Fate of management at Japan's Toshiba a cause of friction for…

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‘Most of the dead are children at the school and our sympathies go to the parents,’ Internal Affairs Minister General Kahinda Otafiire said, adding that the school has been cordoned off as a ‘crime scene’ and vowing there would be a full investigation.

Once outside she hailed her ‘significant achievements’ in a defiant valedictory address with little hint of emotion and no apology as she drew a line under a disastrous 49 days at the helm of the country.

The Japanese government owns 96% of JIC.

The trade ministry has said the fund cannot spend taxpayer money on a deal just to take a company private and make things easier for management. Any investment would have to fulfil policy goals such as promoting restructuring, it has said.

She continued: ‘With unwavering love, Gadgetinku support and a commitment to himself, he took hold of life with both hands and smashed through any expectation we had of him. He would genuinely blow us all away at times!

Despite being selected as preferred bidder, JIP has struggled to secure enough equity commitments from potential partners, sources have said.

It now looks set to miss a Monday deadline to deliver a firm proposal that includes letters of commitment from banks, sources have said.

Reflecting recent non-recurring costs, volatile trading and an expectation of no near-term improvement in discretionary big-ticket demand nor in new customer acquisition, the group forecast a 15 per cent to 30 per cent fall in full-year gross sales.

Parents gather at the Herona hospital where injured students receive treatment following a fire in a dormitory building at the Salama School for the Blind at the Herona Hospital in Kisoga Town, near Kampala, Uganda October 25, 2022

JIC hopes to evaluate Toshiba’s businesses in more detail, including the impact of slumping global semiconductor demand on the value of Toshiba’s 40.6% stake in flash memory chip maker Kioxia Holdings Corp, one of the sources said.

JIP’s plan has since raised alarm among some of Japan’s big banks, whose funding would be critical to financing a buyout of the $15 billion company, according to the two sources familiar with the talks and another person.

House sales are slowing, with the number of mortgages approved sliding from 74,340 in August to 66,790, according to Bank of England data, as higher interest rates and the cost of living crisis deterred buyers. 

But he is expected to find a big job for leadership rival Penny Mordaunt, as well as right-wingers such as Suella Braverman and Kemi Badenoch.

There could also be returns for Michael Gove, Dominic Raab, and former education secretary Gavin Williamson.

In late October, JIC expanded the size of its buyout fund to 900 billion yen ($6.11 billion) from 200 billion yen. Two of the sources said the expansion was not just for a Toshiba buyout but also aimed at other deals.

‘The things so many take for granted were your biggest dreams and now it’s all coming true for you! I’m so thrilled for you! Enjoy your day with Jay and Happy Birthday Darling, here’s to your best year yet!’

‘When life gets tricky and isn’t always as fabulous it’s good you can have somebody you can talk too and confide in and be all of yourself with, and you know that’s a safe space and they’ve got your back.’

The new Prime Minister and Chancellor, preparing for the crucial Budget on November 17, agreed last week that major cuts must be made to Whitehall departments, signalling a return to the austerity era of a decade ago.

‘The cause of the fire is currently unknown but so far 11 deaths as a result of the fire have been confirmed while six are in critical condition and admitted (to hospital),’ the Ugandan Police Force said on Twitter.

‘The Government has a little over two weeks to finalise its plans to repair its economic credibility and the sustainability of the public finances,’ said James Smith, research director at the Resolution Foundation.

Japan Industrial Partners, the private equity firm since selected by Toshiba as a preferred bidder, originally teamed up with state-backed fund Japan Investment Corp in a first round of bidding earlier this year.

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‘”You guys should be careful. Anybody could just get into your car,”‘ she remembered the man telling her as he left. ‘As though this whole thing had been this like, ruse, he had planned to teach us a valuable lesson. 

The East African nation has suffered a string of deadly school fires in recent years, a cause of concern for education officials in a country where classrooms and dormitories are often crowded, and there’s usually no firefighting equipment in place. 


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