Home » U.S.

Toshiba mulls sell off all of chip business

15 February, 2017, 00:43 | Author: Eddie Kim

Toshiba Corp has delayed its earnings release, including details of a multi-billion charge related to cost overruns at its US nuclear arm.

The company said Shigenori Shiga, the chairman, will step down from the board but stay on as a Toshiba executive.

Shiga was one of the team that took control of Toshiba after the accounting scandal of 2015.

Toshiba had attempted to avoid the $6.3 billion write-down by selling a 20 percent stake in its profitable memory business.

As a result shareholders' equity at the end of December was minus $1.7 billion.

Shaw and Toshiba bought Westinghouse in 2006. Toshiba, however, had warned investors last month that it would announce goodwill impairment associated with the nuclear construction projects in the United States, and its February 14 announcements said the figures contained in it are not final and fully audited numbers will be issued March 14, after Japanese authorities allowed the company more time to file. Toshiba confirmed today that it will take a $6.3 billion hit thanks to its problematic US-based nuclear construction business. Japan's nuclear sector was thrown into crisis after multiple meltdowns of reactors at a power plant in Fukushima prefecture triggered by the March 2011 quake and tsunami.

Northeast storm blamed for one death and massive gridlock
Officials said they have not made a decision on whether to shut the Long Island Expressway, the main roadway on the island. The winter blast comes a day after much of the Northeast saw spring-like weather, with temperatures of 50 to 60 degrees.


Warren sanctioned for impugning Sessions during attorney general debate in Senate
Sessions has used the awesome powers of his office in a shabby attempt to intimidate and frighten elderly black voters". Warren appealed the ruling, arguing she was simply quoting something another person had written about Sessions.


Large Buying Action and Inflow of Money Witnessed in Walt Disney Company
The company's distance from 52-week high price is -2.16% and current price is above +28.95% from 52-week low price. Some analysts have warned, too, that DIS results have a high hurdle to jump on a year-over-year comparison.


Whistleblowers have flagged concerns that senior management at Westinghouse exerted "inappropriate pressure" to advance the acquisition process, Toshiba said.

Tom Greatrex, chief executive of the UK Nuclear Industry Association, said: "Building new nuclear capacity in west Cumbria is an integral part of the UK being able to replace old power stations, keeping a balanced mix as carbon emissions are reduced". Mr. Tsunakawa said Toshiba was willing to sell a majority stake in Westinghouse, but analysts said they doubted anyone would want to buy it.

To end litigation over cost overruns, Westinghouse in 2015 made a deal to acquire Stone & Webster, its construction partner on the USA nuclear projects.

Toshiba itself has been more ambiguous.

In England, Toshiba's announcement that it would withdraw from nuclear construction contracts outside of Japan hasn't played well.

Toshiba is attempting to recover after it emerged in 2015 that profits had been overstated for seven years, prompting its boss to step down.

Recommended:

  • Dozens dead as Taiwan tour bus flips over near Taipei

    It was taking tourists back from a trip to see cherry blossoms when it crashed, Taipei city Deputy Mayor Teng Chia-ji said. According to reports, the bus was 19 years old and belonged to an agency that runs tours across Taiwan.
    Delhi Police recover Nobel replica, three held

    Delhi Police recover Nobel replica, three held

    However, the police noted that the citation was not among the items recovered from Vinod (35), Sonu (28) and Rajan (25). The burglars had fled with the replica, the citation and ornaments, which are of sentimental value to the family.
    Activision Planning To Take Call Of Duty 2017 Back To Its Roots

    Activision Planning To Take Call Of Duty 2017 Back To Its Roots

    The last game to take place in World War 2 was Call of Duty: World at War, which was a Treyarch game that came out in 2008. It's fantastic to think that, despite Infinite Warfare's incredible earnings in 2016, it could have been even higher.
  • Verizon brings back unlimited data plan on 4G network

    Verizon brings back unlimited data plan on 4G network

    However, in recent months, other carriers have been bringing it back. "We also fundamentally want you to have more choice". Users will pay $50 for a single line, $30 for two lines, and all other additions up to five will be free.

    Several dead after landslides in Indonesia's Bali

    The agency said more heavy rains are likely and people should be aware of the possibility of landslides and floods. As of Friday, the count of people injured in the landslide is at four, said Bangli BPBD director I Wayan Darmawan.

    Melania Trump Settles Lawsuit With Maryland Blogger

    Both the Daily Mail and Tarpley retracted their posts in late August after they were contacted by Trump's attorneys. The lawsuit alleges the potential loss of business for Melania is estimated to be upwards of $150 million.
  • Judge denies tribes' request to halt Dakota Access pipeline work

    Judge denies tribes' request to halt Dakota Access pipeline work

    As many as four other protest camps are being established on Standing Rock by the Cheyenne River Sioux bands. The Standing Rock and Cheyenne River Sioux argue the pipeline threatens drinking water and cultural sites.

    MPs back Brexit bill

    In theory, the Lords, who are unelected, can not oppose a measure that enjoys large parliamentary and clear public support. It must now go the House of Lords before Mrs May can invoke Article 50, which she has promised to do by the end of March.

    Is Donald Trump Slow Rolling Obamacare Repeal and Replace?

    There was John Ford, 66, who was once denied coverage for his hip because he had previously had the joint replaced. But, Trump also told Bill O'Reilly that some elements of his plan could be in place this year.
  • After 54 years, Chinese soldier Wang Qi arrives in Beijing from India

    After 54 years, Chinese soldier Wang Qi arrives in Beijing from India

    A Chinese man who was trapped in India for more than 50 years has finally been reunited with his family. But his case was made public and he was visited by Chinese diplomats who promised to take him back.
    Heartbreak Hitler: Nazi Valentine's card handed out by College Republicans in MI

    Heartbreak Hitler: Nazi Valentine's card handed out by College Republicans in MI

    A valentine featuring a photo of Adolf Hitler and an anti-Semitic message was distributed during the meeting. He also wonders "just what else those people say when it's just members of the College Republicans".

    Somalia beefs up security ahead of presidential vote

    Instead, some 14,000 elders and regional figures chose 275 members of parliament and 54 senators to decide the election. In a short speech, the new president said , "This victory belongs to the people of Somalia".


Popular

Muscular dystrophy drug cost escalates to $89000 per year
This voucher can be used to get a drug reviewed faster; it can also be sold to other company for hundreds of millions of dollars. Marathon said that as of now just around seven to nine percent of those afflicted with Duchenne have access to deflazacort.

Erdogan: Turkey, FSA close to capturing Syria's Al-Bab
Both Russia and Turkey have been conducting air strikes in Al Bab, which has been held by the Islamic State group since December. Al-Bab is special because it is the only place in Syria where all four have significant forces in close proximity.

DeVos Brings a Fresh Approach to Education
The chances you will be watching are bested only by the chances a grizzly bear walks into your kid's school today. It was the first time in history the Vice President was called to break a tie on a cabinet nomination.

Adams: Thunder discusses distraction of Durant return
The big three were surprise additions after they were reportedly out for this game, but they- by they I mean Kyrie- put on a show. Ilyasova was the only starter in double figures with 16 points for Philadelphia, which snapped a five-game losing streak.

Mark Warburton resigns as Rangers manager
As you can imagine it prompted much speculation about what was actually happening, from hacked websites to disgruntled employees. Rangers' agreement to waive compensation would assist the management team to join another club.

Jamie Dornan's new erotic Fifty Shades instalment panned by critics
According to Just Jared , theater-goers will get to watch a 10-second clip of the third and final movie, Fifty Shades Freed . Yes, there was a post-credits scene after " Fifty Shades Darker " and it was fantastic .

UFC 208's Derek Brunson on How Christian Faith Impacts Career (Exclusive Interview)
The 145-pound weight class now lacks depth, but more women may follow Holm and de Randamie from bantamweight. "It's not the same". Randamie, however, had other plans as she fought off the ropes and knocked out Waes in the process.

'The Crown' Adds Michael C Hall & Jodi Balfour As Jack & Jackie Kennedy
Season two is now in production and will usher in the 1960s after Her Majesty's Armed Forces fight an illegal war in Egypt. He's certainly the first who once played a serial killer for eight seasons.

Tesla P100D Breaks Acceleration Record
It costs about $135,000 compared to a $1.5 million Ferrari LaFerrari, $1.1 McLaren P1 or the $845,000 Porsche 918 Spyder. Musk noted you could shave another couple hundredths off the time by taking out the floor mats and trunk liner.

Civilian deaths in Afghanistan hit record high for second straight year
The conflict in Afghanistan has killed 24,841 civilians and injured 45,347 since 2009, according to the United Nations report. Civilian casualties caused by Daesh loyalists in Afghanistan also increased by nearly 10 times during the same time period.