What retail chain Steinhoff's accounting troubles mean for Australia
07 December, 2017, 02:20 | Author: Malcolm Fuller
The JSE says it's been talking to Steinhoff to find out the exact allegations against the worldwide company after the furniture retailer shares plummeted.
Steinhoff International CEO Marcus Jooste resigned on Tuesday night, and the release of the company's full-year results - originally scheduled for Wednesday - has been delayed indefinitely.
Steinhoff's biggest shareholder and chairman, the billionaire Christo Wiese, has taken over as executive chairman temporarily. The company added it also needs to determine if any financial statements from previous years need to be restated.
Steinhoff's African businesses include a range of credit-based household goods retailers and the company also has extensive interests in Europe, including German chain Poco and France's Conforama.
"The Supervisory Board of Steinhoff wishes to advise shareholders that new information has come to light today which relates to accounting irregularities requiring further investigation", the company said in a statement. Steinhoff has been aggressively expanding in developed markets since moving its primary share listing from Johannesburg to Frankfurt in 2015, snapping up Britain's Poundland, US-based Mattress Firm and Australia's Fantastic.
Facebook launches new messaging app made for kids
No ads means that Facebook will collect "little data" since it won't be doing targeted advertising towards kids on Messenger Kids. While parents might love Messenger Kids , it remains to be seen if children will want use an app that their parents control.
Quake detected near North Korea nuclear site
The Hwasong-15 is believed to have reached the highest altitude ever recorded by a North Korean missile. With every missile launch or nuclear test, Kim has improved his country's capabilities, McMaster said.
While the nature of its accounting investigation was not disclosed, it had already been known that it was facing a tax probe in Germany.
Omri Thomas of Abax Investments, the 15th largest investor in Steinhoff, said because there was no immediate prospect of any clarity on its results, it was hard to put a value on Steinhoff and this had prompted the severe share reaction.
The investigation could result in prior years' financial statements needing to be adjusted.
The FT approached Deloitte - which was appointed the company's external auditor in 2015 and audited its accounts in 2015 and 2016, according to Steinhoff's annual reports.
KAP Industrial Holdings, in which Steinhoff is a major shareholder, fell the most in six months even as the firm said in a statement it is independently managed.
Special Counsel Robert Mueller was said to have subpoenaed Deutsche Bank for the release of Trump's medical records. The heat on the investigation of President Trump's finances has just been cranked up even further.
The supermoon is seen in the sky while a farmer walks with cows in Naypyitaw, Myanmar, Sunday, Dec. 3, 2017. In January 2018 there will be two supermoons, the first on January 1 and the second on January 31.
Still, Gentry didn't use losing Davis as an excuse for the Pelicans' inability to defend the red-hot Jazz down the stretch. In the first meeting with the Blazers on October 24, Davis played five minutes before leaving with a left knee injury.
Going 70-yards in 10 plays the Patriots were able to extend their lead thanks to a Rex Bulkhead 1-yard touchdown run. But who would have thought that neither of these teams would score a first-half touchdown on Sunday.
Rainfall at most places with isolated heavy rainfall very likely over Andaman and Nicobar Islands during next three days. Dozens of fishermen were rescued Friday from the sea which is very rough under the influence of Cyclone Ockhi.
Retail prices start from US$599 for the 4 GB RAM/64 GB storage version and tops at US$799 for the 8 GB RAM/256 GB storage version. Nonetheless, there are still some big questions lingering, that only real-world experience will settle one way or another.
Anderson is listed as the defendant in a protective order petition issued on Monday the District Court of Cleveland County. "Mr. Anderson is the Sooners' leading rusher, averaging nearly 6.0 yards per carry with 960 yards rushing and 11 touchdowns.
De Juniac added that it was vital for governments to support the growing airline industry as it faces longer term challenges. Capacity grew 6.2 per cent and load factor climbed 0.8 percentage points to 80.8 per cent, which was a record for the month.
Starbucks is calling the Shanghai Roastery "the largest, most lovely Starbucks location in the world". Additional Roasteries are slated to open in Milan and NY in 2018 and in Tokyo and Chicago in 2019.
Officers initially had responded to a 911 call when two individuals stabbed each other at the lounge in Queens at around 4:30 a.m. Police are searching for the driver, who they say had his hair in a ponytail.
Apple Pay Cash rolls out alongside peer-to-peer payments
While our American neighbours have all the fun with Apple Pay Cash , Canadians can only dream of the feature landing here. If you use a credit card, there is a 3% fee on each transaction, which can be avoided altogether by using a debit card.
Embattled Rep. John Conyers to step down Tuesday
Conyers flew home to his district last week and checked into the hospital for what a family consultant said was stress. House Minority Leader Nancy Pelosi dug herself into a hole when she defended Conyers on Meet The Press .
Trump Urging Hatch to Run Again
But the president's reciprocal strong public support for Hatch is not just a vote of confidence in the Utah senator. A spokesman for Hatch says the senator plans to announce a final decision by the end of the year.
Penn State, Washington to meet in Fiesta Bowl
The No. 9 Nittany Lions will take on 11th-ranked Washington in Glendale, Arizona, near Phoenix on December 30 at 4 p.m. on ESPN. Penn State's 1982 national title was also preceded by a 26-10 win over USC in the Fiesta Bowl to close out the 1981 season.
Chabahar port, made by India, inaugurated in Iran
The expansion, with $235 investment from India, has boosted the port's capacity from 2.5 million to 8.5 million tons a year. Iranian President Hassan Rouhani on Sunday inaugurated the first phase of Chabahar port , located on southern Iran .
Guardiola regrets Redmond pep talk
Guardiola admitted frustration that Southampton "didn't want to play" and "were time wasting from the ninth minute". We didn't win clearly because it's so complicated when 10 players defend in the box.