• A Toshiba employee unveils the notebook computer "Dynabook AZ", called a Cludbook PC, equipped with NVIDIA's Tegra 250 processor and a 10.1-inch LCD display, based on the Google's Android OS at a Tokyo hotel on June 21, 2010. AFP PHOTO
    A Toshiba employee unveils the notebook computer "Dynabook AZ", called a Cludbook PC, equipped with NVIDIA's Tegra 250 processor and a 10.1-inch LCD display, based on the Google's Android OS at a Tokyo hotel on June 21, 2010. AFP PHOTO
  • Toshiba's first mini-laptop, the Libretto 50CT was introduced at the Spring Comdex Show at the Georgia World Congress Center on June 2, 1997. The mini-notebook with a 75MHz Pentium processor, Windows 95 and a 810 million byte hard drive is expected to retail at $1,999. REUTERS
    Toshiba's first mini-laptop, the Libretto 50CT was introduced at the Spring Comdex Show at the Georgia World Congress Center on June 2, 1997. The mini-notebook with a 75MHz Pentium processor, Windows 95 and a 810 million byte hard drive is expected to retail at $1,999. REUTERS
  • A campaign girl shows off new portable computer "DynaBook TECRA780 DVD/8.1" in 1998. The new computer was priced at 788,000 yen in Japan and at $5,899 in the US. AFP
    A campaign girl shows off new portable computer "DynaBook TECRA780 DVD/8.1" in 1998. The new computer was priced at 788,000 yen in Japan and at $5,899 in the US. AFP
  • The Toshiba Portege 3500 Tablet PC from 2002. Getty Images
    The Toshiba Portege 3500 Tablet PC from 2002. Getty Images
  • Japan's electronics giant Toshiba unveils its new laptop computer "Qosmio" at the company's headquarters in Tokyo, 22 July 2004. This was priced at $2,400. AFP PHOTO
    Japan's electronics giant Toshiba unveils its new laptop computer "Qosmio" at the company's headquarters in Tokyo, 22 July 2004. This was priced at $2,400. AFP PHOTO
  • An employee of Japanese electronics company Toshiba displays their CM1 touch screen tablet PC for educational use that converts into the style of a conventional laptop at the International Book Fair in Tokyo on July 9, 2010. AFP
    An employee of Japanese electronics company Toshiba displays their CM1 touch screen tablet PC for educational use that converts into the style of a conventional laptop at the International Book Fair in Tokyo on July 9, 2010. AFP
  • A customer shops for Toshiba laptop computers in China in 2011. REUTERS
    A customer shops for Toshiba laptop computers in China in 2011. REUTERS
  • A person types on a Toshiba hybrid device in 2012. EPA
    A person types on a Toshiba hybrid device in 2012. EPA
  • Toshiba Corp. laptop computers are displayed for sale in New Delhi in 2014. .Bloomberg
    Toshiba Corp. laptop computers are displayed for sale in New Delhi in 2014. .Bloomberg
  • Pedestrians walk past an advertisement for Toshiba Corp.'s Dynabook laptop computer outside an electronics store in Tokyo, Japan, on Monday, Jan. 23, 2017. Bloomberg
    Pedestrians walk past an advertisement for Toshiba Corp.'s Dynabook laptop computer outside an electronics store in Tokyo, Japan, on Monday, Jan. 23, 2017. Bloomberg

Technology

Toshiba quits laptop business after 35 years

The company's first portable computer, the T1100, was launched in 1985 and sold for $2,000

Alkesh Sharma
Alkesh Sharma

August 11, 2020

  • English
  • Arabic

Japanese electronics maker Toshiba has confirmed it will exit the laptop business after transferring the remaining minority stake in its personal computer arm to Sharp.

In 2018, Toshiba sold an 80.1 per cent stake in its PC business to Foxconn-owned Sharp for $36 million (Dh132.12m). Sharp renamed the division Dynabook in January 2019.

“Toshiba Corporation hereby announces that it has transferred the 19.9 per cent of the outstanding shares in Dynabook that it held to Sharp Corporation … as a result of this transfer, Dynabook has become a wholly-owned subsidiary of Sharp,” the company said in a brief statement.

“On June 30, 2020, under the terms of the share purchase agreement, Sharp exercised a call option for the remaining outstanding shares of Dynabook held by Toshiba … and Toshiba has completed procedures for their transfer,” it added.

The company did not disclose the value of the remaining stake transferred.

Toshiba's first mini-laptop, the Libretto 50CT, was introduced at the Spring Comdex Show at the Georgia World Congress Centre in 1997. Reuters
Toshiba's first mini-laptop, the Libretto 50CT, was introduced at the Spring Comdex Show at the Georgia World Congress Centre in 1997. Reuters

The transaction marks an end to Toshiba’s 35-year run in the PC business.

It made its first laptop, the T1100, in 1985. Weighing almost 4 kilograms, the model was initially launched in Europe with a modest annual sales target of 10,000 units and a price tag of $2,000. Despite the company's initial inhibitions, it was a huge success.

Toshiba was among the top-selling PC manufacturers in the 1990s and 2000s but its market share dropped significantly as a wave of new entrants offered cheaper and more innovative options.

At its peak in 2011, Toshiba sold 17.7 million PCs but the number shrank to just 1.4 million units in 2017, according to Reuters.

Overall, PC sales enjoyed a 0.6 per cent increase in 2019 ending seven consecutive years of decline, according to US-based research firm Gartner.

Global PC shipments totalled more than 261 million units last year, almost 1.5 million more than the same period in 2018.

Chinese tech giant Lenovo now has the largest share of the market at 24.1 per cent. It is followed by American firms HP and Dell, which had 22.2 per cent and 16.8 per cent respectively, according to Gartner’s data.

Industry analysts expect the growth in PC sales to continue in 2020 as more employees switch to working from home due to the Covid-19 pandemic.

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Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

Brief scoreline:

Manchester United 2

Rashford 28', Martial 72'

Watford 1

Doucoure 90'

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Whiile you're here
On Women's Day
Schedule for Asia Cup

Sept 15: Bangladesh v Sri Lanka (Dubai)

Sept 16: Pakistan v Qualifier (Dubai)

Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)

Sept 18: India v Qualifier (Dubai)

Sept 19: India v Pakistan (Dubai)

Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four

Sept 21: Group A Winner v Group B Runner-up (Dubai) 

Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)

Sept 23: Group A Winner v Group A Runner-up (Dubai)

Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)

Sept 25: Group A Winner v Group B Winner (Dubai)

Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)

Sept 28: Final (Dubai)

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If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

While you're here
Conservative MPs who have publicly revealed sending letters of no confidence
  1. Steve Baker
  2. Peter Bone
  3. Ben Bradley
  4. Andrew Bridgen
  5. Maria Caulfield​​​​​​​
  6. Simon Clarke 
  7. Philip Davies
  8. Nadine Dorries​​​​​​​
  9. James Duddridge​​​​​​​
  10. Mark Francois 
  11. Chris Green
  12. Adam Holloway
  13. Andrea Jenkyns
  14. Anne-Marie Morris
  15. Sheryll Murray
  16. Jacob Rees-Mogg
  17. Laurence Robertson
  18. Lee Rowley
  19. Henry Smith
  20. Martin Vickers 
  21. John Whittingdale
HWJN
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While you're here
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Technology