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Chipotle says a third of its board will not stand for re election


Chipotle Mexican Grill Inc (CMG. N), which has been under pressure from activist shareholder Bill Ackman, said on Friday four of its 12 directors would not stand for re-election to the burrito chain's board at its upcoming shareholder meeting. John Charlesworth, Patrick Flynn, Darlene Friedman and Stephen Gillett will opt out of re-election this year, Chipotle said in a regulatory filing. Friedman is the Denver-based company's longest-serving director with a 22-year tenure. Charlesworth and Flynn have served on the board for nearly two decades, while Gillett has been a director for about two years. Chipotle said in December it had appointed four new members to its board, including one from Ackman's hedge fund Pershing Square Capital Management.

With a 10 percent stake as of March 3, Pershing is Chipotle's largest shareholder, according to the company. Chipotle, once majority-owned by McDonald's Corp (MCD. N), has faced shareholder calls for an overhaul after a string of food safety stumbles that bruised its sales and reputation.

The restaurant chain was linked in November 2015 to a multistate E.coli outbreak, and the next month to a norovirus outbreak that sickened at least 80 Boston College students. Following the food-safety lapses, which battered the company's shares and racked up high legal bills, Chipotle abandoned its dual-CEO structure and named Steve Ells the sole chief executive.

Japan not considering support for Toshiba, sharing information with U.S. TOKYO The Japanese government said it was not considering steps to support embattled Toshiba Corp and will share information with Washington on developments involving the firm and its U.S. nuclear unit Westinghouse.

Last RBS investor group held settlement talks over 2008 cash call : sources LONDON Lawyers representing tens of thousands of Royal Bank of Scotland shareholders have held tentative talks to settle a 1.2 billion pound ($1.5 billion) damages claim over the lender's 2008 rights issue that was launched shortly before a state bailout, two sources said.

Tesla raises $1.2 billion, 20 percent more than planned Tesla Inc said on Friday it had raised about $1.2 billion, roughly 20 percent more than it had planned, by selling common shares and convertible debt, ahead of the launch of the crucial Model 3 sedan.

Toyota australia posts 236 million profit which is its second highest result on record




TOYOTA Australia has posted a profit of $236 million for the Japanese financial year ended 31 March 2016 — the second year in a row it has finished well into the black, after posting a profit of $194 million the year before.

The stark turnaround from the $437 million loss two years ago is further evidence there is more money in importing cars than manufacturing them locally.

Toyota set aside most of its shutdown costs in the two previous financial years; it will close the Camry factory in Altona on the outskirts of Melbourne in December 2017.

The latest profit result is the second highest result on record for Toyota Australia and only its third profit in seven years.

It is also a better performance than the most recent financial results for Holden ($128.2 million profit) and Ford ($162 million loss).

However, it comes as Toyotas market share continues to be eroded by the growth of second placed Mazda, third placed Hyundai and most of the other Top 10 brands.

Toyota sales were up by a modest 1.3 per cent last year in a market that had grown by 3.8 per cent.

In 2008, Toyotas best sales result on record with 233,983 vehicles delivered, the Japanese brand accounted for 23.6 per cent of all vehicles sold.

Last year that figure slipped to 17.8 per cent after reporting 206,236 sales.

In a media statement, Toyota Australia President Dave Buttner said: Our manufacturing team members are working tirelessly to ensure that our last Camry will be our best one yet. The quality of these vehicles has been at an all-time high and this has assisted us in maintaining strong domestic and export sales.

Last financial year Toyota exported 64,605 Australian-made Camry sedans, mostly to the Middle East, and sold about 27,500 domestically.

It has been extremely pleasing to see our employees continue their dedication and commitment to achieve our company goals. Their ongoing engagement has helped us to achieve these positive results.

Toyota says it revamped almost 70 per cent of its vehicle line-up last year, and plans to refresh more models and introduce new additions to fill the void left when local Camry production ends.

Although Toyota will continue to sell an imported Camry from 2018, analysts have forecast a sales slowdown because true demand for Camry is much lower than the current rate, which has been driven by discounts of up to $8000 per car to keep the Altona production line moving.

This reporter is on Twitter: @JoshuaDowling