Toshiba scales back nuclear ambitions with resignation sell offs and write-downs because of nuclear business!
Links here to “Toshiba scales back nuclear ambitions” article with various recent stories; http://breaking100news.com/sg/business/toshiba-scales-back-nuclear-ambitions/
UPDATE 1-Toshiba chair ready to resign over Westinghouse writedowns – Nikkei (6502)
Reuters
Jan. 27, 2017, 11:52 PM
(Adds Toshiba comment, context)
TOKYO, Jan 28 (Reuters) – Toshiba Corp Chairman Shigenori Shiga is ready to step down to take responsibility for the huge writedowns looming over the Japanese group’s U.S. nuclear power unit Westinghouse Electric Co LLC, the Nikkei business daily reported.
Shiga was chairman of Westinghouse when the unit booked charges of $930 million in fiscal 2012 and $390 million in fiscal 2013, which Toshiba failed to flag at the time in violation of the Tokyo bourse’s disclosure rules.
The Japanese conglomerate’s nomination committee will decide on the matter of Shiga’s resignation and an announcement could come as soon as Feb. 14, the Nikkei reported earlier. (http://s.nikkei.com/2kBzwn3)
Westinghouse Chairman Danny Roderick is also expected to resign as president of Toshiba’s in-house energy systems and solutions company, the Japanese business daily reported.
Toshiba said Saturday that nothing had been decided in regards to Shiga and Roderick’s positions.
On Friday, the company said it would sell a minority stake in its memory chip business as it urgently seeks funds to offset an imminent multi-billion dollar writedown, adding that its overseas nuclear division – the cause of its woes – was now under review.
The drastic measures are set to be just some of the tough choices the Japanese conglomerate will have to take as proceeds from the sale are likely to only cover part of charges that domestic media have put at $6 billion.
Still battered by a 2015 accounting scandal, Toshiba was plunged back into crisis when it emerged late last year that it had to account for huge cost overruns at a U.S. power plant construction business recently acquired by its Westinghouse division.
Describing the nuclear division as no longer a central business focus for the firm, Chief Executive Satoshi Tsunakawa said Toshiba will review Westinghouse’s role in new projects and whether it will embark on new power plant construction.
Executives on Friday declined to comment on the size of the writedown, which will be announced on Feb. 14 when Toshiba reports third-quarter results.
Shares in Toshiba have lost almost a third of their value in the past three months. (Reporting by Makiko Yamazaki and Osamu Tsukimori in TOKYO and Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta and Lincoln Feast)
No comments yet.
-
Archives
- June 2022 (244)
- May 2022 (375)
- April 2022 (378)
- March 2022 (405)
- February 2022 (333)
- January 2022 (422)
- December 2021 (299)
- November 2021 (400)
- October 2021 (346)
- September 2021 (291)
- August 2021 (291)
- July 2021 (257)
-
Categories
- 1
- 1 NUCLEAR ISSUES
- business and costs
- climate change
- culture and arts
- ENERGY
- environment
- health
- history
- indigenous issues
- Legal
- marketing of nuclear
- media
- opposition to nuclear
- PERSONAL STORIES
- politics
- politics international
- Religion and ethics
- safety
- secrets,lies and civil liberties
- spinbuster
- technology
- Uranium
- wastes
- weapons and war
- Women
- 2 WORLD
- ACTION
- AFRICA
- AUSTRALIA
- Christina's notes
- Christina's themes
- culture and arts
- Fuk 2022
- Fukushima 2017
- Fukushima 2018
- fukushima 2019
- Fukushima 2020
- Fukushima 2021
- general
- global warming
- Humour (God we need it)
- Nuclear
- RARE EARTHS
- Reference
- resources – print
- Resources -audiovicual
- World
- World Nuclear
- YouTube
-
RSS
Entries RSS
Comments RSS
Leave a Reply