, including steel, and ensure construction remains efficient, safe, and cost-effective.

Repeat offenders could face disciplinary measures, including poor annual evaluations or even suspension. Earlier this year, two consultancy offices were banned from licensing new projects for six months due to violations.

By cracking down on such practices, Dubai Municipality says it aims to strengthen the emirate’s construction sector, cut waste, and support sustainable urban growth.

Business

UAE urges businesses to file Corporate Tax returns on time to avoid fines

Published

6 days ago

August 21, 2025

Michael Gomes

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The Federal Tax Authority (FTA) has reminded companies in the UAE to finalise their financial records, submit their Corporate Tax returns, and pay any tax due within the official deadlines to remain compliant with the law.

In a statement today, the FTA stressed that all Corporate Tax taxpayers, including exempt persons required to register, must file their returns (or annual declarations) and settle outstanding tax within nine months from the end of each tax period.

The Authority underlined that timely filing and payment are legal obligations, with non-compliance exposing businesses to fines and penalties for delays or non-submission.

To ensure smooth and accurate filing, the FTA advised companies to begin preparations early by compiling essential documents such as commercial licences, financial statements, and business activity details. Early readiness, it said, allows registrants to meet obligations “efficiently and on time.”

Highlighting its role in supporting businesses, the FTA stated that it remains committed to enhancing services in line with global best practices. Digital filing and payment can be completed via the EmaraTax platform, available 24/7, which offers “clarity, ease, and speed.”

The Authority also urged taxpayers to ensure that submissions are complete and accurate. Corporate Tax returns can be filed directly through EmaraTax or with the assistance of authorised tax agents listed on the FTA’s website.

Stakeholders seeking detailed guidance on Corporate Tax law, implementing decisions, and related regulations can access resources directly at tax.gov.ae.